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DEMAG posted:I don't know why I clicked the ticker hashtag. I should have known it was crypto. It's always crypto. You click it for this. https://twitter.com/OracleOfAlts/status/1156216712712400896 Well I'm convinced.
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Jul 31, 2019 13:22
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Christ this is the first I've ever heard of XRP and it somehow has a cap of over $13B. I feel like a chump.
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Jul 31, 2019 13:26
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Residency Evil posted:Christ this is the first I've ever heard of XRP and it somehow has a cap of over $13B. perhaps you should take out a loan
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Jul 31, 2019 13:37
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Residency Evil posted:Christ this is the first I've ever heard of XRP and it somehow has a cap of over $13B. It's not too late man just buy up now and wait for it to skyrocket! CRYPTO IS THE FUTURE WOOOOOOOOOO Also, unrelated: https://www.reddit.com/r/personalfinance/comments/ck7mzo/essential_oils_eating_our_budget/ quote:Essential Oils eating our Budget (self.personalfinance) When pushed about this being MLM: quote:Definitely involved in a MLM but probably only $150 of it is with that company and the other $150 on vitamins for her and the kids. It is brainwashing but so is my hobby of running half marathons Dude's wife gets sucked in to an MLM and doesn't bother trying to sell a drat thing, just wants to buy and use the products. He's totally OK with it though because exercising/sports are perfectly comparable "hobbies."
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Jul 31, 2019 13:42
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Lysandus posted:You click it for this. I can't find a clip of it but things reminded me of this parks and rec scene. Especially how he says "Buffett" April: You gave Tom all your money? Andy: Yeah, well, I’m investing. I’m like Warren Buffett. April: I kinda feel like it would’ve been good for you to have your own place. Andy: Ah, yeah I know, but I feel like Tom really needed the money and small sacrifice to see one of your best friend’s dreams come true.
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Jul 31, 2019 14:00
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Lysandus posted:You click it for this.  There's a TON of people replying that this is a scam. But why would Warren Buffet scam anyone? Ah, you see there's a trick:  Clearly a dude who's got it all figured out.
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Jul 31, 2019 14:03
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DaveSauce posted:
Clearly the scam will only work if you follow these specific instructions. Alan Smithee posted:perhaps you should take out a loan I'm not jealous of crypto investors. I'm jealous of the guys who figured out that you can fleece morons by starting Yet Another Crypto Currency.
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Jul 31, 2019 15:25
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I amended a return from 2017 and owe irs 23,000 (self.IRS) https://www.reddit.com/r/IRS/comments/ck9zrp/i_amended_a_return_from_2017_and_owe_irs_23000/ submitted an hour ago by anonanon1190 quote:I got involved in the cryptocurrency world in college and had no idea what i was doing (FIFO, calculating capital gains etc). Havent touched any crypto since 2017 but with all the recent new about the IRS looking at bitcoin i got scared and used an online calculator to track all my old sales. Needless to say i was so freaked out when i saw i owed 23000 in capital gains taxes!
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Jul 31, 2019 17:40
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Motronic posted:I amended a return from 2017 and owe irs 23,000 (self.IRS) I may be wrong about this but if you owe $23,000 in cap gains taxes, that means you made many more times that in profits while trading, no? Of course, it could be that the guy spent all the money he made and didn't account for cap gains tax, but I am seriously learning towards "the online calculator he used was terribly inaccurate".
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Jul 31, 2019 17:46
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enraged_camel posted:I may be wrong about this but if you owe $23,000 in cap gains taxes, that means you made many more times that in profits while trading, no? At some point - but with most of these crypto "traders" they lost it all again on shitcoins. Every sell is a taxable event. So every time you move from BTC to SHT it's taxable. You then move SHT back to BTC and it's taxable. Then BTC crashes right before the end of the year and you have real taxed to pay on real gains but you don't have any real money left to pay it.
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Jul 31, 2019 17:51
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The usual problem in that time frame is that they did a ton of short term trades into other crypto, made theoretical money (big money at that), then lost it all the following year in the crypto crash. The losses being in the next year don't count against the gains the previous year, thus they are screwed almost completely if they fell into the regular pattern.
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Jul 31, 2019 17:52
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Motronic posted:I amended a return from 2017 and owe irs 23,000 (self.IRS) My boss is going to be going through this when I'm done with his 2017 taxes, whoops
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Jul 31, 2019 18:16
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Weird Credit Situation? (self.personalfinance) submitted 35 minutes ago by Sahmoose https://www.reddit.com/r/personalfinance/comments/ckb2il/weird_credit_situation/ quote:Hello! I am new here but I had a question that maybe one of you could help me answer. I have an American Express card with a limit of 1000$ on it. I have had it maxed out for awhile now, until the past week or so. Over the past week, I have unfortunately gone on a really stupid gambling binge that I am not proud of. This stupid binge put my checking account at zero (I am 21 years old and normally don't have more than $1k at a time.) This left me with no way to pay any bills, for any food, gas, etc. until one month later when I get my check. So I figured I would just make a full statement balance payment on my Credit Card, even though I had no money in the bank. The way the bank processes Credit Card Payments (ACH) makes it possible to overdraw your account. American Express then pre-authorizes your payment and your credit line becomes instantly available. So I overdrew my account for $1k, used my american express to Venmo my friend, then had him withdraw the money from his bank account. Later on, I made another payment on the Amex putting my credit line back up to 600. But just this morning, my bank returned the Credit Card payment of $1k and just hit me with an overdraft fee. Now my credit line is at 0 on the Amex. While I don't need someone to lecture me for my very poor decision (I know how bad it is to be this irresponsible), I do need some advice about my American Express and how they handle Returned payments. I see this is not his first time......
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Jul 31, 2019 18:28
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Simpsons Reference posted:My boss is going to be going through this when I'm done with his 2017 taxes, whoops
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Jul 31, 2019 19:59
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BWM 2019: when your boss won't take "stop doing financial crimes" for an answer
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Jul 31, 2019 20:05
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lol, of course the boss also touches buttcoins
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Jul 31, 2019 20:31
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CannonFodder posted:Please tell me you have a backup plan and another job lined up when your boss won't take "stop doing financial crimes" for an answer. Finish my CPA
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Jul 31, 2019 20:42
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Simpsons Reference posted:Finish my CPA 
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Jul 31, 2019 20:43
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DaveSauce posted:BWM 2019: when your boss won't take "stop doing financial crimes" for an answer
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Jul 31, 2019 21:10
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EDIT: Whoops! Thought this was the corporate thread.
19 o'clock fucked around with this message at 23:37 on Jul 31, 2019 |
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Jul 31, 2019 23:31
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Filing bankruptcy at 21 years old ?quote:*Location U.S.
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Aug 1, 2019 14:56
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I think you're looking for the Sad With Money thread
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Aug 1, 2019 15:20
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DaveSauce posted:
It’s certainly BWM but honestly it’s better than actually getting into the MLM thing and becoming a leech to your friends and family while ALSO being BWM
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Aug 1, 2019 16:57
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Fuckin yikes
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Aug 1, 2019 17:13
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Doing business with family is BWM
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Aug 1, 2019 19:30
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That's bad, but it's kind of in between co-signing for an auto loan and taking out six figures of student loan debt. $20k doesn't seem insurmountable but I guess if you're earning that little and have a new baby it's a steep hill to climb. 
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Aug 1, 2019 19:34
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Asimov posted:That's bad, but it's kind of in between co-signing for an auto loan and taking out six figures of student loan debt. $20k doesn't seem insurmountable but I guess if you're earning that little and have a new baby it's a steep hill to climb. With both of those examples, at least you're getting something in return for the money you're spending, compared to just getting your dad's surety bond penalties thrown into your face
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Aug 1, 2019 20:08
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Co-signing a loan for anyone ever is inherently BWM, with the sole exception of it’s your barely-adult child who has no credit history yet. If your parent/kid/sibling/cousin/SO/beer league teammate can’t get their own loan, there’s a reason for that Eric the Mauve fucked around with this message at 23:42 on Aug 1, 2019 |
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Aug 1, 2019 23:40
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Simpsons Reference posted:I thought maybe don't "invest" the line of credit in a CD, but maybe I'm not on his level of thinking Alright, so the attorney has ordered me to deposit all of our income going forward in to what is known as an IOLTA account. Basically, when we accept payments for application filing fees or retainers, it's supposed to go in to a collective client trust account until it's earned. A real accountant or maybe even an attorney can give a better explanation. We were already using it, so it's a real thing, but now our cash deposits have to go in too. Anyway, he has it in his head that apparently, if we deposit all of our income in to that account and don't take any out/use our LOC to pay for everything, he won't have to pay any taxes. I tried to explain the phrases income, expenses, net income, and tax liability, but he wasn't having any of it and just wants to not pay taxes. I have a feeling he's going to be disappointed and decide it's bad accounting.
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Aug 2, 2019 05:08
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Oh my god. I know snitches get stitches but please report him to the IRS and/or the Bar because if that is his logic then he doesn’t deserve to practice law.
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Aug 2, 2019 05:13
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I don't attribute it to malice though. It's sheer ignorance of the "i can't work overtime or i'll go up to the next tax bracket!!" sort. He's not going to do anything shady like hide money, because we're not sophisticated like that, he's just going to get a fair tax bill and be delusional in thinking he got ripped off.
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Aug 2, 2019 05:20
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Ur Getting Fatter posted:if that is his logic then he doesn’t deserve to practice law.
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Aug 2, 2019 05:24
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Sounds like a lawyer who insists on being called an attorney.
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Aug 2, 2019 06:06
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Simpsons Reference posted:I don't attribute it to malice though. It's sheer ignorance of the "i can't work overtime or i'll go up to the next tax bracket!!" sort. He's going to think [i]you're[i] the reason he's paying taxes and fire you come tax time, then get himself in deeper trouble. Find a new job ASAP and when you turn in your two weeks, give him an honest explanation that you're leaving because he cannot manager his company's money appropriately.
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Aug 2, 2019 11:41
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Or alternatively just give the standard “I love it here but the fit wasn’t quite right and I couldn’t pass on this opportunity” spiel because where is the business/career angle in being honest?
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Aug 2, 2019 12:45
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They’ve already said they’re looking for a new job so right now there isn’t much to do but  for our entertainment.
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Aug 2, 2019 13:37
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The most exciting part of an ocean voyage is the sinking.
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Aug 2, 2019 13:47
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Krispy Wafer posted:The most exciting part of an ocean voyage is the sinking.
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Aug 2, 2019 13:56
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Simpsons Reference posted:Alright, so the attorney has ordered me to deposit all of our income going forward in to what is known as an IOLTA account. Basically, when we accept payments for application filing fees or retainers, it's supposed to go in to a collective client trust account until it's earned. A real accountant or maybe even an attorney can give a better explanation. We were already using it, so it's a real thing, but now our cash deposits have to go in too. This is also almost certainly unethical under your state’s bar rules relating to IOLTA accounts. Money in IOLTA should only contain unearned money belonging to the client. If you keep your own earned money in there too then that’s commingling and not allowed. Of course, tax fraud is also an ethical violation but the fraud investigation will also likely lead to someone checking the IOLTA books.
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Aug 2, 2019 14:20
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Photex posted:Doing business with family is BWM Taking the risk of self-posting here but my dad owned a business in the towing / truck sales and repair industry and he was always making BWM decisions. Stuff like taking a loan or the money out of an IRA to bridge truck financing but not getting the money back in on time and having to pay all the penalties as taxes, making up fake trucks to get financing, always in a cash crunch, etc. Worked with him until I was 30 before I went into IT and had a side business. When he was replacing computers he tried to talk me into some shady deal to inflate the costs so he could get financing on the overall cost and use the excess cash for whatever. I’d developed a moral compass by then and that was not sitting right with me so I refused. He was also BWM(arriage) cheated on my mom for decades and paid for two households since he was shacked up with his girlfriend, also BWMoney. Even after selling his business he had not a lot left to show for it and he died broke last year. I had made my peace with him, accepting the good with the bad, but it took years for me to get my own personal finances in order and to unlearn the poo poo I picked up from him.
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Aug 2, 2019 14:41
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