Money Making & TAX [avoid it]

jazzc · Sep 30, 2011

zen19 said:
BH makes me a citizen of the world, I'll go where its sunny and where there is a minimum of pencil pushers. I'll structure my business in the most tax efficient way possible.

Yes! Prepared Thoroughly, you can achieve anything! They 're trying to tighten things up where I am now, in 4-5 years it will not be the "do-whatever-you-want-just-pay-me-something-to-not-write-down-that-fine-whenever-I-catch-you" paradise anymore. But who cares? Airplanes and the Internet can get you anywhere!

ghettogong · Sep 30, 2011

OP, can u mention your annual income or expected income for 2012?

Roparadise · Sep 30, 2011

ghettogong said:
Why are we discussing millions $ here and taking Wallmart as example.

How can you advice a 17year old student to go to romania or buy a boat. This guy justs wants to keep more of his little profits to his own.

I also find it important to state what percentage income tax you pay over your
profits till 100k a year. Mine is 42%, fuck me in the asshole with a remote control.

He'll be 18 in under a year lol.

zen19 · Sep 30, 2011

http://en.wikipedia.org/wiki/Perpetual_traveler

Also known as prior tax payer lol.

On 100 a day this life style is possible - I was paying 1k a month for a villa last year in a 5* hotel, on the red sea. You get to see the world and opt out of the annoying crap.

healzer · Sep 30, 2011

zen19 said:
http://en.wikipedia.org/wiki/Perpetual_traveler

Also known as prior tax payer lol.

On 100 a day this life style is possible - I was paying 1k a month for a villa last year in a 5* hotel, on the red sea. You get to see the world and opt out of the annoying crap.

so you are a travelling IMer?

healzer · Sep 30, 2011

ghettogong said:
OP, can u mention your annual income or expected income for 2012?

My expected/estimated income yearly will be 15-30k $/year.
So thats 1500-3000$/month estimated!

zen19 · Sep 30, 2011

healzer said:
so you are a travelling IMer?

Yeah, I hop countries every few months.

Generally look for places where palm trees grow and I can be close to the sea. Much nicer than living where it rains and zombies wear suits on commuter trains.

dotcomdesigns · Sep 30, 2011

dotcomdesigns · Sep 30, 2011

zen19 said:
Yeah, I hop countries every few months.

Generally look for places where palm trees grow and I can be close to the sea. Much nicer than living where it rains and zombies wear suits on commuter trains.

Yeah, someone I know has an African country as his place of abode (he works on the oil rigs a few months a year) and when he comes back to the UK he enters via the tunnel from France because he claims they never look at his passport. So it looks like he's hardly here when in fact he's here way over the amount of days he would be liable for income tax on his earnings overseas.

healzer · Sep 30, 2011

zen19 said:
Yeah, I hop countries every few months.

Generally look for places where palm trees grow and I can be close to the sea. Much nicer than living where it rains and zombies wear suits on commuter trains.

Mind telling your age?

Looks like you have an awesome life

KHMNTCPR8 · Oct 7, 2011

I lower my taxes by purchasing things used for my business. Computer equipment, SEO, graphics, phone, phone plan, hosting, speakers, monitor (HD TV), and other stuff.

googlemonster · Oct 18, 2011

burgers said:
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.

I was wondering about forming a inc Canadian company and paying myself a dividend.

I want to know this:

Most of the stuff I do is automated, I do have expenses but not a lot, maybe hire a filly and some servers, what do I pay myself in dividends? I just spend it on beer and food mostly. I think the reason most people avoid tax etc. is because the cock biscuits make it so complex.

Expertpeon · Oct 18, 2011

googlemonster said:
I was wondering about forming a inc Canadian company and paying myself a dividend.

I want to know this:

Most of the stuff I do is automated, I do have expenses but not a lot, maybe hire a filly and some servers, what do I pay myself in dividends? I just spend it on beer and food mostly. I think the reason most people avoid tax etc. is because the cock biscuits make it so complex.

Hint:
The total tax on dividends = 35% US business tax + 15% dividend income tax

That guy doesn't know what he's talking about.
The USA by and large has the highest business tax worldwide (only Japan is close)

wokaka · Oct 18, 2011

guys, your options would be too much hassles and need initial investment as well. I wouldnt suggest you to move to bahama or places like that before you make millions..it might not worth it. I have read about moving abroad myself and i realize i always need to spend a lot of money before I do it right (like let's say $50-500,000 for the initial deposit, then the fees, etc. etc.). It's always easy to say about moving abroad but it's hard to do in reality.

For guys who already have more than $100,000 and you dont use it for any investment, you might want to explore Singapore as the tax rate there is still low (only 2-20%). You will need to pay some fees though as well as set up an initial deposit in your company bank account or something there (not sure how much you need it now, it was 50,000 SGD 2 years ago, but then you have chance to get permanent residency right away)

As for moving to South america and the other countries, I think you will need even more investment and legal things will be a bit harder to find. singapore is a nice option as they are very open about this kind of information. You don't need to find 3rd party or whatever. Whereas places like bahama or panama etc. seem risky to me. Of course you can explore these places when you are already very rich

googlemonster · Oct 18, 2011

I thought dividends were lower, that's 50% which is absurd

Union · Oct 18, 2011

healzer said:
What about Russia?
Any1 knows how the policy works there?

LOL, you worry about PayPal, but you thinking about Russia ?

No Money in Russia, all Russian's $ are hiden in UE. They making money in Russia, by f...g everybody in that country, but their Pocked is far from Moscow

belive me

Union · Oct 18, 2011

and what are you talking about, what is your amount, $ **.*** , $ ***. *** or $*.***.*** per year ? if only 5 figure, just read what some guys here suggested... be CREATIVE...
If 6 or 7 a year, its time to move...

googlemonster · Oct 18, 2011

was wondering how people with some decent income say $60k+ are operating in various countries.

Expertpeon · Oct 18, 2011

googlemonster said:
I thought dividends were lower, that's 50% which is absurd

a dividend is fundamentally a double tax:
http://en.wikipedia.org/wiki/Dividend_tax

googlemonster · Oct 18, 2011

maybe should do what zen does and just float

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