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52
WookieMan
2022 Aug 1, 7:34pm
WookieMan
2022 Aug 1, 7:34pm
FortwayeAsFuckJoeBiden says
Almost no one gets audited. You might get a letter to clarify something. You simply cannot track the finances of 300+ million people and probably 100+ million corps and other business entities. You'd need 5-10M employees for starters at the IRS. They don't have that. Revenue and money transfer would need to hit 7 figures for them to care outside of a algorithm to catch something that looks off.
If you're by the books I wouldn't worry about audits. They're not common. I've done my own taxes since I was 21. Owned investment property. If you get audited, get a new accountant, or study up more yourself on the laws/taxes. They're not random. Something is likely massively fucked up if you get audited. My former employer didn't pay full taxes, hired illegals and never a peep from the IRS. I could put him in jail in 6 months, but I'm not a dick. I moved on, water under the bridge. Audits are the least of your worries, especially in the digital space. Just track the inflow and outflow. Not that complicated.
no, taxable is what you keep after expenses. make sure to keep track of expenses so when audited, you don’t get fucked
Almost no one gets audited. You might get a letter to clarify something. You simply cannot track the finances of 300+ million people and probably 100+ million corps and other business entities. You'd need 5-10M employees for starters at the IRS. They don't have that. Revenue and money transfer would need to hit 7 figures for them to care outside of a algorithm to catch something that looks off.
If you're by the books I wouldn't worry about audits. They're not common. I've done my own taxes since I was 21. Owned investment property. If you get audited, get a new accountant, or study up more yourself on the laws/taxes. They're not random. Something is likely massively fucked up if you get audited. My former employer didn't pay full taxes, hired illegals and never a peep from the IRS. I could put him in jail in 6 months, but I'm not a dick. I moved on, water under the bridge. Audits are the least of your worries, especially in the digital space. Just track the inflow and outflow. Not that complicated.
53
Patrick
2022 Aug 1, 8:08pm
Patrick
2022 Aug 1, 8:08pm
WookieMan says
This is another argument for Georgism. If there were no income tax or sales tax, but only a tax on land values, it would be pretty damn easy to track and collect. And the tax would all be public record because property taxes are public record.
You simply cannot track the finances of 300+ million people and probably 100+ million corps and other business entities. You'd need 5-10M employees for starters at the IRS.
This is another argument for Georgism. If there were no income tax or sales tax, but only a tax on land values, it would be pretty damn easy to track and collect. And the tax would all be public record because property taxes are public record.
54
FortwayeAsFuckJoeBiden
2022 Aug 1, 8:14pm
Patrick says
they mostly flag for audits discrepancies reported by investment firms.
WookieMan says
You simply cannot track the finances of 300+ million people and probably 100+ million corps and other business entities. You'd need 5-10M employees for starters at the IRS.
This is another argument for Georgism. If there were no income tax or sales tax, but only a tax on land values, it would be pretty damn easy to track and collect. And the tax would all be public record because property taxes are public record.
they mostly flag for audits discrepancies reported by investment firms.
55
WookieMan
2022 Aug 2, 5:12am
WookieMan
2022 Aug 2, 5:12am
Patrick says
Humans over complicate things. This will never end. It's the super rich and politicians that have the ability to utilize the loopholes. And yes we all can as well, but on say $100k it doesn't move the needle. We're talking $100M to 1B plus type stuff. Insider trading.
We all have best friends. My $100B company is going to do bad. The projections look like shit. You don't think I'm going to tell my buddy? Hell yes, so he shorts it. Same with a good quarter. You then kick it back through bogus contract and shit like that. This happens all the time.
WookieMan says
You simply cannot track the finances of 300+ million people and probably 100+ million corps and other business entities. You'd need 5-10M employees for starters at the IRS.
This is another argument for Georgism. If there were no income tax or sales tax, but only a tax on land values, it would be pretty damn easy to track and collect. And the tax would all be public record because property taxes are public record.
Humans over complicate things. This will never end. It's the super rich and politicians that have the ability to utilize the loopholes. And yes we all can as well, but on say $100k it doesn't move the needle. We're talking $100M to 1B plus type stuff. Insider trading.
We all have best friends. My $100B company is going to do bad. The projections look like shit. You don't think I'm going to tell my buddy? Hell yes, so he shorts it. Same with a good quarter. You then kick it back through bogus contract and shit like that. This happens all the time.
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So patrick.net users could make some of their posts require payment in one way or another, either by subscription, or for a small per-article fee. It would just be an option if people want to try to make money.
A big benefit is that it would give the for-profit users a motive to spread the word about their "blog" here. And you all could perhaps make some money.
Some problems:
- payments can easily get cut off by the forces of censorship, though Substack apparently deals with that OK
- Substack has a lot of famous people on it. How did they do that? Substack looks more professional, so maybe that's one reason.
- Substack tends to charge way too much. I'm not about to pay $5/month for the 20 Substacks I read. So maybe there should be a $5/month subscription to patrick.net in general, and users could then use up that $5 a quarter at a time or so by "buying" individual posts which look worth reading.
Feedback appreciated. What would make it work?