The Occupy Protesters Have Launched a Website to Help You Dodge Taxes - News and Current Events | futures io social day trading
futures io futures trading


The Occupy Protesters Have Launched a Website to Help You Dodge Taxes
Updated: Views / Replies:293 / 0
Created: by kbit Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

The Occupy Protesters Have Launched a Website to Help You Dodge Taxes

  #1 (permalink)
Elite Member
Aurora, Il USA
 
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
 
kbit's Avatar
 
Posts: 5,872 since Nov 2010
Thanks: 3,301 given, 3,332 received

The Occupy Protesters Have Launched a Website to Help You Dodge Taxes

Two former Wall Streeters with sympathies for the Occupy Movement have launched a website to help people dodge taxes. They describe their mission to "Occupy The IRS" in patriotic terms, using a picture of Thomas Jefferson as their Twitter avatar.
The site, called taxKilla, walks users through the simplest way to dodge taxes: filing Schedule C deductions for a business entity.

[Related: Last-Minute Tax Tips]
"Anybody can do it, that's the beauty of it," said Jen Powers , who graduated from Columbia University and began a career in social work after leaving Wall Street in the 80s. "We thought the 1 percent have so many different loopholes and opportunities to take advantage of when it comes to taxes, but the everyday person doesn't."

Is it legal?
Most of taxKilla's guidance isn't anything new – even tax accountants admit plenty of people use Schedule C forms to beef up tax refunds.

But the site also delivers insider tips on what might trigger an audit (typos, too many travel and entertainment deductions, etc.) and specific strategies to turn audits in your favor (schedule appointments on Fridays right before lunch breaks, "forget" certain paper work).

"We just condensed (this information) and put it together in a way that would be appealing to the Occupiers and basically people who would need help and obviously can't pay for it," Powers said.

Josh King, general counsel at legal advice site Avvo.com is skeptical: "(taxKilla) is effectively saying, 'You might as well be aggressive with this and basically enter fraudulent information on your tax return," he said. "What they leave out is that in order for this to actually work, you have to make money (at your business). You can't just say, 'I love to travel and my significant other loves to travel' and write that off when you make $15 in Google ad (revenue) every month."

The loophole
That's where Power disagrees. It's true that in order to qualify for deductions business entities have to turn a profit, but only in three out of the last five years.

[Related: 5 Excuses Not To File Taxes That The IRS Won't Buy]
That means if you're in your first year as a photographer and post a negative or $0 balance at tax time, you're still able to file deductions for things like home offices, camera equipment and your vehicle. Not to mention the fact that TaxKilla's target audience probably doesn't belong in the $1 million salary club, whose members are 11 times more likely to get audited.
How it works

Once you've signed up on taxkilla.com, you'll find a pretty rudimentary outline on what constitutes a business entity (Note: that doesn't mean it has to end in LLC or Corp. A blog, photography website and a lawncare service are a few examples) and which forms to fill out for deductions: the 1040, Schedule C and Form 4562.

From there, you can use the site like a cheat sheet along with any basic tax preparation service (see where you can file for free) to file deductions on everything from your home office to the gas used to travel to and from appointments. Line by line, it explains what specific lines are for and how to tie up all the loose ends at the end.


The Occupy Protesters Have Launched a Website to Help You Dodge Taxes - Yahoo! Finance

Reply With Quote

Reply



futures io > > > > The Occupy Protesters Have Launched a Website to Help You Dodge Taxes

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Jigsaw Trading: TBA

Elite only

FuturesTrader71: TBA

Elite only

NinjaTrader: TBA

Jan 18

RandBots: TBA

Jan 23

GFF Brokers & CME Group: Futures & Bitcoin

Elite only

Adam Grimes: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
Police Bludgeon Peaceful Occupy UC Berkeley Protesters with Batons Quick Summary News and Current Events 0 November 10th, 2011 02:20 AM
Police Arrest 175 Protesters as 'Occupy' Movement Spreads Quick Summary News and Current Events 0 October 16th, 2011 04:00 PM
In Private, Wall Street Pros Dismissive of 'Occupy' Protesters Quick Summary News and Current Events 0 October 15th, 2011 01:10 PM
Occupy Wall Street: What Life Is Like for the Protesters There Quick Summary News and Current Events 0 October 12th, 2011 04:00 PM
Forum launched! Pardon the dust... Big Mike Feedback and Announcements 0 June 11th, 2009 11:49 PM


All times are GMT -4. The time now is 06:07 AM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-12-14 in 0.08 seconds with 19 queries on phoenix via your IP 54.160.245.121