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IM & paying taxes?

Discussion in 'Making Money' started by Cyberdemon87, Dec 19, 2015.

  1. Cyberdemon87

    Cyberdemon87 Registered Member

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    Hello BHW! I'm totally new to IM but I won't ask the typical which method should I follow type of question.

    My question is, before I start doing anything online, do I have to setup a company or register myself as self-employed, freelancer, or something like that, and pay taxes for whatever kind of IM I'm going to follow?

    The thing is I live in Greece and as some of you may know the situation here is totally fucked up, and they tax you to death with every single step you take. Is it maybe a good idea to setup an offshore company in an other foreign country like Bulgaria as many Greeks already do?
    How on earth should I start??
    I don't want to start off the wrong foot that's why I'm asking all this.

    Since I have no clue, I hope for your guidance!
     
  2. TayaX

    TayaX Jr. VIP Jr. VIP

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    It's really your decision at the end. I made a lot of money without paying taxes at the beginning, without even opening any company at all. Paypal, Payoneer, Moneybook where my bank accounts. Now at some point you will want to pay taxes to get what your government can provide you (in my case, health insurance, unemployement, retirement benefits, etc. ). I believe those are the question you start to ask either when you already make a certain amount of money and have to cash it out to pay your rent etc, or when you have a really solid plan with a precise business plan, spendings etc etc and maybe need loans.
     
  3. Cyberdemon87

    Cyberdemon87 Registered Member

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    In my case government provides absolutely nothing. Anyone from Greece will tell you the same.
    It's nice you made money without paying taxes but the thing is, if payments are made to me don't I have to verify to my bank from and how I got that money from, thus getting taxed for them? And not being registered as something like self-employed wouldn't it cost me fines and trouble?

    EDIT: Also, I forgot to mention we are under capital controls here making things a whole lot harder. It would be great if a Greek doing IM could reply here!
     
  4. amoon

    amoon Jr. VIP Jr. VIP

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    it depend on the countrie you live, and what they can offer to you, like said TAYAX before *health insurance* or *retirement plan* the possibility to receive big ammounts in your local bank account without restrictions or high fees

    a lot of scinarios to considere before moving
     
  5. TayaX

    TayaX Jr. VIP Jr. VIP

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    It really depends on how your government work. If you're planning on going full time as I said, then yes, you will need to cash out that money for your everyday spendings and yes you will need to open a company or anything available in your country. That's up to you to decide what type of company you want to open based on your needs, gross revenues etc etc.

    If that's pocket money, then you keep it on paypal/payoneer etc. These are company based in offshore countries, and unless you're doing BIG business of illegal stuff, they won't provide infos to government.
     
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    Last edited: Dec 19, 2015
  6. Asif WILSON Khan

    Asif WILSON Khan Executive VIP Jr. VIP

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    When it comes to Tax advice it is always better to talk to a professional.
    Arrange a meeting with an Accountant to discuss Taxation and also a meeting with a Lawyer to determine the best structure for your business.
    But don't let these concerns stop you making money online, just set aside 50% of everything you earn until you have had the meetings to cover any future tax issues.

    http://www.minfin.gr/?q=en
    https://en.wikipedia.org/wiki/Taxation_in_Greece
    http://europa.eu/youreurope/citizens/work/taxes/income-taxes-abroad/greece/index_en.htm
    http://www.tradingeconomics.com/greece/personal-income-tax-rate
    http://www.worldwide-tax.com/greece/greece_tax.asp
     
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  7. Cyberdemon87

    Cyberdemon87 Registered Member

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    Thanks for the answers guys. As I said I'm just starting. I'm not going to do BIG business or illegal like you said.
    It will be pocket money for the start I guess. I just don't want to start off wrong and being getting caught and fined because I don't have a company or I'm not registered to IRS.

    W130SNW130SN , I was going to do that anyway thanks :) Are you from Greece?
     
  8. moonshine7000

    moonshine7000 Senior Member

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    IRS is for people living in the USA jurisdiction.I live in a small island somewhere in the Caribbean.I get my Clickbank payments to my Payoneer account which is very nice from any ATM machine that supports MasterCard.That what I love about online business you work anywhere no matter where you live.
     
  9. Cyberdemon87

    Cyberdemon87 Registered Member

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    Sorry I didn't know the English word for Greece's Tax Office that's why I said IRS.
     
  10. c4rtel

    c4rtel Registered Member

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  11. ChEcKeD

    ChEcKeD Senior Member

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    I don't declare anything and just say I'm unemployed
     
  12. abhijit369

    abhijit369 Junior Member

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    If payoneer works in your country and if you earn in small amount then I would suggest you to first concentrate on the learning and practice curve of IM and then start your business slowly. In the beginning you may don't need to have a registered business.
     
  13. I-marketer

    I-marketer Regular Member

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    It is a way to go but keep in mind you need some initial capital to incorporate offshore (not mentioning the recurring costs for accounting, etc...) . If you fail your IM journey, these will be literally wasted money.
    My advice is to start small and once you find good scalable method that can cover the costs, it's a good time to set up a corporation.
     
  14. I-marketer

    I-marketer Regular Member

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    double post please delete
     
  15. Cyberdemon87

    Cyberdemon87 Registered Member

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    Thanks for all your answers guys. I'm going to start off then without doing declaring or setting up a company yet and see how it goes.

    Also, if anyone's from Greece he could leave a post here or pm me. It would be great to have someone to chat in my native language!
     
  16. Cyberdemon87

    Cyberdemon87 Registered Member

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    Sorry for posting again, but would not declaring anything work if I build an authority white-hat-ish website?
     
  17. wowhaxor

    wowhaxor Elite Member

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    Just be careful because you avoid taxes this year it's easier to do it next year. Pretty soon it's been a while since you paid and the IRS wants their $48,000. Next thing you know you haven't been arrested in a while and now unless you can make some repayments you've got your shit together and haven't been arrested in a couple years and then all of a sudden you're about to get locked up again only this time for the stupidest Wesley snipes shit ever and you weren't even doing real crime and you feel pretty dumb about yourself along with having to pay all the money anyways.

    Generally if you aren't actively lying (just not filing as opposed to filing false tax returns) they are dicks to you but they offer you a payment plan and let you go at that rather than just locking you up, definitely follow through on this though because a FCI in a cold ass state is the next stop if not. Dunno about Greece but I assume governments everywhere like their money.
     
    Last edited: Dec 21, 2015
  18. mirrorer

    mirrorer Jr. VIP Jr. VIP

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    Hey bro.

    I am not Greek but I live in Greece for almost 12 years and we both know how capital controls fucked our ass.I almost went out of business in the summer when the banks were closed and when capital limits began but there are always smart & legals ways you can use. PayPal was my pal during those days.

    Regarding taxes,if you have checks coming from the USA ,they will & can be taxed as personal income if you exceed the min. untaxed income (9,000 euros if am not mistaken) and your accountant knows how to use those checks (if you have the right accountant)

    If you make huge amounts,there are other ways around. Our neighbors are our best friends in this case (BG,CY)

    But as you mentioned ,you're newbie, so first make some money and then think about taxes
     
  19. zebrahat

    zebrahat Elite Member

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    The real issue for many is that depending on your local domicile, and the rapaciousness of certain regimes, there may be an honest difference between what your lawful obligations actually are, and how the government applies (or misapplies) the tax laws. The US system, for example, is one of the most aggressive in the world in presuming people fall under its jurisdiction and disclosure requirements, whether they do or not. IAW, the "Wesley Snipes" matter of tax honesty is not trivial, as governments do often wrongfully enforce the law (as in his case), and so there is a valid demand in the market for a practical remedy to such misapplication of the tax code.

    What IM provides, in addition to being a place to earn $, is a venue flexible enough to make and store money without necessarily committing oneself to participate in a country's tracking system (IRS-worded forms, tax IDs, etc) that frequently creates the very misapplication of liability and loss of financial privacy in the first place. So as a method of least resistance, the online methods permit one to sidestep that paper trail and financial surveillance network, and make bank without borders, or no due-process takings of one's wealth.
     
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    Last edited: Dec 21, 2015
  20. Cyberdemon87

    Cyberdemon87 Registered Member

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    Thank you all.
    All of of your replies have been really helpful and more of your advises are welcome!

    I'm going to go a bit off-topic here and ask the same question again. Is it harder to go undeclared (in the beginning at least) if I'm aiming for a white hat authority site?
    Another off-topic but on-topic question in my case is why there are so many posts on BHW about how SEO is dead?