DSP's Loan & Savings Company

[Haunter]

Not sure where to put this, but here we go.

GTG had a well sounding theo-theory. You know how Phil was getting caught owning a business even so he was not owning a business, then got business magazines and a ton of back-taxes to pay ? He did nothing wrong and it was a whistleblower idiot troll, of course. Soooo, what if it Phil's fault from the very beginning? STAY WITH ME. I know, Phil always does everything correct, but listen.
What if someone up there looked at his business write-offs and wondered where the piece of cake for the state is? Why is he doing this without being a business? Sounds way more logical than an autistic conspiracy theory, do you think?

In language with timestamp (18:00).

*Edit for clarification

(Don't worry about being unsure of where to post something. It's not a big deal ?)

I think the surest evidence that the "business magazines" excuse was a lie is that they've never been mentioned before or since (at least, I've never heard Phil mention them, or come across their mention relayed by a "Detractor".) It was a lame excuse to absolve himself of the responsibility for being in the situation he's undeniably in. Yes, he's wearing Breath of the Wild pajama pants while streaming. But Kat bought them for him. Plus, they were on "Super Sale". So it's not his fault.

The Washington State Department of Revenue site says that it may discover problematic businesses "through the Department’s normal investigation, examination, or audit procedures..." This quote is specifically for unregistered businesses, but I think it's safe to presume that if their uncovering this kinda stuff is normal procedure here, investigation is generally normal procedure for the Department of Revenue. I doubt Phil's the first troublemaker the Department's had to wrangle.

I may remember incorrectly, but didn't Dave took out multiple "business loans"?
Maybe this was how they found out about him, and why they send him all those magazines.

I had a couple posts touching on Phil's business "loans" ?:

Phil revealed during his... Whatever the last big Info Dump was... Beg-A-Thon Pt. 3? That along with the "zero% promo rate credit cards", he'd taken out "Unsecured Loans": "Unsecured loans are loans that are approved without the need for collateral. Instead of pledging assets, borrowers qualify based on their credit history and income." (source) I'm guessing Phil just had to flash how much he'd been pulling from his recent Youtube glory days.

"Business loans can be secured or unsecured", so it may be possible his Unsecured Loan was a Business Loan. Among the other types of Unsecured Loans is "Personal Loans", "which you can use for any purpose you want". I still think the Personal Loan is more likely, but then again, I'm relying on the first Google search result to back this up.

When Phil entered his "It's not a business, and it never was" period, "Business" was dropped, and they became simply "Loans". During the Beg-A-Thon Pt. 3 (?), they were again changed, this time becoming "Unsecured Loans". It looks like, at least to me, he's letting more of the truth slip out as the years have gone on.

According to the article I linked to above, it's possible they're still "Business" Loans, but Phil himself has let this drop. Phil could have bought his furniture sets, or whatever else he wanted, with a "Personal Loan", a type of Unsecured Loan.

 

[Salubrious]

Apparently DSP's tax guy sent him all the information, but he was too busy cooking and cleaning to read it during the break.

Also, it's not just a number. He has to read it thoroughly.

 

[Surly Muppet]

He has to read it thoroughly.

Which he can't do right now, because he's on stream, not able to read emails. As he has repeatedly done on stream before...

But, he said there are contingencies listed in the document. Phil, having not read it, suspiciously explains one. There is a certain amount that if Phil can pay it, the tax attorney can get him on a payment plan.

Theory: Mark my words, this number will be 10% or something of what he owes. 10% of $20k, which he has hypothesized, is $2000. A perfect amount to ask for over the course of a marathon, and a number that he has hit before. If this is what he goes with, I will be positive that the taxes are a scam. The 'payment plan' will allow him to set goals for more money every month indefinitely, and this will give him an 'obtainable' goal amount for this marathon right before he takes this trip. It's highly suspect that he 'hasn't read the email', and yet this is the one contingency that he chose to describe to us. So he saw this described, but doesn't know the amount. It's almost like there is no email, he is just trying to make this seem as official as possible.

Also, last year, there could be no email. He was issued documents that he showed on screen. This is a far more complex situation, and yet he was sent an email with the breakdown (from the same tax attorney/CPA/guy). I feel like at this point, he's forgetting the finer details that he has already established about this story.

 

[James Smith]

DSP said he checked the other day and he owes $97K on the Connecticut condo.

 

[Il_Duke]

DSP said he checked the other day and he owes $97K on the Connecticut condo.

Zillow says it's worth about $66k today (they tend to undervalue, FWIW), and units in his building sold/are selling for the 80-85k range this year. Somehow, after a decade of paying off the mortgage, he's still deeply underwater. I know some people think he has some kind of money pile he's not telling us about, but if he does he's still keeping massive amounts of debt he doesn't think are important.

 

[DiabeticSP]

Nvm.

He owes more than its worth.

Unsurprising, but amusing.

 

[actually]

I'm surprised Phil didn't accuse Superblindman of being deaf instead of blind, since anyone who has listened to him at all would know that cheers are useless to him right now and are only going to distract from the needed tips. Yet curiously, Phil was quite excited by the cheer war. Hm.

I think he got told by whoever he's (over)paying to do his taxes that he will get put on a payment plan. That would explain why he's been less beggy recently. That or he has convinced himself that he's getting thousands (and at this point, I wouldn't be surprised if he did) of dollars on Saturday.

 

[Surly Muppet]

I think he got told by whoever he's (over)paying to do his taxes that he will get put on a payment plan. That would explain why he's been less beggy recently. That or he has convinced himself that he's getting thousands (and at this point, I wouldn't be surprised if he did) of dollars on Saturday.

Yeah, he is sitting pretty. Not only has he been starting late and cutting early, a sure sign the pig is fed, he is obnoxious tonight. Saying he needed to hit top 5 just so he could say he did, giving sarcastic commentary about inching towards the door to leave his camping spot, then turning around and going back to sit in the corner, and he blasted a guy who said winning while camping wasn't impressive. According to Phil, it isn't about impressing people, it's about entertaining people with fun gameplay. All while he sat in the same bathroom hoping the number ticked down so he could say he made top 5. Now he's obnoxiously singing about how he won. 'That's how it's done!'

He's just acting like a total sack of shit. Again, behaviour that indicates the pig is fed. He's on the payment plan, the scam is going to pad his wallet for his trip, he has a From Software cash cow coming, and he feels like he is in a good spot.

He has to read the info about his taxes, and may let us know 'as early as tomorrow' what the situation is. I guess there's no rush to read that email... almost like he isn't concerned about the content. Might lose his house though.

 

[Coin Ops]

At the end of his stream he held up his iPhone with both hands and said he has the tax information right here in his phone and he will share it with us humans tomorrow.

 

[actually]

Yeah, he is sitting pretty. Not only has he been starting late and cutting early, a sure sign the pig is fed, he is obnoxious tonight. Saying he needed to hit top 5 just so he could say he did, giving sarcastic commentary about inching towards the door to leave his camping spot, then turning around and going back to sit in the corner, and he blasted a guy who said winning while camping wasn't impressive. According to Phil, it isn't about impressing people, it's about entertaining people with fun gameplay. All while he sat in the same bathroom hoping the number ticked down so he could say he made top 5. Now he's obnoxiously singing about how he won. 'That's how it's done!'

He's just acting like a total sack of shit. Again, behaviour that indicates the pig is fed. He's on the payment plan, the scam is going to pad his wallet for his trip, he has a From Software cash cow coming, and he feels like he is in a good spot.

He has to read the info about his taxes, and may let us know 'as early as tomorrow' what the situation is. I guess there's no rush to read that email... almost like he isn't concerned about the content. Might lose his house though.

Tbf, his arrogance tonight is probably more related to getting ~$250 in tips and another $130+ in cheers. So he thinks he's going to make out good this weekend (and given some of the tards that watch him, he is, again, probably not wrong).

 

[samovski]

At the end of his stream he held up his iPhone with both hands and said he has the tax information right here in his phone and he will share it with us humans tomorrow.

I bet he won't. Just some long, over-blown, repetitive explanation about how he needs X amount by Y date. Like @Surly Muppet said, this is probably going to be his way to long con. Longer than it already is anyway.

 

[marlintan]

He has never not known what his taxes due are, there are published tax brackets, the personal exemption has skyrocketed this year, meals can no longer be included as business expenses unless they involve a potential client, its not rocket surgery to know how much you are going to owe.

He would have claimed the same portion of the condo in WA as business use since he moved there, its not like you can add on to a middle condo, he probably claims 20% - 30% of his home as business use, and his CPA would have told him not to change that figure unless he had evidence that would stand up to an audit.

It would literally take, AT MOST, 3 or 4 hours to prepare his taxes, and seeing as he claims he pays his CPA about $1000, that number lines up, as a good CPA will charge about $200/hr.

I feel like this is getting to Trump levels of inquiry about him releasing tax returns, in reality, its not anyones business but his, if he wants to spend the rest of his life living in his little fantasy world, I think the rest of us are better for it.

The IRS is so fucking understaffed, it takes a real idiot to get audited, they want their money, and will bend over backwards to work with you. People send in checks covered in mustard, piss, shit, whatever, as long as the bank will cash the check, they don't give a fuck.

I would estimate that DSP had about a $17,300 tax liability for this year, just throwing that out there.

EDIT: Everyone seems to discount everything Phil says as a lie, but, everyone seems to believe him when he says he didn't pay is quarterly estimated tax filings... I am of the mind that he does pay those quarterly estimates, as Uncle Sam will come down with heavy fines for not doing so, and not just at the end of the year, he would get hit every quarter. He is responsible for both the employer and employee half of income tax, and I would ask any of you to go find a payroll person / HR person that would dream of not filing that quarterly tax payment... it just doesn't happen.

 

[actually]

He has never not known what his taxes due are, there are published tax brackets, the personal exemption has skyrocketed this year, meals can no longer be included as business expenses unless they involve a potential client, its not rocket surgery to know how much you are going to owe.

Except that this is Phil, who makes every minor thing into a Herculean task. He should have at least some idea from the gross income he had to had come up with to pay the WA B&O state tax back at the end of January.

I feel like this is getting to Trump levels of inquiry about him releasing tax returns, in reality, its not anyones business but his, if he wants to spend the rest of his life living in his little fantasy world, I think the rest of us are better for it.

Don't beg for people to pay your literal federal taxes and you probably won't have many people asking to see the receipts.

EDIT: Everyone seems to discount everything Phil says as a lie, but, everyone seems to believe him when he says he didn't pay is quarterly estimated tax filings... I am of the mind that he does pay those quarterly estimates, as Uncle Sam will come down with heavy fines for not doing so, and not just at the end of the year, he would get hit every quarter. He is responsible for both the employer and employee half of income tax, and I would ask any of you to go find a payroll person / HR person that would dream of not filing that quarterly tax payment... it just doesn't happen.

The penalty for underpayment is 3.603% of the underpaid amount. That comes out to a whopping $600 on taxes of $16,000. Phil has demonstrated (via, for instance, trying to bounce 0% credit and personal loans around) that he is not a financial wizard. I can fully believe he would not make quarterly payments if he couldn't stick it on a credit card.

With all that said, he will just get put on a payment plan. That's it.

 

[marlintan]

Except that this is Phil, who makes every minor thing into a Herculean task. He should have at least some idea from the gross income he had to had come up with to pay the WA B&O state tax back at the end of January.



Don't beg for people to pay your literal federal taxes and you probably won't have many people asking to see the receipts.



The penalty for underpayment is 3.603% of the underpaid amount. That comes out to a whopping $600 on taxes of $16,000. Phil has demonstrated (via, for instance, trying to bounce 0% credit and personal loans around) that he is not a financial wizard. I can fully believe he would not make quarterly payments if he couldn't stick it on a credit card.

With all that said, he will just get put on a payment plan. That's it.

This is a man that will eat NSF fees like candy, so I can see your perspective, BUT, I still think that he makes those quarterly payments (they are called estimates for a reason), whether or not they are representative of the actual tax owed.

I'm not going so far as to say that he does not have tax issues, but, just as with Tut and E7, there always seems to be a way to pull his ass off the ragged edge... how long can you believe in coincidences for a man that literally has given up nothing but his video editing software in the past two years of being on the brink of losing his house?

Call me a skeptic, I guess.

 

[actually]

This is a man that will eat NSF fees like candy, so I can see your perspective, BUT, I still think that he makes those quarterly payments (they are called estimates for a reason), whether or not they are representative of the actual tax owed.

I'm not going so far as to say that he does not have tax issues, but, just as with Tut and E7, there always seems to be a way to pull his ass off the ragged edge... how long can you believe in coincidences for a man that literally has given up nothing but his video editing software in the past two years of being on the brink of losing his house?

Call me a skeptic, I guess.

We're mostly in agreement. As you point out, he's been allegedly dangling on a precipice for multiple years now without making any moves to pull himself up. If he doesn't make an obscene amount on Saturday, that could at least be interesting in that he's been consistently downplaying E7's money (it's not even half, DOOD) and hasn't been getting massive excess from other months. So if he magically has it covered, he's going to need a good story. Can't wait to see what he goes with!

 

[boxybum]

This is a man that will eat NSF fees like candy, so I can see your perspective, BUT, I still think that he makes those quarterly payments (they are called estimates for a reason), whether or not they are representative of the actual tax owed.

I'm not going so far as to say that he does not have tax issues, but, just as with Tut and E7, there always seems to be a way to pull his ass off the ragged edge... how long can you believe in coincidences for a man that literally has given up nothing but his video editing software in the past two years of being on the brink of losing his house?

Call me a skeptic, I guess.

I honestly don't believe he owes any sort of taxes. I think it is all just a big scam to get people to send him pity money right before he wants to do something extravagant.

Think about it, has he once EVER posted any sort of proof that he owes these taxes? Like any sort of official document or anything?

Has he ever posted proof that he is on hard times?

It is the opposite. He has two fucking houses, a new car, can afford to eat out every few days, can afford every new game whenever he wants, his girlfriend bought a PS4 pro and they have separate copies of games. They go to local attractions like the Space Needle and only shop at high quality grocery stores. He drinks bottled water instead of using the tap. He could afford to drop money on new consoles and new headphones, new teespring shirts. Just think about all of the shit he buys and tell me that man is really poor and going to lose his house after going on a vacation lol use the your heads people. He ain't losing his house he probably has thousands saved up seeing as he makes 8-15k+ a month. I only make about 3k a month after taxes and can afford a house and a used car and still have enough to save at least 1000 a month or so as a bachelor. Phil has no kids no obligations trust me, he is a wealthy person he even admits it.

When people posted on his forums and here as well when he tried to be mysterious about it he straight up said his emergency wasn't taxes, but surprise, it's taxes. You can't believe anything he says until there is proof because he lies so much.

He even said a few weeks ago he didn't pay ANY taxes in 2018. I can only think that this is a Freudian slip or something. Phil is dumb when it comes to some things but when it has to do with money and his business bullshit you know he is on top of it 100%. He has to just keep up the long con of having no money or else his cult will stop supporting him.

He knows how to exploit the gullible idiots who give the money. He knows he needs to stay under a constant impending doom. He was doing this shit since the beginning he knows what works.

Just listen to the way he talks, like a used car salesman fast talking swindler.


I'm a little drunk so I may have been rambling but you get my point.

 

[Kheapathic]

He has never not known what his taxes due are, there are published tax brackets, the personal exemption has skyrocketed this year, meals can no longer be included as business expenses unless they involve a potential client, its not rocket surgery to know how much you are going to owe...

Got an unpopular opinion; and that's when it comes to maths like Algebra and above; most people fail due to laziness. A teacher can make a half-assed effort to show the processes, the formulas, etc; but it's up to the student to do the work and plug the information in. That being said; everyone's allowed to be stupid and lazy at times and for their own reasons, I'm no different, I failed Algebra my first year. But Phil, he's a special fucking case because it's been demonstrated that even when everything is written out for him and all he needs to do is execute the activity; he can't help but fuck up. Him going to any sort of database that lays things out would be too much fucking work; and even then, he'd probably still manage to fuck it up. That's why it takes him over half a fucking day to prep his taxes. Because he can't be asked to record shit on a daily basis and organize it in an excel document or some shit. Then at the end of the fiscal year, give it a once or twice over, bam, here it is. Nope, we get his huge drama of "I don't know anything about my taxes" and then pretends to spend half a day doing shit.

 

[marlintan]

Got an unpopular opinion; and that's when it comes to maths like Algebra and above; most people fail due to laziness. A teacher can make a half-assed effort to show the processes, the formulas, etc; but it's up to the student to do the work and plug the information in. That being said; everyone's allowed to be stupid and lazy at times and for their own reasons, I'm no different, I failed Algebra my first year. But Phil, he's a special fucking case because it's been demonstrated that even when everything is written out for him and all he needs to do is execute the activity; he can't help but fuck up. Him going to any sort of database that lays things out would be too much fucking work; and even then, he'd probably still manage to fuck it up. That's why it takes him over half a fucking day to prep his taxes. Because he can't be asked to record shit on a daily basis and organize it in an excel document or some shit. Then at the end of the fiscal year, give it a once or twice over, bam, here it is. Nope, we get his huge drama of "I don't know anything about my taxes" and then pretends to spend half a day doing shit.

I have a Master's in Accounting, I hold a controller position, and I have offered Phil sincere tax advice on many occasions during stream, he either ignores or bans me... this is not the mind of a person who is in tax trouble. People that are in real trouble with the IRS will beg for sound advice, and show sincere gratitude.

The man doesn't have tax problems, he has narrative problems, holes in his story that he wants to keep out of the spotlight.

 

[KingjadVCMP]

The man doesn't have tax problems, he has narrative problems, holes in his story that he wants to keep out of the spotlight.

Something everyone can agree with!

 

[Phil Factor]

I honestly don't believe he owes any sort of taxes. I think it is all just a big scam to get people to send him pity money right before he wants to do something extravagant.

Think about it, has he once EVER posted any sort of proof that he owes these taxes? Like any sort of official document or anything?

Has he ever posted proof that he is on hard times?

If the rough estimates for 2018 put his income at 80-100k then 20-25k in federal taxes seems to be on point - unless he's been taking massive deductions to get his AGI (adjusted gross income) down. It would be hilarious if he revealed to us that he's written off like 40k in expenses, because the most expensive deduction I can think of is his second internet line and the fraction his office space takes up in square footage.

He's never provided proof that he's on hard times, and you'd be right in that he's purchased so many expensive things. However, with his income he likely has qualified for some very generous lines of credit. He's taken all of this play money out at 0% interest and now his creditors are pulling out the harpoons as his intro 0% rates have expired. The only thing he's said before is that his minimum payments have doubled. Either the intro rates are done, or his credit score is tanking and variable rates are going up. Regardless, it's always in his favor to say I'm in debt and need money so none of this ever really matters.

He'll make his credit card payments and get his balances down but at the same time pile on other expenses like the Space Needle visit. I don't think he's ever made a full effort to save his tax payments up front. He's just been living off a minimum payment lifestyle with a dash of ~$1500 CT condo payments.