Money Making & TAX [avoid it]

[Biggles]

The UK and all former British Law countries... if you live there but you are not a permanent resident (I am not using the right terminology here, sorry, it 's a difficult word and I do not remember it), they do not tax your income from outside their territory.

It 's more complex than that, but it can give you a start.

Non-domicile.

In the UK, you are considered a tax resident if you spend more than 183 days in the country, or more than 91 days per year averaged over 4 years. There's more to it, but that's the gist.

So most of the very rich just move to the Bahamas and places like that.

 

[plerer]

If you spend $500 to make $800, then you don't owe income tax for the $800 because your actual income from the deal is only $200. on.

You mean $300?
800-500=300

 

[GrizzlyAdams]

Can you do this?



You get paid $5,000 from a client.

It really costs you $500 to oursource all the things the client needs.

But you create receipts of hired employees, media buys, hosting, design, and print them off for your books, with the values of $4,000 instead of the actual $500 for that job.

So to them you only made $1,000 dollar profit and they will tax you on that. Leaving the other $3,500 profit you earned alone.

 

[Expertpeon]

Guys, you can write off expenses, but u have to show the invoices for that.

Depends on the size of the purchase mostly. Miscellaneous deductions do increase an audit risk, but are def allowed (and even encouraged for certain normalized payment schedules... like shipping costs).

You can buy computers, paper, and other biz related things to deduct from your income, but you wont gain anything.

Patently false see below

Thinking of a solid solution myself. I have started with a construction where you will be paying expenses to a webdesigner somewhere in Asia. But actually that webdesigner will be you ;-)

GhettoGong

Ever heard of a trust? Yeah I'll let you research what you can do there.
I'm sure belgium has pretty nice business tax rules, much like the US, since almost all first world nations are scared to death of losing jobs.

This guy lives in the EU though, there are so many choices it's outrageous for him, unlike US citizens.

But you create receipts of hired employees, media buys, hosting, design, and print them off for your books, with the values of $4,000 instead of the actual $500 for that job.

So to them you only made $1,000 dollar profit and they will tax you on that. Leaving the other $3,500 profit you earned alone.

There's a lot of stuff you're missing
Employees require payroll deductions/SS/FCIA/Medicare as well (only way around this is contract/consultants)

Payroll in the USA is beyond complicated... in fact it's so complicated I find it amazing anyone is employed at all here.

 

[accelerator_dd]

Since I start earning good money these days... we are required to pay taxes from our earnings...which sucks seriously.

In live in Belgium & we are required to pay 30-65% of our earnings to the government (as a tax) ; if you earn more than 5000?/year.

How do you guys prevent/avoid paying taxes?

Well you don't pay tax on the money you receive on paypal, just on the money you transfer to you bank account, so if you were to do this, your goverment shouldn't be able to track your income:

Register at 2checkout or Plimus, or even freelancer. Order a prepaid master card (this one wont be connected to a bank account in your country).

Create a product or little buggy software for 40-50$ or even write an ebook. Just something that would stick as selling a product. Maybe setup to sell backlinks.

With your personal paypal go buy yourself the service, send urself some links or whatever, so it looks legit in their eyes. (subscription of 5k eur per month).

When you pay, withdraw to your prepaid credit card.

Use that card with some 5-10% to withdraw from ATM whenever you want.


Or with freelancer make two accounts, make private gigs and hire yourself, pay yourself after 5-10 days. Money to prepaid card.

Works great!

 

[Godspeed]

Open bank account in Cyprus, 2% tax.

 

[Expertpeon]

Open bank account in Cyprus, 2% tax.

He's an EU citizen... take a day trip to croatia.

 

[GreyWolf]

I think my money will be more worth in USA... or some other country... Might move out of here within couple of years.
50$ in US is good money, that is like 30€, people need atleast 60€ to live "normal"

What part of the US is $50 good money?

Where I live $50 isn't much more than chump change. It might be nothing to sneeze at if you have a steady supply of $50s, but just a single $50 isn't gonna go very far. :saeek:

 

[jon_xx_x]

Find friend in Switzerland or other no tax country.
Send X amount of profits to them per week. Write it off as marketing company. Let them keep 10%, Western Union you the rest. Get fake ID for WU or use your real ID and say it's a "gift". If they screw you over, you only lose 1 week of profits.

 

[healzer]

What about Russia?
Any1 knows how the policy works there?

 

[peppe]

Well you don't pay tax on the money you receive on paypal, just on the money you transfer to you bank account, so if you were to do this, your goverment shouldn't be able to track your income:

Register at 2checkout or Plimus, or even freelancer. Order a prepaid master card (this one wont be connected to a bank account in your country).

Create a product or little buggy software for 40-50$ or even write an ebook. Just something that would stick as selling a product. Maybe setup to sell backlinks.

With your personal paypal go buy yourself the service, send urself some links or whatever, so it looks legit in their eyes. (subscription of 5k eur per month).

When you pay, withdraw to your prepaid credit card.

Use that card with some 5-10% to withdraw from ATM whenever you want.


Or with freelancer make two accounts, make private gigs and hire yourself, pay yourself after 5-10 days. Money to prepaid card.

Works great!

This sounds promising, gonna look into this

 

[.:mAestro:.]

Register at 2checkout or Plimus, or even freelancer. Order a prepaid master card (this one wont be connected to a bank account in your country).

Great idea for PP. I mentioned Payoneer card in my post yesterday and I still believe it's the best way for now to get your money without paying taxes (of course, you must pay some fees to Payoneer, but that's a really little amount comparing to taxes).

And if you are in CPA game check out EWA network and Maxbounty (they can pay you via Payoneer). Any other network?

 

[.:mAestro:.]

He's an EU citizen... take a day trip to croatia.

I didn't understand this. Can you please explain a little more?

 

[rockyonfire]

Great idea for PP. I mentioned Payoneer card in my post yesterday and I still believe it's the best way for now to get your money without paying taxes (of course, you must pay some fees to Payoneer, but that's a really little amount comparing to taxes).

And if you are in CPA game check out EWA network and Maxbounty (they can pay you via Payoneer). Any other network?

Leadbolt and CPAL.E.A.D also have Payoneer option.

 

[kappa84]

Move to Romania.

 

[healzer]

Move to Romania.

to live or to open a bank acc?

 

[selo]

You shouldn't try to prevent/avoid paying taxes. That will just get you into trouble. If you are making some good cash then you should go and see an international tax planner, but expect rates of $300-$400 for an hour of consultation.

 

[jon_xx_x]

You shouldn't try to prevent/avoid paying taxes. That will just get you into trouble. If you are making some good cash then you should go and see an international tax planner, but expect rates of $300-$400 for an hour of consultation.

Thanks for a) not answering the OP's original question but also b) giving an answer that costs him even more money.

lol

 

[ghettogong]

Could you please elaborate on this idea....like how the hell do you do that?

Something like this, but what he says is still a bit tricky: http://www.blackhatworld.com/blackh...ce/277121-how-not-pay-tax-uk.html#post2584099

 

[healzer]

hmm... thanks for the ideas guys... still there is no solid solution