DSP's Loan & Savings Company -

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Sparkletor

kiwifarms.net
What is the real reason for this $2000 he is trying to raise?

"I'm going to be upfront and honest. This money is to pay taxes" he needs this money to pay off his taxes so he will "be ahead of the 8 ball" and he won't be so desperate come April.

Okay fair enough. Dakky Smurf asked him if he gets the $2000 will he be all caught up and won't need tax money in April.

"Umm, no! This money is to pay my tax attorney to file my taxes. I have no idea how much I will owe so I might still need help before April" Okay, so the money is not dor taxes, it is to pay his CPA.

He keeps changing his story every other day. He needs the money to get ahead of the game. He needs it to pay his tax guy. He needs it to pay end of year taxes.

By the way, what are "end of year" taxes? His quarterly estimate? If he has been paying his quarterly estimates, why is he paying some guy $2000 to file his taxes? I would imagine it would cost less since the guy has to do less work compared to the last couple of years when Phil didn't pay his quarterly estimates. Or maybe "end of year" taxes is just more bullshit.

In conclusion, if this money was honestly going towards taxes, Phil wouldn't have three different conflicting stories. When you lie you need to remember what lies you told to which people.
 

That Hedonist Nerd

Pig Whisperer & Boomer
kiwifarms.net
What is the real reason for this $2000 he is trying to raise?

"I'm going to be upfront and honest. This money is to pay taxes" he needs this money to pay off his taxes so he will "be ahead of the 8 ball" and he won't be so desperate come April.

Okay fair enough. Dakky Smurf asked him if he gets the $2000 will he be all caught up and won't need tax money in April.

"Umm, no! This money is to pay my tax attorney to file my taxes. I have no idea how much I will owe so I might still need help before April" Okay, so the money is not dor taxes, it is to pay his CPA.

He keeps changing his story every other day. He needs the money to get ahead of the game. He needs it to pay his tax guy. He needs it to pay end of year taxes.

By the way, what are "end of year" taxes? His quarterly estimate? If he has been paying his quarterly estimates, why is he paying some guy $2000 to file his taxes? I would imagine it would cost less since the guy has to do less work compared to the last couple of years when Phil didn't pay his quarterly estimates. Or maybe "end of year" taxes is just more bullshit.

In conclusion, if this money was honestly going towards taxes, Phil wouldn't have three different conflicting stories. When you lie you need to remember what lies you told to which people.
This shit hurts my head. I was just about to say "You just fucking said that" and scrolled up to find it, only it wasn't there. It was from a DSP video 2 years ago....
 

actually

Supervisor
True & Honest Fan
kiwifarms.net
What is the real reason for this $2000 he is trying to raise?

"I'm going to be upfront and honest. This money is to pay taxes" he needs this money to pay off his taxes so he will "be ahead of the 8 ball" and he won't be so desperate come April.

Okay fair enough. Dakky Smurf asked him if he gets the $2000 will he be all caught up and won't need tax money in April.

"Umm, no! This money is to pay my tax attorney to file my taxes. I have no idea how much I will owe so I might still need help before April" Okay, so the money is not dor taxes, it is to pay his CPA.

He keeps changing his story every other day. He needs the money to get ahead of the game. He needs it to pay his tax guy. He needs it to pay end of year taxes.

By the way, what are "end of year" taxes? His quarterly estimate? If he has been paying his quarterly estimates, why is he paying some guy $2000 to file his taxes? I would imagine it would cost less since the guy has to do less work compared to the last couple of years when Phil didn't pay his quarterly estimates. Or maybe "end of year" taxes is just more bullshit.

In conclusion, if this money was honestly going towards taxes, Phil wouldn't have three different conflicting stories. When you lie you need to remember what lies you told to which people.
I maintain it's for his state taxes (plus probably some to pay the accountant if he's really using one), which are due in January 2020. I've mentioned it before, but the most likely STATE B&O tax rate is 1.5% of his gross income. So for $100,000, he would owe $1500. For $120,000, it would be $1800. As far as I can tell, he pays it lump annually. Only way I can see it putting him "ahead" is it means he won't have to dump as much onto a credit card or something. TBH, I think he's just bullshitting (shocker, I know) and using the same "If I get this money, this time is definitely the time that will solve all my problems" line. This will be confirmed the second he announces his "MUH FEDERAL TAXES" fundraiser.
 

Prince Lotor

. . .and the blackest eyes. The Devil's eyes.
kiwifarms.net
What is the real reason for this $2000 he is trying to raise?

"I'm going to be upfront and honest. This money is to pay taxes" he needs this money to pay off his taxes so he will "be ahead of the 8 ball" and he won't be so desperate come April.

Okay fair enough. Dakky Smurf asked him if he gets the $2000 will he be all caught up and won't need tax money in April.

"Umm, no! This money is to pay my tax attorney to file my taxes. I have no idea how much I will owe so I might still need help before April" Okay, so the money is not dor taxes, it is to pay his CPA.

He keeps changing his story every other day. He needs the money to get ahead of the game. He needs it to pay his tax guy. He needs it to pay end of year taxes.

By the way, what are "end of year" taxes? His quarterly estimate? If he has been paying his quarterly estimates, why is he paying some guy $2000 to file his taxes? I would imagine it would cost less since the guy has to do less work compared to the last couple of years when Phil didn't pay his quarterly estimates. Or maybe "end of year" taxes is just more bullshit.

In conclusion, if this money was honestly going towards taxes, Phil wouldn't have three different conflicting stories. When you lie you need to remember what lies you told to which people.
I think he just got really squirrelly with his answer because it had the potential to reveal whether he has been paying his 2019 Estimated Income Tax or not, like he couldn't just say 'Umm, no! I have no idea how much I will need in April, let's just sat it'll be a lot!'

Also he does this thing where he says what the money is for 1 time and then after that he reflexively lies, and berates & bans, people about it because he doesn't want holes poked in his begging narrative or to have it examined too closely so people notice how absolutely pathetic it is.
In this case if he really outlined 'It's for my Washington State Business and Occupation taxes' it opens him up to more questions about it like 'What are those?' 'How much is that?' 'Are these the same annual taxes you fucked yourself over by never paying since you moved to Washington?' 'So you want us to pay your businesses operation costs for you?' and 'Why couldn't you just fucking pay the state 1.5% of your income monthly so you wouldn't be begging like this you retard? Are you retarded?‽'

It's still pretty weird that he completely changed it up from 'this $2K is for Washington State taxes' to 'this $2K is to pay my Tax 'Attorney, CPA, accountant, guy, whatever''. Still, I think it was just to shut down any further questions about the payment status of his 2019 income tax liability.
 
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Muppetmode

kiwifarms.net
What is the real reason for this $2000 he is trying to raise?

"I'm going to be upfront and honest. This money is to pay taxes" he needs this money to pay off his taxes so he will "be ahead of the 8 ball" and he won't be so desperate come April.

Okay fair enough. Dakky Smurf asked him if he gets the $2000 will he be all caught up and won't need tax money in April.

"Umm, no! This money is to pay my tax attorney to file my taxes. I have no idea how much I will owe so I might still need help before April" Okay, so the money is not dor taxes, it is to pay his CPA.

He keeps changing his story every other day. He needs the money to get ahead of the game. He needs it to pay his tax guy. He needs it to pay end of year taxes.

By the way, what are "end of year" taxes? His quarterly estimate? If he has been paying his quarterly estimates, why is he paying some guy $2000 to file his taxes? I would imagine it would cost less since the guy has to do less work compared to the last couple of years when Phil didn't pay his quarterly estimates. Or maybe "end of year" taxes is just more bullshit.

In conclusion, if this money was honestly going towards taxes, Phil wouldn't have three different conflicting stories. When you lie you need to remember what lies you told to which people.
I thought he was being pretty consistent after he first admitted that it was to pay his tax attorneys, he has one he pays for his state taxes and one for his federal. Do you usually need 2?
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
Based on the data I have for 2018 it looks like DSP's self-employment profited somewhere in the ballpark of $9,000 per month after about $500 per month in business expenses. With that level of income DSP should have owed the following taxes:
  • $13,524 to the federal government as income taxes
  • $15,560 to the federal government as employer and employee share of FICA tax
  • $1,710 to the state government as B&O tax
  • for a total of $30,794
He claimed to need an oddly specific amount around $17,000 and I had previously assumed he paid nothing but now I realize that's not the case. He must have actually paid about $13,000 toward what he owed which means it's very likely he paid nothing until he got $12,000 in subscription revenue from the end of 2018. Since his income hasn't increased in any significant way he probably has paid nothing in 2019 in spite of the requirement to do so in his current IRS debt installment plan. Look forward to the panic in April if he hasn't adjusted his installment plan to include his 2019 taxes, he's told it's too late to do so, and the IRS actually starts hurting him.

It also means he spent about $6,400 per month during 2018. If we assume $3,000 or so went toward his two condos that leaves $3,400 for food, health insurance premiums, transportation and associated costs, supplies for the home, paying back credit card companies for his dumb spending, and new dumb spending. This explains why he stopped paying for the condo. This paints a clearer picture of how down to the wire he is because of that first condo in CT. He'd be fine if he didn't engage in dumb spending now, and he'd be in good shape if he hadn't engaged in dumb spending in the past. Since he made bad decisions he probably is actually living paycheck-to-paycheck.

I'm starting to think maybe he doesn't have hundreds of thousands of dollars of credit card debt, just nearly $100K.
 
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tzgnilki

kiwifarms.net
Based on the data I have for 2018 it looks like DSP's self-employment profited somewhere in the ballpark of $9,000 per month after about $500 per month in business expenses. With that level of income DSP should have owed the following taxes:
  • $13,524 to the federal government as income taxes
  • $15,560 to the federal government as employer and employee share of FICA tax
  • $1,710 to the state government as B&O tax
  • for a total of $30,794
He claimed to need an oddly specific amount around $17,000 and I had previously assumed he paid nothing but now I realize that's not the case. He must have actually paid about $13,000 toward what he owed which means it's very likely he paid nothing until he got $12,000 in subscription revenue from the end of 2018. Since his income hasn't increased in any significant way he probably has paid nothing in 2019 in spite of the requirement to do so in his current IRS debt installment plan. Look forward to the panic in April if he hasn't adjusted his installment plan to include his 2019 taxes, he's told it's too late to do so, and the IRS actually starts hurting him.

It also means he spent about $6,400 per month during 2018. If we assume $3,000 or so went toward his two condos that leaves $3,400 for food, health insurance premiums, transportation and associated costs, supplies for the home, paying back credit card companies for his dumb spending, and new dumb spending. This explains why he stopped paying for the condo. This paints a clearer picture of how down to the wire he is because of that first condo in CT. He'd be fine if he didn't engage in dumb spending now, and he'd be in good shape if he hadn't engaged in dumb spending in the past. Since he made bad decisions he probably is actually living paycheck-to-paycheck.

I'm starting to think maybe he doesn't have hundreds of thousands of dollars of credit card debt, just nearly $100K.
the guy really needs to stop buying games, cancel his subscriptions to disney+ and wwe, give the bmw back and buy a sack of rice

if the bank's lawsuit don't beat some sense into him, the IRS will, and by the sounds of things, his decision to stop paying his CT mortgage had nothing to do with saving that money for taxes, cause the dude still needs money for taxes, jesus
 

Schmeckel

Praise 'til you're hollow
kiwifarms.net
I think the issue is he has hired an entire firm to take care of his taxes
Well, we also have to remember that he embellishes about nearly everything in his mundane life. Schwan's frozen dinner? Get fucked, you scrub, the horse slaved away in the kitchen for multiple minutes to hand-craft a delicious meal. Howard and Rambo got fed up with jew tendencies and fell out of contact? Jesus christ, you morons, they were paid HANDSOMELY for their miniscule work during all the projects they worked on that Phil did 118% of the work on...They're just bitching about sour grapes.

Phil did nothing wrong, he did everything correct....

Seriously, though. While I'm sure he probably did have some sort of contact with a solid accountant or maybe even an actual "tax attorney" when the back-taxes saga happened, there's no way in fucking hell that he has some full firm on deck to handle both state business and federal taxes. He's nowhere near important or significant enough to warrant needing an ENTIRE FIRM of tax nerds to do his shit. Meeting him halfway: he had a legit tax attorney look at the snafu with the back-taxes, and they said "dood, just pay this amount, okay?" and then recommend that he go to H&R Block for anything else since he was finally all current with taxes.

Unless he's going to try and break down his "contributions" individually to fall under the gift tax guidelines, reducing his tax liability, there's legitimately no need for actual tax lawyers to fuss with his shit. But, it would totally be the DSP way to over-pay for under-production. My best guess is that he showed up to some local H&R Block type place and said "this is my stuff, what do I owe?" and the schmuck employees there are suddenly now tax attorneys.

That all said.... Dave's lack of recognition for this particular saga kinda makes me wonder some things. There's some constants that are public that can't be changed. He's being foreclosed on, the Connecticondo will be seized and sold, and he will owe a deficiency.

If we walk back to his post-wedding shtreems, he did mention he was going to tell the bank to get fucked and that he wasn't going to pay them anymore (for the Connecticondo). All this time, it's implied that he's been paying for this property to thr tune of $1,200-1,500 a month? But, he stopped paying around april or may. That's an extra grand a month in his pocket. But he still cries financial hardship every damn month.

Hypothesis: The convo with darksydemom included the foreclosure saga. She said "just let it happen, we'll take care of it at the end, and you can pay us back (over the next 10 years.... Hence the 10 year plan)." Stops paying condo, pockets over 1k a month for however many months, foreclosure, magically comes up with a sum that satisfies the bank's deficiency balance (with help from parent's reverse mortgage on their real adult home), and nobody is the wiser.
 

actually

Supervisor
True & Honest Fan
kiwifarms.net
Based on the data I have for 2018 it looks like DSP's self-employment profited somewhere in the ballpark of $9,000 per month after about $500 per month in business expenses. With that level of income DSP should have owed the following taxes:
  • $13,524 to the federal government as income taxes
  • $15,560 to the federal government as employer and employee share of FICA tax
  • $1,710 to the state government as B&O tax
  • for a total of $30,794
Can you explain how you got to this for the federal taxes? Using this (https://www.taxact.com/tools/self-employed-calculator) for 2018, I get to ~$17,000 for self-employment income of $120,000.

Edit while writing this: Wait...that's just the self-employment tax calculator, which doesn't include income tax, does it? Is that right?
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
Can you explain how you got to this for the federal taxes? Using this (https://www.taxact.com/tools/self-employed-calculator) for 2018, I get to ~$17,000 for self-employment income of $120,000.

Edit while writing this: Wait...that's just the self-employment tax calculator, which doesn't include income tax, does it? Is that right?
I ran these numbers taking into account the Qualified Business Income deduction, which for him causes 20% of his self-employment earnings to be both federal income tax and FICA tax free.
 

actually

Supervisor
True & Honest Fan
kiwifarms.net
I ran these numbers taking into account the Qualified Business Income deduction, which for him causes 20% of his self-employment earnings to be both federal income tax and FICA tax free.
That's good to know. What I meant, though, was: have I been fucking up the 2018 tax calculation by not including both income tax AND a separate self-employment tax?
 

SoapQueen1

speed bump, failed business, retired tism wrangler
True & Honest Fan
Retired Staff
kiwifarms.net
That's good to know. What I meant, though, was: have I been fucking up the 2018 tax calculation by not including both income tax AND a separate self-employment tax?
I think you should include both, I mean he has to pay both.

EDIT: Oh I think I understand the issue. You thought he only had to pay self-employment tax? Self-employment tax is just a colloquialism for employee's + employer's share of FICA.

Here is a calculator that takes into account self-employment QBI deductions and self-employement FICA considerations, but not not B&O tax: https://www.irscalculators.com/tax-calculator
 
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actually

Supervisor
True & Honest Fan
kiwifarms.net
I think you should include both, I mean he has to pay both.

EDIT: Oh I think I understand the issue. You thought he only had to pay self-employment tax? Self-employment tax is just a colloquialism for employee's + employer's share of FICA.

Here is a calculator that takes into account self-employment QBI deductions and self-employement FICA considerations, but not not B&O tax: https://www.irscalculators.com/tax-calculator
Much appreciated. Fortunately, B&O tax is super simple to calculate.
 
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