Flipping...

General art-related discussion.
palehighway

Fri Mar 09, 2007 6:28 pm

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Last edited by palehighway on Fri Jun 27, 2008 6:31 pm, edited 1 time in total.
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Yamar
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Fri Mar 09, 2007 6:48 pm

Once again, I'm more than thankful that I will be getting a refund this year - and actually the largest I've ever had (by far) thanks to opening and making that IRA a priority - increased my refund by about $1200 as best as I can tell :)

And I already choke on sunlight - blinds the crap out of me most of the time. I worked for too long in the dark I guess ;)
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Codeblue
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Fri Mar 09, 2007 6:55 pm

Those who get large refunds probably aren't doing their taxes correctly, but I'm sure Uncle Sam thanks you for the interest free loan. :wink:
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Yamar
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Fri Mar 09, 2007 7:12 pm

I always debate the "loan to the feds" aspect but when it comes down to it, I'd rather get a few hundred back (which is what I've normally gotten - about $300-400) than owe a few so I claim 0 exemptions on my W-4, have for a long time now. As I said, first year with the full IRA so it makes a LARGE difference.
And most folks who get large refunds aren't doing anything wrong - they just play the tax laws to their best. Or they actually deserve it by giving way more than they should have.
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turnJBup
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Fri Mar 09, 2007 7:13 pm

:lol: :lol:
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Codeblue
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Fri Mar 09, 2007 7:15 pm

Yamar wrote:I always debate the "loan to the feds" aspect but when it comes down to it, I'd rather get a few hundred back (which is what I've normally gotten - about $300-400) than owe a few so I claim 0 exemptions on my W-4, have for a long time now. As I said, first year with the full IRA so it makes a LARGE difference.
And most folks who get large refunds aren't doing anything wrong - they just play the tax laws to their best. Or they actually deserve it by giving way more than they should have.
Uncle Sam gives you a big :2thumb:
ryan_1969

Fri Mar 09, 2007 7:37 pm

Codeblue wrote:
Yamar wrote:I always debate the "loan to the feds" aspect but when it comes down to it, I'd rather get a few hundred back (which is what I've normally gotten - about $300-400) than owe a few so I claim 0 exemptions on my W-4, have for a long time now. As I said, first year with the full IRA so it makes a LARGE difference.
And most folks who get large refunds aren't doing anything wrong - they just play the tax laws to their best. Or they actually deserve it by giving way more than they should have.
Uncle Sam gives you a big :2thumb:
The biggest returns i've ever gotten have been around 3,000 bucks. What's would the interest be over the coarse of a year? Is it a big deal? I don't really have a take on this either way. I think it is a good way for people that can't save money to get a chunk of change every year. Not me though, once someone told me this, i reveresed my thinking and now break as close to even as possible.
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Codeblue
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Fri Mar 09, 2007 7:57 pm

ryan_1969 wrote:
Codeblue wrote:
Yamar wrote:I always debate the "loan to the feds" aspect but when it comes down to it, I'd rather get a few hundred back (which is what I've normally gotten - about $300-400) than owe a few so I claim 0 exemptions on my W-4, have for a long time now. As I said, first year with the full IRA so it makes a LARGE difference.
And most folks who get large refunds aren't doing anything wrong - they just play the tax laws to their best. Or they actually deserve it by giving way more than they should have.
Uncle Sam gives you a big :2thumb:
The biggest returns i've ever gotten have been around 3,000 bucks. What's would the interest be over the coarse of a year? Is it a big deal? I don't really have a take on this either way. I think it is a good way for people that can't save money to get a chunk of change every year. Not me though, once someone told me this, i reveresed my thinking and now break as close to even as possible.
Well, if you put that 3k into a 5% savings account with ING Direct (or whichever other company you like) that would be $150. But stupid is as stupid does. $150 probably isn't much to all you rich poster collectors. :roll:

Don't even get me started on the benefits of compound interest. :lol:
ryan_1969

Fri Mar 09, 2007 8:34 pm

I think a flipper is someone that is buying with the idea of making QUICK money on it. I can respect someone that flips a house and puts sweat equity into it. I can't respect someone for flipping a poster, i think it's lazy. I also know that what i think doesn't f*cking matter. If you ever buy a poster and are willing to take cash for it the next day, you might has well just stamp it on your forehead - FLIPPER. Breaking it down into categories to defend actions is silly. Own up, it's just a word. Oh yeah, i forgot people don't like to be labeled. Reselling and flipping are not the same words for a reason. If i was an artist, and i new that you had recently made a quick flip on my work, i would pee in your next tube.

If your willing to step into the secondary market for a purchase, then you just have to accept it. I stay away from the seconday market as much as possible. I also don't take anything personal, people do what they want. That i can respect.

The meaning of the word isn't hard to find, the Webster pretty much said the same thing http://en.wikipedia.org/wiki/Flipping

PS You guys with subs aren't flippers. Just smart. Unless you picked up the sub to sell, then your a flipper. A smart flipper.
ryan_1969

Fri Mar 09, 2007 8:42 pm

Codeblue wrote:
ryan_1969 wrote:
Codeblue wrote:
Yamar wrote:I always debate the "loan to the feds" aspect but when it comes down to it, I'd rather get a few hundred back (which is what I've normally gotten - about $300-400) than owe a few so I claim 0 exemptions on my W-4, have for a long time now. As I said, first year with the full IRA so it makes a LARGE difference.
And most folks who get large refunds aren't doing anything wrong - they just play the tax laws to their best. Or they actually deserve it by giving way more than they should have.
Uncle Sam gives you a big :2thumb:
The biggest returns i've ever gotten have been around 3,000 bucks. What's would the interest be over the coarse of a year? Is it a big deal? I don't really have a take on this either way. I think it is a good way for people that can't save money to get a chunk of change every year. Not me though, once someone told me this, i reveresed my thinking and now break as close to even as possible.
Well, if you put that 3k into a 5% savings account with ING Direct (or whichever other company you like) that would be $150. But stupid is as stupid does. $150 probably isn't much to all you rich poster collectors. :roll:

Don't even get me started on the benefits of compound interest. :lol:
i had someone calculate how much i needed to put into my 401k in order to comensate for the least amount of taxes taken out of my check so that i would break no more than + or - 100 dollars on tax day. i'm not good with money, its probably the wrong thing to do.
palehighway

Fri Mar 09, 2007 9:15 pm

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Last edited by palehighway on Fri Jun 27, 2008 6:31 pm, edited 1 time in total.
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Codeblue
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Fri Mar 09, 2007 9:31 pm

palehighway wrote:
Codeblue wrote:
ryan_1969 wrote:
Codeblue wrote: Uncle Sam gives you a big :2thumb:
The biggest returns i've ever gotten have been around 3,000 bucks. What's would the interest be over the coarse of a year? Is it a big deal? I don't really have a take on this either way. I think it is a good way for people that can't save money to get a chunk of change every year. Not me though, once someone told me this, i reveresed my thinking and now break as close to even as possible.
Well, if you put that 3k into a 5% savings account with ING Direct (or whichever other company you like) that would be $150. But stupid is as stupid does. $150 probably isn't much to all you rich poster collectors. :roll:

Don't even get me started on the benefits of compound interest. :lol:
not to drag on about this, but that 150 dollars is from just one person, in uncle sam's eyes multiply that by the 120 million tax payers that overpay each year, and that's enough to keep a war going...on interest alone
Exactly.
danieldanger
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Sat Mar 10, 2007 11:56 am

pioneersteins wrote:
I just don't get that point...that flipping sucks. It is really no different than a dealer/gallery/website who sells an artists work for a profit.
its entirely different. artists CHOOSE which gallery/dealers they want their work displayed in, or who carries their stuff. i only sell prints to two dealers, both of which supported me when i was starting out and who i know run good respectable businesses and maintain good websites and a positive presence in the poster world. nobody else. theres a reason for that. so instead of having two reputable dealers who promote and handle and give a fudge about my work, i have 2 good ones and 23 shady ones who work in covert manners so they dont get found out, and my name is attached. if you think an artist has never been contacted about getting ripped off by a flipper, youre dead wrong.
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