Money Making & TAX [avoid it]

[healzer]

It's funny.... this whole forum talks about making money....
but when you reach a point where you make a lot of money;;+. you get busted by TAXes... hilarious... one problem after another

 

[panicore]

It's funny.... this whole forum talks about making money....
but when you reach a point where you make a lot of money;;+. you get busted by TAXes... hilarious... one problem after another

And that's what we call life

 

[ghettogong]

To OP in short applicable to your and most of our situation (income below $1mil anually)

1. Forgot:
- opening ofshore account
- foreign company
2. Consider:
- "increasing" business expenses
- "creating" loss in your accounts

Essentialy just apply to the post on page 2 that no one noticed what actually is a goddamn nice method. See what DRAGONLUBE said!!!!!!!!

 

[ghettogong]

Just buy stuff, try to use a debit card for you business account and sell it for cash money. Then you can report it

This is a workable legal method. But what percentage of biz related stuff you buy in relation to your turnover annually? And what biz items you can get rid off easily (electronics, paper, desks)? Which continent are you from?

GhettoGong

 

[Expertpeon]

 

[msncams]

Move to Monaco... on your million dollar boat you've just bought with your IM money!

The government will get you one way or the other... its like the old saying goes.... theres 2 things in this world you can guarantee.... death...and taxes!

 

[ghettogong]

For all those people thinking of ofshore accounts, companies, moving somewhere else, switserland, cyprus, boats, and other shit I tell you this:

Even if you TRY to attempt tax evasionm, yes try, meaning that if you still havent done shit but you are wanting to fuck the IRS you ARE commiting fraud.

Unless you are making a milli anually its worth while to engage in offshore stuff. Below milli like most of us here other ways have to be discussed, SO OPEN UP GUYS

 

[Expertpeon]

For all those people thinking of ofshore accounts, companies, moving somewhere else, switserland, cyprus, boats, and other shit I tell you this:

Even if you TRY to attempt tax evasionm, yes try, meaning that if you still havent done shit but you are wanting to fuck the IRS you ARE commiting fraud.

Unless you are making a milli anually its worth while to engage in offshore stuff. Below milli like most of us here other ways have to be discussed, SO OPEN UP GUYS

http://reclaimdemocracy.org/walmart/2007/state_tax_dodge_rent.php

Walmart is committing fraud... legally.

The government will get you one way or the other... its like the old saying goes.... theres 2 things in this world you can guarantee.... death...and taxes!

Sure, if we're talking payroll taxes you're basically fucked.
Business taxes are designed to create loopholes...
Oh hey, wal-mart owns its own business trust? my my so do I!

The best way to avoid taxes is to have an ACTIVE and CONSTANT tax evasiveness in mind throughout the year...
You can also move all of the company's profits into hard assets as an "investment" vehicle... these are seen as an expense much like marketing.
Take on expenses that others reimburse you for... invest profits rather than trying to keep them for yourself.

You can also set up accounts overseas, use that money as "marketing expenses" live there 90% of the year, and funnel money into the mortgage with a subsidiary charging much more for rent than the mortgage (the dumb US based rental system already has this passing the sniff test for you).

There's too many ways to list them all

 

[Roparadise]

I live in Romania.There's no taxes for internet money Gota love this country

Actually its falls under the source of "other income". But since the government doesn't really have the resources to start investigating claims of tax evasion without someone ratting you out first, you really dont have to pay the taxes.

 

[healzer]

What if I use a proxy ip from Romania... then I'm legally working from Romania...? right

 

[Roparadise]

What if I use a proxy ip from Romania... then I'm legally working from Romania...? right

Not really,but its better to live there to do IM then any other EU nation, especially if your doing alot of blac khat things.

 

[ScripterAlex]

Just remember US citizens are liable for their taxes regardless where the income originated. For most of us that means just paying your tax. I guess if you were making enough you could move to a tax shelter nation, renounce your US citizenship, and enjoy all the tax free benefits. Or if its mega-millions, then you can start looking into having a bunch of corporations in different countries: Ireland, Bahamas, NL etc to play the corporate tax avoidance game.

 

[Expertpeon]

Just remember US citizens are liable for their taxes regardless where the income originated. For most of us that means just paying your tax. I guess if you were making enough you could move to a tax shelter nation, renounce your US citizenship, and enjoy all the tax free benefits. Or if its mega-millions, then you can start looking into having a bunch of corporations in different countries: Ireland, Bahamas, NL etc to play the corporate tax avoidance game.

Why anyone wants to live in the USA is beyond me...
I've yet to visit any country that's not better than living here.

Still... despite our dumb tax laws about citizens paying when abroad, and TD F 90-22.1s and various BS the government has done to try and insist upon tax collection, you can always create lots of legal ways around it.
As an SEOer if you're not writing off all of your income into expenses or reinvestment, you're batshit crazy.
The USA has the 2nd highest corporate income taxes worldwide I believe...

 

[Roparadise]

Just remember US citizens are liable for their taxes regardless where the income originated. For most of us that means just paying your tax. I guess if you were making enough you could move to a tax shelter nation, renounce your US citizenship, and enjoy all the tax free benefits. Or if its mega-millions, then you can start looking into having a bunch of corporations in different countries: Ireland, Bahamas, NL etc to play the corporate tax avoidance game.

The first 85k usd is exempt from income tax,but anything over that then you will have to pay taxes. Before you can give up your u.s. Citizenship you have to aquire citizenship in another country. And if you have more then $2 million in u.s. assets you will have to pay a 40% capital gains tax as the exit fee.

 

[ghettogong]

Why are we discussing millions $ here and taking Wallmart as example.

How can you advice a 17year old student to go to romania or buy a boat. This guy justs wants to keep more of his little profits to his own.

I also find it important to state what percentage income tax you pay over your
profits till 100k a year. Mine is 42%, fuck me in the asshole with a remote control.

 

[healzer]

why are we discussing millions $ here and taking wallmart as example.

How can you advice a 17year old student to go to romania or buy a boat. This guy justs wants to keep more of his little profits to his own.

I also find it important to state what percentage income tax you pay over your
profits till 100k a year. Mine is 42%, fuck me in the asshole with a remote control.

ooowkaay

 

[Expertpeon]

Why are we discussing millions $ here and taking Wallmart as example.

How can you advice a 17year old student to go to romania or buy a boat. This guy justs wants to keep more of his little profits to his own.

I also find it important to state what percentage income tax you pay over your
profits till 100k a year. Mine is 42%, fuck me in the asshole with a remote control.

In the USA, (though I'm sure it's just like this in belgium) the easiest way to get rid of profits is to reinvest them back into the business.
This can range from cars, electricity, internet, computers, payroll, contractors, whatever. The only thing it's hard to write off is a car payment, if you only have one car, but in the US portions of it can be done based upon the percentage you use the car for business.
I also gave fantastic advice about setting up trusts (easy as hell in the US) purchase property in the trust... or even an LLC will work, and then paying rent to the trust... the trust then uses its profits to buy MORE property etc.

If he doesn't want to do any of this, he shouldn't have asked the question.

 

[jon_xx_x]

What about accepting payment via paypal. Buying something online with the money in paypal, then turning around and selling the item for cash?

 

[.:mAestro:.]

What about accepting payment via paypal. Buying something online with the money in paypal, then turning around and selling the item for cash?

Too complicated. Read some better ideas about PP and Payoneer on this thread.

 

[jazzc]

This neither solves the issue, nor helps avoid taxes.
1) place UK property into holding company located offshore
2) pay rent to offshore holding company for your "uk office"
3) win...

What he said ^^