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Ready for the 1st
Dec. 29th, 2024 13:32I'm ready to do my end of year financing. Really curious about how investments fell out and where I actually stand and to get set up for the new year. And, since I actually made all my estimated tax payments, I'm more motivated than usual to do my taxes and see how things fall out. Last year I had to pay a penalty having not sent in any estimated taxes. This year might involve a refund but I doubt I'll owe any more.
So I think I'm going to have to report my Prolific money. I bought Ethereum with it. Only a couple of hundred bucks worth so it will fly below their radar but it is recorded and I'll get a statement from PayPal. Crypto gets a lot of attention now days. I've got $40 or so in short term capital loss with it. I'll likely report all the gains and losses as it is not so much either way and will be sure I stay clean.
I'm interested how much the IRS will be using AI. We'll likely never know but in the past I've depended on being a very small minnow. It worked for years. I've never been audited even after starting a couple or three businesses and having a self directed IRA. Hell, I'd have audited me. But what seems like a lot to me is not even chump change to them. BUT with AI it is way more efficient and zero manpower. I've always thought that CPAs will soon be overtaken by AI. Tax returns would seem simple to such a system as they have on hand now days. Which means no one is too small to merit scrutiny.
With the new administration things will be in such chaos that who knows what will happen.
So I think I'm going to have to report my Prolific money. I bought Ethereum with it. Only a couple of hundred bucks worth so it will fly below their radar but it is recorded and I'll get a statement from PayPal. Crypto gets a lot of attention now days. I've got $40 or so in short term capital loss with it. I'll likely report all the gains and losses as it is not so much either way and will be sure I stay clean.
I'm interested how much the IRS will be using AI. We'll likely never know but in the past I've depended on being a very small minnow. It worked for years. I've never been audited even after starting a couple or three businesses and having a self directed IRA. Hell, I'd have audited me. But what seems like a lot to me is not even chump change to them. BUT with AI it is way more efficient and zero manpower. I've always thought that CPAs will soon be overtaken by AI. Tax returns would seem simple to such a system as they have on hand now days. Which means no one is too small to merit scrutiny.
With the new administration things will be in such chaos that who knows what will happen.