File 2017 taxes

[chadwhitacre]

@clone1018 joined as a partner so we will need to file a 1065 and then he and I get Schedule K's to put on our personal tax returns.

Update: We're cutting @clone1018 loose to avoid complicating his life (#1223), so we'll file a Schedule C on my personal return as in years past.

I guess we want to play out #1220 a bit further first though?

[chadwhitacre]

inside.gratipay.com/www/big-picture/operating-agreement.spt

Lines 144 to 162 in c67ee76

	Gratipay allocates profits and losses at the end of the year based on the
	amount of money each member otherwise takes in guaranteed payments during the
	year. For example, if there are two members, and during the year one takes
	$150,000 in guaranteed payments and the other $75,000, then if there is $36,000
	in undistributed profit at the end of the year, Gratipay allocates $24,000 to
	the first and $8,000 to the second.
	The United States' Internal Revenue Service (IRS) taxes Gratipay as a
	partnership. Each year, between January 1 and March 15, Gratipay files a [Form
	1065](https://www.irs.gov/pub/irs-pdf/f1065.pdf) with the IRS, and sends a
	[Schedule K-1](https://www.irs.gov/pub/irs-pdf/f1065sk1.pdf) to each member
	showing their income through Gratipay for the year. Members are responsible for
	paying all taxes on their income through Gratipay, including any quarterly
	taxes. Member income through Gratipay includes both the distributions of
	guaranteed payments that members take for themselves, <i>and</i> the year-end
	profit/loss allocations that stay within Gratipay and are not distributed to
	members. For example, if a member takes $75,000 in guaranteed payments during
	the year, and is allocated $8,000 in profit at the end of the year, then their
	taxable income through Gratipay for the year is $83,000.

gratipay-bak=# select sum(amount) from payments where team='Gratipay' and direction='to-participant' and participant='whit537' and "timestamp"::text > '2017-01-01' and "timestamp"::text < '2018';
┌───────┐
│  sum  │
├───────┤
│ 11.24 │
└───────┘
(1 row)

gratipay-bak=# select sum(amount) from payments where team='Gratipay' and direction='to-participant' and participant='clone1018' and "timestamp"::text > '2017-01-01' and "timestamp"::text < '2018';
┌──────┐
│ sum  │
├──────┤
│ 0.52 │
└──────┘
(1 row)

[chadwhitacre]

  $    %
--------
 0.52  4
11.24 96
-----
11.76

[chadwhitacre]

Braintree 1099-K shows 36,464, refunds in dashboard sum to 137, == 36,327 gross profit.

gratipay-bak=# select sum(amount) from payments where team='Gratipay' and direction='to-team' and "timestamp"::text > '2017-01-01' and "timestamp"::text < '2018';
┌─────────┐
│   sum   │
├─────────┤
│ 4366.85 │
└─────────┘
(1 row)

Leaving 31,960 in escrow liability.

[chadwhitacre]

Now, expenses ...

[chadwhitacre]

Unfortunately, we don't have PNC CSVs for the fourth quarter of 2017 because I neglected to download them in time. 😞

$ find . -name pnc.csv -or -name pnc.pdf|sort
./01/pnc.csv
./01/pnc.pdf
./02/pnc.csv
./02/pnc.pdf
./03/pnc.csv
./03/pnc.pdf
./04/pnc.csv
./04/pnc.pdf
./05/pnc.pdf
./06/pnc.pdf
./07/pnc.csv
./07/pnc.pdf
./08/pnc.csv
./08/pnc.pdf
./09/pnc.csv
./09/pnc.pdf
./10/pnc.pdf
./11/pnc.pdf
./12/pnc.pdf
$

[chadwhitacre]

I guess the thing to do is to produce those three CSVs by hand, and then load all 12 into a Google Sheet for further analysis according to the categories needed for reporting.

[chadwhitacre]

Bah, copy/paste is worthless.

[chadwhitacre]

👍

$ ./check.py < 10/pnc.csv 
333.70 476.09
$

#!/usr/bin/env python

import csv, sys
from decimal import Decimal as D


data = csv.reader(sys.stdin)
headers = next(data)

income = D(0)
expenses = D(0)

for raw in data:
    row = dict(zip(headers, raw))
    w, d = [x[1:] for x in (row['Withdrawals'], row['Deposits'])]
    if w:
        expenses += D(w)
    else:
        assert d, d
        income += D(d)

print(income, expenses)

[chadwhitacre]

👍

$ ./check.py < 11/pnc.csv 
288.10 259.21
$

[chadwhitacre]

$ ./check.py < 12/pnc.csv
200.10 137.51
$

[chadwhitacre]

https://github.com/gratipay/logs/commit/8d125ac155d68ed6cdb2c12ba52b133dc2af04ea

[chadwhitacre]

Okay! Into a sheet!

[chadwhitacre]

No contractors above the 1099 minimum. 👍

gratipay-bak=# select participant, sum(amount) from payments where team='Gratipay' and direction='to-participant' and "timestamp"::text > '2017-01-01' and "timestamp"::text < '2018' and participant != 'Gratipay' and participant != 'whit537' and participant != 'clone1018' group by participant order by sum desc;
┌─────────────┬────────┐
│ participant │  sum   │
├─────────────┼────────┤
│ mattbk      │ 219.54 │
│ rohitpaulk  │  21.31 │
│ JessaWitzel │   4.40 │
│ Lurtz       │   2.60 │
│ chrisdev    │   0.52 │
│ aandis.     │   0.52 │
│ sseerrggii  │   0.52 │
└─────────────┴────────┘
(7 rows)

gratipay-bak=#

[chadwhitacre]

249.41

[chadwhitacre]

First pass shows a loss of 957.

[chadwhitacre]

So @clone1018 do you want a Schedule K that shows a loss of $38 (4% of 957)? Or do we cut you loose as a partner before you even started (#1223) to avoid you getting sucked into #1220?

[chadwhitacre]

Per #1223 (comment) @clone1018's owner draws were actually only 28¢, so his percentage of the loss is actually 2% == $23.

[chadwhitacre]

Talked to @clone1018 and we're going to cut him loose to avoid complicating his life (#1223). Proceeding with a Schedule C ...

[chadwhitacre]

cc: @JessWhit

[chadwhitacre]

We don't have a clear answer on #1220 but will file 2017 according to the same pattern as our amended 2015.

[chadwhitacre]

Filed!

[rohitpaulk]

!m @chadwhitacre