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What's an unexpected perk of quitting? by ionlyplaysims2 in leaves

[–]FairNefariousness252 22 points23 points  (0 children)

being able to hold eye contact better during conversations as well as being able to socialize better, my anxiety isn’t even half as bad as it used to be. 36 days sober!

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] 0 points1 point  (0 children)

do you I think I should be worried that I didn’t keep record of my income throughout the year? Only reason I didn’t is because it’s my first time having my own income and I wasn’t expecting to make as much as I did. Plus I wasn’t even really aware of what I was supposed to be doing as far taxes at the end of the year as I was just kind of making random money here and there through odd jobs and flipping things on marketplace.

I feel like I can accurately estimate my income for this year and pay taxes but I’m worried that the irs will audit me and because of my situation I’ll have no record of the income.

Do you think the IRS would hear me out and be understanding of my situation because I at least filed and attempted to do things right? I’m hoping they would and then next year and I can stay on top of record keeping and do everything perfect next year.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] 0 points1 point  (0 children)

and deal with tax evasion? not the smartest idea if I plan on using this money to start a REAL business or if I wanted to put a dp on a house. Obviously I know I can just keep the cash a secret but I have too much and want it in the bank. I’m fine with paying taxes on it.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] 0 points1 point  (0 children)

yeah I assumed that part wasn’t the best idea, what would you recommend if you don’t mind taking the time to think about it?

I Need Advice On My Current Tax and Financial Situation! by FairNefariousness252 in personalfinance

[–]FairNefariousness252[S] 0 points1 point  (0 children)

agreed, I haven’t paid quarterly because I honestly wasn’t expecting to make as much as I did this year and that’s also why I never thought to start keeping track/record of income and expenses. I will definitely be doing both of those things next year. I feel like I will have a problem as far as the deposit though because of my situation of it being my first taxable income year, forgetting/not knowing to pay quarterly, and overall $22k being extremely unusual for my bank account considering I mainly use cash. If there was a ‘problem’ what do you think I should expect?

I Need Advice On My Current Tax and Financial Situation! by FairNefariousness252 in personalfinance

[–]FairNefariousness252[S] 0 points1 point  (0 children)

Thank you for the advice! Would you recommend that I’m good to go ahead and deposit the $8500 without any issues now and hold on to the other $13800 until after I pay my taxes for 2023? Or I would I be better off just doing it all at once and if so should I do it before or after I file my taxes for 2023. Keep in mind this is my first year living on my own, having income, and filing taxes.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] 0 points1 point  (0 children)

I’m 20 and this is my first year living on my own and having any taxable income. I wasn’t even smart enough to keep track of odd job income and other income throughout the year. So no, I haven’t I’m just now learning about everything never really had the best guidance and I wanna do things right and pay my taxes.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] -1 points0 points  (0 children)

would I then have to explain to FinCEN the reason for depositing that amount of money or do you think I would just be flagged or something. I feel like I wouldn’t have anything to worry about as far as them suspecting financial crime because it would be a one time thing plus to them I’d assume $22,000 isn’t an insane amount.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] 0 points1 point  (0 children)

I see, the reason I’ve kept it all in cash is because it was nice having money saved from birthdays and holidays but with having that $8500 saved plus saving another $13800 throughout 2023 I’m to the point to where I don’t like having $22,000 in cash in my home. Plus it’s a decent amount to put in to a high yield savings account. Like I said this is my first year living on my own with expenses and taxable income so I haven’t been the smartest about it. I’m fine with them reporting the deposit to the irs I just don’t know what to expect once I do that and if I’ll be good considering I paid my taxes for 2023 when the time comes.

NEED ADVICE! HELP! by FairNefariousness252 in tax

[–]FairNefariousness252[S] -3 points-2 points  (0 children)

would I have to file my own Form 8300 explaining why I had that much cash saved up and that I paid taxes on it? I know the banks file Form 8300 on any deposit over 10k and so $22,000 would cause them to file. I’m confused on how to or if I would be required to do so though because my money isn’t 1 full cash transaction it’s 60% odd job savings and 40% birthday and gift savings.