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Folly posted:Turbo tax has an audit risk indicator as part of the summary. There's no way his wouldn't have been all the way in the red, probably with a klaxon. He claims it was in the green every year.
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Sep 14, 2017 18:35
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I don't believe it. Earning more than $200k per year and having home/auto business deductions and depreciation should get you to yellow at least.
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Sep 14, 2017 18:43
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That guy is the biggest douche and I hope the government goes down on him hard. Why do people watch his stupid poo poo and support him. YouTube is a plague on humanity. LOLOL and in his video he mentions starting a Kickstarter to help pay his tax bill. What an idiot. Drunk Tomato fucked around with this message at 18:53 on Sep 14, 2017 |
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Sep 14, 2017 18:49
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Can't wait for a follow-up audit in 2020 finding that he didn't declare the kickstarter income and claimed his 150k+ back taxes as tax deductibles for fiscal year 2017.
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Sep 14, 2017 19:13
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Steampunk Hitler posted:If he underpaid by six figures, does that means he had a 7 figure income? If so, it is astounding to me that someone with a 7 figure income thought that a lowest common denominator web app was going to be a smart idea for them. If I had to guess, I would say that he made $100k - $300k per year but he seems to have deducted just about everything he bought as a "business expense" over several years, which can add up fast.
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Sep 14, 2017 19:16
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There's no way that this guy didn't know what he was doing. He claims that it was perfectly reasonable to write off trips to the movies for "professional inspiration" and his lawnmower as a business expense. He had to have known what he was doing and is just going all the way to defend himself because he didn't think he would ever get caught. "I thought it made total sense that I made $300,000 a year and got a tax refund. I paid my social security and medicare taxes and bought a house! Why wouldn't I get a refund?"
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Sep 14, 2017 19:20
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Droo posted:If I had to guess, I would say that he made $100k - $300k per year but he seems to have deducted just about everything he bought as a "business expense" over several years, which can add up fast. Ah, I missed that this was over several years. He was making it sound to me like it was a single years worth of issues.
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Sep 14, 2017 19:46
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Wow, bitcoin lost nearly $550 in value in 10 hours today. That's almost impressively bad.
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Sep 14, 2017 19:57
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Nocheez posted:Wow, bitcoin lost nearly $550 in value in 10 hours today. That's almost impressively bad.  Pfffft, look at this slave forced to buy into Big Currency. This is just the third bear trap. People with savvy and real insight are buying up as much as they can right now. Sorry sheeple, this is one battle that intelligence will win. 
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Sep 14, 2017 20:01
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Steampunk Hitler posted:Ah, I missed that this was over several years. He was making it sound to me like it was a single years worth of issues. Also IRS penalties and interest can easily double a tax bill, especially if you are as willfully stupid as this guy. And there's state, if he's in one that has taxes, which odds are he is.
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Sep 14, 2017 20:01
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canyoneer posted:The only one I've seen that makes sense is for pharmaceuticals and counterfeit drugs. There's some big resources getting spent around it. Why? They are produced by a known source if they are legitimate. Why do you need BLOCKCHAIN TECHNOLOGY to store lot numbers, and how does this prevent counterfeiters from simply using the same lot numbers?
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Sep 14, 2017 20:03
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I still think bitcoins are dumb and have never touched them, but I also laugh when goons have been getting super upset about them since they were like literally $7/coin (as far back as I can remember reading SA threads about them) and have gone up and up and up while the BTC fanboys make money and goons still make fun of them and they've gone up literally 500x the value since I read my first SA GBS post about them. Yeah, I know, people getting lucky buying bitcoins does not mean they made a good decision, gambling and winning does not make them smart, decisions need to be evaluated without being results oriented.... but still funny.
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Sep 14, 2017 20:06
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/r/bitcoinquote:For every attack on the integrity of BTC by the global banksters and fiat fanatics... I am only emboldened.
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Sep 14, 2017 20:07
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Dude is hosed forever. A lot of these people have huge incomes for a couple years and then it dries up leaving them no way to pay the back taxes. Basically Dave Foley and why he can't come back to Canada.
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Sep 14, 2017 20:09
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Blinky2099 posted:I still think bitcoins are dumb and have never touched them, but I also laugh when goons have been getting super upset about them since they were like literally $7/coin (as far back as I can remember reading SA threads about them) and have gone up and up and up while the BTC fanboys make money and goons still make fun of them and they've gone up literally 500x the value since I read my first SA GBS post about them.
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Sep 14, 2017 20:13
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Guillotine all Youtube "personalities" IMO
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Sep 14, 2017 20:20
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Didn't we just have a long discussion on how difficult to near impossible it is to get large amounts of bitcoin converted? Sub bitcoin for csgo skins.
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Sep 14, 2017 20:21
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Nail Rat posted:Guillotine all Youtube "personalities" IMO Lighting and make-up. One of the few things he can probably legitimately claim as deductible.
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Sep 14, 2017 20:25
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Folly posted:I don't believe it. Earning more than $200k per year and having home/auto business deductions and depreciation should get you to yellow at least. Given everything else that he seems to have done, I am willing to bet that he didn't understand how the ticker worked. I mean this is a guy who tried to deduct his divorce as a business expense, got audited, and then decided that he still didn't need a real accountant for his hundreds of thousands of dollars.
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Sep 14, 2017 20:26
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Blinky2099 posted:I still think bitcoins are dumb and have never touched them, but I also laugh when goons have been getting super upset about them since they were like literally $7/coin (as far back as I can remember reading SA threads about them) and have gone up and up and up while the BTC fanboys make money and goons still make fun of them and they've gone up literally 500x the value since I read my first SA GBS post about them. You could make a better case talking about the 'has 50,000,000,000 posts in the "Laff at Bitcoin Thread Vol. MMCCCXLVI Edition" thread - with their own gang tags, a custom emoticon, and their own impenetrable intra-thread memes - but still thinks bitcoiners are totally crazy!!!' goons. ...yes, I'm enjoying hurling these stones around in my big glass house, thank you
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Sep 14, 2017 20:54
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so I could say that I finally figured out what this god damned cube is doing. Get well Lowtax.
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Motronic posted:Why? They are produced by a known source if they are legitimate. Why do you need BLOCKCHAIN TECHNOLOGY to store lot numbers, and how does this prevent counterfeiters from simply using the same lot numbers? I'm not a pharma industry expert or a supply chain expert or a blockchain expert, but I work with some of those experts. The idea is that it provides an auditable chain of custody from start to finish. There are some pretty gnarly penalties coming up for pharma companies in the US if their supply chain gets screwed up. http://pharmaceuticalcommerce.com/information-technology/blockchain-technology-make-dscsa-work-2023/
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Sep 14, 2017 21:13
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Bitcoin values would make a lot more sense if they were tied to a more practical standard, such as shady Chinese research chemicals or stolen Amazon gift cards
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Sep 14, 2017 21:32
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Blinky2099 posted:I still think bitcoins are dumb and have never touched them, but I also laugh when goons have been getting super upset about them since they were like literally $7/coin (as far back as I can remember reading SA threads about them) and have gone up and up and up while the BTC fanboys make money and goons still make fun of them and they've gone up literally 500x the value since I read my first SA GBS post about them. These are people who unironically believe the USD will collapse any day now, leaving bitcoin to suddenly become the currency of the masses. And who swear up and down that bitcoin & blockchain technology have 'uses' in a bunch of things where it adds zero value to 99% of people. And who think there's a massive government/banking conspiracy to crush plucky lil' bitcoin. And who constantly say things showing they have zero idea how the economy works. CheesyDog posted:Bitcoin values would make a lot more sense if they were tied to a more practical standard, such as shady Chinese research chemicals or stolen Amazon gift cards 
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Sep 14, 2017 21:33
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canyoneer posted:I'm not a pharma industry expert or a supply chain expert or a blockchain expert, but I work with some of those experts. Maybe I'm too stupid to figure it out, but I'm failing to see how a blockchain is necessary when all of this comes down to inventory/supply chain management. Secure, auditable ledgers are already a thing that don't require idiotic amounts of wasted processing power doing "proof of work" calculations that serve no purpose other than to inefficiently commit transactions to the ledger. If the companies themselves can't be trusted to maintain the integrity of the ledger the FDA should give clear guidelines on just how arms-length a service provider would need to be and/or create the system themselves and compel everyone in the supply chain to participate.
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Sep 14, 2017 21:34
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canyoneer posted:I'm not a pharma industry expert or a supply chain expert or a blockchain expert, but I work with some of those experts. Not really seeing how a block chain does something a database doesn't. Bar codes and RFIDs have been a thing for a while now.
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Sep 14, 2017 22:22
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Bitcoin is a solution looking for a problem.
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Sep 14, 2017 22:24
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Bottom Liner posted:Guy spends upwards of $17k on Kickstarter in 2 years and only likes 4 of the games he got: $17k on board game kickstarters 
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Sep 14, 2017 22:27
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cowofwar posted:Bitcoin is a solution looking for a problem. I like this.
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Sep 14, 2017 22:28
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FrozenVent posted:Not really seeing how a block chain does something a database doesn't. Bar codes and RFIDs have been a thing for a while now. The only thing I can see is transactional integrity (in theory) - can't roll them back. But of course you can if you control most of the processing power on the blockchain. This type of integrity has been a solved problem for a very long time now. Once ink on paper ledgers weren't fas of flexible enough people were literally leaving a line printer in a secure room putting ink on paper as each transaction posted. There are more software solutions to that now, but honestly it's still not a bad idea.
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Sep 14, 2017 23:09
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Folly posted:I don't believe it. Earning more than $200k per year and having home/auto business deductions and depreciation should get you to yellow at least. I don't use TurboTax anymore but it wouldn't surprise me if that was true. The guy was (likely) a sole proprietor with hundreds of thousands in Schedule C expenses. Which means that not only was he running one of the most tax inefficient entities you can get but also one of the highest audit risks imaginable (because his deductions would reduce his tax rate so much). Leon Trotsky 2012 posted:There's no way that this guy didn't know what he was doing. The thing is that he DID get caught before because he got audited when he tried to write off his loving divorce as a business expense. He' s just an idiot.
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Sep 15, 2017 00:06
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https://www.reddit.com/r/personalfinance/comments/6z6kpi/is_my_dad_making_the_wrong_decision_by_investing/ Is my dad making the wrong decision by investing $50,000 in this real estate workshop? Is it a scam? (self.personalfinance) submitted 4 days ago * by catboy96 quote:So my dad paid $800 for a real estate workshop over the weekend and he's asking me if he should give them the $50,000 they're asking for in exchange for information on how to make money off of tax liens and deeds as well as how to "flip homes", etc... If you have to ask "is this a scam?" the answer is always "yes"
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Sep 15, 2017 00:13
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canyoneer posted:https://www.reddit.com/r/personalfinance/comments/6z6kpi/is_my_dad_making_the_wrong_decision_by_investing/ Why does paying $50,000 for a couple of books and an MLS feed sound "too good to be true"????
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Sep 15, 2017 00:49
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Leon Trotsky 2012 posted:There's no way that this guy didn't know what he was doing. Why do you think he paid social security and Medicare taxes?
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Sep 15, 2017 01:00
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Drunk Tomato posted:Why does paying $50,000 for a couple of books and an MLS feed sound "too good to be true"???? That pretty much describes Trump's "University" that got him sued by a bunch of states.
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Sep 15, 2017 01:11
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ohgodwhat posted:Why do you think he paid social security and Medicare taxes? He's not a monster.
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Sep 15, 2017 01:46
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ohgodwhat posted:Why do you think he paid social security and Medicare taxes? Probably an accident.
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Sep 15, 2017 02:17
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This is usually how I feel when people start talking about bitcoin:
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Sep 15, 2017 02:18
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canyoneer posted:$17k on board game kickstarters I know people like this. Not $17k bad, but holy poo poo the money they've spent. I don't think it's the games as much as having stuff no one else has and filling up whole wall shelving units with box after box. It's a form of hoarding. A friend of mine will bring all kinds of obscure and overly complex board games to get togethers when all I want to play is Axis & Allies.
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Sep 15, 2017 03:00
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Yeah but a and a is so... Okay I guess this is the wrong thread that that Reddit link was posted.
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Sep 15, 2017 03:03
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Krispy Kareem posted:I know people like this. Not $17k bad, but holy poo poo the money they've spent.
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Sep 15, 2017 03:13
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