GameSTONKS Thread - Power to the meme's

[Kaslo]

https://twitter.com/Wario64/status/1...753959424?s=20

[Jefe]

Here comes the weekend dump.

[BerenTebogo]

https://twitter.com/Tradermayne/stat...234617345?s=20

rip

[Kanriel]

Still waiting on 3rd step of binance verification to get some Doge lol

Same. Somehow it's verified my drivers license but not my address, when my address is on my driver's license...???

[Zetanio]

Can't get over how meme stonks basically paid for the taxes I was gonna owe from being furloughed and not withholding taxes on the stimulus payments they were giving. Only in America!

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Don't forget your short term capital gains taxes boi. IRS gonna come for it.

[Salodin]

Do you recommend I "get a guy" now for taxes, or can I still skirt by by using the paid version of turbo tax or something? Kinda nervous bout fucking this up, my taxes never had anything cept some easy W2s and school loan paperwork.

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[Zetanio]

Do you recommend I "get a guy" now for taxes, or can I still skirt by by using the paid version of turbo tax or something? Kinda nervous bout fucking this up, my taxes never had anything cept some easy W2s and school loan paperwork.

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I always recommend a CPA but it depends on how complicated your return is going to be. Sounds like you definitely did not need one until now. All your brokers should be sending you a 1099-B that you can include in your return at the end of the year. If you have crypto stuff in there, I'd do a heavy google on how that works and see if there's someone in your area that you can at least call who is familiar.

CPA's can almost always find you ways to save or at least offset shit. They're tax ninjas.

Also, it's nothing to get super nervous about unless you are looking at really big numbers. The IRS will just be like "You owe us for this" and you can either try to prove them wrong or just send em the difference.

[Kaslo]

Also, if you want to continue making money on the market, I would create an S-Corp, or LLC taxed as an S-Corp, and make the account in the entity's name, then get someone who can do basic accounting to pay yourself a salary from the entity. You can likely save some money there as well, but an accountant would know more.

[Salodin]

I always recommend a CPA but it depends on how complicated your return is going to be. Sounds like you definitely did not need one until now. All your brokers should be sending you a 1099-B that you can include in your return at the end of the year. If you have crypto stuff in there, I'd do a heavy google on how that works and see if there's someone in your area that you can at least call who is familiar.

CPA's can almost always find you ways to save or at least offset shit. They're tax ninjas.

Also, it's nothing to get super nervous about unless you are looking at really big numbers. The IRS will just be like "You owe us for this" and you can either try to prove them wrong or just send em the difference.

Thanks, think I'm just gonna go this route from now on. Also got a mortgage coming up so nows probably a good time to get a professional for my finances.

Also, if you want to continue making money on the market, I would create an S-Corp, or LLC taxed as an S-Corp, and make the account in the entity's name, then get someone who can do basic accounting to pay yourself a salary from the entity. You can likely save some money there as well, but an accountant would know more.

If only I did this before the stonk memes.

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[BerenTebogo]

BTC back over 40k boys we’re gonna make it after all

[Ksandra]

Just FYI Sal, I have a mortgage and still use Turbo Tax. They make it so fucking simple to file. Even with my measly wins I know I can still easily do it.


I hate the idea of spending money on money I’m supposed to be getting back. So I always fill it out at a couple of online places to see where I am getting the most back despite the fee. I hear credit karma has improved this year, so I’ll try them again.

[Zetanio]

Ya a simple mortgage doesn't really entail much. Small investments and shit are fine so long as you file the 1099-B properly. It's when you're at day trader status or winning the YOLO lottery that you need a CPA.

Still recommend a CPA every time if you can afford it. I have had the same one forever and he's a good dude.

[BerenTebogo]

How much is a good CPA

[thetruepandagod]

i've never paid taxes ama

[mallister]

I had a CPA when I was working overseas. Too much dumb shit to deal with.

It's a lot simpler now.

[Kaslo]

How much is a good CPA

I think I spend less than $250 a year for mine.

[Anoat]

Do you recommend I "get a guy" now for taxes, or can I still skirt by by using the paid version of turbo tax or something? Kinda nervous bout fucking this up, my taxes never had anything cept some easy W2s and school loan paperwork.

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Turbo Tax won’t let you fuck up, it will be like “nah this don’t match check your numbers homie” HOWEVER it will not let you know if you have critically missed some loophole that will save you cheddar or get you extra money, that’s where a CPA is gonna have the advantage. If you just a basic ass person paying your taxes turbo tax is fine but more complicated stuff needs a real person to look at.

[Salodin]

How much does a CPA usually charge for these services?

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[Anoat]

If you go to H&R Block or something? Like $50. A private CPA will run more but they are more likely to hook you up on any loophole they can find.

[BerenTebogo]

The crypto tax program I was gonna use for my like 5,000 transactions costs like $200-$300 so idk maybe a CPA is the better answer.