Money Making & TAX [avoid it]

GrizzlyAdams said:
Can you do this?



You get paid $5,000 from a client.

It really costs you $500 to oursource all the things the client needs.

But you create receipts of hired employees, media buys, hosting, design, and print them off for your books, with the values of $4,000 instead of the actual $500 for that job.

So to them you only made $1,000 dollar profit and they will tax you on that. Leaving the other $3,500 profit you earned alone.
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Something is this way yes, but you cannot fake invoices from hosting companies, cause the IRS will cross reference the invoice number from your fake invoice with the sale invoices from hosting company. And this applies to everything.

Faking payments to private employees is a green light.

And please dont tell me you are already doing this method?
 
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.:mAestro:. said:
I didn't understand this. Can you please explain a little more?
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Go to Croatia, open account, set up dummy company there (file the paperwork from Belgium)
Send money to bank account from Belgium as marketing/expenses investment etc
There you go...

Here's an example of how Walmart turns 7.8 billion profit/yr into 7.8 billion in expenses.
Walmart sets up trust subsidiary
Subsidiary is managed by 3rd party subsidiary (all of course walmart owns majority shares in)
Trust owns and purchases all assets (wal-mart stores)
Walmart then pays rent to subsidiary on stores to "rent them" from subsidiary.
 
jon_xx_x said:
Find friend in Switzerland or other no tax country.
Send X amount of profits to them per week. Write it off as marketing company. Let them keep 10%, Western Union you the rest. Get fake ID for WU or use your real ID and say it's a "gift". If they screw you over, you only lose 1 week of profits.
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Something like that, but WU nowadays is connected to the government so they have to report heavy transactions.

You will only have to find a method of giving money to a person and able to prove you have handed that money and try to make it hard for the IRS to find that person...hmmm...dificult
 
ghettogong said:
Something like that, but WU nowadays is connected to the government so they have to report heavy transactions.

You will only have to find a method of giving money to a person and able to prove you have handed that money and try to make it hard for the IRS to find that person...hmmm...dificult
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Or just set up an investment trust that's managed by a subsidiary :rolleyes:
You people are overthinking this.
Yes he cannot take money OUT of the trust, but he can buy property, accept rental income etc etc via it.
 
Just buy stuff, try to use a debit card for you business account and sell it for cash money. Then you can report it
 
ghettogong said:
Something is this way yes, but you cannot fake invoices from hosting companies, cause the IRS will cross reference the invoice number from your fake invoice with the sale invoices from hosting company. And this applies to everything.

Faking payments to private employees is a green light.

And please dont tell me you are already doing this method?
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Nah I pay my taxes but it pisses me off how wasteful and corrupt the government is to the extent that I'm going to try your method which is a way better idea than my own. Thank-you! :)
 
I know u people talking about buying stuf etc... & starting a business.... I'm 17 people -_- I have education etc.... I don't mind opening bank acc offshore, but it's hard to find a bank which keeps everything private.
 
ghettogong said:
Something like that, but WU nowadays is connected to the government so they have to report heavy transactions.

You will only have to find a method of giving money to a person and able to prove you have handed that money and try to make it hard for the IRS to find that person...hmmm...dificult
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Yeah I know, that's the one pain, plus with all the terrorism now, they want to make sure it's not terrorism related.

If it was big, you could just set up a fake company in Switzerland like "ABC Consulting" and make a weekly check out for $1000 or something like that. So you have a paper trail of sending this money there.

That being said money laundering is a crimer you never want to get convincted of lol
 
If you're making real serious money you should look into forming an offshore company. I would recommend a company in Dominica. In Dominica your company will be free of income tax for the first 20 years of doing business. You should then open a company account in a different duristiction which supports paypal and receive your payments to your company account. This whole set up will cost you $1200 for the first year and $800 for each year after that. You can then pay yourself a monthly salary to your Belgian bank account and declare that to your tax authorities.
 
healzer said:
I know u people talking about buying stuf etc... & starting a business.... I'm 17 people -_- I have education etc.... I don't mind opening bank acc offshore, but it's hard to find a bank which keeps everything private.
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You don't have to keep it all private...
You just have to reasonably keep them from VOLUNTARILY reporting it.
Belgium is not going to croatia demanding bank records for every client they have.

Switzerland is also an excellent close option.
 
If you are making serious money off online ventures (lets say at least $30,000/year), you NEED to register a corporation. Its the only to lower (not avoid) taxes payable:

- Expenses you can write off. Things such as auto, home, phone, internet can all have a reasonable portion written off as expenses so that your income is lower
- As a shareholder in your company, you can take dividends instead of salary which are taxes at a lower rate. ie: personal salary gets taxed at ~45%, but dividends are corporation profits which are already taxes at ~15% so if you only take money out as dividends you're not paying much personal tax on it.
 
englez said:
If you're making real serious money you should look into forming an offshore company. I would recommend a company in Dominica. In Dominica your company will be free of income tax for the first 20 years of doing business. You should then open a company account in a different duristiction which supports paypal and receive your payments to your company account. This whole set up will cost you $1200 for the first year and $800 for each year after that. You can then pay yourself a monthly salary to your Belgian bank account and declare that to your tax authorities.
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Or you can simply use the dominican acct to purchase property/rent property and/or electricity/internet etc in their "belgian" office?:rolleyes:
 
Just to expand on the offshore company in Dominica option. You can open it online through a registered agent google milonline I cant post links yet. They will handle your company formation and bank account opening. Since you are not making money by doing business in Belgium this shouldn't be illegal. An offshore LLC even if you are the only member is still a legal entity which must conform to tax laws of the duristiction of incorporation and not to the tax laws of your country of residence.
 
Expertpeon said:
Or you can simply use the dominican acct to purchase property/rent property and/or electricity/internet etc in their "belgian" office?:rolleyes:
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I would strongly suggest against opening a bank account in the same country where the company is formed. Choosing your country for your bank account depends on your needs and how much money you have for your initial deposit. I am sure that if OP consults a registering agent about his needs he will suggest the best option.
 
healzer said:
Since I start earning good money these days... we are required to pay taxes from our earnings...which sucks seriously.

In live in Belgium & we are required to pay 30-65% of our earnings to the government (as a tax) ; if you earn more than 5000?/year.

How do you guys prevent/avoid paying taxes?
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i just keep my mouth shut and till no one :)))
 
Expertpeon said:
Or you can simply use the dominican acct to purchase property/rent property and/or electricity/internet etc in their "belgian" office?:rolleyes:
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Experpeon,

Please check your pm and send me an answer...
 
WHAT about the Paypal debit/credit card?....
 
healzer said:
WHAT about the Paypal debit/credit card?....
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The paypal/payoneer/plimus cards are small scale. Would you really want 100k sitting in a paypal account??

You need to think in terms of transnational holding companies, trusts, and other LEGAL methods for minimizing tax. Consider that Google pays about 3% company tax, and until Obamas dividend tax rate increase (next year I think) their top people could pay around 15% tax on their earnings which are in the form of company dividends rather than wages/salaries.

Look for variances between countries - thats what the big MNC's do.
 
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