Fox news reports that a new proposed "millionaire tax under consideration in New York "would jack up a current millionaires tax another 11-percent" as a means to close the 9.2 billion dollar New York state deficit This is on top of the 11% raise from last year.
The current "millionaire's tax" actually starts affecting people who have incomes over $200,000. High income tax earners would pay more than 13-percent of their salary in local taxes.
Many personal injury lawyers fall into the income category exceeding $200,000. They can mitigate the tax bite through the use of structured attorney fees. Structuring attorney fees, if done properly, affords an excellent tax deferral opportunity for personal injury lawyer and other high earners in the legal profession who earn contingency fees.
The value of the tax deferral opportunity increases with a higher tax rate
Lawyers who have not previously structured their fees, should start considering their plans now rather than waiting until the end of the year panic. Being "done properly" means some advance preparation.
More on structured attorney fees, including a helpful video.
For additional details please contact John Darer at 888-325-8640
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