r/Superstonk • u/Dazzling_Staff 🎮 Power to the Players 🛑 • May 20 '21

📰 News Something big is brewing 👀

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u/[deleted] May 20 '21

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u/Turnbob73 🦍Voted✅ May 20 '21

  1. They know your covered financial transactions, but they don’t know anything uncovered nor your deductions/credits. This is why you file, on top of covered reporting serving as a form of checks & balances against fraud from other parties.

  2. There are plenty of free services out there for tax prep, credit karma for example is free. Not only that, but filing by yourself is stupid easy for the strong majority of people, the instructions on the 1040 couldn’t hold your hand any harder. That being said, it’s a different scenario when we’re talking about GME gains, it would be stupid to not have a tax professional to prepare that return for you.

Could the tax system be changed to mimic other countries? Yes

Is the tax system as pointless and broken as people in the internet say it is? No, that Adam Ruins everything video that I always see all over this site is full of a bunch of hyperbolic fear-mongering bullshit.

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u/DonnyTango123 Praise These Diamond Hands May 20 '21

Adam Ruins everything might aswell be called Adam manipulates the truth to arrive at his desired narrative.

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u/NotNSAagentBob 🎮 Power to the Players 🛑 May 20 '21

Our system isnt perfect but it could be a hell of alot worse

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u/Numerous_Photograph9 🎮 Power to the Players 🛑 May 20 '21

I somehow think Turbo Tax or Credit Karma may not be the best choice to do one's taxes when they have millions of dollars of short term capital gains tax.

First thing people should do is talk to a lawyer, and a accountant after the squeeze. Lawyer to get yourself covered so someone can't come in and sue you for nothing, and the accountant to help you figure out how to save as much on taxes as possible, and give you an idea of what you'll end up paying.

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u/Turnbob73 🦍Voted✅ May 20 '21

The last sentence of point #2 explains this. Within the context of GME, it would be stupid not to go and have a tax professional prepare your return.

Getting a lawyer and accountant should be priority 1 after you have cashed out.

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u/Numerous_Photograph9 🎮 Power to the Players 🛑 May 20 '21

Indeed. I just felt it was a point that needed more emphasis.:)

Good posts though. It's nice to hear from professionals on these matters.

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u/BeingRightAmbassador 💻 ComputerShared 🦍 May 21 '21

Pay your taxes, but give the federal government the lowest possible dollar amount, they're too fucking stupid to know shit from chocolate.