IRS got me for 40K today!

Tax time is the time of the year when I really appreciate the 3 kids, house and other benes. LOL. 40k - you must be doing something right!
 
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Brother keep paying those big ass tax bills ... I am getting near retirement and need the Social Security to pay my bar tab .... LOL :D
 
What I would like to know is wtf are you guys doing to be making so much and can you teach me in exchange for free labor? :)
 
NoWhErE said:
What I would like to know is wtf are you guys doing to be making so much and can you teach me in exchange for free labor? :)
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That money was made with LEC/CU pushing ewhores running the erotic section before it was shut down.
I was posting a link that went straight to my home made site and my signups were nuts.
I had to run 2 accounts so people wouldnt go nuts watching the leader board. I thought outside the box and it worked well.
So, if you want to learn wtf guys are doing, just look around then think outside the box and spin it till it works for you.
 
I know how you feel, last year mines was 11k, nothen like yours but i feel your pain
 
grayven said:
I have the world's best f******ing accountant. When I first sat down with him in February I was looking at a 152K tax debt - my wife was in tears and I was a bit nervous myself. This guy then did whatever black magic he does with taxes and I actually ended up with a 15K refund! Funny thing is, you would never guess that he was an Ivy League educated CPA. This guy has a beautiful office, gorgeous assistants and top notch tech, but he looks like a skid row reject - he wears dirty sweats full of holes, no shoes, covered with tattoos and a Rastafarian hat. He's been arrested three times for drunk and disorderly, lost his driver's license and is doing community service. But damn he knows the tax laws!
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Hey can someone track this guy down? No matter how many times I post my count doesnt go up and I can't send this guy a message to find out who is CPA is. I need this kind of CPA bad. If someone can message him for me I would greatly appreciate it.
 
CYBERTRON said:
Perhaps open bank account in panama.
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this isn't a viable way to avoid taxation. especially if you're bring this amount of money into the US via ATM cards. eventually, you'll get hit hard for it.

i have accounts in belize, panama, costa rica and netherlands antilles. spread it out.

sucks that you got dinged 40 gees bro. still, lessons learned for next time, right?
 
While we're on the subject of taxes, do you even get taxed on money you receive that isn't reported but goes through your bank account?

For example, if someone sends me money via Paypal and I transfer that money into my bank account, is that looked at as an income? What about a check from Escrow.com?

I know "technically" you're supposed to report it, but is there really a way for them to find out and consider it an income? What if I just happened to loan my buddy $100 and he pays me back using Paypal. Then it's not even considered income, but would the government look at it like it is? It's not like Paypal or Escrow.com sends in tax records for everything that goes through their system.
 
man i earnerd about 50k so far this year what is the best thing to look into to save money on my taxes? im in us
 
Paying $40K would assume you made at least $200K+...
So enjoying your monthly $14K NET while signing that check?
 
blackhatmikey said:
man i earnerd about 50k so far this year what is the best thing to look into to save money on my taxes? im in us
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Write off as much as you can that could be considered a business expense. Think about anything you ever bought that could be related to your IM business. (domains, hosting, outsourcing, software and programs, etc.)

You could also write off your phone, electricity, internet, and other bills if you use them for your business.

Definitely talk with an accountant though to figure everything out. It will be worth your money.
 
haha yeah mine ended up being 38% of my income this year. damn makin alot of money at age 20 kinda sucks when you gotta pay taxes on it.
 
Codythebest said:
Paying $40K would assume you made at least $200K+...
So enjoying your monthly $14K NET while signing that check?
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210. close guess hahaha yeah that was a nice year
 
Not trying to brag post, but back in 2005 when I was killin it in Pharma I had to write a check to the IRS for just over $200k. Still the biggest check I have written in my life (more than my house). I was young and dumb and didnt have an LLC either. As some people told me though, "There are worse problems to have" :)
 
These message boards are a very special place. For the people complaining up there about how little money you make. Ask for help. Someone here will be glad to help us noobs. Just like someone one day helped Cybertron, this year it paid off big. Congrats dude, may we all one day join you. Definitely need a better tax guy though. And my 2 cents are that a good accountant can still go back and get you some of that retroactively--even after you've filed it--or at the very least carry a nice big fat chunk of that over to account for 2012's taxes--so the number isn't nearly that big next year. Spend 5k on a good accountant's service if you can document your income--he/she willl get you at least 3 times that back.
 
deductions FTW best part of aff marketing everyone is a client!
 
Just incorporate your business in a tax haven and transfer your assets to that business entity. Then anything that those assets generate will be taxable under whatever jurisdiction that business falls under.

The only way you'll get taxed is if you transfer cash to your personal account (take a dividend or salary). However, if you keep the cash in the business and reinvest it or whatever then you pay no tax.

This method is NOT tax evasion, its tax avoidance. It means the LEGAL use of one's tax regime for the minimization of taxes. You break no laws in the process and you pay all taxes that you LEGALLY accrued.

You can talk to any attorney who knows their shit and they will tell you this is possible. Also read this Wikipedia entry:

http://en.wikipedia.org/wiki/Tax_avoidance_and_tax_evasion#Tax_avoidance
 
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