DarksydePhil / TheyCallMeDSP / Phil Burnell - General Discussion

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DSPGouting said:
IF he employed kat in his business and gave her a salary that is just under the income tax threshold (no clue what it is in the US sorry) let’s say for arguments sake $14,000 per year.

That’s 14k that comes out of the business - isn’t taxed at all - and then lands in kats bank account ( in other words Dave’s fat greasy cuntish hands but it’s again tax free).
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I've already explained this doesn't work, complete with flowchart. DSP is a sole proprietor. This is the difference between paying himself out of the sole proprietorship (left middle arrow) vs. paying himself (left middle arrow) and his wife (top arrow and right middle arrow):
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Filing his taxes jointly as a married couple already doubles his household's tax-free income threshold like your complex tax avoidance scheme does. Your scheme also potentially imposes additional paperwork, unemployment insurance tax, workers compensation insurance, etc. If he classifies her as an employee the only three benefits the two get out of it are credit toward Social Security retirement, disability, and survivor's insurance — which means that credit gets taken away from DSP and given to her, worker's compensation insurance coverage, and some tax writeoffs if his business pays for her health insurance or some shit — and that last one is a stretch because I think he'd need to incorporate for that which creates a bunch of additional work. There are some situations in which that's nice, but not many and they pretty much all harm DSP:
  • they divorce, she doesn't remarry
    • she gets more in retirement/disability benefits
    • he gets less in retirement/disability benefits
  • they divorce, she remarries, and dies
    • her new husband gets more in survivor's benefits
    • he gets less in retirement/disability benefits
  • she becomes disabled, stops working for him, collects disability, and he starts paying himself what he used to pay her
    • she gets more disability benefits
    • he gets less in retirement/disability benefits
In order to qualify for unemployment benefits he would again have to incorporate. She likely still won't qualify for benefits because states only like to give unemployment benefits to the owners of mom and pop businesses when the businesses actively lose everything through no fault of the owners and are forced out of business by a lawsuit or some other tangible thing outside their control. Unemployment benefits are denied all the time for business owners who go out of business because they aren't making as much money as they'd like. If he classifies her as an officer she can waive the worker's compensation benefits and he won't have to pay the insurance premiums.
That Hedonist Nerd said:
If he went with a single person LLC, he'd only be taxed once, on his income.
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He'd still have to pay B&O tax on the gross receipts from any business activities. Incorporating or establishing an LLC doesn't change that.
 
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SoapQueen1 said:
He'd still have to pay B&O tax on the gross receipts from any business activities. Incorporating or establishing an LLC doesn't change that.
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True, I was simplifying things. He hasv to pay that regardless, but his income is taxed twice in an SP. Do you remember the exacts about that? It was like 15 years ago when I was told about it so I don't remember the particulars but it was something like the income is taxed as income when it enters the business, and then taxed as income again when he pays himself. IIRC, that only really happens if you itemize your taxes rather than take standard amounts.

Also, now that I think about it, there's a whole bunch of shit he could declare as exemptions as an LLC that he can't as an SP (or not the same amount) .
I know you can't declare any more than like 15% the amount your mortgage is when it comes to declaring your office space, whereas 45% of my mortgage is declared as office space because the entire upstairs is my actual office space and an LLC can declare the entire physical amount, rather than be limited to a cap.
 
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tzgnilki said:
i'm looking forward to hearing about what dave has done for christmas

he'll prob rant about ppl shopping on xmas eve even though he's part of the problem


"Hope everyone had a great Christmas Eve! Ours was very hectic as it seemed everyone was out last minute Christmas shopping. What did all of you do today??"
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The king of suffering probably planned to shop on Christmas Eve just for an occasion to complain.

Merry Christmas to all detractors and kiwis.
 
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So he is worse financial time of his life but can afford to take xmas eve and xmas off. What kind of job does kat have where she got xmas eve off? Surprised he's not doing a xmas stream.
 
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That Hedonist Nerd said:
He hasv to pay that regardless, but his income is taxed twice in an SP. Do you remember the exacts about that?
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He pays a certain tax twice, but he'd pay that twice no matter what business structure he uses. It's cut in half; half comes from the employer and half comes from the employer. Even people who aren't self employed are paying both halves because think about it, if your employer didn't have to pay half of the tax you'd demand higher pay. It's just more obvious that people who are self-employed and are the only person in their small business are paying it twice because they document both the company and personal taxes.
 
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Merry Christmas you mentally ill nudniks.

Just wanted to say how fun it’s been to be part of a community so dedicated in detailing the antics of one of the scummiest streaming personalities on the internet.

Funny how someone as despicable as Phil can rally people together due to a collective... dislike (for lack of a better word); people like DSP are fascinating to me and the Farms have become one of my favorite places on the internet to psychoanalyze some fat dude I have never met.

What a time to be alive.
 
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Freshtodeath said:
So he is worse financial time of his life but can afford to take xmas eve and xmas off. What kind of job does kat have where she got xmas eve off? Surprised he's not doing a xmas stream.
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He'd have a great excuse to give himself a higher tips goal because he's working a bank holiday and getting triple time for Christmas. Maybe I'm projecting since I'm spending Christmas on KF, but how many viewers do you think he'd be able to garner on Christmas?

"shut the fuck up u fucking bitch i told u before i dont want ur mashed potatos mom im too busy watching dsp also where is ur credit card?" - Sidella
 
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Freshtodeath said:
He just said he had breakfast with his family. That is such a weird way to refer to you and your wife.
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Phil watched Jasper open presents. Unfortunately, the little brat didn't get the scratch toy he wanted and started mewing I TOLD YOU... TO BUY... THE TOY. WHY DON'T YOU LISTEN TO MEEEEEEOW?
 
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Oh god, I can't wait for DSP's massively exaggerated story about how he had the best Christmas day ever thanks to his "family" and the "awesome" dinner they had, just to show everyone what a mature adult family man he is nowadays.

And after that, it's back to screaming at the television screen six days of the week because a video game is being somewhat challenging.
 
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Comma said:
Oh god, I can't wait for DSP's massively exaggerated story about how he had the best Christmas day ever thanks to his "family" and the "awesome" dinner they had, just to show everyone what a mature adult family man he is nowadays.

And after that, it's back to screaming at the television screen six days of the week because a video game is being somewhat challenging.
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He already complained in chat that he "didn't get much" for Christmas.

twitter.com

Phil Kahllins on Twitter

“You got $2,000 and then some.”
twitter.com twitter.com
 
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