[POLL]How do you pay less taxes?

The problem with the "write off" stupidity is that IT WILL NEVER MAKE YOU RICH. Of course you can make 5K a month and write 5K off a month but what is the point? You are still penniless.

A couple on here gave good suggestions.
Here are the options.

Move overseas to a no tax or low flat tax jurisdiction.

Do a little three way. IBC in Panama, work in America, accounts in Andorra.

Don't file income tax returns. This works well if you have never really filed them before in any substancial amount. (i.e. filing 100K a year and then dropping off the radar isn't going to work) Even if the IRS catches you it takes them three years before they initiate collection action. By then you can be out of the country.

Shell corporations. Start business via agent or person and address other than yourself who has no real connection to you, and withdraw money via debit. Stock it up in cash or gold. Leave the country when wealthy.

Basically all real options involve leaving America. This country is anti wealth in every sense of the word. One of the more draconian nations in the world in terms of tax policy.

sdtopensied said:

195471 Summed it up quite well:

As far as 15%, a good tax accountant should be able to find enough legal deductions, assuming a context of a small business, to reduce your tax liability to around 15%. A good tax accountant should also be able to give you advice on how to structure your business to facilitate that.

The fact is, a business owner has more deductions available than an employed individual. Warren Buffet stated in a 2007 interview that he paid 17.7% in taxes on the $46,000,000.00 he made the previous tax year. His secretary paid 30% on $60,000.00.

This is as much an illustration of why you should incorporate as much as it is a statement on just how jacked up the U.S. tax system has become.

Code:

hxxp://www.timesonline.co.uk/tol/money/tax/article1996735.ece

-SDT

LE: Damn typos!

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What does this have to do with writeoffs? Warren buffet pays such a small percentage in tax because he makes his money off of dividends and munis.

sdtopensied said:

What's the $100 expense for (mileage or maintenance)? If you don't have a big enough deduction for mileage on a vehicle, you can look into deducting operating (gas) and maintenance expenses as an alternative.

You can also deduct a portion of your rent/mortgage, utilities (electricity, gas, etc) for the operation of your home office.

A good way to get some ideas for deductions is to download a copy of Tax Cut, Turbo Tax, or your favorite tax program and go through the motions of doing your taxes. These packages usually have a deduction finder that will give you ideas on how to find additional deductions.

For example, in the United States, if you bought a new car in the 2009, you can deduct the sales tax from your tax liability.

At $60,000 per year ($5,000 per month), you're at a 25% marginal tax rate. To get down to the next tax bracket (15%) you'll need to get your taxable income after deductions down to around $33,000.00.

The programs I mentioned above are good, but if you can swing it, the best way to go is a tax accountant.

-SDT

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Why don't you just give me $1,000,000? You can write it off.

Spending and consuming makes a nation rich. Yep, that makes perfect sense. This is why China is going to own the west in 50 years.

See I work for this company...

The "ahh" company is kinda owned by me but in a trust, and ahh they kinda pay me ok, like I make 30k a year or less...

Get it? So yeah I report 100% of my income ALWAYS...

You're missing the point of this entire conversation and your suggestions are marginally sustainable at best. Leave the country? Sure. I'll make a few bucks and pack up my wife and kids, leave my house and cars and move to another country. No thanks. Unfortunately, countries with no, low, or flat tax systems that have any semblance of a modern infrastructure are few and far between.

The purpose of this thread is to identify expenses that you have to pay ANYWAY and use those expenses to reduce your tax liability. You're probably going to go to a restaurant at some point anyway, so discuss business and deduct a portion of the meal expense. If you have a car, you're going to drive it anyway, so deduct mileage or gas and maintenance expenses. If you're doing PPC, deduct a portion of it as advertising costs.

If you make 5K a month, you obviously won't be able to write off 5K a month in expenses and I don't think I ever implied that, but you can take steps to minimize your tax liability.

If you have a pulse, you're going to consume. It only makes sense to identify the portion of that consumption that can reduce your tax liability.

This country is anti wealth in every sense of the word. One of the more draconian nations in the world in terms of tax policy

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I disagree. While this country has its issues, there are many countries with far more oppressive tax policy. Have you been to any of the EU countries lately? This country is still very much pro-wealth despite what you might hear on conservative talk radio.

What does this have to do with writeoffs? Warren buffet pays such a small percentage in tax because he makes his money off of dividends and munis.

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Not much. I thought was pretty clear regarding the relevance of this statement. The point of mentioning Warren Buffet and his secretary was to illustrate the tax advantages that a non-employee has over an employee.

Spending and consuming makes a nation rich. Yep, that makes perfect sense. This is why China is going to own the west in 50 years.

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I'm not sure what your point is because, again, if you have a pulse you're going to consume.

Yes, China is going to own the west in 50 years. Not because we consume and spend but because the West has lost sight of the fact that the only way to create lasting wealth is to have a manufacturing infrastructure that takes raw materials and creates tangible products. Our shift to a primarily service oriented economy has doomed us to failure.


-SDT

newmanhia said:

The problem with the "write off" stupidity is that IT WILL NEVER MAKE YOU RICH. Of course you can make 5K a month and write 5K off a month but what is the point? You are still penniless.

A couple on here gave good suggestions.
Here are the options.

Move overseas to a no tax or low flat tax jurisdiction.

Do a little three way. IBC in Panama, work in America, accounts in Andorra.

Don't file income tax returns. This works well if you have never really filed them before in any substancial amount. (i.e. filing 100K a year and then dropping off the radar isn't going to work) Even if the IRS catches you it takes them three years before they initiate collection action. By then you can be out of the country.

Shell corporations. Start business via agent or person and address other than yourself who has no real connection to you, and withdraw money via debit. Stock it up in cash or gold. Leave the country when wealthy.

Basically all real options involve leaving America. This country is anti wealth in every sense of the word. One of the more draconian nations in the world in terms of tax policy.



What does this have to do with writeoffs? Warren buffet pays such a small percentage in tax because he makes his money off of dividends and munis.



Why don't you just give me $1,000,000? You can write it off.

Spending and consuming makes a nation rich. Yep, that makes perfect sense. This is why China is going to own the west in 50 years.

Click to expand...

nahor said:

See I work for this company...

The "ahh" company is kinda owned by me but in a trust, and ahh they kinda pay me ok, like I make 30k a year or less...

Get it? So yeah I report 100% of my income ALWAYS...

Click to expand...

little bit more information on this method?

If anyone is in NYC, I use an excellent corporate accountant; been working with him for years; last year I made well over $95K for my IM (LLC) and I didn't pay a dime. He is very good, he knows what to deduct and how much so as to not bring in too much attention. Of course, that 0% tax wasn't every year, you have to show some profit to the IRS but it is 'ok' to show small profit 1-2 years of every 5 years.

This is a fantastic site to be able to dodge taxes they give you all the tips and even free lodgings if you get caught in five star hotels.


do not abuse this site as they do not have a sense of humour

Get married and have kids

I can make up to $85000 a year without paying a dime after all the TAX credits for being married with 8 kids

Lolz!

khanhdum said:

Lolz!

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best tax advice ever.

8 kids? yikes.. That's just what the world needs, more people.

lol.. Welfare mentality .. Don't worry, us tax payers will pay for their school for you.

Man, you're nasty.
.............or should I say 'boy'? because your response is immature.

8 kids? yikes.. That's just what the world needs, more people.

lol.. Welfare mentality .. Don't worry, us tax payers will pay for their school for you.

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.

Are you ABLE to open your closed mind enough to ponder that Hawke is intelligent enough to have 'other' things going on?

$85K a year is over and above from qualfing for your so-called 'tax payers schooling'.

DUH....you're stupid.

Besides that fact..........what the fuck do you know US taxpayers paying for schooling?

I was a single mom (divorced from father). There ARE NO OPPORTUNITIES that supposedly Us taxpayers pay for.....for college.....what opportunies there are, are all the same, whether you're on welfare or not, they have a sliding rule according to your income.................and you know what?????? It's attached to the student's account........meaning they are now 'in debt', and they have to pay it back.

What a totally stupid, un-realistic / not-researched / go-with-the-sheep point of view!
You done pissed me off newbie.

Ok here is another "method" what do you think?

I get a credit card from Delaware (im from the EU) and I use it to pay online for stuff (gaming consoles, clothing, electronics .....). Will my government ever know? The money won't enter my country this way.

Step 1. Buy laxatives.

Step 2. Buy lots of toilet paper.

Step 3. Write off laxatives as medical supplies and toilet paper as auxiliary office supplies.

this is all rubbish

any income u make that you van possibly get paid via paypal, get it paid via paypal. Then u deposit all your paypal funds directly into a gambling site, and directly withdraw it via whichever means you want to your bank account (gambling winnings tax free)

simple

CMS2009 said:

this is all rubbish

any income u make that you van possibly get paid via paypal, get it paid via paypal. Then u deposit all your paypal funds directly into a gambling site, and directly withdraw it via whichever means you want to your bank account (gambling winnings tax free)

simple

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Not sure where you heard this, but that isn't the case in the US. You have to claim all winnings to the IRS, and if you want deductions you can keep track of all losses as well. Its a slippery slope, our government isn't THAT stupid (but pretty close).

I am very surprised how many people don't pay at all.

teague said:

Besides that fact..........what the fuck do you know US taxpayers paying for schooling?

I was a single mom (divorced from father). There ARE NO OPPORTUNITIES that supposedly Us taxpayers pay for.....for college.....what opportunies there are, are all the same, whether you're on welfare or not, they have a sliding rule according to your income.................and you know what?????? It's attached to the student's account........meaning they are now 'in debt', and they have to pay it back.

What a totally stupid, un-realistic / not-researched / go-with-the-sheep point of view!
You done pissed me off newbie.

Click to expand...

I'm thinking he was talking about school, not college.

hahaha lol does this really work

Step 1. Buy laxatives.

Step 2. Buy lots of toilet paper.

Step 3. Write off laxatives as medical supplies and toilet paper as auxiliary office supplies.

Click to expand...

I opened a PLC within Jersey which is tax-free. I then pay myself into my bank account X amount which I pay taxes on. This still leaves cash building up in the bank account which is still tax free. From here my only option is to get a bank account over there or ask my friend to get a bank account over there, or use his own (Seeing as he lives there), withdraw the money in cash and ferry it back over.

Either this or payout donations to myself each year but personally I prefer the idea of only risking the ferry trip.

I am not great with taxes so if I have got anything wrong in this post feel free to correct me or give advice on better ways of what to do with the cash leftover.

Also, as I am paying myself as a self-employed person I am actually invoicing my own company so I can still write off all of my costs so end result = not much tax being paid but at the same time it also looks like I'm not earning very much.