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Old 02-03-2019, 03:09 AM
 
1,982 posts, read 569,378 times
Reputation: 2820

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Quote:
Originally Posted by Lowexpectations View Post
Having a cpa wouldn’t change the situation of a fraudulent return already bearing you to it
They can file 100 returns under my name today and it wouldn't matter...Fraudulent is fraudulent... Tax preparers have specific communication channels to IRS whereas Joe from 123 Holcombe Drive does not. The matter will be resolved quickly. Do you think this is the first time they've dealt with Tax fraud in the 21st Century besides I have LifeLock.

You all may think I'm advocating for somebody I'm really not. Otherwise I'd be dropping the names of CPAs I know giving them free advertising

I have seen too many people owe $10k+ to the IRS. Just trying to save headaches and stress. Like I said if your situation is cut and dry Turbo Tax it to your heart's delight.... But if you are owing the IRS thousands of dollars and you make under $250k HHI Gross you are doing something wrong...

BTW this is what I'm paying my CPA to do. Spend hours analyzing my bank statements along with hundreds of other people and benefit from the knowledge of past history for hundreds of returns to maximize my chance of not owing.

I sit back, relax and can post here while others run around pulling their hair out over Trump Tax changes. $300 well spent for no stress or aggravation.
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Old 02-03-2019, 05:59 AM
 
1,407 posts, read 709,495 times
Reputation: 3626
Quote:
Originally Posted by Tencent View Post
They can file 100 returns under my name today and it wouldn't matter...Fraudulent is fraudulent... Tax preparers have specific communication channels to IRS whereas Joe from 123 Holcombe Drive does not. The matter will be resolved quickly. Do you think this is the first time they've dealt with Tax fraud in the 21st Century besides I have LifeLock.

You all may think I'm advocating for somebody I'm really not. Otherwise I'd be dropping the names of CPAs I know giving them free advertising

I have seen too many people owe $10k+ to the IRS. Just trying to save headaches and stress. Like I said if your situation is cut and dry Turbo Tax it to your heart's delight.... But if you are owing the IRS thousands of dollars and you make under $250k HHI Gross you are doing something wrong...

BTW this is what I'm paying my CPA to do. Spend hours analyzing my bank statements along with hundreds of other people and benefit from the knowledge of past history for hundreds of returns to maximize my chance of not owing.

I sit back, relax and can post here while others run around pulling their hair out over Trump Tax changes. $300 well spent for no stress or aggravation.
It's obvious from your posting history that you are in the accounting/financial field (and for some reason can't stand MBA's...lol) and feel that CPA's are all knowing, special people (I can assure you they are not) who have some kind of special relationship with the IRS. Aside from having a special contact option in the IRS Practitioner Priority Service (a phone contact number for "tax professionals" which, btw, isn't rated very highly by those pros who have used it....AND the IRS had made it more restrictive to use now by requiring the SS #'s and DOBs of the caller...they only used to require the caller's CAF ), a generic CPA does not have any "favored status" with the IRS.

But, I'll bite....just what are you claiming (aside from the non-starter idea for most about creating a S-Corp) a "regular couple" (house/kids/mortgage...no rental/business income , capital gains/stock losses, etc) who makes under $200K can do under the current tax laws to avoid paying the IRS and as you said "doing something wrong"?
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Old 02-03-2019, 06:09 AM
 
916 posts, read 293,409 times
Reputation: 1569
I know a couple of CPAs personally. One is the most brilliant mind I have ever met. The other is one of the dumbest people I have ever met....
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Old 02-03-2019, 07:01 AM
 
1,896 posts, read 637,385 times
Reputation: 4913
Quote:
Originally Posted by Lucy_C View Post
I know a couple of CPAs personally. One is the most brilliant mind I have ever met. The other is one of the dumbest people I have ever met....
My brother is a tax partner with a very large (but not Big 6) firm. Definitely brilliant (and has a personality, too). He does taxes for several family members but I do my own, maybe because I'm a numbers person, too, and stay current on tax laws and strategies. Nice to have him available for questions, though.
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Old 02-03-2019, 07:02 AM
 
1,982 posts, read 569,378 times
Reputation: 2820
Quote:
Originally Posted by luckyram View Post
But, I'll bite....just what are you claiming (aside from the non-starter idea for most about creating a S-Corp) a "regular couple" (house/kids/mortgage...no rental/business income , capital gains/stock losses, etc) who makes under $200K can do under the current tax laws to avoid paying the IRS and as you said "doing something wrong"?
I am not an Accountant I couldn't imagine doing that sh** day in and day out.

Why is an S-Corp or any other a non-starter?

Do you know the reason The Donald pays little to no personal tax relative to his true net worth? All his money is tied up in corporations. He has declared Chapter 11 bankruptcy 6x yet still remains personally well. Guess what he has that's invaluable... A good Lawyer and a good CPA...

The goal is to have $0 on the W-2 and all Capital Gains and just enough liquidity to cover basic needs...

Continue thinking like a consumer though, the US Government needs a large population of payers to sustain itself.

Anybody can start a corporation and is capable of legitimate entrepreneurial activities. You rent out properties. How is that not enterprise? Do any of you not watch shark tank... Certain things should simply NOT be classified as personal hobbies.

Working on your friends website? Instead of him buying you drinks tell him to zelle the money to your small business banking account.

It seems unfortunate that good CPAs are hard to find. But a really good one will provide you with the mentality and required to simply report your expenses and income more accurately.

If you are working a corporate job and hedging your entire existence on that job that is your biggest mistake. Instead of giving up thousands of dollars in taxes, invest in yourself build a side business that can eventually become a main source of income, in the meanwhile write off the losses involved in the investment against your W-2 gains. If you're going to lose than money either way why not lose it in a gamble on yourself as opposed to the government?

If you open your eyes and stop being so resistant you'll understand that something the most successful people do is figure out how the tax code works is to benefit corporations and not individuals. Incorporate yourself and start operating as a business in most facets of your life. All of this is 100% according to the IRS own laws and standards.

Make friends who want to run businesses. Stop sending each other cash or trading services/bartering and simply report these transactions. This is actually INCREASING your transparency with the Government and getting rewarded for it. So there is no Okie Doke stuff happening here.
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Old 02-03-2019, 07:11 AM
 
18,724 posts, read 13,501,465 times
Reputation: 14107
Quote:
Originally Posted by Tencent View Post
They can file 100 returns under my name today and it wouldn't matter...Fraudulent is fraudulent...
Correct

Quote:
Tax preparers have specific communication channels to IRS whereas Joe from 123 Holcombe Drive does not. The matter will be resolved quickly. Do you think this is the first time they've dealt with Tax fraud in the 21st Century
Please tell me about all these back channel lines all tax preparers have, because itís not true

Quote:
besides I have LifeLock.
Entirely irrelevant
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Old 02-03-2019, 07:51 AM
 
1,135 posts, read 513,142 times
Reputation: 1211
Quote:
Originally Posted by Tencent View Post
They can file 100 returns under my name today and it wouldn't matter...Fraudulent is fraudulent... Tax preparers have specific communication channels to IRS whereas Joe from 123 Holcombe Drive does not. The matter will be resolved quickly. Do you think this is the first time they've dealt with Tax fraud in the 21st Century besides I have LifeLock.

You all may think I'm advocating for somebody I'm really not. Otherwise I'd be dropping the names of CPAs I know giving them free advertising

I have seen too many people owe $10k+ to the IRS. Just trying to save headaches and stress. Like I said if your situation is cut and dry Turbo Tax it to your heart's delight.... But if you are owing the IRS thousands of dollars and you make under $250k HHI Gross you are doing something wrong...

BTW this is what I'm paying my CPA to do. Spend hours analyzing my bank statements along with hundreds of other people and benefit from the knowledge of past history for hundreds of returns to maximize my chance of not owing.

I sit back, relax and can post here while others run around pulling their hair out over Trump Tax changes. $300 well spent for no stress or aggravation.
They must have forgotten to send that contact info with my exam results. But they did teach me the secret handshake, I only wish Jimmy Fallon and Ben Affleck hadn't ruined it and disclosed it to the public.


https://www.youtube.com/watch?v=6ieinaBG09Y
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Old 02-03-2019, 08:02 AM
 
1,407 posts, read 709,495 times
Reputation: 3626
Quote:
Originally Posted by Tencent View Post
I am not an Accountant I couldn't imagine doing that sh** day in and day out.

Why is an S-Corp or any other a non-starter?

Do you know the reason The Donald pays little to no personal tax relative to his true net worth? All his money is tied up in corporations. He has declared Chapter 11 bankruptcy 6x yet still remains personally well. Guess what he has that's invaluable... A good Lawyer and a good CPA...

The goal is to have $0 on the W-2 and all Capital Gains and just enough liquidity to cover basic needs...

Continue thinking like a consumer though, the US Government needs a large population of payers to sustain itself.

Anybody can start a corporation and is capable of legitimate entrepreneurial activities. You rent out properties. How is that not enterprise? Do any of you not watch shark tank... Certain things should simply NOT be classified as personal hobbies.

Working on your friends website? Instead of him buying you drinks tell him to zelle the money to your small business banking account.

It seems unfortunate that good CPAs are hard to find. But a really good one will provide you with the mentality and required to simply report your expenses and income more accurately.

If you are working a corporate job and hedging your entire existence on that job that is your biggest mistake. Instead of giving up thousands of dollars in taxes, invest in yourself build a side business that can eventually become a main source of income, in the meanwhile write off the losses involved in the investment against your W-2 gains. If you're going to lose than money either way why not lose it in a gamble on yourself as opposed to the government?

If you open your eyes and stop being so resistant you'll understand that something the most successful people do is figure out how the tax code works is to benefit corporations and not individuals. Incorporate yourself and start operating as a business in most facets of your life. All of this is 100% according to the IRS own laws and standards.

Make friends who want to run businesses. Stop sending each other cash or trading services/bartering and simply report these transactions. This is actually INCREASING your transparency with the Government and getting rewarded for it. So there is no Okie Doke stuff happening here.
You speak of "incorporating" and starting a S-Corp like it's some panacea.....but this begs to differ:

https://www.nolo.com/legal-encyclope...w-tax-law.html

And as that article mentions specifically about a S-Corp:

However, most businesses can’t take advantage of the 21% rate. This is because most people who own their own businesses, especially smaller businesses, have not formed C corporations. Instead, their businesses are owned and operated as pass-through entities: sole proprietorships, limited liability companies (LLCs) taxed as partnerships, partnerships, or S corporations (corporations taxed as pass-throughs). Such pass-through owners pay tax on their business profits at their individual tax rates, not the corporate rate.


I know you also point to using business/investment losses against W2 gains but many times that is a zero/sum thing....you're losing money to offset paying taxes on money you gained...for many people it's just less complicated and, more importantly, less RISKY to just pay tax on the gains rather than deal with continuing/unknown losses and potential failure of the business as well as keeping up on the certifications & requirements for claiming the business as legitimate.
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Old 02-03-2019, 08:55 AM
 
5,159 posts, read 3,263,777 times
Reputation: 6271
Quote:
Originally Posted by Lucy_C View Post
I know a couple of CPAs personally. One is the most brilliant mind I have ever met. The other is one of the dumbest people I have ever met....
I think you can pretty much say that about every profession, even doctors!
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Old 02-03-2019, 09:13 AM
 
18,724 posts, read 13,501,465 times
Reputation: 14107
Quote:
Originally Posted by luckyram View Post
you speak of "incorporating" and starting a s-corp like it's some panacea.....but this begs to differ:

https://www.nolo.com/legal-encyclope...w-tax-law.html

and as that article mentions specifically about a s-corp:

however, most businesses canít take advantage of the 21% rate. This is because most people who own their own businesses, especially smaller businesses, have not formed c corporations. Instead, their businesses are owned and operated as pass-through entities: Sole proprietorships, limited liability companies (llcs) taxed as partnerships, partnerships, or s corporations (corporations taxed as pass-throughs). such pass-through owners pay tax on their business profits at their individual tax rates, not the corporate rate.


i know you also point to using business/investment losses against w2 gains but many times that is a zero/sum thing....you're losing money to offset paying taxes on money you gained...for many people it's just less complicated and, more importantly, less risky to just pay tax on the gains rather than deal with continuing/unknown losses and potential failure of the business as well as keeping up on the certifications & requirements for claiming the business as legitimate.
you dont know cpa!
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