Anybody Buying Yet? Where’s the Bottom?

[BigHornRam]

Off to a stupid start... I do declare I'm shocked, shocked

I can already see it's going to be a rough 2 years for you @wllm .

 

[Deleted member 28227]

I can already see it's going to be a rough 2 years for you @wllm .

Hey folks can polish turds, I'm just saying it's a turd.

 

[BigHornRam]

Hey folks can polish turds, I'm just saying it's a turd.

When Joe vetoes the bill and you get audited next year........don't cry to me about it.

 

[SAJ-99]

I'm gonna derail the conversation for a bit... I am ready to begin buying individual stocks (particularly foreign stocks), but I am not sure which trading platforms are best. My Dad uses Ameritrade, my brother uses Robinhood. Thoughts and comments from the Hunttalk Community? These trading platforms seem to be very similar to each other, to me.

I’m with Schwab. I note that Schwab and TD Ameritrade are merging, so will be the same. You said you were buying Foreign stocks? Can you elaborate? It may change my answer. Foreign ADRs can be bought in all the mentioned platforms, but foreign stocks in other non-usd currencies, you will need to go up a notch in service level.

 

[Deleted member 28227]

When Joe vetoes the bill and you get audited next year........don't cry to me about it.

I take one for the team in exchange for reasonable enforcement, my game is tight wouldn't be a problem.

 

[SAJ-99]

When Joe vetoes the bill and you get audited next year........don't cry to me about it.

But maybe it helps out with that debt problems you said you were going to worry about all year?
Cognitive dissonance on full display.

 

[Deleted member 28227]

But maybe it helps out with that debt problems you said you were going to worry about all year?
Cognitive dissonance on full display.

We don't want taxes, but also we want to spend a bunch of money
We want to close loop holes, but we don't want an enforcement of the law
The national debt is bad, but we don't want to do anything to fix it...

Congress as usual, but now 20 idiots are going to shut down the government for months before the status quo of nothing gets done.

BHR it's not a team thing, they are all ridiculous I don't like tax and spend any more than spend and spend.

But no one is advocating for adulting.

 

[BigHornRam]

But maybe it helps out with that debt problems you said you were going to worry about all year?
Cognitive dissonance on full display.

By spending 70 billion dollars to shake down you and wllm? I'm thinking that will fail miserably.

 

[BigHornRam]

But no one is advocating for adulting.

I'm an advocate for adulting.

 

[Bam Bam]

I’m with Schwab. I note that Schwab and TD Ameritrade are merging, so will be the same. You said you were buying Foreign stocks? Can you elaborate? It may change my answer. Foreign ADRs can be bought in all the mentioned platforms, but foreign stocks in other non-usd currencies, you will need to go up a notch in service level.

"I'm with Schwab." Boy, did that statement catch me by surprise! I have never invested in individual stocks before, but I've been studying to begin investing (I am an intelligence analyst by trade). I know that I'm only a "rookie", but I have still noticed some trends in the market that indicate that US stocks have further to slide, before they begin to recover. Every time that the FED has "pivoted" on the FED rates since the late 1960s, the stock market has actually declined for several more months- so, I know that whether the FED raises rates or pivots, we are likely to see US stocks slide some more. This, along with mass layoffs, historic yield curve inversions, recent congressional actions, ect... have all combined to convince me to hold off buying US stocks for the time being, so I am looking at getting started in foreign stocks first- the BRICS countries and some African countries that are suppliers for 1st world countries are particularly interesting to me. Does this answer your question?

 

[Deleted member 28227]

By spending 70 billion dollars to shake down you and wllm? I'm thinking that will fail miserably.

Reality is if you take the the standard deduction, don't file a schedule C, don't have foreign bank accounts, don't take massive losses you have nothing to worry about this covers 90% of Americans. Less than 1% of folks get audited and IMHO those that do typically should be audited.

 

[BigHornRam]

Reality is if you take the the standard deduction, don't file a schedule C, don't have foreign bank accounts, don't take massive losses you have nothing to worry about.

I had a concrete sub-contractor that did a lot of work for me way back. He wasn't great at numbers and made a few mistakes on his taxes. One Friday he took a check from me for the latest job to the bank to deposit it. It was also payday for his crew. He came back a little later saying the IRS siezed his bank accounts. The teller told him to make sure his crew came in immediately to cash their checks before his account was locked. Nice of her to tell him that....probably could have got her fired.

$5,000 tax mistake was blown up to $100,000 with fines and penalties. It ended getting resolved for a lot less, but the IRS doesn't screw around when they go after you.
I've hired good accountants over the business years and have been fortunate to have never been audited.....yet.

 

[SAJ-99]

Worthwhile speedread if your are interested...​

​

Simplifying the Tax Code and Reducing the Tax Gap: What Can Be Achieved?

Reducing the tax gap is, on the margin, a good way to raise revenue, but is not without costs. Policymakers should consider compliance costs for law-abiding taxpayers as well as administrative costs for the IRS when evaluating measures to reduce the tax gap.

taxfoundation.org

​

@BigHornRam did you read this? I will reiterate @noharleyyet suggestion. It is always better to be informed.

Lower income people are already “audited” at a higher rate, BECAUSE IT’S EASIER! You need skilled, trained people to audit a tax return prepared by a team of CPAs. And a computer system a little better than the circa 1983 mainframe the IRS is using now. It’s takes nothing to audit the income of a W2 wage earner. Proper staffing would actually fix that and be revenue positive. I’m with @wllm in that what needs to be fixed is all the deductions. But that isn’t going to happen…ever.

 

[SAJ-99]

He wasn't great at numbers and made a few mistakes on his taxes.

Yeah. Obviously.

 

[BigHornRam]

"I'm with Schwab." Boy, did that statement catch me by surprise! I have never invested in individual stocks before, but I've been studying to begin investing (I am an intelligence analyst by trade). I know that I'm only a "rookie", but I have still noticed some trends in the market that indicate that US stocks have further to slide, before they begin to recover. Every time that the FED has "pivoted" on the FED rates since the late 1960s, the stock market has actually declined for several more months- so, I know that whether the FED raises rates or pivots, we are likely to see US stocks slide some more. This, along with mass layoffs, historic yield curve inversions, recent congressional actions, ect... have all combined to convince me to hold off buying US stocks for the time being, so I am looking at getting started in foreign stocks first- the BRICS countries and some African countries that are suppliers for 1st world countries are particularly interesting to me. Does this answer your question?

Do your homework. Sounds way too risky of investments for me. Agree with your thinking about the US markets but what you are suggesting sounds like falling out of the frying pan and into the fire to me. Good luck!

 

[Deleted member 28227]

I had a concrete sub-contractor that did a lot of work for me way back. He wasn't great at numbers and made a few mistakes on his taxes. One Friday he took a check from me for the latest job to the bank to deposit it. It was also payday for his crew. He came back a little later saying the IRS siezed his bank accounts. The teller told him to make sure his crew came in immediately to cash their checks before his account was locked. Nice of her to tell him that....probably could have got her fired.

$5,000 tax mistake was blown up to $100,000 with fines and penalties. It ended getting resolved for a lot less, but the IRS doesn't screw around when they go after you.
I've hired good accountants over the business years and have been fortunate to have never been audited.....yet.

Kinda reminds we of the guy who says “I got arrested by the game warden for not having a blaze hat on”…

I mean sure… but I imagine 80% of the story is missing, such as dodging the IRS for a few years, refusing to respond to mailings, yada yada yada.

If you file a Schedule C hire a CPA and let them deal with the audit liability.

 

[SAJ-99]

"I'm with Schwab." Boy, did that statement catch me by surprise! I have never invested in individual stocks before, but I've been studying to begin investing (I am an intelligence analyst by trade). I know that I'm only a "rookie", but I have still noticed some trends in the market that indicate that US stocks have further to slide, before they begin to recover. Every time that the FED has "pivoted" on the FED rates since the late 1960s, the stock market has actually declined for several more months- so, I know that whether the FED raises rates or pivots, we are likely to see US stocks slide some more. This, along with mass layoffs, historic yield curve inversions, recent congressional actions, ect... have all combined to convince me to hold off buying US stocks for the time being, so I am looking at getting started in foreign stocks first- the BRICS countries and some African countries that are suppliers for 1st world countries are particularly interesting to me. Does this answer your question?

Not exactly the answer. If you are buying stocks on foreign exchanges (Toronto, London, HK, etc) they will be denominated in that local currency. If you are buying foreign companies on US exchanges (ADRs) they are quoted in USD. With the latter, you are fine with any of the major brokers platform, with the former you are not.

Only thing I will say is I have heard all those arguments on TV and podcasts for the last two months. The market knows. That doesn't;t mean you won't be right. It just means it is priced appropriately.

 

[BigHornRam]

Yeah. Obviously.

He was an ex college football player, and a concrete donk. What did you expect.

 

[BigHornRam]

@BigHornRam did you read this? I will reiterate @noharleyyet suggestion. It is always better to be informed.

Lower income people are already “audited” at a higher rate, BECAUSE IT’S EASIER! You need skilled, trained people to audit a tax return prepared by a team of CPAs. And a computer system a little better than the circa 1983 mainframe the IRS is using now. It’s takes nothing to audit the income of a W2 wage earner. Proper staffing would actually fix that and be revenue positive. I’m with @wllm in that what needs to be fixed is all the deductions. But that isn’t going to happen…ever.

Did you read this about the bill?

"The legislation will roll back the billions of dollars of funding for the IRS approved in the Inflation Reduction Act last year but leaves in place funding for customer service and improvements to IT services.

The bill rescinds any funding that could be used to conduct new audits on Americans and funding that would double the agency's current size."

If you are naive enough to think the 70 billion will allow the IRS to hire qualified agents bright enough to squeeze more than 70 billion out of the Jeff Bezos types that already hire the best and brightest accountants, you are mistaken.

If they go after the crypto fraud and under the table drug dealers, good. Hire a few more agents, but 70 billion aditional funding is a farce.

 

[SAJ-99]

Did you read this about the bill?

"The legislation will roll back the billions of dollars of funding for the IRS approved in the Inflation Reduction Act last year but leaves in place funding for customer service and improvements to IT services.

The bill rescinds any funding that could be used to conduct new audits on Americans and funding that would double the agency's current size."

If you are naive enough to think the 70 billion will allow the IRS to hire qualified agents bright enough to squeeze more than 70 billion out of the Jeff Bezos types that already hire the best and brightest accountants, you are mistaken.

If they go after the crypto fraud and under the table drug dealers, good. Hire a few more agents, but 70 billion aditional funding is a farce.

The Tax Foundation disagrees. As does the CBO and anyone else that analyzed the bill. But I'm sure you know better, because they told you on TV.