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Soliciting recommendations - best accountants to help starve the state
440 sats \ 13 comments \ @SouthParkHodl 20 Aug bitcoin
Hi all - Part of my motivation to hold bitcoin and living below my means is to starve the state of resources.
To further help with this endeavor I'd like to work with an accountant who plays relatively aggressively but at the same time doesn't advise courses of action that raise serious red flags for audit purposes. In conclusion, I'd like to deprive the state of as much of my income as possible, and would like some advice on how best to achieve that end. If anyone is pleased with their accountant and wants to pass along their (accountant's) contact info, it would be most welcome!
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272 sats \ 0 replies \ @nullcount 20 Aug
Most accountants are just going to do "the best they can" with whatever paperwork you give them. If you just hand them a W2 stub, they're going to charge you $400+ for a return you could have easily done yourself.
Highly recommend educating yourself (YouTube) and doing some personal tax planning so you can give your accountant something that they can work with.
An "easy" first step that's available to everyone is to form a single-member LLC (Limited Liability Company), you can use business expenses and losses from your LLC to offset other income on your personal tax return, including W-2 income from an unrelated job.
For example:
Without an LLC, maybe you earn $50k on your W2 but you spend $25k on expenses (new laptop, auto, office supplies, home office, etc.) You're still taxed on that $50k even tho you spent half of it on "necessary purchases that allow you to continue earning".
With an LLC, you can earn $50k on W2, but you declare those $25k in necessary purchases as "business expenses". Now, you're only taxed on the remaining $25k not the entire $50k.
Your business should probably show some revenue every year, but you don't have to be profitable right away.
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144 sats \ 1 reply \ @SimpleStacker 20 Aug
Start a sole proprietorship and claim your car, utilities, housing, etc, as business expenses.
This is not financial or legal advice. I am just an internet random spouting nonsense.
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0 sats \ 0 replies \ @Bell_curve 20 Aug
Schedule E is safer because schedule C has a higher audit risk. My accountant told me this a few years ago
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144 sats \ 0 replies \ @justin_shocknet 20 Aug
An accountant will just cost you sats, they only pay for themselves under uhnwi / corps situations...
Just get yourself a spouse and a couple kids, then never sell more bitcoin in a calendar year than the standard deduction... which is actually quite livable.
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20 sats \ 0 replies \ @nullcount 20 Aug
I'm interested ways to (legally) DDoS the state's resources for little to no cost.
For example, filing taxes on paper by mail instead of digitally. It costs me a couple extra bucks to print and stamp plus I have to wait longer to have it processed, but it costs the state way more than I spent to process that paper.
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65 sats \ 2 replies \ @k00b 20 Aug
I believe this is the job of any good accountant.
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110 sats \ 1 reply \ @kepford 20 Aug
I second this. What you want to do is pay as little tax as possible and a good accountant will ask you what your risk tolerance is. There are always things you can do but they might be more or less likely to trigger an audit. A good account will talk to you about tradeoffs.
The wealthy don't think like most plebs. For all the talk of "paying their fair share" the tax code is written to be used by those that know how to use it.
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133 sats \ 0 replies \ @kepford 20 Aug
Also it is hard to recommend an accountant without asking you to dox yourself. Typically you want one in your state and maybe even your city or at least very familiar with them.
You also want someone familiar with your business industry if it is specialized or has many special government tax rules.
Depending on your income a tax attorney might be a good idea. There are benefits to going that route around confidentiality.
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110 sats \ 4 replies \ @Enemy_of_the_state 20 Aug
Or just don’t file a 1040 slave confession. Read Dave Champion
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0 sats \ 3 replies \ @SouthParkHodl OP 20 Aug
Thanks for this - I hadn’t heard of Dave Champion and I don’t run a business and am a typical W-2 employee
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10 sats \ 0 replies \ @konstantin21 20 Aug
can start here. fast read.
https://z-library.rs/book/28414912/e70dae/business-handbook-for-forms-w9-1099-and-us-persons.html
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10 sats \ 0 replies \ @itsMoro 20 Aug
if ur a w2 employee you shouldnt even bother ; you are the lowest wrung and pay maximum amount of taxes with no room to write shit off. need to start a business if you want to fuck around.
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10 sats \ 0 replies \ @Enemy_of_the_state 20 Aug
Same here and I still confess, however as my wealth grows I’m less inclined to, and will definitely quit filing in retirement.
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