Discussion in 'Paper Money' started by Randy Abercrombie, Mar 25, 2023.
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Thanks. Most all of these are 2013…. But I do remember seeing one 2003 in the batch. I’ll have to swap her for a couple of singles.
Funny thing is that yesterday my girl reached her goal. She had worked all year to save enough to buy her an iPhone at $700.00…. We sat at the table and counted everything out….. Then I explained sales tax to her. The poor child’s heart sunk so I am going to cover the sales tax…… This time.
their kids Christmas stockings. Besides todays "team members" that man the registers would not accept these counterfeit bills anyway.
Great values being taught. Good, but tough, lesson on playing the tax man. Now you have the timing on your side to teach about interest earning with compounding. Since interest rates are no longer zero, she can open a 'high yield' savings account and earn about 3.5% interest compounded daily, posted monthly. Explain to her how she can earn money even while sleeping. And that interest earned earns interest.
I know American Express offers such an account. Also, it's FDIC insured up to $250k. Good to know in this crazy banking environment these days.
I got a strap of 100 a while back and use them to tip wait people and occasionally hand them out to street corner people.
Tax exemption: She can file as a business expense. No age limit. She can file a Schedule C, and take deductions for 3 years before she has to reflect a profit. You can make a generational wealth gift to her, and you do not have to pay taxes. She can also list the gift as an asset, take a personal loan against it, and then pay herself back with interest and deduct the interest.
She could also lease it instead, and the world gives haer a lot of free stuff with that taxwise...deduction for loss/damage, cost of insurance, cell phone use charges....
I LOVE THE U.S. TAX CODE!!!!
Start em' young, I say.
Hey, while I am thinking about it, she could file as an LLC and you can take an investment position, and...
Ok. I will stop. Point made.
I love America....
Wait a minute, she could then form a Trust, and list the phone as a Trust asset on Schedule of Assets and then lease it back from the Trust and.....
You crack me up. I need a new CPA…
Just hire Charley
What would happen, oh heaven forbid it, she just actually paid the sales tax? There, I said it. Don't flog me!
Darn it, I almost forgot about the Depreciation over 7 years, but since it is under the $900.00 threshold, she can write the whole thing off in YEAR 1, then upgrade as a Maintenance lime item and take the full deduction yearly.
She can then monetize the whole darn thing, by FB, or TikTok or U Tube, etc., and copyright it as "Dad's Quips" or some such thing and short videos about your daily wisdom to her, with a humor Bent.
She will make Billions, Jerry...Billions I tell ya....
See, that would be a mistake, because then she will receive IRS Forms for Quarterly Estimated Tax Payments, and that can not be deferred or deducted, except against the total 1040 amount due, but the whole darn point is to not pay taxes.
Why do you want to blow a great gig?
Not to mention, that could end up pizzing her off, and she could file reportable income paid to you via 1099, and no, the $600.00 threshold is a myth in that scenario, because it is still income to you and you would have to claim it as such and pay taxes, while she would then have to add 5610 and claim it as unreported payments.
Not to mention she would then have to reduce the value on Schedule A of Trust Assets. THAT would be a BIG headache.
You do know @charley is serving in Leavenworth?
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