Investing General Discussion

Furry

Furry

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Sanrith Descartes said:
I am not interested in your channel info itself (ie not looking for dox infos), but I am curious how much revenue a Youtube channel like yours can actual generate a year?
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I never expected much. Was chump change first few years. Randomly had a video get tens of millions of views, made around 100k on that one. Other than that low thousands a year since then. It’s not a great business, but since I mostly do nature/scenic videos without commentary, I use it to expense all my electronics and travel and some other odds and ends. I’d never try to make a living off it.
 
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Threelions

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Furry said:
I never expected much. Was chump change first few years. Randomly had a video get tens of millions of views, made around 100k on that one. Other than that low thousands a year since then. It’s not a great business, but since I mostly do nature/scenic videos without commentary, I use it to expense all my electronics and travel and some other odds and ends. I’d never try to make a living off it.
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What was the content of the money maker?
 
Jackie Treehorn

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Sanrith Descartes said:
Depending on your industry, you might want to make sure you dont have a non-compete in your contract. Most companies frown on employees free-lancing in the same industry. Again I dont know your background but if its like some sort of engineering or IT based degree, that opens up all sorts of consulting work depending on where you live. The idea is really to NOT make an profit, just generate enough revenue to write off expenses you normally pay. Unless it blows up in which case, hey if I am making so much profit I cant hide it all then thats a first-world problem I am fine with having.

edit: or it can just be a hobby you really enjoy. Designing people's landscaping, or fixing old cars for people. Anything you enjoy doing really.
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Not make a profit, I can do that!

Good stuff, thanks. I’m definitely going to research this.
 
Pogi.G

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Locnar said:
Good , I hope he gets ass raped and thrown in prison and fined more than his gains and net worth. We all so this bullshit pump and dump these last six months across many stocks.
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I actually don't have a problem with this. At what point does common sense prevail. I mean, if someone buys a ton of stock based on what some guy on twitter said that they should buy, I think it's entirely their own fault for buying into a pump and dump without doing their own DD. If you do your own thorough DD, you should be able to see through someone's pumping BS. SEC's only response should be, you're a fucking moron. I mean, is the guy a low life douche bag? Absolutely! Should he have the book thrown at him? No. People should have to take responsibility for their own stupidity. (This includes corporations. Banks bail out in 08 was fucking retarded. They made their bed, they should of had to sleep in it.)

That said! If it is the company that is putting forth misleading information, falsifying documents, or falsifying financials, that is a completely different story and the SEC should come down like a hammer.
 
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Pogi.G

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Louis said:
My ex opened up an account during this time and she had me choose the stocks to buy. I went with what was being pushed here at the time including big buys in Disney, Boeing, QQQ, airlines ect and pretty much got them all near their bottoms. She pretty much set it and forget it and has made bank. She probably doesnt even remember the account exists if I had to guess.

On the flip side, I bought in at the same and tinkered around throughout the year like a paper hands bitch and exited 90% of the positions.
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I did the same thing. I had $X at 4.90, $AAL at 9.01, and $CCL at 8.45 with a few more I don't recall. I just can't do the sit and watch it grow shit. BORING. I bought and sold, bought and sold these several times among others. I did the math though, and if I just would have held, my account would have been up like 45% more than it is now.

But, like I said, BORING!!
 
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Sanrith Descartes

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Pogi.G said:
I did the same thing. I had $X at 4.90, $AAL at 9.01, and $CCL at 8.45 with a few more I don't recall. I just can't do the sit and watch it grow shit. BORING. I bought and sold, bought and sold these several times among others. I did the math though, and if I just would have held, my account would have been up like 45% more than it is now.

But, like I said, BORING!!
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Pay to play.
 
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Sanrith Descartes

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Noticing a pattern yet?

1616067036931.png


1616067098483.png
 
LachiusTZ

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Sanrith Descartes said:
Its not a magical "pay no taxes" hat. Companies have to generate revenue to be of any benefit. I don't know what you do, but consulting is a pretty simple company to form. If you have an accounting degree, doing taxes is another bang-up one. IT consulting is also pretty popular. Driving for UberEats or Grubhub on weekends works too. What the company does for you is to help you expense out revenue so it isn't taxable. One reason consulting companies are so good is you can work out of a home office. Having a home office allows you to deduct a small portion of your mortgage/insurance etc as a deduction off the company's taxes. Home office expenses (paper, computer, internet, toner etc) are likewise written off. In and of itself this alone doesnt help you. But lets say you are able to generate 5k or 10k in revenue from your side hustle. That is only like 5-800 a month so not a huge nut. Now you have revenue to work with.

So you make 10k in a year. You then deduct a portion of your car, that home office expense, meals with "clients", travel to <insert family vacation sport here> to "meet with a client or go to a tradeshow" etc. Lets say you end up showing 11k in deductable expenses. Thus your business runs at a loss. That 10k you made is not counted as income on your Schedule C (an LLC passes through profits/losses to the owner's 1040 via the schedule C generally).

Now this doesnt sound like a lot. But consider all those expenses you would have been paying anyway (car, mortgage etc) on money the IRS would take taxes out of. So lets say you are in the 22% tax bracket, that 10k you write off as expenses on your business is a direct savings of $2200 in taxes on that 10k extra you made. The idea is to generate enough revenue to cover those costs you are paying anyways. In essence you are not paying taxes on money you are using to pay a portion of your life expenses.

Its not complicated and it is 100% legal. It only gets illegal when you start falsifying your deductions or revenue. Write off the vacation to Vegas? Make sure you spend 30 minutes talking finance or IT or whatever your business is to a guy at the bar or by the pool or to the waiter at dinner. You dont expense the wife's airline ticket (unless she has her own side hustle and LLC, hint hint) or the kid's. But if you are all staying in the same hotel room, then expensing the room is fine. Historically, the number 1 or 2 red flag to spawn an audit is people getting greedy on their home office expense and trying to write off their entire mortgage. You follow the approved IRS formula for how much you can legally expense based on square footage and stick to it. If you got a 2k mortgage and can write off 5% of it legally, thats 5% you arent deducting now.

Just like in the market... pigs get fat, hogs get audited.
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You should stick to stocks...
 
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Sanrith Descartes

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This is why LAZR is popping this morning...

BRIEF-Saic Motor Launches R Brand Ev Line Powered By Luminar For Series Production
REUTERS 8:36 AM ET 3/18/2021
Symbol Last Price Change
LAZR 27.46up 0 (0%)
QUOTES AS OF 04:00:00 PM ET 03/17/2021
March 18 (Reuters) - Luminar Technologies Inc(LAZR):

* SAIC MOTOR LAUNCHES R BRAND EV LINE POWERED BY LUMINAR FOR SERIES PRODUCTION

* LUMINAR TECHNOLOGIES(LAZR) - ANNOUNCED A STRATEGIC PARTNERSHIP WITH SAIC MOTOR CORPORATION LIMITED

* LUMINAR TECHNOLOGIES - R BRAND PROGRAM IS EXPECTED TO BEGIN SERIES PRODUCTION WITH LUMINAR STARTING IN 2022

* LUMINAR TECHNOLOGIES(LAZR) - WILL BE ESTABLISHING OFFICE IN CHINA, TO BE LOCATED IN SHANGHAI ALONGSIDE SAIC MOTOR

* LUMINAR TECHNOLOGIES(LAZR) - SAIC TO INTEGRATE LUMINAR'S LIDAR AND SOFTWARE TECHNOLOGY INTO NEW PRODUCTION EV LINE Source text for Eikon: Further company coverage:
 
LachiusTZ

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For all the creative tax filers out there, I posted this in the other thread, but whatever you might want to know

The IRS has hired roughly 1000 field agents per year for the past 3 years. And that is a huge number.

Risk of audit was like 0.08% or something prior to the last 3 massive hirings.

I dont expect this admin to push forgiveness, and there seem to be a huge amount of returns classified for research.

Please dont do your taxes based on forum advice.

If you intend to play games with the code / reg etc, you should familiarize yourself with it. Not have a CPA tell you whats ok, but personally read it.

Dont forget this is the govt, like getting pulled over for speeding can result in a list of tickets because the cop thinks you look like a guy that fucked his daughter 15 years ago, just because you ARENT doing something wrong doesnt mean you WONT get fucked.

This is not tax advice, I am not a tax professional, I'm currently drunk and eating LSD. This post is a work of fiction and in no way should be taken seriously.
 
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Threelions

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LachiusTZ said:
For all the creative tax filers out there, I posted this in the other thread, but whatever you might want to know

The IRS has hired roughly 1000 field agents per year for the past 3 years. And that is a huge number.

Risk of audit was like 0.08% or something prior to the last 3 massive hirings.

I dont expect this admin to push forgiveness, and there seem to be a huge amount of returns classified for research.

Please dont do your taxes based on forum advice.

If you intend to play games with the code / reg etc, you should familiarize yourself with it. Not have a CPA tell you whats ok, but personally read it.

Dont forget this is the govt, like getting pulled over for speeding can result in a list of tickets because the cop thinks you look like a guy that fucked his daughter 15 years ago, just because you ARENT doing something wrong doesnt mean you WONT get fucked.

This is not tax advice, I am not a tax professional, I'm currently drunk and eating LSD. This post is a work of fiction and in no way should be taken seriously.
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Can confirm. I don't work for the IRS, but another arm of Gov't. There has been a crackdown in everything related to fraud/accuracy within the past two years for all branches that contain citizen data. Much larger microscope on accuracy for all things payment related.


That being said. https://www.washingtonpost.com/poli...a856ba-785e-11eb-8115-9ad5e9c02117_story.html
 
TomServo

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Palantir gonna help catch you tax cheats, profits up, stock up invest, and roll the dice!
 
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Pogi.G

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Sanrith Descartes said:
Pay to play.
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I am going to be a little smarter this time around.

When the dow returns to sub 19k because of Biden's "progressive" tax policies, I am going to take half my trading account and move it to my long-term investments. I will probably buy up these same companies. Leave the other half in the trading account to play with.

And yes, I absolutely believe that Biden/Harris is going to take us back to sub 19. Because of this, what are your thoughts on cashing out the retirement account now before it takes a massive hit? I am 40 with 0 debt except a mortgage payment, and I believe I make enough to replenish the retirement account when/if market recovers.
 
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Sanrith Descartes

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LachiusTZ said:
For all the creative tax filers out there, I posted this in the other thread, but whatever you might want to know

The IRS has hired roughly 1000 field agents per year for the past 3 years. And that is a huge number.

Risk of audit was like 0.08% or something prior to the last 3 massive hirings.

I dont expect this admin to push forgiveness, and there seem to be a huge amount of returns classified for research.

Please dont do your taxes based on forum advice.

If you intend to play games with the code / reg etc, you should familiarize yourself with it. Not have a CPA tell you whats ok, but personally read it.

Dont forget this is the govt, like getting pulled over for speeding can result in a list of tickets because the cop thinks you look like a guy that fucked his daughter 15 years ago, just because you ARENT doing something wrong doesnt mean you WONT get fucked.

This is not tax advice, I am not a tax professional, I'm currently drunk and eating LSD. This post is a work of fiction and in no way should be taken seriously.
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I dont ever promote cheating on taxes. I will always promote using ever legal hole in the gigantor tax code to your advantage though. Have i danced on the line on a deduction or two in my time? Yeah. I have no issues writing the check when/if they decide it wasn't a valid deduction.

That bit about reading the tax code instead of having a CPA explain it to you, though... The odds of someone without an accounting degree understanding whats written in the tax code is slim at best. CPAs are CPAs for a reason. Reading the tax code is good, no doubt, but you read it to ask questions like "hey I found this tax credit for <XYZ>, can I use it?"

That is all I will say on the subject here since I found we now have a thread just for taxes.
 
LachiusTZ

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The IRS has been down to critical levels of everything not refund related for years.

These are the first big hiring waves in nearly 15? years for those positions.

It started in 2015.

So it can be expected this is a several decade bottom, and audit rates are only to only increase for 15-20+ years.

Provided we don't collapse before then
 
LachiusTZ

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Sanrith Descartes said:
I dont ever promote cheating on taxes. I will always promote using ever legal hole in the gigantor tax code to your advantage though. Have i danced on the line on a deduction or two in my time? Yeah. I have no issues writing the check when/if they decide it wasn't a valid deduction.

That bit about reading the tax code instead of having a CPA explain it to you, though... The odds of someone without an accounting degree understanding whats written in the tax code is slim at best. CPAs are CPAs for a reason. Reading the tax code is good, no doubt, but you read it to ask questions like "hey I found this tax credit for <XYZ>, can I use it?"

That is all I will say on the subject here since I found we now have a thread just for taxes.
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That's not how any of this works.gif

I tell people cheating on your taxes is more American than baseball. But even if not committing fraud, you can get your ass caught up.

Imagine some 80 iq person that hates your face determining if your taxes are legit.

And you don't go to court for the govt to prove your wrong, you have to go to court to prove you are right.

One major factor in assessments is the competency of the tax payer. A high school drop out doesn't get the same... Diligence, that a CPA gets. A CPA knows better, or fucking should. Where as there is less malice to be attributed to someone that just didn't understand something they read.

If you have a business, and don't take a few hours a year to look at tax code, you are either successful and paying people to do it, or fucking stupid.

Anyway, I'm not getting paid for this so I'm done. Lol
 
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Locnar

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LachiusTZ said:
For all the creative tax filers out there, I posted this in the other thread, but whatever you might want to know

The IRS has hired roughly 1000 field agents per year for the past 3 years. And that is a huge number.

Risk of audit was like 0.08% or something prior to the last 3 massive hirings.

I dont expect this admin to push forgiveness, and there seem to be a huge amount of returns classified for research.

Please dont do your taxes based on forum advice.

If you intend to play games with the code / reg etc, you should familiarize yourself with it. Not have a CPA tell you whats ok, but personally read it.

Dont forget this is the govt, like getting pulled over for speeding can result in a list of tickets because the cop thinks you look like a guy that fucked his daughter 15 years ago, just because you ARENT doing something wrong doesnt mean you WONT get fucked.

This is not tax advice, I am not a tax professional, I'm currently drunk and eating LSD. This post is a work of fiction and in no way should be taken seriously.
Click to expand...

A friend of mine who has a very creative CPA just got a letter in the mail from the IRS asking for additional documents on some of his stuff from 2019, so yeah checks out.
 
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