Random Thoughts.....What Are You Thinking?

Ester gunna be top dawg again come Easter unless she catches the coof

Yeah, I mean, who uses Verizon anyway?

Sprint or GTFO.

j/k

Sadly it seems like this season of Clone Wars is just 8 episodes of stalling nonsense until we get to the Siege of Mandalore..

Flick is on my island today, time to make bank

Wow someone else on XIAH who follows one of the internet's most lucrative lolcows


Can't wait for him to get completely buried in court. Can't bankruptcy away the IRS either, and I wouldn't be shocked if the IRS does an audit after all this ***that has surfaced via these proceedings





Nick's leveled some pretty hot takes.





There's also a review of the initial filings

Actually....

While you can't bankruptcy away all the debt from IRS, you can bankruptcy away some or most of it. And in some cases, all of it.

Courts generally do put the federal government as Tier 1 collector for bankruptcy, but in a rare case or two, they are put as the last tier.


That sounds like a story that needs to be shared.

*grabs some popcorn*

He lies habitually about his income and right now it is heavily suspected that he doesn't report his stream donations and patreon as income, meaning he's liable for tens of thousands of dollars in taxes. He's also misrepresenting the income that he IS reporting.

/taxaccountantmodeon

He can lie about his income to the public and that isn't a crime.

And, unless he actually publishes his Form 1040 (or 1120/1120S/1065, if he has a passthrough), nobody but the IRS will ever know.

Both Steam and Patreon is required by law to issue him and others like him a Form 1099 (either 1099-MISC or 1099-K). That's generally how IRS knows he is lying about his income.

Honestly, the only way you can underreport your income and get away with it is to receive nothing but cash payments, and never put it in a bank or spend it only large items.

Only way to misrepresent income for it to be illegal is to claim it as capital gains or supplemental income subject to passive law.

/taxaccountantmodeoff

iirc the rumors were he is also lying to the courts and his debtors about income because he doesn't want to admit the reason he has no money is because he's a gacha addict

Also if you gunna post a video from Nick about the ***he does have some ones that aren't 3 hours long about it...

Over $40k in a WWE gacha game!



I only pay attention to the long ones because I treat them as podcasts. Phil isn't the type of cow that you can summarize in a single paragraph.




Stream, not Steam. His donations go through PayPal and he has hidden at least one of his PayPal accounts from the court so far. In his bankruptcy call he outright states that he doesn't report his 'tips' because he believes that tips are not taxable income and are instead goodwill gifts. He also said that streamlabs doesn't process payments at all (a lie).

Luckily the trustee asked to see the last 6 months of all of his PayPal accounts, so that should be real interesting.

As for misrepresentation of his income, he is finagling his numbers to make them look like he makes less and spends more. He claims he has over $5,000 a month in tax writeoffs and business expenses, which have not been itemized and when asked to itemize it he got extremely defensive. Will be very interesting to see how that plays out.


Keep in mind we're talking about a man who is already over $30k in the hole with the IRS because he didn't pay any income tax at all for the first 5 or 6 years after he moved to Washington because he "wasn't supposed to have to pay income tax as a home business".

My error, but still required to issue a 1099. As long as his income through them is greater than $600 a year.

Man, I wish I would have seen the judge's face when he said that.

He can't be that stup-

I mean I can just tell you that he has 13 credit cards and a combined debt between his real assets and those credit lines of nearly $500,000 from just the last 10 years and that should lend some gravity to the type of dude we're dealing with.


I still don't know how he got 13 credit card


Some other funny highlights include him claiming his game consoles and home computer as a business asset and business expense despite using them off stream and for things other than work (and his wife uses them as well). He also claims his household electric bill as a business expense and tax writeoff despite only using 1 room in his house for his 'job'.

I could go on but frankly there's just too much. I suggest googling his name if you want to know more, there's years of autistically chronicled information to sift through.

I more meant for sharing for legal info the shorter vids (which are still usually 15-20 minutes) tend to do a decent job focusing on the legal aspects. But yeah you miss out on all the hilarity and drama so if you got time for it watch the long ones. I just don't always have all the time given how much he produces

Technically he can deduct the utilities he pays as a business expense. It has to be pro-rata though, meaning a specific % of the bill based on how big his home office divided by the size of his house. But it is perfectly legal to do that. I do that for my investment business even though it's a passthrough entity (I have a partnership that owns the investments, but I claim a small percentage of my utility bills as home office expense for the partnership on my tax return).

Yeah but like I said, he claims the entire pig pen, not just his playroom.

I know, I'm just saying that the principle is not illegal.

The more credit cards you have the more offers for credit cards you get.

Having too many* credit cards is a negative on the credit score BTW.

*A variable number depending on net worth and how the rating examiner / algorithm feels that day.

Having 13 credit cards could also show overstatement of income.

Credit card companies aren't going to give out credit cards if the credit card payable outstanding is above a certain percentage of what income is being earned.

Also, Grandma Hippie!

1, I am nobody's grand mother.

2. I am a beatnik not a hippy, you should learn the difference.

choking the chicken (goose)

Having a hundred credit cards is not a bad thing to your credit score, and if you keep them all between 10-25% balance you’ll go up at a high rate, since it shows on paper:
“-holy ***chanti is utilizing it all efficiently and reliably as ***”
“-holy ***chanti is amazing at budgeting and proper usage without taking on too much debt she can’t handle or abusing it”
And your score would jump to like 850+ in less than a year

But
-if they all stay at zero you look like you can’t handle having credit and you waste them
-If they all go over 50-100% of limit it shows you handle it poorly
And
-if any of them go over their limits it shows you are 100% untrustworthy financially and a super moron
And
-if you close any of the accounts

will all lower your score.

"O-oh, the camera was on the whole time huh? I didn't even know."

snorts and swallows it

HUHUHUHUHUHUH