in the process of making 100k year

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Smartest thing to do is go to the Casino. Cash it all in. Play a few slots, and so on. Then tell them to write you a cheque of the large sum. I know in Canada, they cant tax you on that.
 
I would definitely get an accountant. I am trained as an accountant, and I still go to one. There are so many tax law changes, strategies, and different loopholes each year that it is hard to keep up with them all. And the price of making a mistake, in terms of penalties and interest, can be extremely high. A good accountant can more than pay for him or herself in terms of taxes saved.
 
Accountant will solve this problem, don't cheap out and get a bad one, invest into you're accountant and you'll walk out with more in the end.

-LUXURY
 
It depends on how you setup your business. Typically you will pay about 15% self employment tax ( social sec, medicare, etc) plus your federal tax rate which is prorated based on your income. At about 100k PROFIT you would be taxed at about a 20% fed average rate. Plus your state tax depending on where you live. If you had about 100k in profit you probably looking closer to 35-40% in taxes :) (Not offering advice just my estimate)

There are so many ways to reduce your taxable income. I would definitely consult an accountant.
 
I've always kept 35% on the side just to be safe with it all, save any and all receipts.

If you think it can be marked as an expense, mark it down, goto a tax professional and they will say yes or no, then go from there.
 
move to a country that does not tax your income. if a us citizen, then u still owe some taxes, but they are pretty low. Don't do the mistake to stay and live in a high tax country.
 
if only I could live comfortably in said country. Hell, having a swiss bank account isn't even safe anymore.
 
Really , you pay taxes for internet money ! How do they even follow u !!
 
KHer0 said:
Really , you pay taxes for internet money ! How do they even follow u !!
Click to expand...

Well if the money goes to your bank the Govt is going to know about it. Any money that leaves any kind of electronic trail back to you allows the IRS to connect the money to you. If you run an all cash business or partly cash and the cash part ends up not going on the books then it is much harder to trace but internet money leaves a trail unless you use completely fake info which comes with its own dangers.

There are a lot of ways to legally reduce your taxes, get a good accountant and take advantage of them. In the long run you pay about the same and you will sleep much better. You can get away with tax fraud for years but at some point the Govt is gong to find out and when that happens you are screwed, it is seriously not worth going to prison for a few thousand dollars at least for me it is not.
 
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