IRS got me for 40K today!

Easy solution for all of the money problems:

stop being so greedy and just fork the money over. be smart about how you spend it, save it, and smart about how you file for IRS. Like others said.... get LLC, find a good accountant who knows their way around deductions, and try the estimate thing. If you plan for the taxes ahead of time, then you wouldn't be feeing the "ouch" come tax time....
 
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At least you made your country happy by paying taxes:). They may just name a road in your honor. Also think that you made a taxman happy because he will be promoted. Many advantages in paying taxes regularly. Many advantages in not paying those too if you know how to avoid.

Taxmen can be the biggest legally-approved bullies in the country, you see. So stay on their right side. Make lots of money now and you'll feel compensated for the 'loss'. And yes, find a great accountant who knows all the tricks in and out of the book if you're making truckloads of money. But on the other hand, the amount you save in taxes would still go to pay him... hmmm...
 
Time to give up your American password and get a British. Move to dubai and pay 0% in tax
 
You gotta help the country mate, don't ever forget that.
 
MrSmith said:
Time to give up your American password and get a British. Move to dubai and pay 0% in tax
Click to expand...

You mean American Passport?!
I think there is no difference between American password,British password,African password...:p
Cheerios
 
killer2021 said:
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.
Click to expand...

This has always boggled my noodle: Do you just take a lesser salary in exchange for saving on taxes for a few years while you grow your business in this fashion?

What's the point in avoiding taxes on the business income if you get taxed heavily on your imported "salary"?

Thanks for the info :)
 
at what point do u start paying quarterly. I barely am making profit, but my income slowly rises every month.
 
supamanjon said:
at what point do u start paying quarterly. I barely am making profit, but my income slowly rises every month.
Click to expand...
The govt always wants you to pay quarterly from the start. Not Me!
Its better to hold that money and try to flip it before the end of the year. Sending it in early only helps out Uncle Sam but does nothing for you.
Even if you leave it in a interest account youve made something.
 
Looks like another year i'm getting a refund! I love my accountant.

How everyone else end up this year?
 
Anyone have experience comparing TurboTax Business edition vs. an Accountant?
 
A real accountant is the only way to go once you make enough. Nobody should even pretend to know their way around taxes like a real accountant that specialises in tax.

For years I just did my own thing, and finally realised the foolishness of doing something myself that a trained professional could do better and in less time.

I'll be doing a webinar series soon enough on a software solution coming out shortly for the U.S. and Canada that won't file your taxes for you but will log everything that a tax specialist would ask for.

Sure, that's a bit of self promotion, but I'll keep everyone updated.

You're gonna love it.
 
Can't you just go through a middleman service rather than offshore banking? Example, setup as a Canadian company with address in Canada ? IRS doesn't tax Canadians. Every dollar I make goes to me unless I finally get the banner hammered.
 
antiochboy said:
Man....this is an old thread.
Click to expand...
Relax boy..
Its a on going issue with noobs making money online for the first time and don't have a clue about taxes.
 
irs-shirt.gif
 
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