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Showing results 1 to 18 of 18
Search took 0.00 seconds. Search: Posts Made By: Sunspot144
Forum: Bank Accounts 04-16-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

:noidea::noidea::noidea::noidea::noidea::noidea:
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Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Huh, maybe state was trying to stick its nose where it shouldnt be :noidea:
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

IDK, Alliant CB in first year would net me $4380, every year after would be $3650. In 2 years it's 8k free cash lol
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

State taxes was asking for CB income. Never seen that before.

Alliant has a 3%/2.5% CB card. The free CB is not bad.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

You guys think you could get docked for not reporting cash back?
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Given how unprofitable mining has been it's a huge disappointment. Saved on heating bill a little but it's seasonal.

$2500 startup costs and going negative while that $$ in BTC 3w ago would be...
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Yea, I can see what you mean. It's like walking into a meat shop and seeing a mining rig in the back.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Nope, you don't.

1040 line C "Business name. If no separate business name, leave blank."

I figure it's like 1099 MISC income, but the activity pays you instead of an employer.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

$1050/hr. Haha
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

I was baked out of my mind when I was filing but I think mining qualifies as a business. :ranger:

Question
How do you distinguish between a business and a hobby?

Answer
In making the...
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Yea the peace of mind bit is nice. Looks more professional. It was $15 to file online this year. Last year H&R was a free service, now it's $70+.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Haha, I hate doing taxes. I hate filling orders too. I like finding stuff to sell, that's about it - LOL.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Do you guys pay to have your taxes done?

I did mine again this year online - it took 1-2hrs a day over a week. Not deal breaking but getting to be a little too much time wasted.
Forum: Bank Accounts 04-15-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Makes most sense to report all earnings. Mostly curiosity what the IRS is / isnt capable of.

Claimed a mining rig as a business expense this year. 99% sure it's legit but rather avoid an audit...
Forum: Bank Accounts 04-14-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Thanks for responses. Those states seem to be catching a lot people off guard on the forums. Getting audited sounds horrific - dont wish it on any one.
Forum: Bank Accounts 04-14-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

DOR = Dep of Rev. Got it.

KY and MA can see your bank statements?! Wtf

Say you had automatic deposits into an isolated account. No withdrawals/transfers. The depositing party didnt issue a...
Forum: Bank Accounts 04-14-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
Re: IRS and Bank Accounts

Thanks for response. Any deposit into a business bank account gives auditors permission to follow up on where those deposits came from?
Forum: Bank Accounts 04-14-2019
Replies: 43
Views: 2,933
Posted By Sunspot144
IRS and Bank Accounts

Does the IRS know about all your opened bank accounts?
Showing results 1 to 18 of 18

 

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