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Finished 2017 tax projections: netted $1.326 mil (CSLG)

I just finished doing my law firm books for 2017 and I nette...
mischievous stain
  12/15/17
180 bro! You deserve it!
provocative people who are hurt
  12/15/17
You're still young! You can make it at any age!
impertinent state brethren
  12/16/17
Coppin' the right kind of investment RE will possibly let yo...
180 topaz site
  12/15/17
Introducing the XO winery: Chateau 180.
Snowy striped hyena shrine
  12/15/17
...
copper philosopher-king
  12/15/17
There was a thread a few months ago where we were talking ab...
beta gas station
  12/15/17
Hard Fork Cider (a subsidiary of Crypto Gainz LP)
Snowy striped hyena shrine
  12/15/17
That just sounds like 4 loko in cider form. This was more li...
beta gas station
  12/15/17
Interesting idea re ice wine. I'd think it would be, mechani...
Snowy striped hyena shrine
  12/15/17
I am guessing there is an issue b/c apples are denser and ha...
beta gas station
  12/15/17
Yeah. Apparently I've been having the TTT overly sweet kind....
Snowy striped hyena shrine
  12/15/17
Cali Dunkin Donuts Guru
beta gas station
  12/15/17
Biz. development deduction? Asset that generates impairment ...
Snowy striped hyena shrine
  12/15/17
The biggest issue is that I keep my overhead extremely low. ...
mischievous stain
  12/15/17
That party you threw alone you had to hire the MC who charge...
Snowy striped hyena shrine
  12/15/17
Lol. My party was about $3,000 with everything. My friend ow...
mischievous stain
  12/15/17
I'm hoping for between 750 and 1 mil next year. Congrats. Ru...
Floppy Public Bath
  12/15/17
Good luck. What city are you in? If LA who is the mediator? ...
mischievous stain
  12/15/17
not Cali but Federal Court.
Floppy Public Bath
  12/15/17
180
cowardly lilac mad cow disease
  12/15/17
set up a home office (so dont pay off your house) and deduct...
nofapping institution
  12/15/17
Too late, I paid off my mortgage in March. I already deduct ...
mischievous stain
  12/15/17
Make your next property your home office Can also deduct ...
nofapping institution
  12/15/17
What does pre-litigation mean here, without having to file s...
Garnet Old Irish Cottage Tank
  12/15/17
Yes, without a lawsuit.
mischievous stain
  12/15/17
Moving to TX fixes state income tax, and has lower COL as we...
copper philosopher-king
  12/15/17
But I would have no income. I guess I could just retire with...
mischievous stain
  12/15/17
Pro tip: do not under any circumstances move to Austin
unhinged den
  12/15/17
Why not?
mischievous stain
  12/15/17
Buncha shitlibs and weird ass people. Also higher COL than e...
copper philosopher-king
  12/15/17
...
sinister corner jap
  12/16/17
nah wait awhile before moving. but do it eventually. Guns, l...
copper philosopher-king
  12/15/17
I would never move from LA. My house is paid off and I'll ha...
mischievous stain
  12/15/17
eh, fair enough. Like LA in general?
copper philosopher-king
  12/15/17
I live in the San Fernando Valley. I hate the actual city. T...
mischievous stain
  12/15/17
Jesus. Keep your voice down. Earl might hear you.
Rebellious charismatic spot
  12/15/17
...
seedy church building indirect expression
  12/16/17
And probably crushes the income. Isn't California plain...
Garnet Old Irish Cottage Tank
  12/15/17
Best state in the nation for PI.
mischievous stain
  12/15/17
YNY get that hustle congrats
Laughsome Locale
  12/15/17
how many solos do you know who have just flamed out of the p...
canary nubile halford
  12/15/17
I know several who flamed out and ended up as an associate s...
mischievous stain
  12/15/17
Why do you think they did shitty work? Lack of responsivene...
filthy cerebral garrison sandwich
  12/15/17
Both.
mischievous stain
  12/15/17
180, congrats.
copper philosopher-king
  12/15/17
holy shit congrats
adventurous business firm puppy
  12/15/17
180 man
violet soul-stirring crotch candlestick maker
  12/15/17
Can you ask your CPA about paying your 2018 estimated CA sta...
self-absorbed theatre place of business
  12/15/17
I actually JUST did that right now. I paid 130K for 2018 lit...
mischievous stain
  12/15/17
180!
self-absorbed theatre place of business
  12/15/17
Love hearing about the practice bro. I am sure you have addr...
talking cruel-hearted whorehouse
  12/15/17
Summered at a big firm 2L year. Hated it and got no offered ...
mischievous stain
  12/15/17
What moment in your legal career are you most proud of? Some...
talking cruel-hearted whorehouse
  12/15/17
I settled a case for a bit over 2 million for a widow whose ...
mischievous stain
  12/15/17
Incredible. Must have felt almost as good as when I caught t...
talking cruel-hearted whorehouse
  12/15/17
...
Thriller deranged address becky
  12/15/17
...
narrow-minded cuck set
  12/15/17
...
filthy cerebral garrison sandwich
  12/15/17
...
french awkward gunner
  12/15/17
...
gold dashing home corn cake
  12/15/17
...
domesticated puce tattoo
  12/15/17
...
grizzly filthpig
  12/15/17
...
electric smoky really tough guy laser beams
  12/15/17
...
duck-like chapel
  12/16/17
...
adventurous business firm puppy
  12/16/17
...
frozen stage international law enforcement agency
  12/16/17
...
lascivious aquamarine location roast beef
  12/17/17
...
Spectacular piazza
  04/09/18
...
Talented bossy senate rigor
  04/09/18
180
electric smoky really tough guy laser beams
  12/15/17
Congrats on the success, mang.
narrow-minded cuck set
  12/15/17
Nice bro!
mind-boggling messiness
  12/15/17
...
sinister corner jap
  12/15/17
What sort of RE are you looking to buy? Are you looking to ...
self-absorbed theatre place of business
  12/15/17
Multifamily and NNN commercial. Cap rates suck right now but...
mischievous stain
  12/15/17
congratulations bro
Thriller deranged address becky
  12/15/17
180, congrats.
Stimulating theater stage fat ankles
  12/15/17
Damn, nice.
soggy coral church
  12/15/17
Send our new shitfirm cases
filthy cerebral garrison sandwich
  12/15/17
DESCRIBE your billable rate.
Garnet Old Irish Cottage Tank
  12/15/17
I will. Do you already know who I am, or would this out me?
soggy coral church
  12/15/17
I have no clue who you are but I've met 10 xo poasters and w...
filthy cerebral garrison sandwich
  12/15/17
180.
bronze university keepsake machete
  12/15/17
180
brass heaven mexican
  12/15/17
what does your CRYPTOCOIN PORTFOLIO look like
Swashbuckling office skinny woman
  12/15/17
3 BTC and 25 ETH. Not a lot but my basis is like 15K. I ...
mischievous stain
  12/15/17
180
domesticated puce tattoo
  12/15/17
Excellent work man! I'm a solo that does some PI, and I real...
Misunderstood round eye scourge upon the earth
  12/15/17
180 friend. have you thought about buying up some residen...
olive bull headed orchestra pit
  12/15/17
so you "netted" 765K
Cracking parlour faggotry
  12/15/17
"nutted" http://autoadmit.com/thread.php?thread...
Brindle boiling water dingle berry
  12/15/17
Next year you have to make a lot more to net the same amount...
Brindle boiling water dingle berry
  12/15/17
Pass through income may be taxed at 20% next year. I would p...
mischievous stain
  12/15/17
last i heard the 20% break is not available for service prof...
lascivious aquamarine location roast beef
  12/15/17
Yep Edit: 315k now
Ebony station hunting ground
  12/16/17
incredible and you deserve it for your hustle. congrats.
Arousing lemon hospital
  12/15/17
180
electric smoky really tough guy laser beams
  12/15/17
you need a better CPA if he's not suggesting tax strategies....
lascivious aquamarine location roast beef
  12/15/17
Give me some ideas. I read a lot about taxes and it seems li...
mischievous stain
  12/16/17
Anyone?
mischievous stain
  12/16/17
Captive insurance. Deduct premium you pay to your own insur...
free-loading bistre roommate
  12/16/17
How much can I dump into that in a year?
mischievous stain
  12/16/17
1.2 million or something like that. Need to hire a reputabl...
free-loading bistre roommate
  12/16/17
Interesting, I'll look into that. Thanks.
mischievous stain
  12/16/17
There's a financial guy I know in LA that probably does it o...
free-loading bistre roommate
  12/16/17
calishitlawguru@gmail.com. Really appreciate this brother...
mischievous stain
  12/16/17
...
mischievous stain
  12/16/17
Let me check with him first and get back to you. Probably to...
free-loading bistre roommate
  12/16/17
Notice to any poasters who may find this subthread while con...
Bisexual vivacious sweet tailpipe depressive
  04/01/18
Pouring money into real estate sounds exhausting
Ebony station hunting ground
  12/16/17
There aren't that many places to pour money into for passive...
mischievous stain
  12/16/17
No doubt. Just seems like a fuckton of work for the near fut...
Ebony station hunting ground
  12/16/17
How did you build your PI practice without marketing brother...
Naked erotic hall
  12/16/17
1. Be friendly to everyone you meet, let them know what you ...
mischievous stain
  12/16/17
This is all credited advice whether you are shitlaw or bigla...
Ebony station hunting ground
  12/16/17
Do your solo friends give you referral fees? I know some big...
mischievous stain
  12/17/17
They would but Firm does not allow referral fees unless we a...
Ebony station hunting ground
  12/17/17


Poast new message in this thread



Reply Favorite

Date: December 15th, 2017 11:20 AM
Author: mischievous stain

I just finished doing my law firm books for 2017 and I netted $1,326,000. Any settlements the last couple weeks of the year will be pushed to 2018, so this is pretty much it for this year. Here is summary of my taxes:

According to my CPA here is my breakdown:

765K after taxes

136K to state income tax

425K to federal income tax

Firm Statistics

Total files: 283

Files in litigation: 41

Settlement: 85.5% of cases settle prelit

New files per month: 25-30

I paid off my house earlier this year. Our plan right now is to max out my SEP (54K) and my wife's 401K (18K) (which we have already been doing for years), and everything left above 100K (for a buffer) will be used to buy real estate. Wife works in-house as a lawyer and makes 120K + plus a 5-10K bonus.

It's kind of crazy how much I pay in taxes, but I feel like I do all the deductions I can without exposing myself to significant liability if audited. Although open to ideas (I already write off property tax, retirement, child care, health savings account, one business vehicle, cable, auto insurance, cell phone, new computers, office improvements, a reasonable amount of travel/meals/entertainment for business, etc).

Taking questions.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926680)



Reply Favorite

Date: December 15th, 2017 1:08 PM
Author: provocative people who are hurt

180 bro!

You deserve it!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927519)



Reply Favorite

Date: December 16th, 2017 11:40 AM
Author: impertinent state brethren

You're still young! You can make it at any age!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934570)



Reply Favorite

Date: December 15th, 2017 11:23 AM
Author: 180 topaz site

Coppin' the right kind of investment RE will possibly let you use depreciation and other stuff to your advantage and shield more $ from taxes

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926704)



Reply Favorite

Date: December 15th, 2017 11:24 AM
Author: Snowy striped hyena shrine

Introducing the XO winery: Chateau 180.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926715)



Reply Favorite

Date: December 15th, 2017 11:33 AM
Author: copper philosopher-king



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926807)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: beta gas station

There was a thread a few months ago where we were talking about doing an artisinal cider business.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926851)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: Snowy striped hyena shrine

Hard Fork Cider (a subsidiary of Crypto Gainz LP)

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926867)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: beta gas station

That just sounds like 4 loko in cider form. This was more like taking the brix of the apples so that they are harvested at the right time, having different varietals, aging in French Oak.

I wonder if it is possible to make an ice wine like thing with apples.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926881)



Reply Favorite

Date: December 15th, 2017 11:45 AM
Author: Snowy striped hyena shrine

Interesting idea re ice wine. I'd think it would be, mechanism should be the same. Wonder how it would compare to Lambic beer.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926899)



Reply Favorite

Date: December 15th, 2017 11:47 AM
Author: beta gas station

I am guessing there is an issue b/c apples are denser and have lower surface area/volume than grapes. But you could just take the mash and freeze it in a factory.

Lambic beer is just stuff brewed with wild lactobacteria, right?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926909)



Reply Favorite

Date: December 15th, 2017 11:49 AM
Author: Snowy striped hyena shrine

Yeah. Apparently I've been having the TTT overly sweet kind.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926923)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: beta gas station

Cali Dunkin Donuts Guru

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927036)



Reply Favorite

Date: December 15th, 2017 11:23 AM
Author: Snowy striped hyena shrine

Biz. development deduction? Asset that generates impairment losses? Take whatever you think reasonable meals etc. are and triple those deductions?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926707)



Reply Favorite

Date: December 15th, 2017 11:27 AM
Author: mischievous stain

The biggest issue is that I keep my overhead extremely low. I usually do like one nice meal a month with friends and my wife which is business development ($500+). I don't really spend money on biz dev lol.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926751)



Reply Favorite

Date: December 15th, 2017 11:29 AM
Author: Snowy striped hyena shrine

That party you threw alone you had to hire the MC who charges a high hourly rate I hear, get the venue catering etc.

BTW congrats on the fantastic year, here's to another '18.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926777)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: mischievous stain

Lol. My party was about $3,000 with everything. My friend owns the laser tag facility (I've been playing there since 95) and basically let me rent out the place at cost ($850). The majority of the money was spent tipping the girls who work there ($140/each), buying food ($1,300), and doing my raffle ($600).

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926797)



Reply Favorite

Date: December 15th, 2017 11:24 AM
Author: Floppy Public Bath

I'm hoping for between 750 and 1 mil next year. Congrats. Running between 150-175 cases. Significantly lower pre-lit settlement %. Mediating my biggest case ever this pm, which will count towards next year.

Qs: What helped make the jump from ~100-150 cases to where you are now? I've kind of plateau'd where I am.

Do you have an associate? How much support staff? What do you pay them?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926726)



Reply Favorite

Date: December 15th, 2017 11:28 AM
Author: mischievous stain

Good luck. What city are you in? If LA who is the mediator? I have several 7 figure cases in my pipeline that should settle next year.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926770)



Reply Favorite

Date: December 15th, 2017 12:03 PM
Author: Floppy Public Bath

not Cali but Federal Court.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927017)



Reply Favorite

Date: December 15th, 2017 11:25 AM
Author: cowardly lilac mad cow disease

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926735)



Reply Favorite

Date: December 15th, 2017 11:25 AM
Author: nofapping institution

set up a home office (so dont pay off your house) and deduct that plus util, internet, commuting, etc.

will not be a huge number but every little bit helps

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926737)



Reply Favorite

Date: December 15th, 2017 11:28 AM
Author: mischievous stain

Too late, I paid off my mortgage in March. I already deduct my internet, cell phone, car, etc.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926758)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: nofapping institution

Make your next property your home office

Can also deduct electricity, garbage etc

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927037)



Reply Favorite

Date: December 15th, 2017 11:31 AM
Author: Garnet Old Irish Cottage Tank

What does pre-litigation mean here, without having to file suit at all?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926786)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: mischievous stain

Yes, without a lawsuit.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926800)



Reply Favorite

Date: December 15th, 2017 11:32 AM
Author: copper philosopher-king

Moving to TX fixes state income tax, and has lower COL as well...

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926802)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: mischievous stain

But I would have no income. I guess I could just retire with 3 million to Austin, but I would rather live in LA. All my family and friends live here.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926812)



Reply Favorite

Date: December 15th, 2017 11:39 AM
Author: unhinged den

Pro tip: do not under any circumstances move to Austin

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926839)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: mischievous stain

Why not?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926850)



Reply Favorite

Date: December 15th, 2017 11:41 AM
Author: copper philosopher-king

Buncha shitlibs and weird ass people. Also higher COL than elsewhere, and has shitty city gov.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926863)



Reply Favorite

Date: December 16th, 2017 9:22 AM
Author: sinister corner jap



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933965)



Reply Favorite

Date: December 15th, 2017 11:41 AM
Author: copper philosopher-king

nah wait awhile before moving. but do it eventually. Guns, land, low COL.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926854)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: mischievous stain

I would never move from LA. My house is paid off and I'll have 10 million in investable assets by the time I'm 40. I can just stay here and stop working in 6 years.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926871)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: copper philosopher-king

eh, fair enough. Like LA in general?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926878)



Reply Favorite

Date: December 15th, 2017 11:51 AM
Author: mischievous stain

I live in the San Fernando Valley. I hate the actual city. Too crowded and parking sucks.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926930)



Reply Favorite

Date: December 15th, 2017 4:10 PM
Author: Rebellious charismatic spot

Jesus. Keep your voice down. Earl might hear you.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928992)



Reply Favorite

Date: December 16th, 2017 10:56 AM
Author: seedy church building indirect expression



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934361)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: Garnet Old Irish Cottage Tank

And probably crushes the income.

Isn't California plaintiff friendly?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926813)



Reply Favorite

Date: December 15th, 2017 11:35 AM
Author: mischievous stain

Best state in the nation for PI.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926818)



Reply Favorite

Date: December 15th, 2017 11:34 AM
Author: Laughsome Locale

YNY get that hustle

congrats

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926814)



Reply Favorite

Date: December 15th, 2017 11:40 AM
Author: canary nubile halford

how many solos do you know who have just flamed out of the profession or aren't doing well?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926849)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: mischievous stain

I know several who flamed out and ended up as an associate somewhere. Most don't do well because they do shitty work and rely on paid marketing for clients. So they have low settlements and high acquisition costs. I'm the opposite. I do great work and no paid marketing. So my margins are crazy.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926864)



Reply Favorite

Date: December 15th, 2017 12:13 PM
Author: filthy cerebral garrison sandwich

Why do you think they did shitty work? Lack of responsiveness?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927092)



Reply Favorite

Date: December 15th, 2017 2:02 PM
Author: mischievous stain

Both.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927915)



Reply Favorite

Date: December 15th, 2017 11:42 AM
Author: copper philosopher-king

180, congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926868)



Reply Favorite

Date: December 15th, 2017 11:44 AM
Author: adventurous business firm puppy

holy shit congrats

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926888)



Reply Favorite

Date: December 15th, 2017 11:46 AM
Author: violet soul-stirring crotch candlestick maker

180 man

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926903)



Reply Favorite

Date: December 15th, 2017 11:55 AM
Author: self-absorbed theatre place of business

Can you ask your CPA about paying your 2018 estimated CA state taxes in 2017 since SALT is going away?

See this thread:

http://autoadmit.com/thread.php?thread_id=3828093&mc=37&forum_id=2

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926949)



Reply Favorite

Date: December 15th, 2017 12:04 PM
Author: mischievous stain

I actually JUST did that right now. I paid 130K for 2018 literally 30 seconds ago.



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927024)



Reply Favorite

Date: December 15th, 2017 12:14 PM
Author: self-absorbed theatre place of business

180!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927095)



Reply Favorite

Date: December 15th, 2017 11:59 AM
Author: talking cruel-hearted whorehouse

Love hearing about the practice bro. I am sure you have addressed this previously but do you have a biglaw background?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34926977)



Reply Favorite

Date: December 15th, 2017 12:05 PM
Author: mischievous stain

Summered at a big firm 2L year. Hated it and got no offered because I left every day early and didn't go to most of the summer associate events.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927031)



Reply Favorite

Date: December 15th, 2017 12:09 PM
Author: talking cruel-hearted whorehouse

What moment in your legal career are you most proud of? Some brilliant procedural move? Closing argument? Seeing your clients' lives change after a big win/settlement?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927062)



Reply Favorite

Date: December 15th, 2017 12:11 PM
Author: mischievous stain

I settled a case for a bit over 2 million for a widow whose husband was killed in a head on collision. The other party only had 100K policy but we found a road defect from construction and got almost 2 mil from the construction company/city. I changed that woman's life. She was an old Hispanic lady who never worked and spoke no English. Without me she would have been destitute. It felt really good to help someone that much.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927084)



Reply Favorite

Date: December 15th, 2017 12:15 PM
Author: talking cruel-hearted whorehouse

Incredible. Must have felt almost as good as when I caught that missing comma in the credit agreement for the joint bookrunners on this subordinated debt deal. Wouldn't trade that experience for the world.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927112)



Reply Favorite

Date: December 15th, 2017 1:07 PM
Author: Thriller deranged address becky



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927511)



Reply Favorite

Date: December 15th, 2017 1:12 PM
Author: narrow-minded cuck set



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927538)



Reply Favorite

Date: December 15th, 2017 1:13 PM
Author: filthy cerebral garrison sandwich



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927551)



Reply Favorite

Date: December 15th, 2017 1:46 PM
Author: french awkward gunner



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927808)



Reply Favorite

Date: December 15th, 2017 1:49 PM
Author: gold dashing home corn cake



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927818)



Reply Favorite

Date: December 15th, 2017 5:14 PM
Author: domesticated puce tattoo



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929548)



Reply Favorite

Date: December 15th, 2017 5:14 PM
Author: grizzly filthpig



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929558)



Reply Favorite

Date: December 15th, 2017 11:29 PM
Author: electric smoky really tough guy laser beams



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932058)



Reply Favorite

Date: December 16th, 2017 9:04 AM
Author: duck-like chapel



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933907)



Reply Favorite

Date: December 16th, 2017 9:05 AM
Author: adventurous business firm puppy



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933910)



Reply Favorite

Date: December 16th, 2017 11:11 AM
Author: frozen stage international law enforcement agency



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934434)



Reply Favorite

Date: December 17th, 2017 2:04 PM
Author: lascivious aquamarine location roast beef



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34942267)



Reply Favorite

Date: April 9th, 2018 12:58 AM
Author: Spectacular piazza



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35796599)



Reply Favorite

Date: April 9th, 2018 12:58 AM
Author: Talented bossy senate rigor



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35796603)



Reply Favorite

Date: December 15th, 2017 11:29 PM
Author: electric smoky really tough guy laser beams

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932055)



Reply Favorite

Date: December 15th, 2017 12:01 PM
Author: narrow-minded cuck set

Congrats on the success, mang.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927003)



Reply Favorite

Date: December 15th, 2017 12:02 PM
Author: mind-boggling messiness

Nice bro!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927006)



Reply Favorite

Date: December 15th, 2017 12:11 PM
Author: sinister corner jap



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927082)



Reply Favorite

Date: December 15th, 2017 12:20 PM
Author: self-absorbed theatre place of business

What sort of RE are you looking to buy? Are you looking to rent it out or flip it? Id like to get into RE since we don’t want to only put money into the stock market, but it’s a tough market right now given how high it is.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927147)



Reply Favorite

Date: December 15th, 2017 1:37 PM
Author: mischievous stain

Multifamily and NNN commercial. Cap rates suck right now but rents keep going up. As long as you buy young and hold for decades you can't really overpay. LA real estate will double again in 10 years anyways.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927745)



Reply Favorite

Date: December 15th, 2017 12:27 PM
Author: Thriller deranged address becky

congratulations bro

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927204)



Reply Favorite

Date: December 15th, 2017 1:11 PM
Author: Stimulating theater stage fat ankles

180, congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927534)



Reply Favorite

Date: December 15th, 2017 1:23 PM
Author: soggy coral church

Damn, nice.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927621)



Reply Favorite

Date: December 15th, 2017 1:38 PM
Author: filthy cerebral garrison sandwich

Send our new shitfirm cases

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927752)



Reply Favorite

Date: December 15th, 2017 2:22 PM
Author: Garnet Old Irish Cottage Tank

DESCRIBE your billable rate.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928088)



Reply Favorite

Date: December 15th, 2017 3:42 PM
Author: soggy coral church

I will. Do you already know who I am, or would this out me?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928728)



Reply Favorite

Date: December 15th, 2017 3:46 PM
Author: filthy cerebral garrison sandwich

I have no clue who you are but I've met 10 xo poasters and would protect their identities with my life.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928769)



Reply Favorite

Date: December 15th, 2017 1:39 PM
Author: bronze university keepsake machete

180.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34927756)



Reply Favorite

Date: December 15th, 2017 3:46 PM
Author: brass heaven mexican

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928764)



Reply Favorite

Date: December 15th, 2017 3:47 PM
Author: Swashbuckling office skinny woman

what does your CRYPTOCOIN PORTFOLIO look like

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928785)



Reply Favorite

Date: December 15th, 2017 3:48 PM
Author: mischievous stain

3 BTC and 25 ETH.

Not a lot but my basis is like 15K. I didn't get in until a couple months ago.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34928791)



Reply Favorite

Date: December 15th, 2017 5:15 PM
Author: domesticated puce tattoo

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929564)



Reply Favorite

Date: December 15th, 2017 5:19 PM
Author: Misunderstood round eye scourge upon the earth

Excellent work man! I'm a solo that does some PI, and I really enjoy your threads. You still take questions on that throwaway?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929591)



Reply Favorite

Date: December 15th, 2017 5:33 PM
Author: olive bull headed orchestra pit

180 friend.

have you thought about buying up some residential property and renting it out to take advantage of the mortgage tax deduction? 180 way to take advantage of savings because the rent and property tax + interest more or less balance out.

if you leave a room vacant, you can claim it as a second house or something

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929717)



Reply Favorite

Date: December 15th, 2017 5:34 PM
Author: Cracking parlour faggotry

so you "netted" 765K

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929737)



Reply Favorite

Date: December 15th, 2017 5:45 PM
Author: Brindle boiling water dingle berry

"nutted"

http://autoadmit.com/thread.php?thread_id=2521977&mc=129&forum_id=2

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929823)



Reply Favorite

Date: December 15th, 2017 5:43 PM
Author: Brindle boiling water dingle berry

Next year you have to make a lot more to net the same amount with the new tax bill. Yay!

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34929810)



Reply Favorite

Date: December 15th, 2017 6:55 PM
Author: mischievous stain

Pass through income may be taxed at 20% next year. I would pay way less in taxes. I work my ass off, it's really shitty that I pay so much as it is.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34930275)



Reply Favorite

Date: December 15th, 2017 11:21 PM
Author: lascivious aquamarine location roast beef

last i heard the 20% break is not available for service professionals who earn over 500K (hard cliff)

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34931985)



Reply Favorite

Date: December 16th, 2017 9:12 AM
Author: Ebony station hunting ground

Yep

Edit: 315k now

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933932)



Reply Favorite

Date: December 15th, 2017 6:56 PM
Author: Arousing lemon hospital

incredible and you deserve it for your hustle. congrats.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34930279)



Reply Favorite

Date: December 15th, 2017 11:22 PM
Author: electric smoky really tough guy laser beams

180

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34931998)



Reply Favorite

Date: December 15th, 2017 11:25 PM
Author: lascivious aquamarine location roast beef

you need a better CPA if he's not suggesting tax strategies. there is a lot of shit you can do.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932021)



Reply Favorite

Date: December 16th, 2017 12:48 AM
Author: mischievous stain

Give me some ideas. I read a lot about taxes and it seems like my CPA is doing all the right things.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34932589)



Reply Favorite

Date: December 16th, 2017 10:51 AM
Author: mischievous stain

Anyone?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934334)



Reply Favorite

Date: December 16th, 2017 11:07 AM
Author: free-loading bistre roommate

Captive insurance. Deduct premium you pay to your own insurance company as a current year expense. Premium in the insurance company for the first year it is in is restricted to what it can be invested in, but after 1 year, you can invest it in real estate or whatever you want. If you ever want to redeem cash from the insurance company, you take it as capital gains instead of ordinary income on your taxes, so you have converted ordinary income into long term capital gains.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934421)



Reply Favorite

Date: December 16th, 2017 11:10 AM
Author: mischievous stain

How much can I dump into that in a year?

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934431)



Reply Favorite

Date: December 16th, 2017 11:16 AM
Author: free-loading bistre roommate

1.2 million or something like that. Need to hire a reputable accounting firm (there are a few), cost is about 5% of amount you put in due to setup/fees/audit protection.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934450)



Reply Favorite

Date: December 16th, 2017 11:18 AM
Author: mischievous stain

Interesting, I'll look into that. Thanks.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934459)



Reply Favorite

Date: December 16th, 2017 11:33 AM
Author: free-loading bistre roommate

There's a financial guy I know in LA that probably does it or has a contact that sets them up all the time. What is your email, I can send you his info.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934533)



Reply Favorite

Date: December 16th, 2017 11:37 AM
Author: mischievous stain

calishitlawguru@gmail.com.

Really appreciate this brother.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934560)



Reply Favorite

Date: December 16th, 2017 11:39 AM
Author: mischievous stain



(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934569)



Reply Favorite

Date: December 16th, 2017 11:42 AM
Author: free-loading bistre roommate

Let me check with him first and get back to you. Probably too late in the year to actually execute this year, but can set you up for next year especially given your momentum and projections into next year.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934580)



Reply Favorite

Date: April 1st, 2018 8:15 PM
Author: Bisexual vivacious sweet tailpipe depressive

Notice to any poasters who may find this subthread while considering captive insurance:

http://www.autoadmit.com/thread.php?thread_id=3933697&forum_id=2#35739012

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#35739068)



Reply Favorite

Date: December 16th, 2017 9:15 AM
Author: Ebony station hunting ground

Pouring money into real estate sounds exhausting

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933942)



Reply Favorite

Date: December 16th, 2017 10:51 AM
Author: mischievous stain

There aren't that many places to pour money into for passive income.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934337)



Reply Favorite

Date: December 16th, 2017 11:02 AM
Author: Ebony station hunting ground

No doubt. Just seems like a fuckton of work for the near future.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934390)



Reply Favorite

Date: December 16th, 2017 9:23 AM
Author: Naked erotic hall

How did you build your PI practice without marketing brother? That seems to be the one area where advertising is everything

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34933974)



Reply Favorite

Date: December 16th, 2017 10:55 AM
Author: mischievous stain

1. Be friendly to everyone you meet, let them know what you do, let them know how to reach you (business cards), and tell them a quick interesting story about a cool case. This is hard if you don't have social skills but it can be learned with practice. Almost identical to PUA skills. It's all a numbers game. If you talk to 10,000 people and 1% hires you, that's 100 clients. I even handed out some business cards at the XO meeting in LA a week ago (not to everyone though since a lot of them already had my contact info).

2. Do great work for your clients. Be responsive, professional, and make sure they love you when the case is done.

3. Give your clients your cell phone number and make them feel like family. I become very close with all my clients and talk to them like a friend, not their lawyer. When they refer me people they talk about me as not only a lawyer but a good person. Makes people excited to hire me.

This is pretty much all you need to do. Most attorneys treat their clients like shit, are impossible to reach, and do shitty work. It's really not that hard to stand out.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934354)



Reply Favorite

Date: December 16th, 2017 11:22 AM
Author: Ebony station hunting ground

This is all credited advice whether you are shitlaw or biglaw. I am nice to everyone and tell everyone what I do. I’m biglaw so 99% of what comes my way I can’t take but I refer it out to my solo buddies.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34934474)



Reply Favorite

Date: December 17th, 2017 9:39 AM
Author: mischievous stain

Do your solo friends give you referral fees? I know some big firms discourage that.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34940779)



Reply Favorite

Date: December 17th, 2017 10:31 AM
Author: Ebony station hunting ground

They would but Firm does not allow referral fees unless we actually work the case. Its cool though, I’ve had it come back to me. I currently have a complex commercial case that one of my bros referred me that’s in pre-lit stage.

(http://www.autoadmit.com/thread.php?thread_id=3830045&forum_id=2#34941029)