Note: This is a work in process, just to see the reaction before investing more time.
As a former CPA, this is my personal advice.
A) If You Don’t Own a Business:
1) Stop all withholding from checks you receive, such as your paycheck, SSI or annuity payments.
Change your W4 form for payroll deduction to read 9 kids. Yes, this is legal.
Then take the monthly savings and purchase Silver Dollars (about $35 each).
2) Sell everything you can spare and purchase Silver Dollars, as if your life depends on it.
3) If you owe money on taxes this year, and can’t get a refund, do not file a return this year.
B) If you Own a Business of any type (”C” or “Sub S”):
1) Book a very large expense so that you no longer owe any income tax, to the state or Fed. Book it as Continuity Of Business. See Definition at the end of this article.
2) If you have a Sub-S business, make sure that Continuity expense creates such a loss that it gets back all withholding the government holds; the government must refund it all.
If this works for you then consider going back and file an amended tax return for the prior year and do the same thing. This will correct your prior year error.
Mind you, it will take time to get those refunds, but they will come if IRS remains in business. In The Meantime, Lend yourself those refunds by pulling cash from anywhere you can get it, and purchase Silver Dollars.
C) If you have gone through all the steps above and still don’t have at least 1,000 ounces of silver per adult in the household, then do this:
Max out every credit card you own and purchase Silver Dollars. If ever asked what happened to them, say you lost a “damn bet” on the Superbowl and look sheepishly at your spouse.
Definitions and Procedures:
AA) Continuity Of Business Expense.
If I am paranoid about my Ebay home business I can inventory spare computers, routers, Starlink hookup, phone switch box, spare cell phones, a rental flop house where it is all stored and pay for the utilities hooked up, so at a hour’s notice I am back in business if my home business is hacked. I can inventory Prepper food and supplies, for me, my family and all my employees’ families so the Company survives, right? Don’t forget weapons, training, professional advice, solar power, get-away truck and camper. I just remember the Prepper Derivative underwriting the first to years of recovery.
Then the all Important Jim’s Prepper Survival Guides. This stuff really adds up, you know. You can purchase and inventory or contract it out as a package. To do that you meed to contract with Jim’s Package Prepping Service. It’s sorta like a derivative for the big Folks. Premium grade, of course.
Broke? Don’t worry as Jim’s Package Prepping Service will gladly finance you by accepting your Promissory Note and collect one year after the survival service has been successfully rendered. You can even hold the note until Jim is ready to collect on it.
Jim’s Service is a joint venture with my friend Ronnie. We trust you. Ronnie is the Credit Manager, you know.
Oh yeah, if I prepare this year for the collapse and it doesn’t happen, all my supplies go stale and must be replaced. Nothing worse than using a flare gun after the flare goes stale. Therefore Prepper costs continue year after year.
AB) Cooking The Books Vs Time Travel.
Cooking is never allowed or done. It is illegal. That is why we pay Tax Advisors, Tax Planners, Estate Attorneys, side corporations, Financial Advisors and first year accountants to amend prior tax returns for corrections. This is especially true now that we can photocopy and do time travel.
Because time travel is cheap and easy and I can’t use photocopiers worth a shit, unlike the Big Banks do, I will rely on Time travel.
Suppose you have a regular business that uses the cash or accrual method of accounting. Don’t feel lost if the terms are unusual as they are just words anyway. It just refers to all that crap paper in a box at the end of the year.
But Jim’s Prepper Services is strictly on a Cash Basis. If it ain’t cash it don’t count. If your business issues a promissory note to me for $100,000 it goes on your books as an expense and payable, but an expense of that year.
We have a contract for me to deliver a lifeboat to you is you ever need one. My fee is due upon delivery. Your Note is payable in two years. You sign it and have a witness sign and date it the day it is signed. But you forget to mail it and it stays in that box of crap paper.
That means your books show the $100,000 expense (tax deduction to you) and my books shows zero income. Folks, that is time travel.
AC) IRS Instructions:
When I took Tax Law in Accounting school, on exam nights I had to take a stack of books a foot tall, honestly. Of course, all were published by IRS, directly or indirectly. One was the IRS Package X, instructions for the new accountant on pushing IRS paper. You know me, I read the whole thing from cover to cover.
On page two it said the most unusual thing. It advised if you were uncertain if an expense was deductible, to take the expense. It can be sorted out later in an audit. I couldn’t believe they actually said that.
I also learned that IRS enforces codes. They cannot second guess a business owner and his reasons for business decisions, like putting the hot tub in the steno office.
I studied one case where an alcoholic Life Insurance Salesman had an open house drunk party every weekend with an open bar for guests. The entire town was always invited. He had a huge Entertainment expense that an auditor disallowed. In court the salesman explained he was shy in meeting people and hurt when his sales pitch was rejected.
He made his money because whenever someone needed life insurance they remembered good time Harry. The court allowed the lavish deduction. What does the court know about selling life insurance?
That ruling was reinforced when I heard the wise Gallagher tell about IRS telling him he could not allow a $5,000 deduction for watermelons. He then asked, “OK, so what’s the limit on watermelon?”
See: Correct Watermelon Smashing with Gallagher 3 Minute Video
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