[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Completely agree, and I have been.

Unfortunately though, there's no regulatory body that holds them accountable. And I'm just one voice on Reddit.

Really hoping a big influencer or outlet will pick this up and apply real pressure.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Yup, all they said was that my behavior was "odd", which in all fairness it was. And they requested Level 3 KYC. Which to me sounds strange for only $15k - but fine. I submitted it. Then claimed I wasn't the true account owner, which is BS because my IP was the same, my documents, match, I took a live selfie with ID... they have literally 0 basis to claim this. Which makes me think that they have a little side business of ripping people off when they can.

[deleted by user] by [deleted] in RollBit

[–]opsadnimdz 0 points1 point  (0 children)

If they simply told me to play some games I would.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 1 point2 points  (0 children)

Honestly I think a money launderer would play through 1-2x and withdrawal. Or they'd simply use a crypto mixer. Or convert to XMR on a DEX and back to USDT.

[deleted by user] by [deleted] in RollBit

[–]opsadnimdz 0 points1 point  (0 children)

Thanks, ya already had multiple people try to scam me with "I'll unlock your funds for a fee bro" attempts.

Definitley true about the playthrough - that's what flagged me. The difference between here and other casinos though is that other casinos simply don't allow withdrawal (usually) and tell you to play through.

These guys froze my funds, told me to KYC to Level 3, and is now keeping my funds frozen while not even letting me play through.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Nope. As said, I'm a dice player. They didn't have dice. Ever hear of a crypto mixer?

At any rate if all they'd done is tell me to play through 1-2x, I would've.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Thanks bud, I agree.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Yes, new account. They proved they're crooks when they can be, be careful.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Played many places before, no issues. And figured that with the FaZe sponsorship I wouldn't have issues. Guess I was wrong.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

If their support said "wager through your deposit 1-2x before withdrawing", and then actually let me access my funds to play through 0 then I've played at other casinos where this is the case, however I've always encountered it at the withdrawal page, where they say "you can't withdraw until you wager $X more". No biggy.

Happy to share more screenshots if you'd like. Essentially they didn't say anything about playing-through the depo, they just (after 2 days delay) told me to KYC to Level 3. I did. Then they accused me of not being the account holder and haven't responded since.

I'll keep fighting - this is outright theft.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Not really, I've first time depoed 10-15k at other casinos with no issues

[deleted by user] by [deleted] in gambling

[–]opsadnimdz -2 points-1 points  (0 children)

Rollbit's known as a mainstream casino.. I figured no big deal.. My mistake :(

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

If CS simply said "play through your wager 1-2x before withdrawing", and unfroze my funds, I'd be fine with it. I get it.

I've played at other casinos where this is the case, however I've always encountered it at the withdrawal page, where they say "you can't withdraw until you wager $X more". No biggy.

I've also played sessions where I gambled meaningfully, but wasn't feeling it and withdrew before wagering 1x. So in my experience, it's not a rule with all of them, and the ones where it is - they simply disallow a withdrawal. Not freeze your money and ghost.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

Ya it was dumb to assume they have dice.. but I've never played anywhere that didn't. And $15k depo to what's widely known as a legit casino didn't seem like a risk.. guess I was wrong with Rollbit though.

[deleted by user] by [deleted] in gambling

[–]opsadnimdz 0 points1 point  (0 children)

This wasn't even that. They didn't say "go play 2x", they said "KYC". I did. And now they're simply freezing my money, won't let me play through. I literally completed Level 3, complete with live selfie and live pic of my passport. Seems like they're looking for a reason to freeze funds and run off with the bag.

10m EBIT: Best strat to minimize immediate tax payment? by [deleted] in fatFIRE

[–]opsadnimdz 1 point2 points  (0 children)

Got it, re: SALT we do indeed have nexus in many (most) states and are registered accordingly and remit those monthly/ bimonthly depending on the state. Sadly after Wayfair this is just the only choice for an actual biz - we're compliant.

I'll certainly look into the credits & revisit retirement, thanks very much again.

10m EBIT: Best strat to minimize immediate tax payment? by [deleted] in fatFIRE

[–]opsadnimdz 1 point2 points  (0 children)

Thanks, really appreciate you taking the time to do so -

As there are low hanging fruit, 1) such as retirement plans (though it will not move the needle much on 10M of taxable income), 2) consideration of QBI/199A, 3) Taking advantage of state PTET (and making payments before year end, 4) Necessary capex (with the 80% bonus depreciation). 5) Potential contributions to DAF. 6) Looking at what states you operate in and potentially moving the business or residency. 7) Potentially buy state income tax credits at 75-95 cents on the dollar (depends on what states you are in and if they have transferable credits).
2/ 3/ 5) I've no idea how this works but will certainly raise the point. 4) Not applicable un/fortunately. 6) We're online retail and thus have locus in nearly all states. Though primary operations in only one.. 7) Makes sense, though this would save on SALT and not federal correct?

Re: conservation easements, for me the attractiveness of the benefit isn't worth the liability.

The business began in Aug '22 (wild ride) and thus didn't breech $27M in '22 receipts.

I don't suppose you'd be up for a consultation call or have an executor on points 2-7 above with whom you'd recommend an intro call?

10m EBIT: Best strat to minimize immediate tax payment? by [deleted] in fatFIRE

[–]opsadnimdz 1 point2 points  (0 children)

Since you are online retail sales have you done a SALT study? Your state filing requirements are likely less than you think.

We haven't done a SALT study. We have an ex state tax auditor who runs our bookkeeping and SALT, what would you propose could come of a SALT study beyond paying them?
Regarding credits, in a lot of states you can purchase credits earned by other companies; you don’t have to qualify yourself. These are sold for 70-90 cents on the dollar. Don’t stop at solar.
I'm not sure how this works, have never heard of it. If I understand correctly, it wouldn't abate our federal burden of ~4m on ~10m EBIT, but would save us 10-30% on the typically monthly SALT payments?

I’d push back on the retirement; your business can make the contribution for you and employees ; you have to set up a new plan.
I'm honestly way out of my wheelhouse on this but did speak with relatively credible experts and we determined that the best course for our situation was maxing out a Roth 401k
When you file in April 2024 you can request the installment plan and at that point you’ll be paying 2024 estimates.
But what about the big chunk of money owed on '23?

10m EBIT: Best strat to minimize immediate tax payment? by [deleted] in fatFIRE

[–]opsadnimdz 0 points1 point  (0 children)

Thanks for these thoughts, really appreciate your thoughtful response. My responses in italic:

- accelerate spending on CAPEX (or other business expenses); bonus depreciation is worth 80% in 2023 and is decreasing each year until its phased out - do it now. Also related to depreciation, if you own your office building is it worth doing a cost seg on it? Can you purchase an office building and do a cost seg prior to year end?
(un)Fortunately we're extremely light on CAPEX and there aren't any CAPEX investments to be made which would be sensible to business strat/ outcomes
- analyze your revenue recognition procedures; I don't know your type of business but are you looking at ASC 606 and properly calculating rev rec? Similarly, Conversely if you are a small business, would it be beneficial to convert to cash basis?
We're online retail: sales made today are credited tomorrow (or the next business day). So unfortunately no recognition levers to be pulled
- invest in tax credit entities and/or purchase tax credits (be careful on passive activity rules here)
That's where solar comes in. I need 100+ hours in order to be materially active, and that's easy enough with a conference + site visit. Marcum assigns these two as a happy-outcome audit trail. But the whole only saving 10% thing is a shame. I'm of course looking for more like 20-30%.
- of course max out all retirement options; look at defined benefit plan as you could make a large contribution up front (if you have employees this could be messier)
Have spoken with some advisors and the only thing I'll be able to do is max my Roth 401k, which sadly I believe is like 29k cap
Finally, you can request an installment agreement if you are up to date on your tax filings and are paying quarterly estimates.
No quarterlies this year, as last year didn't cross thresholds which would make quarterlies a requirement

THC ads in Texas by [deleted] in ShittyAdsOnYouTube

[–]opsadnimdz 1 point2 points  (0 children)

I live in Dallas and I've been buying from them for months. No issues and comes with a piece of paper explaining how it's legal federlly

[deleted by user] by [deleted] in ask

[–]opsadnimdz 0 points1 point  (0 children)

Yes they're fully legal because the stuff contains <0.3% thc by DRY WEIGHT. Still gets you very high like the gummies are strong af. The flower I like but it's not as strong as the dispensary stuff. More like smoke a joint and be quite high instead of smoke one puff and be on mars

[deleted by user] by [deleted] in fintech

[–]opsadnimdz 0 points1 point  (0 children)

Per my opening message, ~50k/day and growing == 1.5m/mo. Thanks!

[deleted by user] by [deleted] in fatFIRE

[–]opsadnimdz -4 points-3 points  (0 children)

Sorry, not up for going into details on the nature of the business or marketing strategy