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 Post subject: doing taxes
PostPosted: Mon Apr 04, 2022 7:27 pm 
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i just started my taxes. i have my personal info entered. is that enough

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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 7:43 pm 
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Yes it will point the IRS right to you.

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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 7:48 pm 
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great im glad they know what i should be sending them. now they can just invoice me.

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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 7:52 pm 
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I had an accountant for years. Like 12 years later found out he was fucking everything up and costing me $$.

Do it myself now. But it's a pain in the ass.


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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 8:26 pm 
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yea and if they get you too big of a refund, youre still on the hook for the mistakes.

i will probably go with accountant if i ever make significant sales through my LLC, but for now i just include it as personal income and let them rape me on taxes.

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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 8:29 pm 
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LLC’s are pass through entities so it will flow to your personal tax return regardless.

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 Post subject: Re: doing taxes
PostPosted: Mon Apr 04, 2022 10:55 pm 
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well thats good. i have no idea what im doing i just enter what i feel like and wait for jail

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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 12:28 am 
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IkeSouth wrote:
well thats good. i have no idea what im doing i just enter what i feel like and wait for jail

LLCs were created for money laundering. Good luck in your endeavors.


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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 7:26 am 
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IkeSouth wrote:
well thats good. i have no idea what im doing i just enter what i feel like and wait for jail



Don't worry, you can write off all the illicit drugs you do as a medical exemption.

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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 8:09 am 
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remember to keep those losing betting slips to offset any winnings.

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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 8:25 am 
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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 10:53 am 
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I didnt win anything last year only lost lost like 3k
I owe nothing they owe me everything fuck them

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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 10:55 am 
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IkeSouth wrote:
I didnt win anything last year only lost lost like 3k
I owe nothing they owe me everything fuck them


Gambling losses can only offset wins. If you are net down, you will not be deducting anything. It is not like capital losses, which can offset a certain amount of regular income ($3,000 per year I believe).

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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 11:01 am 
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denisdman wrote:
IkeSouth wrote:
I didnt win anything last year only lost lost like 3k
I owe nothing they owe me everything fuck them


Gambling losses can only offset wins. If you are net down, you will not be deducting anything. It is not like capital losses, which can offset a certain amount of regular income ($3,000 per year I believe).

I found that out in like 1985. It's a shame Ike had to find that out today.


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 Post subject: Re: doing taxes
PostPosted: Tue Apr 05, 2022 9:39 pm 
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i will offset my capital gains with my losses on stupid etrade thanks guys

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 Post subject: Re: doing taxes
PostPosted: Wed Apr 06, 2022 7:13 am 
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I have always done my own taxes and in an odd way I enjoy it. Except of course when it comes time to make the payments.

Capital losses amount I believe depends if you are married or not. And losses can be carried forward :salut:

And there is talk of raising the capital gains tax :(

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 Post subject: Re: doing taxes
PostPosted: Wed Apr 06, 2022 9:06 am 
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I pay an accountant, and always feel some regret as he is basically populating TurboTax with data I provide. But, I have a few complexities, and look at it as sort of an insurance policy—if I get audited, I have someone at the table with me.


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 Post subject: Re: doing taxes
PostPosted: Wed Apr 06, 2022 9:29 am 
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Heisenberg wrote:
I pay an accountant, and always feel some regret as he is basically populating TurboTax with data I provide. But, I have a few complexities, and look at it as sort of an insurance policy—if I get audited, I have someone at the table with me.


Same, after my wife passed ten years ago and I had to find alternative education resources for my struggling daughter (who is doing great now, gainfully employed and facing her demons day to day) along with dealing with the life insurance payout. I used a local CPA to figure out how to claim her education costs and other tax situations. Now I just use TurboTax and pay for the extra service which will represent me in case of an audit.

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