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Scratch Monkey posted:This feels like the white collar version of “it’s not armed robbery if you use a fake gun” I didn't know I couldn't do that officer
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Apr 23, 2024 21:27
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Baddog posted:Yah, it's just that we've got *another* tax on honesty at this point. I gotta stop ranting on this, we all know it's hosed. Sure but if you are in the position to put thousands of dollars into a kids IRA, you could also put it in something more legitimate like a 529, taxable brokerage, trust, etc. Or, give them an actual job if they're old enough. The annoying thing is people in this situation have won the game already and still want to do a little fraud to get more tax free growth.
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Apr 23, 2024 21:42
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AreWeDrunkYet posted:How many millions (billions?) of forgiven PPP "loans" went to "small businesses" suddenly "hiring" a family member as a "bookkeeper", and how much of that was clawed back? It's not that the federal government can't identify this sort of fraud, but lack of resources (and to some extent public opinion about federal white collar law enforcement as a boogeyman) often means they won't go after it. Every dollar spent on tax fraud enforcement against corporations etc brings back more than 1 dollar in revenue. It's not about lack of resources so much as lack of congressional will to approve such enforcement.
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Apr 23, 2024 23:38
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RPATDO_LAMD posted:Every dollar spent on tax fraud enforcement against corporations etc brings back more than 1 dollar in revenue. It's not about lack of resources so much as lack of congressional will to approve such enforcement. There was that massive increase in IRS funding that passed in the IRA: Whitehouse.gov posted:One of the most important ways that President Biden has added real fairness to the tax code is by providing the Internal Revenue Service (IRS) with the resources they need to reduce the tax gap and improve service delivery for taxpayers. The gross tax gap is the difference between what taxpayers owe and what they pay, and in 2021, it clocked in at a very large $688 billion. Even after accounting for IRS’s enforcement efforts, the net tax gap was $625 billion in 2021. The Inflation Reduction Act provided $80 billion in additional funding to the IRS, much of which is dedicated to closing the tax gap by specifically enforcing tax compliance by the wealthiest tax evaders.
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Apr 24, 2024 00:43
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Now was that a Traditional Inflation Reduction Act, or a Roth Inflation Reduction Act?
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Apr 24, 2024 03:38
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LanceHunter posted:There was that massive increase in IRS funding that passed in the IRA: the republicans have already rolled back 20 billion of that
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Apr 24, 2024 04:57
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LanceHunter posted:There was that massive increase in IRS funding that passed in the IRA: SpelledBackwards posted:Now was that a Traditional Inflation Reduction Act, or a Roth Inflation Reduction Act? I really don't understand why they decided to name this act with an acronym that not only already has a pretty politically significant meaning, but ALSO is the acronym of a financial instrument. Why make everything more confusing?
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Apr 24, 2024 08:26
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Dangerously self-posting here, and things are obviously different in the Netherlands: My parents put me on the payroll for my dad's company the moment they were allowed to. For family businesses that may have been at 14. Officially they gave me a fixed salary that I didn't receive. No idea where that money actually went. If I did any actual work (some cleaning in the workshop, designing a form or sales brochure) they'd pay me in cash, off the books. I later found out they did contribute to a retirement fund automatically, so I ended up with a couple hundred euros in the national metal workers retirement fund. Also 70 bucks in the grocery workers fund because of a job stocking shelves. I had both of those paid out when a rule for 'micro pensions' was implemented because rolling them into my personal retirement account wasn't going to be possible or would take too much work I really don't think I'd do things the same way if I had kids myself. I think my parents also didn't do this with my two year younger brother and I have no idea why
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Apr 24, 2024 08:39
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In the UK you can set up a children's ISA (individual savings account) which can be cash, bonds, ETFs, whatever (it can actually be actively managed as well),income on it is tax free and the annual contribution limit is like £9k. When the child reaches 18 the account becomes owned by them and they can withdraw money from it so you can have your child reach 18 and suddenly gain control over 200k+ Combine that with your 15 years of day trading experience and they'll be set for life!!!! Scratch Monkey posted:This feels like the white collar version of “it’s not armed robbery if you use a fake gun” lmao
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Apr 24, 2024 09:03
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Also I had (have?) a tax number from another country thanks to my dad doing some weird poo poo involving "employing me as a labourer" while he was renovating a house out there. The thing is I don't think this actually saved any money anywhere along the lines but I keep meaning to see if I still have it because as we all know, paying tax in a country (even if only theoretically) is more important than actual citizenship by birth and I should try getting approved as a citizen or something.
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Apr 24, 2024 09:07
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Powerful Two-Hander posted:In the UK you can set up a children's ISA (individual savings account) which can be cash, bonds, ETFs, whatever (it can actually be actively managed as well),income on it is tax free and the annual contribution limit is like £9k. Hey remember when Labour were in power and actually put a couple of hundred quid in those child savings accounts to get them started? So they almost weren't a vehicle for already rich people to have another way to avoid tax? Great days.
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Apr 24, 2024 09:09
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It looks like as of 2024 you can now roll up to 35k from a 529 education savings plan into an IRA so you don't need to fiction earnings up to that amount.
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Apr 24, 2024 13:30
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Qwijib0 posted:It looks like as of 2024 you can now roll up to 35k from a 529 education savings plan into an IRA so you don't need to fiction earnings up to that amount. The rules on that still require earned income.
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Apr 24, 2024 13:43
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Are there just perpetual 529s that get reassigned to a new family member every few years? It's the reassignment clause from the original recipient or is it just whoever is the current recipient?
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Apr 24, 2024 14:19
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root of all eval posted:Are there just perpetual 529s that get reassigned to a new family member every few years? It's the reassignment clause from the original recipient or is it just whoever is the current recipient? The custodian can designate the beneficiary and change it at any time, including to themselves.
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Apr 24, 2024 14:21
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The financial blogger thing to do seems to be to hire your kids as models for your website to get them earned income. Very reasonable and above the board, imho. I'm seething with jealousy.
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Apr 24, 2024 14:45
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Residency Evil posted:The financial blogger thing to do seems to be to hire your kids as models for your website to get them earned income. I read the initial 'financial guru' .jpg way to send money to your kids but at $14,600/year for what, 18 year that's about $262,800 'tax free'. How is this different from just gifting them up to the $13.61 million lifetime limit? Same with the financial blogger idea, aren't these just more headaches?
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Apr 24, 2024 15:45
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adnam posted:I read the initial 'financial guru' .jpg way to send money to your kids but at $14,600/year for what, 18 year that's about $262,800 'tax free'. How is this different from just gifting them up to the $13.61 million lifetime limit? Same with the financial blogger idea, aren't these just more headaches? I think the whole thing about routing it through a sham LLC or S-Corp is it reduces the parents' taxes as well. Plus the Roth money grows tax free for life while a one time gift would have to be invested in a taxable account.
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Apr 24, 2024 15:55
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And, if your children are responsible, the withdrawal penalty is an additional guiderail to keep them from touching it (as opposed to a gift sitting in a taxable account).
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Apr 24, 2024 16:18
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I also do not believe gift income is considered earned income so you cannot put it in a Roth IRA to grow and be withdrawn tax free. The real advantage of funding kids Roth IRAs are that they do not pay any tax at all on the earned income due to making so little, but investing all of it makes for a complete tax loophole.
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Apr 24, 2024 16:24
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Powerful Two-Hander posted:In the UK you can set up a children's ISA (individual savings account) which can be cash, bonds, ETFs, whatever (it can actually be actively managed as well),income on it is tax free and the annual contribution limit is like £9k. See, this is a completely reasonable way to approach it. Just make it simple and clearly accessible to everyone. By putting these nominal barriers up, we just restrict it to whoever is willing to bend/break the rules. And I guess child actors, fintwit models, or kids who live in Louisiana.
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Apr 24, 2024 17:00
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Fil5000 posted:Hey remember when Labour were in power and actually put a couple of hundred quid in those child savings accounts to get them started? So they almost weren't a vehicle for already rich people to have another way to avoid tax? Great days. So how easy was it for the parents to withdraw those couple hundred quid?
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Apr 24, 2024 17:34
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Pham Nuwen posted:So how easy was it for the parents to withdraw those couple hundred quid? Not especially as far as I can recall. All you could do was add to it or move it to another provider. It transferred to the child when they were sixteen but they couldn't take money out until they were 18.
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Apr 24, 2024 17:38
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For random work related reasons and looked up UK ISA's the other day and man what a great tax giveaway. A Roth IRA, except there's no income limits and you can have the profits tax free at any age.
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Apr 24, 2024 17:57
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I thought the income limit on a Roth IRA was just a wink wink nudge nudge """limit""" since everyone above it can just do a backdoor? Tax avoidance: bad except when it's allowed?
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Apr 24, 2024 18:00
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mrmcd posted:For random work related reasons and looked up UK ISA's the other day and man what a great tax giveaway. A Roth IRA, except there's no income limits and you can have the profits tax free at any age. There is a contribution limit about 20k
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Apr 24, 2024 18:49
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Boris Galerkin posted:Tax avoidance: bad except when it's allowed? Isn't the very definition of tax avoidance is that it's allowed? If it weren't allowed, it would be tax evasion. Or did you mean good if explicitly called out as allowed, vs. implicit loopholes?
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Apr 24, 2024 18:50
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Cast_No_Shadow posted:There is a contribution limit about 20k The mega backdoor has a significantly higher limit, though you need a cooperative employer to pull that one off.
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Apr 25, 2024 03:06
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Saw this on twitter it's probably most likely fake but still lol: "When did McDonald's get so expensive?" 
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Apr 27, 2024 00:30
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QUICK SOMEONE POST THE DRILL TWEET BUT WITH "stop paying for onlyfans"
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Apr 27, 2024 00:31
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Weatherman posted:QUICK SOMEONE POST THE DRILL TWEET BUT WITH "stop paying for onlyfans" no
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Apr 27, 2024 00:37
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Weatherman posted:QUICK SOMEONE POST THE DRILL TWEET BUT WITH "stop paying for onlyfans" "Only Fan's"
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Apr 27, 2024 01:42
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Onlys Fan
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Apr 27, 2024 13:35
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That person is a very big fan of something. I assume boobs?
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Apr 27, 2024 13:57
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No, he is the ONLY fan bankrolling these amazing breast artists (breastists?), the times of Gaius Maecenas are back baby
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Apr 27, 2024 14:24
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It's actually all McDonalds. The OP is this guy:
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Apr 27, 2024 14:38
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Fil5000 posted:I really don't understand why they decided to name this act with an acronym that not only already has a pretty politically significant meaning, but ALSO is the acronym of a financial instrument. Why make everything more confusing? Because Joe Manchin had already said he wasn’t gonna vote for Build Back Better
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Apr 27, 2024 15:40
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Bubblyblubber posted:No, he is the ONLY fan bankrolling these amazing breast artists (breastists?), the times of Gaius Maecenas are back baby I'd have gone for "brartists" personally. Another option: "probreassionals." Like, professionals at breasts. Works better spoken than written I think.
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Apr 27, 2024 17:25
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Boris Galerkin posted:Saw this on twitter it's probably most likely fake but still lol: I have to know what this person’s secret is to only spending Ł7.47 moon dollars / $9.44 freedom bucks at Costco.
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Apr 27, 2024 18:20
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Buncha hotdogs
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Apr 27, 2024 18:26
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