DSP's Tax Situation - An estimation of what he's looking at

[actually]

This is my first time ever on this website and posting on it. I personally believe DSP is a pathological lier and foy you guys to spend anytime figuring out his finances is useless. I believe everything he says from his money problems to relationships and personal stuff is a lie. Deep inside of me I believe he is doing more than fine, he may have 500k to 1 million in the bank. No tax problems, no problems with family or his condo (he might have already sold it or never owned one). Everything is a lie to manipulate viewers and childish fans. His yearly tax thing is like getting a yearly bonus from working for a company. Other than that he is fine and you all fall for everything he says and its sad. I personally want DSP to fail, i want him gone from the internet, but it will never happen and im fine with it, but for all of you to believe a single thing he says (money wise specially) is ridiculous. All you are doing is creating drama and hype for something that might not even exist, which gives him attention and more money in return from his "fans" and contrarians who want to prove you wrong by helping this Pig. Your time is better used in someone else. He is lying about every single thing. He is fine, and making 4 times more than you believe. No problems at all, just an average actor who knows how to manipulate people daily, weekly, monthly and yearly for life.

Just my opinion...
Laterz!

It's difficult to put into words just how wrong this is. Also, don't post the exact same dumb shit in two different threads next time. Thanks.

I choose to believe him, because in the event that he were found out to be lying, he would lose his entire fanbase in a day.

How would anyone find out he was lying? If someone hacked into his bank account or something (DO NOT DO THIS), he would just say it was photoshopped or faked somehow and get a burst of pity dollars. You can pretty much count on him exaggerating/altering the situation to fit what he wants. There are kernels of truths, and we're able to sometimes suss those out by comparing disparate statements, but that's about it, at least as regards his money situation.

 

[Shambler]

Even if this makes me seem gullible, I would like to say what I think of Phil. I don't think he is generally the kind of person to outright fabricate lies.

phil has a track record of fabricating lies it is incorrect to assume he wouldn't be lying given his history of taking vacations during troubling income situations. such as needing money but taking several hundred dollar Staycations with leeana

 

[Coin Ops]

The IRS charges a penalty of 0.5% per month (0.25% if on a payment plan) capped at 25% of what is owed for failure to pay tax on time for reported income (i.e. the taxpayer filed a return and declared the taxable income.) The IRS may waive this penalty for taxpayers who haven't had penalties during the previous 3 years, filed their return, and made an arrangement to pay the tax due. DSP will probably be able to get this waived, otherwise he should owe a penalty of $340 if he pays 100% of his taxes due on April 16 (the day after it's due) and increasing from then on to a maximum of $1000.

The IRS charges a penalty for failure to pay estimated taxes equal to the effective interest rate of the estimated payment's quarter and applied per year it remains unpaid. This is in addition to the interest described in the next paragraph. Taxpayers essentially pay double interest if they fail to make estimated payments unless they pay 85% or more of their tax due by April 15. I don't think the IRS waives this penalty. According to form 2210 DSP should owe a penalty of $555.60 if he pays 100% of his taxes due on April 16 (the day after it's due) and increasing from then on with no maximum.

The IRS offers a 72 month installment plan for taxpayers with balances due between $10K and $25K. The minimum payment is the balance owed divided by 72. The IRS begins calculating interest when individual estimated payments were due if the taxpayer did not make one or more estimated payments and compounds it daily. The IRS applies it to both the unpaid tax and unpaid penalties. The IRS calculates interest rates every three months. The interest rates for 2018 and 2019 so far follow:

• Q2 2018: 5%
• Q3 2018: 5%
• Q4 2018: 5%
• Q1 2018: 6%

The IRS applies payments to the tax due, the penalties due, then to the interest due in that order.

Assuming DSP can get the first penalty waived:
If DSP is put on a 72 month payment plan and takes 72 months to pay off what he owes he will need to either make minimum payments and a balloon payment the final month of about $8K or pay about $334 per month. If he makes minimum payments he'll accrue about $5K in penalties and interest. If he pays $334 per month he'll accrue over $4K in penalties and interest.

Assuming DSP cannot get the first penalty waived:
If DSP is put on a 72 month payment plan and takes 72 months to pay off what he owes he will need to either make minimum payments and a balloon payment the final month of about $10K or pay about $354 per month. Regardless of which method he uses he'll pay about $5K in penalties and interest.

This is all dependent on my understanding of tax law and math being correct.

I'm assuming your tax attorney told you this, because I don't know how else you could have obtained this information.

 

[Cyber Bowling]

Even if this makes me seem gullible, I would like to say what I think of Phil. I don't think he is generally the kind of person to outright fabricate lies. Sure, there were times such as with Kat, where he made up shit to avoid having to dish out the fact that he was dating a cheater from a broken home, but I don't believe he has ever made up a lie to make money. He just leaves out details, e.g. instead of saying the exact amount of money he owed from the beginning, just saying "it could be up to x amount" in hopes that people would donate more than he owed. So when Phil says that he owed that amount in taxes. I choose to believe him, because in the event that he were found out to be lying, he would lose his entire fanbase in a day.

Phil sometimes uses exaggerations and leaves out details to support his narrative, but he still straight up fabricates lies when necessary. Phil is pretty much the embodiment of "well technically" statements, where he'll cling to one tiny detail that is technically true but doesn't at all justify the point he is trying to make. If Phil spent one dollar from E7's donations on taxes and the rest for random pigroach items, he'd argue that he technically did spend E7's money on taxes, because he technically did, so everyone who says otherwise is a detractor moron who he subsequently blocks. Or how he will technically lose his house if he doesn't make payments, but lying about the severity of the risk, making it sound like if his payment is not made in full on the due date, that at 12:01 the next day he'll be kicked out of the house and instantly homeless. or hell, ignoring the fact that even if he did lose the gout mansion he wouldn't be homeless because he owns a second home.

I think he was trying to use this "logic" with his parents initially, where he initially insinuated they were sick. When pressed, it went from them being sick to them being old and thus at risk of dying. Sure, it's technically true, the older you get, the more at risk you are of getting sick or dying. But, Phil's parents aren't actually old and have no health risks, and now the narrative has completely changed and it's about meeting Kat. And somewhere inbetween there, I think it was also Kat wanted to see his parent's cats because they can't own their own. Again, that's a nugget of truth, I bet Kat does want to see cat's, but I don't think anyone believes that is the sole reason they are going to CT. It doesn't matter if that little detail is true, because it doesn't change the fact that the "last chance to see my parents" bit was a lie meant to invoke sympathy and manipulate people into giving him money.

Even if you're extremely generous and not considering those outright lies because of one random true element, Phil tells pretty blatant lies all the time to cover up his own ineptitude or laziness. Insisting that he can't get a payment plan for his taxes (and calling anyone who suggests it a moron) only to now say he can get a payment plan. Claiming that he works out all the time, that he was just "scratching his leg" (didn't he also insist at one point he knew the camera was on and it was all a joke?) that Seattle air magically cured his back, being some huge playboy/star athlete in high school, that he couldn't attend a wedding because of SWAT threats when he was playing Fallout 4 etc.

Phil has some some dedicated supporters over it, BSV being a prime example. Other fans acknowledge these lies but still support Phil for other dumb reasons, and some will just always dismiss it as detractor propaganda no matter what.

 

[actually]

Phil is pretty much the embodiment of "well technically" statements, where he'll cling to one tiny detail that is technically true but doesn't at all justify the point he is trying to make.

All-time best example is when he revealed his "mystery problem" back in early Fall 2017 that could potentially cause him to lose his house. A number of people guessed "federal taxes" as the issue. Naturally, Phil haughtily proclaimed that no one was right...because it was actually a state tax issue. Technically correct that no one guessed it, but a difference without a distinction.

 

[Prince Lotor]

So this is basically just another example of Phil's mentally disordered self-image where 'Future Phil' is seen as an entirely different person who 'Present Phil' can just bank on financially fucking over because 'Fuck him, he's not me. Let him deal with this shit', and in the end he pays, in this case at the least 30% to 50% more than what the bill was, or in other cases 2, 3, or even 4 times the cost because he refuses to plan or not buy something immediately that he wants. Why would he waste time making an effort planning in attempt to help out his favorite patsy 'Future Phil'?

 

[Sparkletor]

Is it possible that Phil lumped his 1st quarter tax estimate into this new $17k number?

He wouldn't technically be lying because the money would be for taxes.

 

[marlintan]

Phil's strategy was actually pretty smart if you take his word to be true (which the people giving him $ obviously do). He set this outrageous goal that will bring in a ton of pitybux, but he also hedged and said a payment plan could be worked out. So even if he falls way short, he still won't have to "sell the house" or any of the other bullshit consequences his lack of financial control always (allegedly) threaten him with, and he can continue to throw around this number well into the future. The worst-case scenario is some idiots actually give him the money, and then he's got more of the suckers' cash to piss away.

I don't think you know what hedging means.

I may be in my feels, but I take exception to you saying that DSP actually had a smart strategy, he is just scrambling to survive, just like a roach running for the cabinets when the lights come on. The IRS is not going to make you sell your primary residence, there are set in stone procedures the IRS will take, if you care to read a circular from them, it's all laid out in black and white, there is no witchcraft, its just really basic math.

And homeboy that was saying DSP makes $400k or $500k is an obvious dick-riding autist, and should be paid no mind, If Dave had even $30K in the bank, he would make sure everyone knew how well he was doing, and how much better he is than the rest of us.

I'm hoping his paypigs fail to bail his arse out this time. If he sells the Wakhando, then we know he actually does have some financial problems. If he spins some BS yarn about working out a payment plan after failing to raise much of the required funds, then it'll be clear that the tax crises are, at the very least, exaggerated.

His spending habits - buying another condo before selling the first one, statue collection, gin habit, expensive Christmas decorations, 'business' internet - are well-documented and prove he's prone to making piss-poor financial decisions, but I'm on the fence about him owing $17K. He's too calm and relaxed with three weeks left, not to mention his vay-cay to the mean streets of Connecticut.

Him owing $17K and him not having the money to pay what he owes are two very distinct statuses, the former is almost certainly true for his total tax liability... his personal bank balances are up for discussion, unless some supreme gay ops ends up with his account info.

Y'all need to be careful when you draw conclusions, because no-one is as smart as they think they are, and Dave LIES ALL THE TIME. If I hadn't come up with $17.3K before he announced his total, based on my own informed calculations, I wouldn't even believe that number, and even then, I don't agree with the conditions that Dave says goes on his publicly announced figure.

Even if this makes me seem gullible, I would like to say what I think of Phil. I don't think he is generally the kind of person to outright fabricate lies. Sure, there were times such as with Kat, where he made up shit to avoid having to dish out the fact that he was dating a cheater from a broken home, but I don't believe he has ever made up a lie to make money. He just leaves out details, e.g. instead of saying the exact amount of money he owed from the beginning, just saying "it could be up to x amount" in hopes that people would donate more than he owed. So when Phil says that he owed that amount in taxes. I choose to believe him, because in the event that he were found out to be lying, he would lose his entire fanbase in a day.

:Be Cruncy Smegma
:Make a declaration of an opinion in your first sentence
etail all the holes in your argument in the second sentence
:Try and qualify your already self-compromised position in the third sentence
:Early-Onset Autism.

 

[Prince Lotor]

:Be Cruncy Smegma
:Make a declaration of an opinion in your first sentence
etail all the holes in your argument in the second sentence
:Try and qualify your already self-compromised position in the third sentence
:Early-Onset Autism.

I absolutely love it when people post accidental emojis. It always gives me a chuckle

 

[marlintan]

I absolutely love it when people post accidental emojis. It always gives me a chuckle

I still use a flip phone, I am unaware of the prompts for all these fancy smileys / emoticons / emojis / whateverthefuckitscalledthesedays.

PS, I liked your previous avatar better.

 

[strandedcastaway]

I don't think you know what hedging means.

I may be in my feels, but I take exception to you saying that DSP actually had a smart strategy, he is just scrambling to survive, just like a roach running for the cabinets when the lights come on. The IRS is not going to make you sell your primary residence, there are set in stone procedures the IRS will take, if you care to read a circular from them, it's all laid out in black and white, there is no witchcraft, its just really basic math.

And homeboy that was saying DSP makes $400k or $500k is an obvious dick-riding autist, and should be paid no mind, If Dave had even $30K in the bank, he would make sure everyone knew how well he was doing, and how much better he is than the rest of us.

Well here's what I think "hedging" means---Phil's obsession is that he's Mr. Honest and we're all liars, and that he needs money to save the house. Phil hedged on the consequences of this success of this stream to cover all options so he can't be accused of lying about how dire his financial situation really was. If he somehow got $17000, he pays off his taxes. If he gets $5000, he whines but he has a "payment plan" so he won't have to sell the house (despite all the times he said he'd have to sell the house). If he gets $1000, he whines even more but he's still not a liar, there's a payment plan so when he stays in the house and nothing changes, he has an out.

Now what do you think "hedging" means?

 

[marlintan]

Well here's what I think "hedging" means---Phil's obsession is that he's Mr. Honest and we're all liars, and that he needs money to save the house. Phil hedged on the consequences of this success of this stream to cover all options so he can't be accused of lying about how dire his financial situation really was. If he somehow got $17000, he pays off his taxes. If he gets $5000, he whines but he has a "payment plan" so he won't have to sell the house (despite all the times he said he'd have to sell the house). If he gets $1000, he whines even more but he's still not a liar, there's a payment plan so when he stays in the house and nothing changes, he has an out.

Now what do you think "hedging" means?

Drunk posting never got anyone anywhere.

I was trying to be exceptional, as my definition of hedging requires the person that is wanting to hedge, to give up something up front, lessening the overall gain, for the peace of mind that the worst option will be softened.

Basically with a hedge, you are risk adverse (Dave fits that bill), and the best possible outcome isn't as good, but the worst possible outcome isn't as bad.

I was just being a dick.

 

[James Smith]

DSP keeps talking about this phantom "affordable" / "good" IRS payment plan he can get if he just raises $5K by April 15. I re-ran the numbers assuming he uses $1K of that to pay his accountant and $4K to pay his taxes. Assuming he can't get the failure to pay penalty waived these are the numbers:

• Minimum payment: $166.68
• Balloon payment after 72 months: approximately $7300
• Minimum payment to pay off within 72 months without balloon payment: approximately $263

If he can get the penalty waived it reduces it by a fairly negligible amount.

I think it's more likely this hoped-for $5K is really to pay his accountant and estimated taxes for the first quarter of 2019.

 

[BlueSpark]

The Sam and Tolki subreddit discusses Phil's financial situation:

Spoiler: Understanding DSP

 

[Raven'sChild]

A major problem I am having with D$P's narrative is that he owed the same/similar taxes to the IRS April 2018. The 2017 Fundraisers was to pay his ~5years of unpaid State B&O taxes. He never mentioned his Federal Taxes. He didn't make $17k over his normal hauls nor seem the least bit concerned about his 2018 Federal taxes. Why then , when he technically owes much less in Taxes ( ~5 years of unpaid State B&O having been payed) does he suddenly need soooo much money to pay the IRS? Additionally, D$P spent way more money in 2017 flying Khet halfway across the country on three separate occasions while taking time away from streaming during these visits that he lied about at the time, but he was able to pay his ~$17k to the IRS April 2018 and not able to do so this year? D$P did not take any Stay-cations in 2018* and also saw several of his largest Whales to date ( Tut and E7). Thus, while owing less in taxes overall, pulling in more money and spending less how is it he is in such desperate need this April...though it's hard to tell as yesterday he dialed it waaaaaay back from 'having to sell the house when he got back from visiting his parents' to 'Might have to sell the house at the End of the Year'.

* Aside from the speculated Stay-cation when his modem had mysteriously become unplugged for an entire weekend. Internet down, but didn't inspect the modem for three days...

 

[actually]

1. It was 2.5 years of back state taxes (Mid-2014 to 2017).
2. I'm betting he put the federal taxes on a credit card. Recall that he made some noise about not being able to pay the 1st 2018 quarterly payment in April 2018 and tried to do a fundraiser then. My best guess would be that he put the 2017 fed taxes on his credit cards, but with the additional spending on moving Kat out and all the new shit he seems to have bought her, plus potentially not being able to access new promotional credit rates (hence his whole "MUH PAYMENTS DOUBLED" from the promo rate vanishing), he may not have had any room on his credit cards to pay the 2018 fed taxes.
3. His dialing back on the doom and gloom is probably from his preparer telling him "you're going to be on a payment plan and it will be $X". Phil's been trying to get a lump payment to bring it down to a lower amount.

 

[Gout9Gaming]

I am wondering if the tax problem has anything to do with getting caught with writing expenses off that weren't actual "business" expenses?
knowing Phil, he probably thought he was a "non profit" since he only takes "donations" ..
he always says that he is "crowd funded" so it wouldn't surprise me if he tried to weasel his way out of income taxes with some kind of scheme he thought would work and ended up getting hit with back taxes and penalties. he is always quick to throw the first "Tax guy" under the bus, but I think that person only exsited in Phil's head until he got caught and realized he better hire someone.
" the IRS are just detractors dood's"

 

[Cyber Bowling]

I am wondering if the tax problem has anything to do with getting caught with writing expenses off that weren't actual "business" expenses?
knowing Phil, he probably thought he was a "non profit" since he only takes "donations" ..
he always says that he is "crowd funded" so it wouldn't surprise me if he tried to weasel his way out of income taxes with some kind of scheme he thought would work and ended up getting hit with back taxes and penalties. he is always quick to throw the first "Tax guy" under the bus, but I think that person only exsited in Phil's head until he got caught and realized he better hire someone.
" the IRS are just detractors dood's"

Phil's stupidity doesn't have that many limits, but I don't think even he would try and classify himself as a non-profit. Besides, PayPal/Twitch send you a W-2 (or whatever the appropriate form is) so even Phil would realize that doesn't work. While we can't prove there was a tax guy, I'm willing to believe it just because it fits Phil's MO. He's too lazy to do something like file taxes on his own, and in his mind adults hire tax guys for their businesses, so I'm sure in typical Phil fashion he looks for the most expensive person with "tax" in their job description and pays them to do it for him.

As for writing off business expenses that aren't actually business expenses, that one isn't outside the realm of possibility. I'd still err on the side of Phil being too incompetent and lazy to actually commit tax fraud. He only just recently got the energy to try and make an Amazon wishlist. And then more or less gave up on it because he was too dumb to understand it. He was also too lazy to get on a payment plan and insisted it couldn't be done up until recently, despite both detractors and actual fans telling him it was the way to go/payment plans being relatively easy and straightforward to set up.

I don't think Phil has any outrageous tax problems, and the only reason it got mentioned as much as it did was again due to Phil being too lazy to come up with other scams. Bills have basically become the new taxes for him. I think the only real tax problem he has just relates to his general inability to save/budget money.