Quote:
Originally Posted by Michael B
Bob,
I admire your willingness to assist all of the handwringers. And gratis, no less! The patience of Job. I get it all the time even from people in my own office. Explaining the UCC code and District of Columbia statutes on property law. I learned 4 simple rules over 30 years ago that have helped. I sleep quite well obeying them.
1. Use/consult a tax professional.
2. Report your income.
3. Pay your taxes.
4 When in doubt refer to Rule #1.
I have used the same person since 1989 and the guidance has been invaluable.
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Thanks, appreciate that. I didn't bother chiming in much over the years, but more recently have gotten tired of seeing people who clearly have no real tax experience or knowledge posting tax related comments and responses that are so wrong, it is not funny. And then I think of all the people that end up reading those posts who may actually think what they are reading is true or correct, and it starts bothering the heck out of me. Especially with all the tax crap that has been happening over the last 4-5 years, and is going to continue going forward. I'm not really telling anyone what they should or shouldn't do when it comes to their taxes, just providing some info and background so they can hopefully make a better, more well-informed decision for themselves. And with the way flippers and investors have really invaded our hobby in recent years, along with the seemingly insane surge in prices, we are definitely becoming more noticeable to tax authorities. And they can (and already have in many cases) also influence and impact how people decide to eventually report their hobby activities and reflect such on their tax returns.
Glad to hear you've got your own trustworthy, long term, tax person. That can make life a lot easier for many people. Not necessarily for everyone, but for way more people than you can probably imagine. And absolutely love your four rules, especially #4. Have my own mantra I've repeated over the years that I always liked to tell clients: Tax evasion is a crime, but tax avoidance is your Constitutional and God given right!
And as for offering help gratis, wasn't looking for anything. But I do collect a lot of different pre- and post-war sets and cards, and seem to especially like oddball and obscure things. So if anyone got some knowledge and help from my posts, and feels so inclined to send me a duplicate or extra card/item or two they may have no real use or need for as thanks, I won't say no. LOL.
I don't know everything, but if someone has questions, I'll try to help. Thanks.