2018-11-22 Ask the King

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Destro1986 said:
It's REALLY hard to judge because he's probably very aggressive about what he claims as a business expense, significantly lowering his taxable income.
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Exactly, considering he’s outright admitted that his electricity and printer paper used for questions on Ask The King... Its actual lunacy. Maybe he should stop writing shit like that off and maybe the government wouldn’t keep forcing him to pay for them anyway!
 
Destro1986 said:
It's REALLY hard to judge because he's probably very aggressive about what he claims as a business expense, significantly lowering his taxable income.
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I don't think even his aggressively lunatic 'business' deductions would really effect the amount of Federal Income Tax he owes that significantly though. Let's say he end up with $5,000 in deductions and that takes his taxable income from $100K to $95K. If he owes $16K on the $100K income he would still owe $15.2K on $95K in taxable income + preparation fees (he lazy) and at this point possible penalties.
 
Prince Lotor said:
I don't think even his aggressively lunatic 'business' deductions would really effect the amount of Federal Income Tax he owes that significantly though. Let's say he end up with $5,000 in deductions and that takes his taxable income from $100K to $95K. If he owes $16K on the $100K income he would still owe $15.2K on $95K in taxable income + preparation fees (he lazy) and at this point possible penalties.
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He's taking way more than $5k in deductions ($5k is actually the default assumed deduction you take.

I'm betting he claims at least 10-20k in expenses; part of his mortgage, an entire internet line, a portion of his electricity; forum hosting costs, a phone line, several thousand a year in games.

Like, just 1yr of "business class internet" is likely close to $2k. If he's aggressive in his estimates for the mortgage and electricity that could easily add another $5-10k.

Oh yeah, and plus before the Trump Tax Break SALT deductions meant he would reduce it by $5k just for his State Taxes.
 
Destro1986 said:
It's REALLY hard to judge because he's probably very aggressive about what he claims as a business expense, significantly lowering his taxable income.
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Of course, but his taxable income would represent a lower bound on his actual income. So if $16k correlates to $100k of taxable income, that means his actual income is more than that.
 
actually said:
Of course, but his taxable income would represent a lower bound on his actual income. So if $16k correlates to $100k of taxable income, that means his actual income is more than that.
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Yes, exactly. We can only know the MINIMUM amount of money he's making; but it makes it hard to get an accurate read on his totals via just that.

I would say that this does give our mathtism guys (you) a second place to look from and try and verify your annual totals.
 
Why the fuck does he even have a “tax attorney”, anyway? Taxes ain’t hard. Just follow the instructions, you ain’t a fuckin’ national business employing 7500 people. Follow the goddamn instructions.
 
Commander Keen said:
Why the fuck does he even have a “tax attorney”, anyway? Taxes ain’t hard. Just follow the instructions, you ain’t a fuckin’ national business employing 7500 people. Follow the goddamn instructions.
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He’s on a similar mental wavelength as Onision. They both have so much shit, multiple homes and vehicles, but cries poor despite all the expensive shit they own! Onision ended up owing so much shit for taxes because he wrote off his cars, going out for lunch, his houses, etc. in TurboTax. He actually freaked out because he wasn’t told by TurboTax that he should have logged miles for a tax-deductible car.

DSP is too stupid and too greedy to do his own taxes. Yesterday he made claims that the 4K TV ABSOLUTEY WAS a gift... The anonymous donor gave him the money and he bought it!

And wrote it off anyway? I never knew you could write off gifts like that.
 
thebonesauce said:
He’s on a similar mental wavelength as Onision. They both have so much shit, multiple homes and vehicles, but cries poor despite all the expensive shit they own! Onision ended up owing so much shit for taxes because he wrote off his cars, going out for lunch, his houses, etc. in TurboTax. He actually freaked out because he wasn’t told by TurboTax that he should have logged miles for a tax-deductible car.

DSP is too stupid and too greedy to do his own taxes. Yesterday he made claims that the 4K TV ABSOLUTEY WAS a gift... The anonymous donor gave him the money and he bought it!

And wrote it off anyway? I never knew you could write off gifts like that.
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I believe you can, if it is sales-related. Corporations log all sales expenses quite intensely. So if you’re a salesman and you take a client out to the bar, you log it as a business expense. So if you buy a guy a gift card for being an awesome client, you can write it off.
 
My point is, this wasn’t one of those scenarios. It’s a television that SOMEONE BOUGHT FOR HIM, had it SHIPPED to him, and even though someone else bought it FOR him he’s able to write it off? I could see if he bought the TV with tips, that’s a legitimate (technically) business expense... But he claims someone gave it to him as a gift. Then he claimed his tax attorney was very good and would be able to tell DSP if he could write off his, “PS4 Pro and 4K TV.”

Even assuming a fan sent him the money for him to buy HIMSELF a TV, fine. I’ll let that one slide... But he claims that the PS4 Pro was legitimately gifted by a fan. He didn’t interact with the money at all, he just received it. He never spent his own money on the PS4 Pro, how could he write it off?
 
Commander Keen said:
I believe you can, if it is sales-related. Corporations log all sales expenses quite intensely. So if you’re a salesman and you take a client out to the bar, you log it as a business expense. So if you buy a guy a gift card for being an awesome client, you can write it off.
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But here it's the exact opposite. A client gifts something to the business man. Phil hasn't touched his capital in any way, no expense, therefore he can't write it off. The guy who gifted it to him could do that if he runs a business himself.

Either Dave thinks it was theoretically his money because...
a) ...he held it for a brief moment in his hands
b) ...he thinks it's the exact same as if someone would just have "paid" for his business therefore he decided on his own it went to a TV, which is not the case.
Or he is under the impression he has to tell the state every transfer he made during the year.
 
thebonesauce said:
My point is, this wasn’t one of those scenarios. It’s a television that SOMEONE BOUGHT FOR HIM, had it SHIPPED to him, and even though someone else bought it FOR him he’s able to write it off? I could see if he bought the TV with tips, that’s a legitimate (technically) business expense... But he claims someone gave it to him as a gift. Then he claimed his tax attorney was very good and would be able to tell DSP if he could write off his, “PS4 Pro and 4K TV.”

Even assuming a fan sent him the money for him to buy HIMSELF a TV, fine. I’ll let that one slide... But he claims that the PS4 Pro was legitimately gifted by a fan. He didn’t interact with the money at all, he just received it. He never spent his own money on the PS4 Pro, how could he write it off?
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He can't write off something he didn't pay for. He could write off the portion of electricity that went to them, I guess, if they were exclusively used for his "work", but that would be a pittance in the grand scheme of things.

So I guess that's another thing to listen for--if he claims he wrote off the PS4 Pro and 4k TV as a business expense, he had to had bought them.
 
Wurstbrot said:
But here it's the exact opposite. A client gifts something to the business man. Phil hasn't touched his capital in any way, no expense, therefore he can't write it off. The guy who gifted it to him could do that if he runs a business himself.

Either Dave thinks it was theoretically his money because...
a) ...he held it for a brief moment in his hands
b) ...he thinks it's the exact same as if someone would just have "paid" for his business therefore he decided on his own it went to a TV, which is not the case.
Or he is under the impression he has to tell the state every transfer he made during the year.
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I guess it depends on how he’s reporting it.

And I’ve had a moment of clarity. Thanks, Red Breast!

Home boy contacts DSP to say blah blah. DSP says I need a tv. Home boy says he’ll buy one. DSP says no, tip me through PayPal or whatever it is he does. DSP gets the money, taxable income, DSP buys the tv, business expense and a write off. There you go.

I almost didn’t understand what you were saying, but the water of life helped me see the light.
 
Commander Keen said:
Why the fuck does he even have a “tax attorney”, anyway? Taxes ain’t hard. Just follow the instructions, you ain’t a fuckin’ national business employing 7500 people. Follow the goddamn instructions.
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Having a good tax person handle the back taxes and shit would be a decent idea, just to make sure the state/fed is squared away. Moving forward though? Just take his shit to H&R Block or whatever and give them a few bucks to do it. Getting a tax attorney slash tax accountant is just more gross mishandling of money by everyone's favorite piggy.
 
Commander Keen said:
I believe you can, if it is sales-related. Corporations log all sales expenses quite intensely. So if you’re a salesman and you take a client out to the bar, you log it as a business expense. So if you buy a guy a gift card for being an awesome client, you can write it off.
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You can only "write off" money you SPEND.

That TV needs to be claimed as income.
 
. . .interesting stream (that I got the cliff notes from elsewhere). I'm really curious how the trolls kept him from paying his state income taxes, or move across country and get a second mortgage or not aggressively save for a rainy day? He can make a legitimate claim that people actively try and slow his business (the Tut stuff is particularly gross because now you're trying to fuck with someones life, not just expose them for the fraud they are), but none of that impacts the largest issues impacting him right now and that's his poor attention to personal and financial details, period.
 
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