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Oh shit. I actually made money today lol.
Stock Market/Investing
- Thread starter knoxville7
- Start date
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My favorite teams
Not until you sell!!
- Joined:
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found this meme highly entertaining lol
- Joined:
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2nd day in a row…starts off with monster declines, but makes it all back and then some by the afternoon
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I should be day trading.
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I do it every year now.
My W2 shows up and I throw it into TurboTax and then realize I gotta wait until the 2nd week of February for TD Ameritrade to issue my 1099.
My W2 shows up and I throw it into TurboTax and then realize I gotta wait until the 2nd week of February for TD Ameritrade to issue my 1099.
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So annoying man. Past two years, I wait until 3rd week of Feb to file. And past 2 years I recieve some random statement (like a 1099 for an HSA) mid March. Like get your shit together!
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I'd bet TDA has the calculations automated pretty well, but the PDF generation and print are likely the big hold ups.
The world of taxes and PDFs and scanning and printing is living in this bubble from like 20-30 years ago.
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The whole process of filing your taxes just pisses me off. Why can't all these companies forward this shit to the IRS and let them sort it out. Supposedly they know exactly how much you owe/or are owed anyways, but they are like 'nah fam, you gotta figure out the number yourself'. LIke *****, you been taking my money all year, time for YOU to settle up. **** am I running around gathering gobs of documents for.
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It puts the onus on the tax payer to keep track of and report all income and losses, so the IRS never has to be audited themselves, they merely audit that you are "following the rules".
Its what allows the wealthy to find ways to funnel their money thru lower-tax or non-taxed channels or report losses that significantly offset or completely wipe out their tax burden.
Basically, its the way we are all "allowed" to cheat on our taxes, but in general the more money you have, the more you can avoid paying tax on it.
On the flip side we get taxed when we make personal income, sales tax on almost any major asset you buy, and taxed again on the asset's appreciation when you sell it (less if you hold it 12+ months and apply Long-Term Capital Gains Tax instead of Income Tax).
We need a major overhaul of our tax system, but its gonna be hard work, and we don't really do hard work in the upper echelons of American society.
Talk to people and answer e-mails/texts, is about the limit of the work difficulty that most Americans making 250k+ will do.
Imagine our Congress needing to spend weeks hashing out new/fair tax laws that make enough sense to all tax-filing Americans that they can still function.
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I was reading some stories today about crypto bro's who are going to have north of a 6-figure tax liability that won't be able to cover it. Basically, bro's made a killing on AMC/GME/Crypto, bought and sold within a year, and reinvested it all into crypto which is down big now. And since alot of these people are borderline idiots and/or to young to know better, are basically fucked.
They story I read, was a guy who bought 60k of those three things (AMC/GME/Crypto) and ended up making roughly $1MM. His tax bill is $411,000. But he only has 100k on hand because he took all his shit and put it into BTC whic is now down 50% lol.
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Yeah the tax liability is something I keep trying to get my friends/acquaintances to take notice on.
If you hold it less than 12 months, you owe income taxes.
If you hold it more than 12 months, you owe Long-Term Capital Gains taxes.
Around this time of year I get many "How do I taxes on crypto? Me stupid, member." texts.
Maybe that's the secret sauce people don't talk about.... understanding that the taxes work more/less the same on all investment assets.
I don't mind the strategy those guys employed to re-invest, but ignoring the tax liability and then keeping no reserve funding in place for taxes, well the tax lawyers have job security at least lol.
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The IRS is more the way it is due to corporate lobbying and Congress/Presidents slowly taking away its powers, funding, and abilities.
The IRS can actually do pre-filled returns if Congress would let them. All an individual would do is review the numbers, sign, pay if needed, and life would go on... Why didn't this happen? Corporate lobbying, mainly from, as you may guess, the tax firms, not wanting it because it would destroy their business.
Inside TurboTax’s 20-Year Fight to Stop Americans From Filing Their Taxes for Free
Using lobbying, the revolving door and “dark pattern” customer tricks, Intuit fended off the government’s attempts to make tax filing free and easy, and created its multi-billion-dollar franchise.
www.propublica.org
Filing your income taxes is a pain, and that is not an accident
There are, in fact, powerful interests working to ensure that filing your taxes remains as much of a hassle as possible.
qz.com
The Stanford Professor Who Fought the Tax Lobby - Priceonomics
Paying taxes in America doesn’t need to be difficult. But it's kept that way by the lobbying efforts of tax prep companies that profit from confusing tax forms.
priceonomics.com
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Pfft taxes shmaxes... only poor losers pay taxes.
Tell your buddies to pick this book up and learn how to cheat the system like a pro...
The Big Cheat
Check out this great listen on Audible.com. Pulitzer Prize-winning reporter and dean of Trumpologists David Cay Johnston reveals years of eye-popping financial misdeeds by Donald Trump and his family. While the world watched Donald Trump’s presidency in horror or delight, few noticed th...
www.audible.com
The whole book is nuts but the chapter on Bill Koch's little tax scam might be my favorite.
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I'd love to see the IRS take me to court to explain to a judge that I didn't report enough of my losses.
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Anyone still in Crypto, or specifically XRP? I own more than I probably should and have been intrigued by this SEC charade since it went down. I feel positive about an upcoming settlement or dismissal.
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I bought 100 bux worth years ago based on FOMO lol. Kinda forgot about it tbh. Do you have good news for me? ?
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Not really except I'm still a believer! Let's go!
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My favorite teams
CAKE down 78% over the last year. VET down 75%