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DuckConference posted:I’m confused. Did that guy get mace himself in the face on a livestream in exchange for the now-chargebacked donations? So much better than having a real job, isn't it?
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Sep 10, 2018 18:17
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EAT FASTER!!!!!! posted:I hope he's squirreling that money away somewhere because $500,000 a month is hay while the sun shines. I’m impressed you made it through that post without loling yourself out the door
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Sep 10, 2018 18:39
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CmdrRiker posted:This guy admitted to $190k in debt and then says "We are buying property from my grandparents for our starter place." Dude, you're going to be in debt for over a quarter of your adult life. Perhaps longer. Dude is def insane, but I'd bet probably 80% of people in the US at least live in debt from 18 (or earlier) to the grave.
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Sep 10, 2018 19:09
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Enos Cabell posted:Dude is def insane, but I'd bet probably 80% of people in the US at least live in debt from 18 (or earlier) to the grave. I mean there's certainly a distinction to be drawn between someone technically "in debt" but managing it fine (pretty much everyone has a loan, mortgage, etc.) and someone struggling with crippling debt and making it worse.
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Sep 10, 2018 19:16
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Krispy Wafer posted:What happens in this case? Clawbacks on all the property? The buyers know the husband is going through a divorce and the prices are way below market value, so I suspect the wife can force the item's return or sue for 50% of their real value. At least the husband is just hiding the assets, so it's unlikely any of the family members will sell the cars or watches. It's going to be loving beautiful. If it's anything like bankruptcy, they will go after the people who were involved in the transfer of assets as well. Since divorce is state-based and bankruptcy is federal (with state guidance as well) there probably are huge differences. Bare minimum he will be put in arrears and have to pay the market-value of what would be considered her half. I am also guessing he didn't appropriately file taxes for the gigantic gifts he gave, so he probably will end up slapped with IRS and their state agency fines and back taxes. It's funny people think they can get away with that poo poo; especially when they do it as brazen as selling a $30k truck for $550. And then they tell the spouse exactly what they're doing. It is like those tree stories where the neighbor is smug as poo poo that they just committed major crimes that they feel compelled to admit it to the person they committed the crime against. Makes it substantially harder to play dumb when you outright admit what you're doing.
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Sep 10, 2018 19:19
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Raldikuk posted:If it's anything like bankruptcy, they will go after the people who were involved in the transfer of assets as well. Since divorce is state-based and bankruptcy is federal (with state guidance as well) there probably are huge differences. Bare minimum he will be put in arrears and have to pay the market-value of what would be considered her half. I am also guessing he didn't appropriately file taxes for the gigantic gifts he gave, so he probably will end up slapped with IRS and their state agency fines and back taxes. My favorite is the guy who went around and got a free consultation with every divorce attorney in town, because that way his wife couldn't hire any of them His wife got wind of what he was doing, and the husband was financially penalized and had to pay the wife extra money because she had to hire someone from further away
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Sep 10, 2018 19:44
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Enos Cabell posted:Dude is def insane, but I'd bet probably 80% of people in the US at least live in debt from 18 (or earlier) to the grave. Vox Nihili posted:I mean there's certainly a distinction to be drawn between someone technically "in debt" but managing it fine (pretty much everyone has a loan, mortgage, etc.) and someone struggling with crippling debt and making it worse. My criticism was more about the psychological implications of being in major debt but still feeling entitled to move beyond a "starter home." I might be reading too much into what "starter home" means to them, but it definitely feels as though he thinks he will be able to afford a "better home" in the near future.
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Sep 10, 2018 19:50
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CmdrRiker posted:My criticism was more about the psychological implications of being in major debt but still feeling entitled to move beyond a "starter home." I might be reading too much into what "starter home" means to them, but it definitely feels as though he thinks he will be able to afford a "better home" in the near future.
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Sep 10, 2018 20:38
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Thanatosian posted:If I'm a betting man, they're in Eastern Washington, and refuse to move, so there aren't any loving jobs, because nobody loving lives there. orchard. they're in wenatchee or yakima. where you can work in an orchard or be really into biking and that's about it
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Sep 11, 2018 04:04
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the talent deficit posted:orchard. they're in wenatchee or yakima. where you can work in an orchard or be really into biking and that's about it Could be the Columbia River gorge. There are a lot of orchards there.
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Sep 11, 2018 04:40
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https://old.reddit.com/r/personalfinance/comments/9ex27n/is_my_dad_screwing_me_over/quote:Hi all,
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Sep 11, 2018 13:29
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I enjoy the posts where the protagonist talks to a professional, receives an answer, and then ignores the answer and posts his questions on Reddit.
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Sep 11, 2018 13:54
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Krispy Wafer posted:I enjoy the posts where the protagonist talks to a professional, receives an answer, and then ignores the answer and posts his questions on Reddit. Getting a second opinion after talking to a professional is a fine thing to do.
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Sep 11, 2018 13:55
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Subjunctive posted:Getting a second opinion after talking to a professional is a fine thing to do. But he could have pulled a credit report in 10 minutes. I'm starting to believe he's afraid of what he might find.
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Sep 11, 2018 13:57
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Krispy Wafer posted:But he could have pulled a credit report in 10 minutes. I'm starting to believe he's afraid of what he might find. Oh, almost certainly.
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Sep 11, 2018 13:58
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People at work were requesting for their bonuses to be split across multiple checks in the same year so they would pay less in taxes.
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Sep 11, 2018 14:12
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OctaviusBeaver posted:People at work were requesting for their bonuses to be split across multiple checks in the same year so they would pay less in taxes. Does payroll accommodate this nonsense or do they tell them to pound sand?
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Sep 11, 2018 14:13
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Subjunctive posted:Getting a second opinion after talking to a professional is a fine thing to do. In general, not from strangers on reddit. I also love the "I am more comfortable getting into a detail-hazy long-term financial deal with my dad, but not enough to ask him about it."
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Sep 11, 2018 14:17
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OctaviusBeaver posted:People at work were requesting for their bonuses to be split across multiple checks in the same year so they would pay less in taxes. do these people like, know, how taxes work or nah
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Sep 11, 2018 14:25
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KYOON GRIFFEY JR posted:do these people like, know, how taxes work or nah I want to low-key float the idea that if we got tiny paychecks ever 15 minutes then taxes would be even lower.
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Sep 11, 2018 14:35
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KYOON GRIFFEY JR posted:do these people like, know, how taxes work or nah
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Sep 11, 2018 14:37
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But don't bonuses have an adverse effect on your taxes for that pay period? Your withholding is adjusted as if you got that much money all the time. It's silly because you get it back anyway, but then again this thread gets real pissy when people say they withhold more than they need to get a big refund. Maybe microbonuses would get the BFC seal of approval after-all.
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Sep 11, 2018 14:44
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Krispy Wafer posted:But don't bonuses have an adverse effect on your taxes for that pay period? No. Krispy Wafer posted:Your withholding is adjusted as if you got that much money all the time. Yes. (in general - this is up to whoever is running payroll to some extent) Withholding is not "taxes". Not being very specific with the terms and what they mean is probably how these misunderstandings propagate.
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Sep 11, 2018 14:50
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OctaviusBeaver posted:I want to low-key float the idea that if we got tiny paychecks ever 15 minutes then taxes would be even lower. Taking a page from the surviving hyperinflation book
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Sep 11, 2018 15:23
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Someone at my office yesterday pulled a GWM by being BWM. I was talking about what a bummer it was that they were not going to restore some matching to our defined contribution plan because only around 8% of people even contribute more than $0 per year. The guy told me that he was sad as well, because he is one of the 8% that use it. He said that everyone who doesn't is going to be screwed when they try to retire if they don't contribute to their own defined contribution plan, but that the new Roth option was a scam. He contributes as much as he can because social security and pensions are all going to go broke and disappear in the next 20 years. By contributing as much as he can, he reduces the "taxable income" box on the W2 and that means he pays less money into the pension plan and social security that will disappear soon. I told him that our pension and social security are not funded through the income tax. He said that he knew that, but by reducing the "taxable income" part of the W2 you reduce the percentage that the government can take for social security and pensions.
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Sep 11, 2018 15:43
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Leon Trotsky 2012 posted:Someone at my office yesterday pulled a GWM by being BWM. "I'm going to shove as much money into pre tax retirement accounts to lower my income tax margin and contribute less to gov't retirement plans that will disappear in a few decades." Like.. that's good but why would you think about it like that?
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Sep 11, 2018 16:03
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OctaviusBeaver posted:People at work were requesting for their bonuses to be split across multiple checks in the same year so they would pay less in taxes. Some of my (NY state employee) coworkers have been bitching about our health insurance costs and convincing themselves to lie on some paperwork so they can opt out of the plan and receive a small incentive ($1000 a year) and not carry any insurance. The health insurance is costing them around $40-50 per biweekly paycheck. I’m going to have some stellar BWM stories in like 6 months I think.
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Sep 11, 2018 16:41
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God I fucking love Diablo 3 gold, it even paid for this shitty title
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Krispy Wafer posted:But don't bonuses have an adverse effect on your taxes for that pay period? Your withholding is adjusted as if you got that much money all the time. I’ve never gotten a bonus that wasn’t paid out as a separate check; isn’t that standard? Conflating it with regular payroll would just be confusing.
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Sep 11, 2018 16:48
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FrozenVent posted:I’ve never gotten a bonus that wasn’t paid out as a separate check; isn’t that standard? My bonuses are often paid out as an extra line item on regular direct deposit payroll runs. It’s not confusing if you can read a pay stub. So I guess that is confusing for a lot of Americans.
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Sep 11, 2018 16:52
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Leon Trotsky 2012 posted:Trotskyite Gold If only gross misunderstandings of the tax code made everybody gold-star savers.
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Sep 11, 2018 17:09
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I've had multiple conversations with friends, family, and co-workers throughout the years that all think overtime pay is taxed at some absurdly high rate.
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Sep 11, 2018 17:33
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Lots of people understand that their taxes aren’t going to change, but that if withholding on an individual check is increased as though they made significantly more than they do, they don’t get to benefit from the money for a long time. Wanting to lower your withholdings on a particular abnormally high pay isn’t unreasonable.
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Sep 11, 2018 17:43
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Jordan7hm posted:Lots of people understand that their taxes aren’t going to change, but that if withholding on an individual check is increased as though they made significantly more than they do, they don’t get to benefit from the money for a long time. If you know what your total income is going to be, it's simple arithmetic to calculate your proper withholding and fill out a new W-4. Much less of a hassle than trying to convince your company to pay out your bonus in tiny chunks across a year's worth of paychecks.
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Sep 11, 2018 17:56
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VitalSigns posted:If you know what your total income is going to be, it's simple arithmetic to calculate your proper withholding and fill out a new W-4
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Sep 11, 2018 17:58
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Leon Trotsky 2012 posted:Someone at my office yesterday pulled a GWM by being BWM. The best part is that those contributions are pre-income tax but not pre-payroll tax; so he is still paying into SS. This is why there are 3 boxes on a W2 indicating gross income. SS Wages, Medicare Wages, and Wages Tips & Other Comp.
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Sep 11, 2018 19:00
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Ok serious question. I know a fairly success business coach that is making somewhere in the neighborhood of mid 6 figures. She recently informed me that her CPA advised her to donate money to charity to reduce her tax obligations. When I asked her to explain how this worked, she couldn't answer and mentioned something about tax brackets which immediately set off a BWM alarm in my head, or at least point out that she doesn't know what she's talking about, but not necessarily what her CPA knows. So my question is, is it ever possible to donate money to charity (that you would NOT be donating otherwise), specifically to gain more money back from taxes? The obvious answer sounds like no, but who knows what loop holes may exist that I'm not aware of. FateFree fucked around with this message at 19:13 on Sep 11, 2018 |
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Sep 11, 2018 19:10
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FateFree posted:Ok serious question. I know a fairly success business coach that is making somewhere in the neighborhood of mid 6 figures. She recently informed me that her CPA advised her to donate money to charity to reduce her tax obligations. When I asked her to explain how this worked, she couldn't answer and mentioned something about tax brackets which immediately set off a BWM alarm in my head, or at least point out that she doesn't know what she's talking about, but not necessarily what her CPA knows. Yes, but the catch is you have to run the charity.
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Sep 11, 2018 19:14
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FateFree posted:Ok serious question. I know a fairly success business coach that is making somewhere in the neighborhood of mid 6 figures. She recently informed me that her CPA advised her to donate money to charity to reduce her tax obligations. When I asked her to explain how this worked, she couldn't answer and mentioned something about tax brackets which immediately set off a false alarm in my head, or at least point out that she doesn't know what she's talking about, but not necessarily what her CPA knows. Not in 99.9% of cases. Unless you count fraud. There are some situations where it has happened. The New York Times had an article about it. It basically boiled down to people donating things of intangible value (in the NYT story, the woman donated art that was rare, but had little to no commercial value. It could have gone for a lot of money in the right circumstances, but it was essentially impossible to sell for that assessed value) by using a plausible assessed value and double-dipping on some charity tax credit that New York had at the time. Leon Trotsky 2012 fucked around with this message at 19:17 on Sep 11, 2018 |
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Sep 11, 2018 19:15
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FateFree posted:Ok serious question. I know a fairly success business coach that is making somewhere in the neighborhood of mid 6 figures. She recently informed me that her CPA advised her to donate money to charity to reduce her tax obligations. When I asked her to explain how this worked, she couldn't answer and mentioned something about tax brackets which immediately set off a BWM alarm in my head, or at least point out that she doesn't know what she's talking about, but not necessarily what her CPA knows. I think you're supposed to donate old clothing and write off the sticker price, rather than actual money that you could spend on more clothing. But if you're donating clothing and you're in the highest tax bracket it's pretty great because you get 40% back on your $50,000 ostrich leather coat. EDIT: drat YOU LEON TROTSKY
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Sep 11, 2018 19:16
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CmdrRiker posted:"I'm going to shove as much money into pre tax retirement accounts to lower my income tax margin and contribute less to gov't retirement plans that will disappear in a few decades." Like.. that's good but why would you think about it like that? Some of my older coworkers are very very lucky the company auto-enrolls everyone in a 401k plan that auto-increases their annual contributions by 1% of their pay each year (up to 20%). It’s a good plan with tiny fees and generous company contributions based on how much you are putting in. You can opt out or not have it auto-increase, but most don’t do that. Based on the blank expressions of these coworkers when asked anything about their retirement plans, having it set up this way by default is likely saving hundreds of retirees from poverty.
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Sep 11, 2018 19:36
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