Yeah, basically you either spend more on your business or pay more to the government. Time to get more creative with business expenses.
I hate Hate Paying Taxes - Get your Write-offs in line
- Thread starter jboeckman
- Start date
Yeah, basically you either spend more on your business or pay more to the government. Time to get more creative with business expenses.
Kid, wife, dependants, gas, repairs, car, interest, expenses, internet, phone, house, retirement, donations, the list goes on...
What you didn't also mention was that after ALL that.
He gets 2k cash per month. lol.
I snort that per month.
Made me laugh as well after reading whole article. Probably he will pay more taxes other way, but at least he wouldn't spend his cash net money on stuff he may not even need.
^^ truth.
if your making north of 7 figs a year in real NET profit after all expenses, then you can not avoid writing a 6 fig check if your American and have your money in American banks.
if your making north of 7 figs a year in real NET profit after all expenses, then you can not avoid writing a 6 fig check if your American and have your money in American banks.
A lot of the services are, but most people feel like our dysfunctional government is throwing away money. A lot of things are screwed up at the moment. Too bad Belgians prefer to complain from their couch or from behind their computers, otherwise there would have been riots already.
Have a look at the chart on this page.
Tax rates around the world - Wikipedia, the free encyclopedia
Beautiful, isn't it.
Or this motivating fact:
Tax Freedom Day - Wikipedia, the free encyclopedia
I still have to work 2 months for the government before I start working for myself
Separate the business entity choice from the tax choice.
An LLC can be taxed as:
-Sole Proprietorship (1 owner)
-Partnership (2+ owners)
-S Corporation
-C Corporation (Very rare)
While the final strategy always depends on specific details, I have most businesses:
1) Organize as an LLC and elect to be taxed as Sole Proprietorship or Partnership.
2) Once net income begins to exceed $65,000 annually, begin looking at being taxed as an S Corporation to manage self employment taxes. S Corps carry additional overhead and you must take a reasonable annual salary.
Four Words - "FUCK THE TAX MAN"
Now on a more serious note. Just setup an IBC (international banking corporation) in some remote country that is protected like Seychelles/Belize/Panama. Then take your IBC documents to a protected banking country like Hong Kong (Use google there are plenty of options) and have all income bank wired to this account. (Simple Right) Now just start up a DBA and pay yourself a reasonable salary bi-weekly/monthly. Make up a job title and pay taxes on that salary. Make sure you spend a little extra on a CPA to help keep your shit in line. They will help you avoid being audited and when you should up your salary/etc. Then from there cash will remain king and just withdrawal with your international ATM/debit card when cash is needed.
There are so many ways to avoid income tax in the USA just need to do your diligence, after all there is no law in the constitution that states income tax is required to be paid.
Now on a more serious note. Just setup an IBC (international banking corporation) in some remote country that is protected like Seychelles/Belize/Panama. Then take your IBC documents to a protected banking country like Hong Kong (Use google there are plenty of options) and have all income bank wired to this account. (Simple Right) Now just start up a DBA and pay yourself a reasonable salary bi-weekly/monthly. Make up a job title and pay taxes on that salary. Make sure you spend a little extra on a CPA to help keep your shit in line. They will help you avoid being audited and when you should up your salary/etc. Then from there cash will remain king and just withdrawal with your international ATM/debit card when cash is needed.
There are so many ways to avoid income tax in the USA just need to do your diligence, after all there is no law in the constitution that states income tax is required to be paid.
Yeah, SEP is pretty flexible in terms of letting you withdraw money early.
Googled and got this link for SEP: Retirement Topics - Hardship Distributions
If you use that cash for non business related expenses, you know it's illegal, right?
My $500/hr tax attorney was worth every penny. Fuck if I know how he's getting me money BACK from the broke ass state of CA, but he did it.
Next year hopefully my bill will be cheaper since he's now got my shit setup right.
Next year hopefully my bill will be cheaper since he's now got my shit setup right.