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A similar service like paypal that does not report to IRS

Discussion in 'Business & Tax Advice' started by ghettogong, Sep 23, 2010.

  1. ghettogong

    ghettogong Regular Member

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    I want to send money to a "paypal-sort-a-like-service" that does not report income to my tax department. If I find one I am going to let a friend sign up for that and vice versa.

    I want to explain the purpose after someone can tell if there is a paypal-kind-a-like service that does not report income to my tax department?

    It has to do with increasing your business expenses in order to lower the taxable income.

    Someone sharp here that knows what I am trying to do ;-)
    Posted via Mobile Device
     
  2. navycliper1

    navycliper1 Regular Member

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    I don't really know of any but don't you wanna pay tax?
     
  3. aldragon

    aldragon Power Member

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    Liberty reserve is the only "paradise" but it's not very similar to paypal, anyway to get the money in and out its cheaper than taxes..;)
     
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  4. ghettogong

    ghettogong Regular Member

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    A big YES. I am looking to open a payment account were I can send money to directly from my bank account.

    I am going to keep it as discreet as possible, I hope you are getting the grasp of it ;-)

    1. The money that I send from my business bank account will be classified as "business expenses" towards the tax deparment.
    2. This payment account must not report income to the IRS.
    3. I will let a friend sign up for this payment account. Friend will not touch any money, he will just be used for registering an account.
    4. I will have to remain having access to this account.

    Get the grasp? If you wanna discuss this somewhere else, feel free to pm me.

    So I need a name of such an payment account
    1. That does not report to the IRS
    2. I can directly send money from my bank account to it.


    Thanks, can i send money directly from my bank account to this federal reserve account?
     
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  5. neuromancer

    neuromancer Newbie

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    you register a deleware LLC or offshore IBC that has no tax reporting requirements. usually comes with offshore bank accounts. good2go, talkgold forums has a bunch of these guys peddling offshore IBCs google each one to determine if legit
     
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  6. ghettogong

    ghettogong Regular Member

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    Right, i was thinking sending money to an bank account in a duty free zone like
    egypt. Then connect that bank account to a sort of paypal service.

    I want to pay taxes to help the country, but I dont want 40% taken off my hard earned profit! :)
    Posted via Mobile Device
     
  7. Markbh

    Markbh Regular Member

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    My suggestion for people living the US, pay your taxes and invest the remainder in bullion. Keep it physical under your control, maybe not in the house, but bury it in the garden or basement. The gold price increase will cover your tax losses, and save you from inflation. Dollars kept in foreign accounts tax free will still go sour. Ask the ex-soviets, argentinians who should remember it very well.
     
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  8. Richardhere

    Richardhere Newbie

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    i think if you start buying the hell out of things you can always add it to your business expenses?? ..
     
  9. MiLiTARYiV

    MiLiTARYiV Senior Member

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    Paypal as of now dont report to IRS
     
  10. ghettogong

    ghettogong Regular Member

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    Came up with a different trick to lower my taxable income. It has to do with your loss in tangible goods. Cause if you deduct your losses off your gross profit you will have a lower gross profit ofcourse what is similar to a lower taxable income. Hope someone knows what i am talking about ;-)
    Posted via Mobile Device
     
  11. BorisTipsIt

    BorisTipsIt Regular Member

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    PayPal DOES report to the IRS if you run more than $20k through a year and do 200 transactions starting January 1, 2011. Sucks dilly ucks Flanders... Do a search for IRS and PayPal reporting to read up on it so you don't step on your d*ck when setting up your plan.
     
  12. theconfidenceman

    theconfidenceman Regular Member

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    I see what you are trying to do but there are some things you are not relizing..

    -payments to companies in excess of $1000 or x transactions (not sure of amt) per yr need to be issued a 1099. this is how they track your payouts.

    -sending money to offshore co's are a big red flag. it is plausible to pay an internet marketing co or hosting co located offshore but they better be registed offshore and have everything to back it up. invoices, offshore IPs, domains etc

    -losses needs to be plausible, and there is a max per yr. and you will have to show you are attempting to reduce that. if you were a retail shop stolen goods are common, but unless you start showing you are doing something to correct that, security guards, cameras, alarms etc it may not go thru.

    red flags will cause you to be audited. and audits can go back like 10yrs and more if its criminal. if were talking big money than youre best going the IBC route.
     
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  13. ghettogong

    ghettogong Regular Member

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    The "losses" seems very do-able straight away. Just buy a bunch of easy sellable goods with invoice from a wholesaler. Then declare it as damaged, and sell the goods off against cash off the books. This is good if you are a e-commerce company handling tangible goods.

    The only bitch is like if you flip a website for a 1000 bucks then the tax people will tax you on 1000 bucks straight up because i didnt have costs when creating the site. Cant find a solution for untangible goods.....
    Posted via Mobile Device
     
  14. MiLiTARYiV

    MiLiTARYiV Senior Member

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    Yea i know. I was speaking as of right now
     
  15. MiLiTARYiV

    MiLiTARYiV Senior Member

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    its better just to pay your taxes. get some books. Its allkind of legal ways to not pay tax or reduce it.

    Once the IRS gets you for avoiding taxes and you get some years in prison your going to be wishing you did right
     
  16. Cnotey

    Cnotey Power Member

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    Search for "Money Laundering" in google

    Or, just hire a Certified Public Accountant. I made over $180K one year, and only paid like $4k in taxes.
     
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  17. ghettogong

    ghettogong Regular Member

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    Thats what we are talking about! Lets say my profit was 180k and I would go and "just pay my taxes" and would pay around 55k for taxes...so ******** that!

    So how do u do it? Do you create expenses or losses to deduct from your gross profit?
    Posted via Mobile Device
     
  18. z3zim4

    z3zim4 Newbie

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    You can try alertpay... dunno if it reports the earnings somewhere though...
     
  19. Cnotey

    Cnotey Power Member

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    Yea basically I just create a bunch of subsidiary companies and create fake business expenses. It's really easy to do if you have a good accountant. I pay like $1000 a year for him to do my taxes.
     
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  20. ghettogong

    ghettogong Regular Member

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    Yes! Finally! This was my intention of making this thread.

    I want to pay company X. But this company X is myself. So I am actually paying myself. And I tell the taxman with the help of invoices that I payed company X because they did a marketing campaign for me.

    BUT....how can I pay myself? How do I send money from my legitimate bank account to myself again? Thats were I am brainstuck...
    Posted via Mobile Device
     
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