• Hi Guest, want to participate in the discussions, keep track of read/unread posts access private forums and more? Create your free account and increase the benefits of your eGriz.com experience today!

Bone speculation

B

browningmontana

Well-known member
Help me with this assumption:

Travis would like Bone as an assistant. Bone can afford the drop in salary because he has a $1.7 million payout from Washington State over 2 years - $850,000 per year.

I'll speculate that the rub is income taxes. Washington is a no-income tax state. Montana would tax that $850,000 at about 8% (just a guess) for a tax of about $70,000 per year. If he comes to Montana right now, he might even be taxed on this year's income at WSU (just speculation on my part).

So, isn't it likely that even if Bone wants to come to Montana, he is spending some time with his tax accountant to figure out how he deals with the income taxes in Montana?

Perhaps if he spends less than half of the year in Montana, he wouldn't be taxed on his WSU income this year??

Any CPA types out there who would have insight on this?
 
"Myth 7: I don't owe taxes because I live or work in a state without an income tax

You cannot avoid state income taxes simply by working in a tax-free state. You have to also be a resident of that state. If you are a resident of the other 41 states that have an income tax, you'll have to pay tax to your home state on all of your income regardless of where you earned it, including income you made in a state without an income tax.

Similarly, if you are a resident of a tax-free state, and have worked in a taxing state, you still have to pay taxes to the state where you worked. Unless you are working in a reciprocal state, you will have to pay taxes to the state where you earned your income. You would file a nonresident return to pay these taxes.

Source: TurboTax Myths and FAQ's"
 
He can file a part year residence return this year and avoid the Washington income in Montana- next year will not be as lucky unless he keeps his Washington address and returns during the off season

If he comes here free tax return
 
To further make it worth it the tax rate would be 6.9% not 8%

That is a full 3% less then he is paying in Seattle sales tax

Based on deductions I could probably lower that effective tax rate

Additional tax incentives

Could file seperate same return if spouse has earned or passive income

Gets to deduct a wopping 5K from his federal withholding if he itemizes

Does not have to carry change around to account for the sales tax

The federal tax would be at the same rate

An awesome fan base hopping to get past that first round
 
As long as he is not officially a coach here he can attend any high school camps. While coaches under contract can not. Tinkle mentioned that Bones was at some high school camp and was wondering how come. He discovered that he could go to any camps for high school or JC's. Since he wasn't under contract.
 
He obviously does not need income from UM, would he be allowed to take deferred income from UM, thus avoid having to show residence in MT? I know there are a bunch of what if's, that go along with that question, but I am guessing there is a way to avoid taxes.
 
Nope no way to avoid since the Mt return reconciles to the federal return before you do the "fun" Mt only stuff

No one allows you to defer income nor would you want to - take the cash now baby
 
Also depends on how WSU/Bone handle the buyout. Whether they agree to one lump-sum amount or payments over the two years. Could be that WSU is going to pay him at the end of June, which could also be the end of their fiscal year, and be done with it then. Bone may be waiting to move/take a new job until he gets that payment.
 
http://collegebasketballtalk.nbcsports.com/2014/06/19/former-washington-state-head-coach-ken-bone-joins-travis-decuires-staff-at-montana/" onclick="window.open(this.href);return false;
 
Yeah, read about Bone the new UM Assoc. HC in the Denver Post this morning...what's with the Missoulian? In the online version they usually update thru the day. Haslam must have lost the sports department's phone number....and while speaking of lame communication, have we seen any release on which games, if any, will be under the lights come fall? :roll:
 
Silvertip said:
Yeah, read about Bone the new UM Assoc. HC in the Denver Post this morning...what's with the Missoulian? In the online version they usually update thru the day. Haslam must have lost the sports department's phone number....and while speaking of lame communication, have we seen any release on which games, if any, will be under the lights come fall? :roll:
Click to expand...
The hiring of Bone and his appointment as Associate HC was printed in the Missoulian a week ago.
 
Silvertip said:
Yeah, read about Bone the new UM Assoc. HC in the Denver Post this morning...what's with the Missoulian? In the online version they usually update thru the day. Haslam must have lost the sports department's phone number....and while speaking of lame communication, have we seen any release on which games, if any, will be under the lights come fall? :roll:
Click to expand...

Time for new glasses...or maybe a new computer. :) I saw it last week online.

http://missoulian.com/sports/colleg...cle_b6ee2bee-f803-11e3-b0ff-0019bb2963f4.html
 
You must log in or register to reply here.

Latest posts

Back
Top