Totally Theoretical Situation [Need Advice]

[BPR Socials]

Hi BHW,

The following is a totally theoretical situation, I have and will forever make 0$ from Internet Marketing.

Say someone had the potential of making $3k a month for a whole year, obviously this is a little bit of moolah, would one like this pay taxes in some way (US resident)?? Or would you, the people of BHW, use other means where that may not be the case? Bitcoin?? Stripe?? How about PayPal stealth accounts, I am particularly interested if people are using this to work around situations.

Anyways, as a newbie, any advice and words of wisdom from people who know what they're doing would be appreciated as I figure out this theoretical situation.

Thanks

 

[TomTheCat]

ALWAYS pay your taxes, if there's no way to avoid them legally!

 

[maslryu]

I can avoid taxes and its ok, but I am not from US

 

[skule]

Hi BHW,

The following is a totally theoretical situation, I have and will forever make 0$ from Internet Marketing.

Say someone had the potential of making $3k a month for a whole year, obviously this is a little bit of moolah, would one like this pay taxes in some way (US resident)?? Or would you, the people of BHW, use other means where that may not be the case? Bitcoin?? Stripe?? How about PayPal stealth accounts, I am particularly interested if people are using this to work around situations.

Anyways, as a newbie, any advice and words of wisdom from people who know what they're doing would be appreciated as I figure out this theoretical situation.

Thanks

Why are you trying to avoid paying taxes of 3k? Thats a bad idea and you will be in big problems only by defrauding taxes of 36k/yr

Instead of that do a lot of corporate expenses same as Amazon "Amazon largely pays no corporate tax precisely because it reinvests those profits into its operations." start another project with that money, buy a car for the company, gas cost to the office, dinner with clients, etc, all of that is deductible (Talk with an accountant tax laws vary in each country, state, etc) , the reason behind that a good portion of people blame taxes is because they don´t like to reinvest in their company while big companies are reinvesting so they don´t have to pay taxes.

Just don´t defraud the gov. they are more savage than any other company and have more power.

 

[meatcannedmailer]

For the US is almost imposible .....
In Europe is easier to avoid paying taxes

 

[Nihilism]

For the US is almost imposible .....
In Europe is easier to avoid paying taxes

Who told you that?

For US, use tax write-offs and off-shore banking, for EU, go fuck yourself, you will get analled if you get caught.

Bitcoin is another way but you'll be limited on withdrawals.

 

[DarkHowl]

For the US is almost imposible .....
In Europe is easier to avoid paying taxes

My relatives live in Germany and they got huge taxes to pay apart from social security and that stuffs.

so check your facts before jumping on conclusion,lol

 

[Doctor Sleep]

I'm avoiding my taxes, but I'm in Europe

 

[GoldenTouch]

Who told you that?

For US, use tax write-offs and off-shore banking, for EU, go fuck yourself, you will get analled if you get caught.

Bitcoin is another way but you'll be limited on withdrawals.

Depends, for west and north that may be the case but in eastern and especially southern Europe you can get away with a lot. For example, my parents never paid a cent for taxes in their entire life and they are making very good money and no cash involved, so it's all traceable - government mostly doesn't give a fuck.

 

[meatcannedmailer]

My relatives live in Germany and they got huge taxes to pay apart from social security and that stuffs.

so check your facts before jumping on conclusion,lol

Lol we have high taxes here as well (I live in Europe)
But offshore banks don't give a fuck about our nationality when for them an US passport is a NO-NO lol that's what I mean.... With FATCA and all that shit it's almost imposible for an american to hide their income from the government

 

[meatcannedmailer]

Who told you that?

For US, use tax write-offs and off-shore banking, for EU, go fuck yourself, you will get analled if you get caught.

Bitcoin is another way but you'll be limited on withdrawals.

What are you talking of US and offshore banks lmao ....with FATCA and all that shit,for an offshore bank an american pasaporte is a big no lmaooo....

For Europe you can get offshore bank accounts easily on countries without CRS reporting easily

And yes Bitcoin is they way to go if u wanna keep the money under the radar

 

[yakuzaemme]

A good night's sleep is worth much more than saving a couple of dollars. Pay your taxes.

 

[Nihilism]

What are you talking of US and offshore banks lmao ....with FATCA and all that shit,for an offshore bank an american pasaporte is a big no lmaooo....

For Europe you can get offshore bank accounts easily on countries without CRS reporting easily

And yes Bitcoin is they way to go if u wanna keep the money under the radar

yeeeeeeee agreed.

1. The best you can do in the US is to use your write-offs well, with an S-corp you can pay yourself a salary under the 30% tax bracket and give yourself bonuses (capital gains) which are taxed less I guess, once you get bigger, you can do 1031 Exchanges too (I plan to do this)

2. Yeah EU is a little easier with that but once you want to bring your money in, don't you pay more income tax? (I actually looked it up and they look similar to US so this might not even be a valid point on my end)

3. Yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeboiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii but crypto and its fluctuation -_- do people do this with stablecoins?

 

[meatcannedmailer]

yeeeeeeee agreed.

1. The best you can do in the US is to use your write-offs well, with an S-corp you can pay yourself a salary under the 30% tax bracket and give yourself bonuses (capital gains) which are taxed less I guess, once you get bigger, you can do 1031 Exchanges too (I plan to do this)

2. Yeah EU is a little easier with that but once you want to bring your money in, don't you pay more income tax? (I actually looked it up and they look similar to US so this might not even be a valid point on my end)

3. Yeeeeeeeeeeeeeeeeeeeeeeeeeeeeeboiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii but crypto and its fluctuation -_- do people do this with stablecoins?

1.Yep that's true
2.Nope at least in my country you can pay yourself a salary and pay less taxes or you can live tax free if you pay everything in cash , I know a lot of people living like that (in mediterranean countries is really common)
3.Yep they use stablecoins for holding the cryptos

 

[meatcannedmailer]

Depends, for west and north that may be the case but in eastern and especially southern Europe you can get away with a lot. For example, my parents never paid a cent for taxes in their entire life and they are making very good money and no cash involved, so it's all traceable - government mostly doesn't give a fuck.

Yep that's true....In South Europe is really easier to evade taxes even when you government try to act like a big brother wanting to know where all your money is

 

[Deleted member 1333509]

Minimising corp tax is easier, minimising income tax is harder (because of residency).

If you're happy to leave your country and have some bucks tucked away, minimising income tax is also easy.

Short term, using crypto to avoid tax is possible, but there is a bottleneck when it comes to the inevitable interaction with the banking system to use it (unless you pay for absolutely everything with cash, in which case you might have a chance).

If you are in the position to set something up that is pretty squirly, you can earn crypto and have it paid directly to someone else you trust/partner with, and then have them somehow support your life.

(ie. kind of like ex-presidents getting speaking deals after they leave office where they get paid $250k for a 30 min speech, except with you providing a "service" to a company where you're paid 10x as much as you should be.)

 

[Michaeilla]

Yep that's goog