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Old 12-11-2016, 06:48 PM   #101
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Originally Posted by Texas Proud View Post
Believe it or not, there is a big number of W-2 earners that have accountants....

When I did taxes, and I would do a few hundred returns, probably 90% were W-2 earners... there are some who make pretty big dollars... now, this was in the early 80s and we had a doc who had a W-2 making (IIRC) like $2 mill a year...


I also remember all the time when talking to people who would say "I will just give it to my tax accountant".... I always wondered why they would need one... but it was very common to hear....
Now days how does one classify tax software, that does many of the jobs of an accountant? I suspect that many more use such software.
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Old 12-11-2016, 06:51 PM   #102
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Originally Posted by Senator View Post
Definitely talk to an accountant. Maybe she can incorporate, or form an LLC and that LLC becomes the non-equity partner.
I completely agree with this. There may be a way to make this workout for both parties. OT: Senator, would you happen to belong to the OGC? Your sig matches a person I met there in June.
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Old 12-11-2016, 06:52 PM   #103
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i was being sardonic but I do have a thing for poles
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Old 12-12-2016, 12:24 AM   #104
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Originally Posted by meierlde View Post
Now days how does one classify tax software, that does many of the jobs of an accountant? I suspect that many more use such software.
I would agree... more people use tax software, go for free tax services or use and H&R Block or other storefront tax prep service than hire an accountant....


But that does not mean there are not a good % of W-2 earners that actually hire an accountant to do their taxes... maybe not do any other accounting for them, but their tax return.... and these people would never use the store front services...

I am an accountant (and used to do taxes a long time ago).... you would be surprised how many people asked if I did tax work... even with tax software there is a slice of the population that just are overwhelmed at the thought of doing their own taxes...
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Old 12-12-2016, 06:49 AM   #105
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Originally Posted by Texas Proud View Post
I would agree... more people use tax software, go for free tax services or use and H&R Block or other storefront tax prep service than hire an accountant....


But that does not mean there are not a good % of W-2 earners that actually hire an accountant to do their taxes... maybe not do any other accounting for them, but their tax return.... and these people would never use the store front services...

I am an accountant (and used to do taxes a long time ago).... you would be surprised how many people asked if I did tax work... even with tax software there is a slice of the population that just are overwhelmed at the thought of doing their own taxes...

and clearly, we aren't talking about your average W2 wage earner in OP's case. I've used TurboTax for years for my personal taxes, which included a real estate property that I rented out and depreciated.
But when I sold my practice, and my building, I hired a lawyer and an accountant, and made as sure as I could, that everything was done correctly.
I wouldn't know where to start with TurboTax to learn about what my options would be if I were making 200K/ year and was suddenly faced with a change from being a W2 wage earner to something called "non-equity partner"....hell, I'd bet 90% of the tax accountants would have to read up on it, but at least they'd know where to go to research it, and they would understand the jargon.
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Old 01-02-2017, 05:59 PM   #106
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You don't get a share of the profits unless you put up six-figures of cash to buy in. And that is it's own can of worms.

That's why I'm asking...is it even worth working here anymore?
I think the real opportunity here is to put up the $100K and get a piece of the action. That is a gift that will keep on giving long after she is no longer a "non-equity" partner. Run the numbers and make an informed decision. What amounts to a 7.5% reduction in pay isn't so bad in today's environment. Especially when earning 4 times the median income of the US.

On the other hand...
As my mother once told me while working in a family business during a discussion where I was seeking equity "if you think you can do better leave!" I tripled my earnings when I left 15 months later
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