I need Some Serious Advice!

andre09

andre09

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To start off, I am currently 17. I have been making an average of $100 a day off CJ under my moms name. She originally said it was ok, but now since I am sitting on a large amount of cash she is reluctant to receive the money because it puts her in a new tax bracket and it could jeopardize my sisters $50,0000 scholarship/financial aid. I was then thinking about finding a way to get permission to have it under my name, but then it could jeopardize MY future financial aid. So right now all the money is in limbo and I don't know what to do! I definitely need financial aid but I also don't want all that money to go to waste. Any serious advice would be appreciated!
 
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'...Maybe there is someone in Nigeria who could help you out.

themagician

PS I'm sure someone here will offer serious advice. I am not up-to-speed on US tax, aid and scholarship laws etc.
 
Just an idea. I have no idea if this is good idea or not, but.....can you or your mother (or someone else) set up a corporation to receive the money. Maybe your grandparents are on a fixed income and can get it somehow.

Also, you mention you have income, but do you have any business related costs? Come up with everything you can to lower your profit.

Sounds like you really need to talk to a CPA or maybe even a lawyer.
 
Now I don't have one, but the way I understand it is that if you start a LLC, that income counts as the business's, not yours. The business pays you what you want it to pay.
 
Could always have it sit in there until your done college/university.. lol.. Could be a non-interest bank account... just make sure it doesnt expire.
 
YoungGuns said:
Now I don't have one, but the way I understand it is that if you start a LLC, that income counts as the business's, not yours. The business pays you what you want it to pay.
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That would be my suggestion, but it could depend on the state you live in. I would check with a CPA or tax lawyer anyway.
 
YoungGuns said:
Now I don't have one, but the way I understand it is that if you start a LLC, that income counts as the business's, not yours. The business pays you what you want it to pay.
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Thanks for the suggestion, I'll definitely be looking into it.


I posted this thread on DP and now have someone flaming me, calling me a crook because I am 17 and thus earned the money "illegally". Yeah, I think I'm done with DP. Tonight I'll definitely upload some eBooks I bought off DP as somewhat revenge. Expect me to start giving back to the BHW community soon!
 
Have her setup a corporation with you as an officer and bank access. Deposit all checks in that account, if you dont pay her, she has no tax implications. The corporation pays taxes on its own profits, if any.
 
What you need to do is contact an accountant. Dont take financial or legal advice from anyone that doesn't make money dispensing it. Those concerns are legitimate and the ripple effect can be huge.

Congrats on being so successful at such a young age. Thats impressive.
 
BuzzKill said:
What you need to do is contact an accountant. Dont take financial or legal advice from anyone that doesn't make money dispensing it. Those concerns are legitimate and the ripple effect can be huge.

Congrats on being so successful at such a young age. Thats impressive.
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Thanks, I actually have an appointment scheduled via phone with my mom's accountant tonight, however I'm not sure how competent my mother's accountant will be, since I get the feeling she thinks I am falling for a scam since shes never heard of the mysterious company "Commission Junction" :rolleyes:
 
andre09 said:
Thanks, I actually have an appointment scheduled via phone with my mom's accountant tonight, however I'm not sure how competent my mother's accountant will be, since I get the feeling she thinks I am falling for a scam since shes never heard of the mysterious company "Commission Junction" :rolleyes:
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Oh, now THAT IS funny!

Get your Mom a computer and get her started on the net!

My 76 year-old Mom was today learning to use Open Office as she got sick of MicroShaft!

LOL!

Find out what Mom likes and then steer her to those places and she will be on your side in about a week!
 
hit up Uptownbulker and get to help you set up an anonymous cooperation and see what the fin. adviser advises. Also congrats on your success at a young age. I applaud your efforts. Screw DP that's a big reason I don't like that forum.
 
justmeron said:
hit up Uptownbulker and get to help you set up an anonymous cooperation and see what the fin. adviser advises. Also congrats on your success at a young age. I applaud your efforts. Screw DP that's a big reason I don't like that forum.
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Thanks, justmeron!

I am SO impressed with this guy!

I sent him a PM and will help him out in any way that I can!

And yeah, SCREW DP!
 
andre09 said:
Thanks, I actually have an appointment scheduled via phone with my mom's accountant tonight, however I'm not sure how competent my mother's accountant will be, since I get the feeling she thinks I am falling for a scam since shes never heard of the mysterious company "Commission Junction" :rolleyes:
Click to expand...


be patient, it will come to you. 50K is not play around money. So sit back relax and just think, think again. and think some more It will come to you.
 
hmmm

what are you doing???

i'm 17 also,

and i've been working with copeac, and i had no problem tho.

i've never tried cj ;)
 
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