/biz/ - Business & Finance

>>58316630
Fuck the middle class, only the billionaires can commit tax fraud. Pay your fair share.

>The IRS Is About to Go Beast Mode

>>58316630
sneed

>>58316630
Good thing I'm lower class

>>58316630
>audit
I call your audit and raise by maxing out tax deductions to the hilt, making sure every cent goes towards my interests

>>58316648
Who are these people mass spamming nupol like screenshots without source and leaving important things out?

i filed my taxes but i "accidentally" fudged some numbers so that i'd get a return instead of having to pay

>>58316687
thats the shit that gets you flagged anon

>>58316717
don't worry. i'll be fine.

>>58316630
>lets wring the poor and middle class one more time. they deserve it for being goys

whats wrong with the US

>>58316630
>WSJ failing jew media company
>OPINION
OP is a massive faggot. And a fed
Show nose faggot OP!

>>58316630
ignored

>>58316630
>middle class

no such thing

Why the middle class?

>>58316630
>mfw

>>58316630
And it's a good thing.

>45B for audits
So they only do it because its profitable right? So they generate more than 45B in taxes and penalties through this, right?

>"we need to fund ~le IRS so they go after ~le billionaires!"
>IRS gets funding
>immediately charges against the average middle class working person

I am absolutely flabbergasted that lefties expected anything else from the state.

Good luck coming after me now that I moved to another country.

>>58316642
>they'll call your phone at 3 AM and ask where the fuckin money is

>>58318459
Ok just going to be an embarrassing for you when you get arrested midflight but sure

>>58316630

>>58316630
fuck both of this kikes

It's a voluntary tax system.

Reminder that trump gave tax cuts and money that totaled to the Trillions to the wealthy in America , while the middle and common class suffered and the poor got blamed for economy. They got away with stealing a whole generation of wealth , yet you will never see this in the news. And here you lot are, complaining about a fair tax system , misguiding your anger.

>>58318438
Audits on average are profitable, but only because most audits are like computer auto flagged errors made by middle/low income people, they can't afford a lawyer so they just pay whatever amount is demanded. Audits on rich people are not profitable because they have armies of accountants and lawyers and use actual loopholes that are hard to collect.

So it depends, going after rich people may not make money in the end, but its more "fair." But sending millions of letters demanding a few hundred or a few thousand to millions of people based on things like total gross payment volume will probably make money because it doesn't make sense to pay an accounted $5,000 to prove your $601 aggregate payments from a friend was for expense sharing and not income.

>>58318524
I'm an accountant.
There have literally never been larger tax cuts to wagies ever than the trump cuts.

Trump is a buffoon moron, but what you said is absolutely not true.
Rich got cuts too and big ones, but everyone EVERYONE got enormous cuts.

>>58318536
Thing is taxes are about proportion though. The winners of the trump tax cuts were billionaire heirs who got massive inheritance tax cuts. Yeah, you may have a got a slight cut, but it was proportionally less. And the total difference just goes into inflation because gov spending wasn't cut at all. It doesn't matter if wagies got a nominal tax cut, the wealthy got a much higher proportion, and it was just funded by money printing in the end so it was a net loss for most people for the benefit of the people who got the most amount of tax cuts.

>>58316630
Who else is gonna fund the multiple wars and illegals getting free debit cards except the people who stand to lose their family members to war and their jobs to low iq illegal aliens? Too bad burgers are too retarded to have a tax revolt. They could win but they’re too pussy

>>58318547
Nope again.
The biggest winners were family farms.
Having 800 acres made you have to sell all the land to afford estate taxes, breaking up the farm.
Just kill yourself instead of playing politics all day faggot.

>>58316630
>>58316687
audits arent a likely event. anyone who is w2 is unlikely to ever be audited and 1099s simply have to have some kind of profit with reasonable deductions and you are fine. audits are overhyped.

>>58318581
Ohh noo the poor "family farmer" with 800 acres and a net worth of over $27 million to even have estate tax has to break up the family farm because he was too retarded to incorporate it as a separate tax entity? What fucking contrived example is that? No way you are an accountant, lol, you sound like a retard reading some fox news headline.

>>58318605
>he was too retarded to incorporate it as a separate tax entity
youd be amazed at how stupid people are at taxes and such. its super easy to move stuff around into llcs or whatever and set it up properly. but most people dont even do their own taxes so they just pay an accountant who messes it all up and they just figure its good.

I just claim I lost $6 on crypto every year even though I've easily made thousands every year.
Ive never been audited and sheriff shitwood still hasn't arrested me for threatening to kill him
NOTHING EVER HAPPENS

>>58317121
Multiply the area under the curve from say 50th percentile to the 95th percentile and multiply with the corresponding frequency distribution and find out.

>>58317121
because they shut the fuck up and obey when their team wins the presidency

>>58318663
how much have you cashed out?

>>58316630
How do I report a loss on all these rugpulls? I can’t sell them because liquidity is pulled. Not to mention this software won’t even know the value of these shitcoins. Do I manually report the loss of the shitcoin at the time that liquidity is pulled?

>>58318663
Based. Fuck shitwood

>>58318605
That's 8 million on the high side.
8 million split between 4 heirs.
Those are plebs.
Far more important than billionaires keeping an extra 50 million.
Just kys.

>>58318605
Farmland is at 10k per acre
You can't live in or eat the land.
It's a productive asset
It applies to millions of farmers and their families PRE TRUMP estate tax adjustment.

Inflation was literally stealing their farms so carill and bill gates could buy it.
You are a clueless faggot.

>>58318718
You technically can't, you can for securities like stocks, but not crypto. You have to swap them for zero. But it would count as loses for this year. You could just make up that you swapped them for zero at some point last year but under scrutiny technically you held the coins.

>>58318547
>This is your brain on destiny.

>>58318740
>>58318748
l have no clue what you're trying to say, but I'll just say its very easy to avoid losing "family businesses" to the estate tax, the business should be a separate entity that is owned by various members of the family, so when one person dies the entire thing isn't tied into it. if you are really an accountant, and you have clients worth tens of millions and they are loosing their farms when they die you fucked up big and are a laughable horrible account, its not because of the estate tax.

>>58316630
Y'ALL CAN GO SUCK NIGGER DICK

>>58318858
You ate desperate to discredit the trump tax cuts.
They were te greatest tax cuts ever for EVERYONE.
Simple as.

Trump otherwise is a pathetic loser.
But you've chosen his greatest contribution and success to bitch about.
KILL.
YOUR.
SELF.

>>58318438
>So they only do it because its profitable right?
they couldn't care less about profit, they can just print money out of nothing. it's about keeping you in your place

>>58318454
>I am absolutely flabbergasted that lefties expected anything else from the state.
have you been under a rock for the past 15 years? the left HATES the middle class, they are firmly on the side of billionaires

>>58318900
The losing farms meme doesn't even have anything to do with trump. Even before trump the estate tax only applied to families worth over $13 million, it never broke up dah family farm hurrr. The TCJA just reduced it even more.

>They were te greatest tax cuts ever for EVERYONE.
Again, unfunded tax cuts are about proportion >>58318547
It doesn't matter if you had a few pennies off the printing press thrown your way if other people got much more, and its all funded by money printing because trump never cut spending, inflation is just eventually going to increase at a faster pace than the cuts you got, because others got more, and money all about proportional allocation of scarce resources in the end. Just having more nominal money doesn't mean you're richer if they represent a lower proportion of the actual real assets in the world.

Hahah who the fuck let this article pass

I love paying taxes, I even tipped 25% this year. Thank you Uncle Sam for everything you do for me.

>>58318981
Nope it was 6 million. Aka NOTHING.

>>58318981
Also, everything is funded by PRINTING.
You are an obvious deranged leftist if you prefer people be taxed more heavily to pay for government spending when they print the vast majority already.
>Unfunded
LMAO

>>58319027
>you prefer people be taxed more heavily to pay for government spending
I'm saying the opposite, can't read? I am criticizing trump for NOT cutting spending. Trump was another big government "conservative" that never cut spending and just used unfunded tax cuts to fool retards like you into thinking you were on the winning side when you are just getting fleeced through inflation and monetary manipulation.

>>58319047
>"conservative" that never cut spendin
i would prefer spending desu. the country is collapsing and services suck. id like if the fed actually spent money on the country to improve things like services. taxes need to be raised desu. even though i dont want to pay it either.

>>58316652
That's what they mean. There is no middle class.

>>58319047
You give yourself away.
I didn't vote for Trump and don't care.
But YOU bitched about the stupidest thing to bitch about ever.

Next you'll complain he didn't start a war and only continued the ones we had.

>>58319098
The gov arbitrarily spending more just uses up more resources from the economy. It only makes sense for the gov to spend money on specific things that the gov can do more effiently, just spending more and more beyond that fucks shit up more than it helps, it results in less and lower quality services.

Taxes are just a balance of funding the spending between taxes / inflation. Within taxes its about who pays more relative to others, not the noninal amount. Because its otherwise just funded through inflation, which primarily hurts working class who have dollar denominated wages and savings vs the wealthy who have all the real assets and variable business/investment income.

>>58318663
nobody gives a shit about your crumbs, thats why. Make an amount of money that is worth coming after and it matters.

>somehow a 20k tax return
No idea how but I'll trust my tax guy I guess he's never led me wrong before.

>>58316630
Reporting is the fastest way to prison unless you have the cost basis for every trade, transfer, and gas fee in the last 7 years. Just use cash and support businesses that accept crypto, much safer.

>>58316630
I don't want to pay a tax preparing service $200+ when my business made a loss this year.

>>58319119
>Next you'll complain he didn't start a war and only continued the ones we had.
Why would I? You're implying the TCJA was good, its not. it was an inflationary, unfunded, hand out to the wealthy that you were only tricked into thinking benefits you because you may have gotten $12 more in your net paycheck or something when the person who owns the company you wage for probably got 1000x that and goes out and bids up real goods/services to price you out.

>>58319287
>Reporting is the fastest way to prison unless you have the cost basis for every trade, transfer, and gas fee in the last 7 years
You can just report $0 as the cost basis, take a bigger tax hit that way, but thats the max you could owe.

>>58319227
There's no connection at all between tax revenue and what the government decides to spend.

>IRS officials had planned to bring on 3,833 revenue agents in fiscal 2023, but in the first six months officials had recruited just 34.
>just 34

Lol. Lamo even.
https://www.govexec.com/workforce/2024/03/applications-revenue-generating-irs-jobs-are-far-below-agency-goals/394987/

>>58319479
No way Americans get away with this. In pretty much any EU country claiming zero cost basis will make them come up with a fantasy number ("okay you owe 6 gorillion") and its up to you to prove them wrong.
Then again as American you're fucked no matter what you do, so I guess you might as well report and let them wreck you. If you're not American I'd stay off the radar and not report anything, only worry about cashing in when you actually made it and can move to a more favorable tax jurisdiction to do so.

>>58319512
Correct... because its just otherwise funded by deficits/inflation. So an overall tax "cut" is just a secret tax hike on people with dollar denominated wages/salaries and savings.

Ideally spending is reduced to reduce the amount of actual resources taken by the gov and wasted in less efficient ways than the private sector would have used them. Tax cuts alone are just a game of monetary manipulation and wealth redistribution through who pays more or less proportionally.

>>58319457
Literally I stand to inherit money that would be stolen otherwise.
You are a wagie.
I have 15 employees and they all got huge tax cuts because I see their checks.

>>58316630
I use a debit card that I get on a telegram bot, to withdraw my GRAVITY, so... I dont pay taxes

>>58319654
Whats that?

>>58319641
Game GRAVITY
card PAW

>>58319663
Tnx for data anon

>>58319663
Great

>>58316630
Israel and Ukraine really need more money goyim. Get a second job and STFU about immigrants.

>Goodest of goys
>Paid cointracker for a report over the last 2-3 years to track all my transactions, there were a couple weird ones I had trouble tracking but I was within 90% accuracy when reporting
>Skipped the report this year, I made 0 transactions, just some interest on Cointracker
>Turbotax flipping the fuck out and keeps flagging the crypto section for review despite my confirmations.

It's over for me this year, isn't it my fellow paypiggies?

>>58319700
>turbotax
I see your problem, anon.

>>58319565
It's likely a combination of the IRS having stupidly high hiring standards and being one of (if not the) least popular government agencies.

>>58319227
>dollar denominated wages and savings
maybe the working class should be investing? idk doesnt seem that hard desu.

>>58319700
>turbotax
>reporting crypto tx and not just paying tax on any dollars you withdrew
>actualyl reporting cost basis to the irs when they cant prove otherwise
you are the dumbest of goys.

>>58316630
> https://www.freedomlawschool.org/

>>58319817

A crypto to crypto transaction is a taxable event. You may owe more than you think.

>>58319813
Yeah that's great if you can have your salary denominated in shares of SPY or bitcoin. But no employer will agree to that when they can just hire someone who wants a "stable" income.

>>58319641
So you're claiming to be someone who plans to inherit >$13 million which is where the TCJA starts to become beneficial? OK, sure.

>>58319898
>who wants a "stable" income
Why can't someone earning a stable income just invest in VOO...financial security in America is so simple and easy.

>>58319898
It's illegal to pay in anything but USD for all practical purposes.
The compliance costs are enormous.
You know nothing.

I've looked into paying via several things, silver being the main, and you literally, as a business, are required to keep track of and pay taxes on the ups and downs of the assets from week to week and then relate them to their USD value.

No one of any size or scale can build in these costs in any practical manner.
Back to your wage cage tomorrow.

Ive given everyone the day off for the eclipse. Too bad you don't work for me.

>>58319916
No, hovering around SIX which is the limit for a single person passing on wealth and it stands to be much higher as I have grown what is now my mother and Is business substantially since my father's death.

It is SIX MILLION. Or was before Trump.

>>58319916
Pic related, this is tax basics for non poors but still a pleb like me.

>>58319967
Says right there. Only after trump did it move over 12 million.

>>58319936
its doubled for married....

>>58319287
>unless you have the cost basis for every trade, transfer, and gas fee in the last 7 years.
I hope you would have them.. it is a permanent ledger. Somebody has them, and it aint you.

>>58319983
Its 27mil now for married
>>58319922
not the point, retard
>>58319919
Because their income stream is getting inflated away... Yes you can a shit load of real assets and be on the winning side of money printing, its called being rich.

>>58319987
>Goalposts move
Every time.

>>58320013
>Because their income stream is getting inflated away... Yes you can a shit load of real assets and be on the winning side of money printing, its called being rich.
True...but another cheat code is to work full-time and live with your parents expense free. This allows one to invest 100% of his earnings :)

>>58320013
The point is you can't do what you are saying.
Kek

Back to the cage tomorrow.

Also for you anons worried about taxes, why not just use something like Cointracker to do your taxes for you? It generates all the relevant tax forms that you can give to your CPA when tax season arrives.

>>58318524
any policy that targets the rich also targets the policies the middle class uses
when the commies say "rich" they mean anyone who isnt a gangbang nigger on welfare

>>58320031
Most wealthy people at that age are married, using the singles number is moving the goal post.

>>58318604
I was audited when I was 20 going to college and working at a movie theater making $7.25/hr

>>58320091
You are the one that is counting a person who isn't even in the family a an heir.
Cope.

>>58319847
>A crypto to crypto transaction is a taxable event. You may owe more than you think.
and the irs has no way to tell your cost basis. so make up a tx that justifies your usd and pay it.
>>58319898
>who wants a "stable" income.
take your income and invest it...most working class jobs pay more than necessary lifestyle requirements. they waste a lot instead of investing it.

>>58320108
what was the audit concern? if you are w2 you can just give them that and explain the rest of cash deposits. how much cash deposits to your bank account did you have that you didnt pay tax on?

>>58319817
Isn't the onus on you to prove it?

>>58320190
no. if you say there is no cost basis they cant tell otherwise. i said crypto tx i had didnt have any cost basis and they were fine with it. they cant check it as there is no capital gains form reported to them like fidelity does for stocks.

>>58318805
So is there a way to swap for zero in a drained liquidity pool?

>>58316630
God help you if you forgot to report the $75 you made in interest because your bank didn't send you your 1099-INT.

>>58320248
you wont be audited over $75. the irs will just deduct it from your payments and reduce your refund by it.

>>58320213
How can the IRS accept "there's no cost basis"? If you get audited and they ask to see your crypto wallets what can you do? I'm not American so Idk how your system works.

>>58320248
>the government doing nothing when millions of illegals invade the country and niggers commit crime daily

>the government getting the FBI ready when White people might have extra money to steal

>>58320271
say there is none because price was an estimate from the uniswap tx and you dont actually have a record of what the price of each was when the tx was confirmed.
but its mostly for stocks im referring to. when you inherit or turn in paper stocks there is no cost basis. the brokerage doesnt know what you bought it at or what your family bought it at. so they tell you to handle it on taxes. when you go to do taxes you can say you bought it at anything really. the irs doesnt know.

>>58320224
Yeah, just swap it, you'll get like 0.000000001 cents worth in return. You might have to set slippage to 100% or something if its not working, unless the token was a literal scam and disabled transfers then you may have to report has a scam/theft loss which has shittier rules.

>>58320213
>>58320271
Putting zero cost basis will not 100% save you from an anal probe audit. It means you pay more and so are probably a lot less likely to be audited. But if you traded crypto in past years, and then just reporting it now claiming zero cost you could still owe more in late fees and so if you randomly get audited its still going to fuck you. The way a crypto audit works is that for anything that can't be tracked, they assume literally every transfer out is a disposition and every transfer in income. Its can be worse than zero cost basis because its taxing you on volume. Obviously though you're less likely to be audited if you report a lot of gains with zero cost rather than nothing.

>>58316630
>we spent too much of other people's money on things they don't want or even asked for so we need to get even more of it

in Australia, the ATO changed systems and millions of financial details began erroneously flagging up as old debts.

instead of paying staff to fix the records, they sent out invoices to the citizens affected and put the bonus on them to either pay it or prove it was incorrect.

>>58316630
wow

Can't get audited if you never file

>>58316630
their only power is fear. once people realize there is nothing to fear because they outnumber the IRS 300 million to 1 they will stop paying taxes

>>58316776

>>58318454
>>58318438
>>58317121
>democrats take over congress
>their first action is to pass law to lower the IRS reporting threshold from $20,000 to $600 to "make the rich pay their fair share!!!111"
>if you sell $600 worth of used underwear on ebay this year you now have to report and file to pay taxes on it

>>58316636
That's why taxing the rich is a myth. Want fair taxes make it a flat tax no deductions, everyone pays the same %

>>58322210
>used underwear
Are you a cute Japanese girl?

>>58319287
I amended a return from a previous bullrun bc an exchange i used told me they had to give up records to irs. I sent them excess of $1k tax bill. They just sent me a letter saying they're going to send it back. It had been too long. No investigation, no request for more records.

>>58316776
>whats wrong with the US

sold its soul in ww2 in return for a bag of goy treats

>>58318814
more like blacked-tiny

>>58316630
I prepared ahead of time and filed my taxes last year.

wealthy fags have multiple citizenships and wield the banking system from multiple authorities, the IRS can't do shit to them

if you're a single citizenship peasant and the US banking system has any leverage over you you are fucked and they're going after you, if they don't have any leverage then they don't

beast mode or not, they only go after the ones that make sense going after given the resources and it's usually single citizenship fags who overly rely on the US financial system

>>58318524
That wasn't Trump's tax cuts. That was Paul Ryan's tax cuts. Paul Ryan is a globalist stooge. Trump couldn't do anything about it

>>58316630
>The IRS Is About to Go Beast Mode

I am literally sending the IRS 1250 pages of 8949 forms this week

>>58320177
>and the irs has no way to tell your cost basis. so make up a tx that justifies your usd and pay it.

Goybase reports the crypto to crypto transaction and gives it to the (((IRS)))

https://www.youtube.com/watch?v=JkV_SvCw6zA

>>58316630
>be me
>billionaire
>”lobby” politicians so they don’t tax me
>they need money from somewhere
>idea.jpg
>middle class gets a tax increase because they can’t afford to dodge taxes
>stonks

>>58318536
Yea, but the rich got to KEEP their cuts

>>58319634
Most middle class people have their net worth tied up in assets that are going to inflate so I don't follow how this would be bad for anybody except niggers living hand to mouth.

>>58322333
>>58322577
checked

>>58319847
>A crypto to crypto transaction is a taxable event. You may owe more than you think.
Is this true?

Test

>>58326070
Yes

>>58316630
Lol, lmao even. Did they manage to crack monero?

>>58322577

>>58320188
nigga was sellin marijuana cigarettes without the appropriate stamps. these ignorant fools be makin the oldest mistake in tha book erry time

>>58320248
do they even send you statements? everything has been online for the past five centuries at this point

>>58320213
that is the most retarded idea i've ever heard. now you owe capital gains on the full price when you sell and you can't ever report a loss. the only time I can think of where it makes sense to find the lowest cost basis to report would be on real property you aren't going to sell

>>58318718
Burn them.

>>58316652
based

>>58316776
What’s wrong is nibble by nibble we’re now on the brink of becoming a socialist economy. Sure Trump briefly helped improve the job market and border invasion but he did little to stop Congress/Senate from spending big and because he was pandering for the black vote cut no welfare programs. All of this has been done to us over the years piece by piece, tucked deep into omnibus budgets nobody gets to read. “We have to pass it to find out what’s in it” is essentially what Nancy Pelosi said once. But there is no big welfare bill to defund. No big bug to squash. It’s hundreds of little pieces of legislation, like a swarm of gnats biting away at all taxpayers.

>>58329021
ID: Q won
holy fuck!

>>58316630
$45.6m to audit the 12 people left in the middle class.

>>58319479
>>Reporting is the fastest way to prison unless you have the cost basis for every trade, transfer, and gas fee in the last 7 years
>You can just report $0 as the cost basis, take a bigger tax hit that way, but thats the max you could owe.
>>58319573
>No way Americans get away with this. In pretty much any EU country claiming zero cost basis will make them come up with a fantasy number ("okay you owe 6 gorillion") and its up to you to prove them wrong.
to clarify the first anon's point- declaring $0 cost basis is essentially saying that "the $1000 worth of bitcoin (and/or other coins) that got transferred to your main on/off ramp exchange that you cash out to, was acquired for $0 instead of what you actually bought it for. So when you file you are paying as if you bought it for $0, sold it for $1000 and pay the short term gains tax on the full $1000 (or also long term if you are in a higher bracket) even if you bought it originally with $500 but you can't account for it or don't remember, or are extremely paranoid and want to play it safe.

So Americans can absolutely do this, (and the tax man will not audit you obviously or give you any kind of refund pertaining to a blockchain if you overpay) because they are paying their taxes at tax season, and they are paying the absolute highest amount it could possibly be, just to be safe. They are not claiming they made/profited $0, they claim on the form they ACQUIRED (X) asset for $0 and sold for $1000.

>>58322210
>>democrats take over congress
>>their first action is to pass law to lower the IRS reporting threshold from $20,000 to $600 to "make the rich pay their fair share!!!111"
>>if you sell $600 worth of used underwear on ebay this year you now have to report and file to pay taxes on it
they've threatened this the last 3 years in a row and also end up changing it a couple weeks after the new year after making all the small merchants sweat for the last few months of the year.

So will they finally do it in 2024?
>https://rollcall.com/2023/11/21/irs-delays-new-online-sellers-tax-reporting-threshold/
just the first article that I grabbed/came up. there are plenty written on the subject