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Business, Economics, and Taxes: Capitalism. Yay? >=(

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Handyman said:
Yeah H&R Block will do all of that for you...

And are you sure they are going to fine you for 1 day late?
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I think they assess you interest and "penalties" but for this they will be minor. A friend of mine filed his late once, and that's what they did to him.
 
Kepler said:
I've never been late before. For all I know I'll get the chair.
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I was late filing my business return last year (got the dates messed up with all the IRS Covid changes). Wrote the IRS a check for a couple hundred bucks for the penalty/interest charge. No big deal other than I'm a tad lighter in the wallet because I couldn't properly read a calendar.

Edit: And the IRS calculated what I owed them and sent me a bill. Easy peasy.

Double Edit: I'd be very surprised if they fined you for being late by only one day.

Triple Edit: And I've screwed things up with the State of Illinois and, just like the feds, they kindly send me a bill. I'll stop now.
 
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TalonsUpPuckDown said:
Triple Edit: And I've screwed things up with the State of Illinois and, just like the feds, they kindly send me a bill. I'll stop now.
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Got a letter from the IRS in the summer of 2016 or so saying that I owed four figures to them. My wife and I had purchased our house in 2015, I knew my finances were pretty good because of that, so I was ready to fight them on it.

Until I turned the page over where they neatly itemized the missing information that I had completely forgotten about.

Turns out you apparently need to claim your 50/50 winnings of $650 that you won in Ohio at an NMU/BGSU playoff game, even though the 1099 was sent to your old address after you moved to your new house.

And they also care when you withdraw 1/3 of a sorta forgotten 401K (that was rolled into an IRA from a previous job) that you used toward the down payment of said house.


Whoops. \_(ツ)_/
 
dxmnkd316 said:
I have what seems to be a very easy question but there may be some nuance here that I've not considered.

we're refinancing my wife's private student loans. Is there any reason you wouldn't refinance for a longer term with a marginally higher rate (0.21%) if you intend to pay in the same amount regardless of minimum?

it seems obvious. You are paying a 0.21% annual fee for the flexibility of not having to pay an extra couple hundred bucks a month if something awful happens. There has to be a downside other than just the slight interest rate increase. I've confirmed there are no prepayment penalties.


(If you really want to get cute, you could take that extra couple hundred and put it into VTSAX and earn 8% a year compared to the loan 3.x%. But maybe that's too cute by half.)

Student loans are such vile things
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Bump
 
aparch said:
Got a letter from the IRS in the summer of 2016 or so saying that I owed four figures to them. My wife and I had purchased our house in 2015, I knew my finances were pretty good because of that, so I was ready to fight them on it.

Until I turned the page over where they neatly itemized the missing information that I had completely forgotten about.

Turns out you apparently need to claim your 50/50 winnings of $650 that you won in Ohio at an NMU/BGSU playoff game, even though the 1099 was sent to your old address after you moved to your new house.

And they also care when you withdraw 1/3 of a sorta forgotten 401K (that was rolled into an IRA from a previous job) that you used toward the down payment of said house.


Whoops. \_(ツ)_/
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I was at that game. You weren’t supposed to win.
 
Cryptos are taking a giant hit today. Doge down 30%, Bitcoin down 13%, its spin-offs as well as Ethereum also down 20%+.

Looks to be fallout from China advising financial institutions to stop engaging in crypto.

Edit: In the time it took me to most this, Doge went down to -40%.
 
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Spartanforlife4 said:
Cryptos are taking a giant hit today. Doge down 30%, Bitcoin down 13%, its spin-offs as well as Ethereum also down 20%+.

Looks to be fallout from China advising financial institutions to stop engaging in crypto.

Edit: In the time it took me to most this, Doge went down to -40%.
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Is Elon broke yet?
 
China will flip back and the cryptos will recover...it just is going to take some time. Their prices were ridiculously inflated as it was. (because Chinese companies and Elon were overinflating Bitcoin)

Honestly if you were ever looking to mine crypto or buy in the next few weeks will have the least barrier to entry. Plus there are more environmentally friendly coins that will have little issue surviving this (and are way cheaper than crap like Bitcoin) and will come out way ahead if you get in during the dip.

People like me are having hella fun right now. Then again I am not some clown like the wsb followers who bet their mortgage trying to become a millionaire.
 
dxmnkd316 said:
What happens in a pump and dump when the victims can't be deprogrammed?
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Depends on the pump and dump and when you got in. The Doge people who bought over $.20 will be screwed for a while. If you bought at $.06 you are laughing. (especially if you already sold over half at a hefty profit) If you were in at under a penny you aren't even sweating.

Now the Elon lovers who probably invested in Bitcoin before he trashed it? They will lose their shirt and thank him for it cause he is God to them and does no wrong even when he craps on COVID testing.
 
Is this something someone could get into for $100-200 just for Gits and Shiggles? We're at a point where this stuff shouldn't go full-on belly up, but one may need to just buy in and sit for a long time to get their cash out, right?

It does seem like a relatively "safe" play for such low stakes with a potential for a 5-10x return if played right.
 
RaceBoarder said:
Is this something someone could get into for $100-200 just for Gits and Shiggles? We're at a point where this stuff shouldn't go full-on belly up, but one may need to just buy in and sit for a long time to get their cash out, right?

It does seem like a relatively "safe" play for such low stakes with a potential for a 5-10x return if played right.
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I think I have total invested $400 and pulled out well over twice that so yeah. (with a little more than that just hanging around to see what happens) Wait though because likely we haven't hit bottom yet. For once I timed things just right.

Certain coins are sure to rebound. Ethereum will because they are launching an updated coin and better blockchain. It is down significantly but its new coin will be Proof of Stake (POS) not Proof of Work. (POW) POS coins often give you rewards just for staking. (sometimes 5-6% yearly) Look into those. FYI Doge plans to go POS because Elon said they should...

There are other things on the horizon that will help as well.
 
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