SocialFire
Regular Member
- Jun 12, 2012
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Does anyone here pay tax?
Tax..
- Thread starter SocialFire
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SocialFire
Regular Member
- Jun 12, 2012
- 431
- 126
i dont even know how i would set it up haha, im 16..
You don't have to pax taxes unless they can trace the money.
So, if you use it to buy a house, put it in a bank, or buy something else expensive, you better pay taxes on it otherwise you will most likely get caught. Obviously they won't look into you unless you give them a reason, so if you aren't messing with huge amounts of money you should be fine not paying taxes.
Another thing, though. If they can't trace the money, you can report the income as anything. In the US long term capital gains is 15% on any amount unless you make over 400k. Obviously you would report it as that because it is the lowest rate. However if you're only making 36k or less, you can get 0% on long term capital gains.
Not too sure about UK, but it's the same concept.
So, if you use it to buy a house, put it in a bank, or buy something else expensive, you better pay taxes on it otherwise you will most likely get caught. Obviously they won't look into you unless you give them a reason, so if you aren't messing with huge amounts of money you should be fine not paying taxes.
Another thing, though. If they can't trace the money, you can report the income as anything. In the US long term capital gains is 15% on any amount unless you make over 400k. Obviously you would report it as that because it is the lowest rate. However if you're only making 36k or less, you can get 0% on long term capital gains.
Not too sure about UK, but it's the same concept.
lancis
Elite Member
- Jul 31, 2010
- 1,682
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Why do you ask? Want to know how do we feel about giving away 40% of income to fund services we will never use?
Well... "bad" describes it best.
tahworld
Regular Member
- Aug 16, 2013
- 456
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I'm pretty sure we're passed asking "can they trace me?".
Last time I checked the news, my fridge was being phone-tapped.
Pay your taxes, it's a whole lot better than the consequences.
Vonais
BANNED
- Oct 14, 2013
- 641
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Wiz made a post about having members of all ages here on BHW. I'm sure being underaged is no problemI thought BHW policy was members have to be 18 years and older.
Young man, you broke 2 laws today:
1) Tax evasion
2) you broke the terms of service of BHW.
Obviously #2 is way worse.
Now go think about what you did
. After all, I made a journey thread titled "13 year old's journey", and I still haven't been banned yet.
tahworld
Regular Member
- Aug 16, 2013
- 456
- 397
Wiz made a post about having members of all ages here on BHW. I'm sure being underaged is no problem
I know
just messing around.tahworld - I can understand why you think that, but you can make money untracable.
The world is a huge place. Don't you think there's drug traffickers or other people that get away without paying taxes?
Obviously you have to be highly educated, so I don't recommend OP doing so unless it's small amounts.
Millions of people tax evade a year, but some where in the couple thousands are only charged for it. Obviously it isn't hard to get away with it. They only catch people that deal with large amounts
The world is a huge place. Don't you think there's drug traffickers or other people that get away without paying taxes?
Obviously you have to be highly educated, so I don't recommend OP doing so unless it's small amounts.
Millions of people tax evade a year, but some where in the couple thousands are only charged for it. Obviously it isn't hard to get away with it. They only catch people that deal with large amounts
Sturmlicht
Newbie
- Jan 16, 2016
- 25
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I am a tax german advisor.You have to pay taxes also for illegal activities.No criminal would do that thats another story.
whiteblackseo
Elite Member
- Apr 11, 2015
- 2,995
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Don't bump old threads, reported.
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