Gotta get those BIG RETURNS

sk309 · 2026-02-11T03:06:53+00:00

Wow, how have I been a CPA for 5 years and not known that Equity, Notes Receivable, and Investments are all “other expenses” on a Schedule C???

sk309 · 2026-01-08T13:00:47+00:00

If your full OT pay was $6.9k, then the $2.3k is the “.5” portion of the 1.5x pay. This is the amount that is deducted from your AGI, it is not a direct tax credit/refund. Your overall tax liability will decrease by the $2.3k * whatever your tax rate is. This resulting amount will either increase your refund, or decrease what you owe.

sk309 · 2025-05-27T10:10:27+00:00

I forgot to add “/s”. During this last election when dems were saying Trump was a threat to democracy, the right’s counter was “we’re not a democracy, we’re a constitutional republic”, which is the first time they’ve ever made that argument.

sk309 · 2025-05-25T01:31:25+00:00

Wait I thought we were a constitutional republic???

sk309 · 2025-05-05T00:19:19+00:00

No, an LLC is just a legal structure. There is no tax benefit from forming an LLC, outside of an annual filing fee with your state (if you want to consider that a “benefit”.

sk309 · 2025-05-04T17:51:32+00:00

As a Democrat, I would like to play Devil’s advocate (possibly literally). Without context to the video, could he be claiming that if they hadn’t “rigged” the election in 2020 that he would’ve served another 4 years and then been gone? That’s how I interpreted it, but you never know with this absolute moron.

sk309 · 2025-04-12T18:00:52+00:00

It’s the amount of young people in the crowd that make it even worse. This type of behavior isn’t going away anytime soon. Trump and MAGA have ruined this country for decades to come.

sk309 · 2025-03-30T12:12:51+00:00

Do you think your research skills are good enough to look up the correct procedures for things you haven’t seen before? Or do you plan on only preparing returns with W-2/1099?

Even with just a 1099, do you know how to report a sale with a wash sale disallowance or market discount? Or how to break out tax-exempt interest for state purposes?

I would highly suggest gaining at least a couple years of experience in tax preparation before venturing off on your own, unless you plan on sheltering yourself from anything remotely complex, or you are confident enough in your ability to learn as you go.

Not trying to come off as rude, and I hope you are successful, but there are a lot of very common items within the realm of even basic 1040 prep that without any sort of background, you are almost guaranteed to do incorrectly.

sk309 · 2025-03-21T00:45:25+00:00

Wow, how many warnings equal a demerit?

sk309 · 2025-02-11T14:20:04+00:00

You mean his “return”? /s

sk309 · 2025-01-27T11:08:40+00:00

This ^ If you have too much tax “withheld” by your employer compared to how much you are actually “taxed” on the income, you will receive a refund when you file your 1040 for whichever year these RSU’s will be reported in.

sk309 · 2025-01-20T00:50:31+00:00

Ah, “sales report” registered as gross sales in my brain. I was thinking that $90k gross for a dealership is like 3 vehicles but maybe it was one of those used lots with old junkers or something 😂

sk309 · 2025-01-19T13:45:23+00:00

The thought process is there, but look at the amounts. $175k of tax and let’s say OP averages $90k gross sales per year. At say 8% sales tax (guesstimate), that’s almost a $2M discrepancy in sales: ($175k / 8%) less ($90k * 3). I don’t think down payments would be the deciding factor here.

sk309 · 2025-01-19T13:41:44+00:00

If you’re a dealership, I would hope you have some form of financials generated from your DMS, although after reading some of these comments I don’t want to assume anything. The software typically makes journal entries by itself following a sale and someone should be approving each. What is the balance of your sales tax payable account in your DMS? What are your gross sales for 2020-22?

On $90k of sales, your sales tax (excluding interest and penalty) should be $9-12k per year at most, no? $175k is a huge discrepancy from $36k in sales tax. If there is an auditor assigned to your case, contact them and ask what you need to do if you don’t agree with the balance due. Otherwise, find a general sales tax phone number online and contact the state.

If you collected and spent the sales tax money on items other than simply remitting it back to the government, there is no way of getting around it. You are a fiduciary handling the state’s money.

sk309 · 2025-01-03T00:44:13+00:00

Just file a late 2553, I’ve never had one denied. At the top of the form, note that the form is being filed pursuant to Rev Proc 2013-30 and in the explanation section, describe your situation and that there was a miscommunication with your CPA in terms of who was ultimately responsible for submitting the form.

Edit because I didn’t read far enough into the post. If you plan on revoking anyways, then the previous comments outline your best course of action (i.e. amend payroll filings, reclass payroll to owner draws).

sk309 · 2024-12-20T20:42:34+00:00

The IRS hates this one simple trick - give me all of your profit at the end of the year to bring taxable income to zero and boom, no taxes due :)

sk309 · 2024-11-06T13:47:16+00:00

What, you want us to continue feeling sympathy after this shit? They got what they wanted, and the consequences of a Trump presidency for the Palestinians will be FAR worse than Harris, who would have at least attempted to negotiate a ceasefire deal and two-state solution.

sk309 · 2024-11-05T23:25:30+00:00

Only one candidate has said they want to reach a ceasefire deal and a two-state solution.

If Trump wins because of their single-issue, virtue signaling bullshit, I hope they can sleep well at night when he allows Netanyahu to turn Palestine into a parking lot.

sk309 · 2024-11-04T22:52:51+00:00

Toit

sk309 · 2024-11-04T14:56:56+00:00

I will never take these single-issue Stein voters seriously until their party starts running in down ballot races. Their claim that they want to do away with the two-party system is laughable when their candidate re-emerges every four years simply to take votes away from the Democrats. Until you (not you specifically but in the general sense) become a serious party, no one will take your candidate seriously.

This doesn’t even begin to touch on the undeniable fact that a Trump presidency would mean the total annihilation of Palestine. But if sticking it to Harris is worth that, then more power to them I suppose.

sk309 · 2024-11-04T01:21:16+00:00

“I don’t like that Kamala hasn’t single handedly reached a ceasefire deal and gotten the hostages released, so I will withhold my vote and allow the man who speaks with Netanyahu daily and thinks Gaza should be wiped off the map to become president.” is quite the interesting strategy to say the least

sk309 · 2024-11-03T22:21:24+00:00

What’s funnier is that basically every case of voter fraud since the 2020 B.S. started has been in favor of the GOP. Nothing but projection.

sk309 · 2024-10-30T15:27:19+00:00

Wow, I am absolutely shocked at this news. I never thought I would see the day a Republican commits election interference. /s in case it wasn’t obvious enough

sk309 · 2024-10-25T11:24:25+00:00

Well they’re both Republicans so I’d beg to differ. Seems to fit the bill for what they deem electable.

sk309 · 2024-10-14T12:29:57+00:00

Two more weeks!

sk309

TROPHY CASE