offshore legal?

Good work. Still not time to look offshore though.

Get a better accountant. There are things you can do that are well within the law to minimize your tax burden more than you are probably thinking about. The USA is actually pro business believe it or not. Taxes are high at face value, but in practice they are lower than most people think. So talk to someone soon to get you in the right position for next year. It takes staying aware of a lot of operational practices. If you do all the allowable things I'm pretty sure you won't start thinking about going offshore.

If you are in the LA area I will gladly refer you to my accountant.
 


monchi954 said:
Thanks man, I been doing numbers like that for well over a year now, I wasent looking for advice just see if anyone heard of any experience with something like that.


Now where are the shit talkers that called me retarded or said go pay your 5k in taxes? Lol Let's see some numbers people !

Ps I love wf
Click to expand...

Revenue != Profit.
 
@mario, I know I wasent referring to you, I know you are not one of those types with hundreds of post of just shit talking lol like where is uplinked and jsphfcll now???? ;p

yo so you have to let me know your connect on these cars, because I am looking to buy a lambo too really soon.
 
There are books to get you started on ideas of saving through corporations, but the best bet is what these guys have said - get an accountant. (I'd always suggest doing a bit of your own learning to keep tabs on your accountant since they are all not created equally).

If you're really worried about the US tax codes and what not, why not just move your whole self somewhere new? There are differences in tax codes in various states as well or go ex-pat, there are a lot of guys on here who do that already.
 
monchi954 said:
you see some good corporation stuff was said I am just trying to bring up a good topic. I am already on the process of changing my LLC to s corp.
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Before you spend time, money, and effort creating a new entity (S-Corp) you might want to make sure it's going to do you some good which I highly doubt it will. For the simple purpose of what you are doing an LLC is probably the easiest way to go unless you like doing payroll (yes it needs to be done on yourself - and yes it's a pain in the ass). It's not like you are going to magically get some tax break with an S-Corp... Trust me it doesn't work that way brotha.

Don't Google your research either... Go see an Accountant.

Brian
 
bigbrian said:
Before you spend time, money, and effort creating a new entity (S-Corp) you might want to make sure it's going to do you some good which I highly doubt it will. For the simple purpose of what you are doing an LLC is probably the easiest way to go unless you like doing payroll (yes it needs to be done on yourself - and yes it's a pain in the ass). It's not like you are going to magically get some tax break with an S-Corp... Trust me it doesn't work that way brotha.

Don't Google your research either... Go see an Accountant.

Brian
Click to expand...

True. But I would say do google your research, AND go to an accountant (or several to compare).
 
Yea but LLC prep is more of a bitch so accountants charge double to do a LLC Partnership return.

S-Corp is half as much in accountant fees (for the few accountants we use).

In an S-Corp you get a tax return (because you pay taxes when you do your payroll).
In LLC you will never get another tax return, because you will pay instead. Big Chunks all at once.

With an LLC there are no shares.
 
It really depends on your business model... If there is any tax savings either way it's going to depend on how you handle your money and your business model. Thus the reason you really need to seek advice from an accountant.

I ran as an S-Corp for a while but switched to an LLC for the simplicity but I am the only owner of the business. I found it easier to just take my profit each month, throw money back into a savings account, and pay quarterly. I couldn't stand the whole payroll aspect of it - it just drove me nuts. But that's just me.

I wasn't aware it cost more for the accountant to prepare LLC taxes... That is good to know. Doesn't matter if it's a Corp or LLC -- I still look at the money each month I have to pay in and it makes me want to puke! :repuke:

Brian
 
You can only really create an offshore business if you actually move offshore or have significant assets of your business offshore (i.e the people running the company, which probably means you unless you have a big expensive corporate structure).

Any other attempt to do so is borderline tax evasion.

If you don't like the way your country taxes you then the most realistic option is to leave your country.

Unfortunately if you live in the US and move abroad you still get taxed by the U.S government anyway so you can't really escape.

If you are thinking seriously about any of this go to Amazon and buy a few books on offshore tax planning (recent up to date ones) and read them. There be good advice in those books :)

Don't trust the advice of accountants. Sometimes they don't know because it can be so complex and sometimes they do know but want you to do what makes them the most money. Don't believe me? Email 20 offshore accountants in a specific location with some questions and see how the answers vary.
 
Haha So I guess I was called out on this post to.. this my boiz monchi954's roomate... The one "whoz not ballin???" Ill let the stats speak for its self..

You let me me know now if the "roomates" aint ballin.. N this is just one network.. theres plenty more

aprilstats.png
 
Jwill.Ent said:
aprilstats.png
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why bother to not show the campaigns since you left the collegebound network recruitment lead gen...


and ohh yea... im not posting stats b/c im not a retard... but

- i dont have a roomate
- i live in nyc not super cheap florida or the midwest
- i own my own place (paid cash not that its your business)
- i dont bother collecting depreciating assets such as 7 year old "lambos" (not 15 trying to impress some girl)
- i collect blue chips or other stocks with proven returns
- i paid more in taxes this year then you profited
 
jsphfcll said:
why bother to not show the campaigns since you left the collegebound network recruitment lead gen...


and ohh yea... im not posting stats b/c im not a retard... but

- i dont have a roomate
- i live in nyc not super cheap florida or the midwest
- i own my own place (paid cash not that its your business)
- i dont bother collecting depreciating assets such as 7 year old "lambos" (not 15 trying to impress some girl)
- i collect blue chips or other stocks with proven returns
- i paid more in taxes this year then you profited
Click to expand...

Wow sorry to interrupt but damn jsphfcll has the best response ever lol
 
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