Motherfucking taxes.. how do you guys put up with giving up 40% of your income yearly

[thebigmook]

Seriously I am getting pissed off
How do you guys avoid getting ass raped by the government each year on taxes?

Do you get another citizenship and put your earnings in offshore banks? (Do you still have to pay Canadian/American taxes if you maintain those citizenships?)

Do you incorporate everything? (But then how do you deal with the personal income tax levied against you once you give yourself a salary or buy land, cars, etc?)

It looks like I will have to end up paying $350,000 in taxes this year, and I am about to fucking flip out. Mistake made, lesson learned, how can I avoid this again in the future?

[polish_aristocrat]

so looks like you talked to a tax lawyer already.... but now you're back on GFY with this question?

[Pipecrew]

Mo Money Mo Problems

[Aquarius]

40% WTF is wrong with these guys?

[thebigmook]

Originally Posted by polish_aristocrat

so looks like you talked to a tax lawyer already.... but now you're back on GFY with this question?

last thread: what do I do about previous unpaid taxes
this thread: how to avoid paying ridiculous taxes in the future

k thx bye

[Humpy Leftnut]

As any lawyer will tell you mook, and all advice given from a lawyer will always be based on - it depends on how much risk you're willing to take. Weigh your risk vs reward.

[Humpy Leftnut]

As any lawyer will tell you mook, and all advice given from a lawyer will always be based on - it depends on how much risk you're willing to take. Weigh your risk vs reward.

[WiredGuy]

You can go offshore, get a lawyer for this.
You can incorporate and shelter your earnings and buy as much stuff that directly benefits your business and lowers your net taxable income.
Or you can do a combination of both.
WG

[Sen]

fuck u i pay 60% let me pay the 40% then u pay my 60%

[Sosa]

Incorporate, write off as many things as your accountant/lawyer says you can.

[TheLegacy]

I'm so thankful no one from the government reads these open forum adult webmaster boards - simply said - "pay your taxes - love Bush - God is great - where is Canada?"

[bobby666]

the best thing for you: stay at home and never open the door when the bell rings

[Vick!]

Fun part is how US Govt. fucks billions of dollars of taxpayers.

Iraq war could cost US over $2 trillion, says Nobel prize-winning economist



Also:

Cost to U.S. Taxpayers of U.S.
Aid to Israel

Grand Total
$84,854,827,200

Interest Costs Borne by U.S.
$49,936,680,000

Total Cost to U.S. Taxpayers
$134,791,507,200

Total Taxpayer Cost per Israeli
$23,240

From: http://www.wrmea.com/html/us_aid_to_israel.htm

U.S. aid to Israel is $3 billion per year?$1.2 billion in economic aid and $1.8 billion in military aid.

From: http://www.jewishvoiceforpeace.org/p...ticle_17.shtml

[Snake Doctor]

Am I the only one who has a hard time believing that a guy who owes $350,000 in taxes for ONE YEAR would come to GFY and ask for advice on going offshore?

[thebigmook]

Originally Posted by Lenny2

Am I the only one who has a hard time believing that a guy who owes $350,000 in taxes for ONE YEAR would come to GFY and ask for advice on going offshore?

Because post count means everything right?
Im not an experienced 40 something year old businessman. Im in my (very) early 20's and making money online is the only money I have made in my life. Not all GFYers make $25,000 per year

[Tom_PM]

I think he owed a bunch of back taxes too though. Thats a killer bill to have to deal with, regardless.. ouch

[buzzy]

if your rich you just use offshore, and if your not you dont really get fucked over by taxes. I hate all this shit talk about tax nobody knows what the fuck they're talking about

[GreyWolf]

Originally Posted by thebigmook

Seriously I am getting pissed off
How do you guys avoid getting ass raped by the government each year on taxes?

Do you get another citizenship and put your earnings in offshore banks? (Do you still have to pay Canadian/American taxes if you maintain those citizenships?)

Do you incorporate everything? (But then how do you deal with the personal income tax levied against you once you give yourself a salary or buy land, cars, etc?)

It looks like I will have to end up paying $350,000 in taxes this year, and I am about to fucking flip out. Mistake made, lesson learned, how can I avoid this again in the future?

If you want to avoid *all* taxes, do the following...

(a) pay all existing due taxes to the revenue agency

(b) form an OS corp (where blah blah is another subject) - do not trade with this corp till you have reached point (e) below.

(c) choose a "playground" to live which does not have personal/corp taxation - ie paradise land

(d) tick off the boxes on the Revenue Canada form to ensure you will not be paying taxes when you are non-resident in Canada

(e) move to your playground (see c) and live happily ever after with no taxes.

By doing the above points correctly - you will never see either a personal tax or a corp tax form in your life again

The type of lawyer for all offshore stuff, assuming you are physically moving offshore, is an offshore lawyer - a Canadian lawyer is irrelevant and only applies to the time prior to you leaving.

Your "playground" can be any non-tax area - Caribbean islands, centro Americas blah blah. The corp jurisdiction can be the same place, but better separate from your "playground".

There is no need to give up Canadian citizenship to avoid taxation - Canada is not like the US in this respect and you are free to live elsewhere and not pay taxation in Canada.

Now ... For the $350,000 due in taxes, you could have bought a 4-5 bed home in an exotic location (with no taxation) and one which appreciates in value around 25% annually

PS The above does not apply to US folks.

[fuzebox]

I haven't paid taxes in 3 years, loving the huge boost in income

[GreyWolf]

Originally Posted by fuzebox

I haven't paid taxes in 3 years, loving the huge boost in income

Hola fuzebox Yep - nice eh?

Same here - never seen a tax form in over a decade

[Kevsh]

Originally Posted by GreyWolf

There is no need to give up Canadian citizenship to avoid taxation - Canada is not like the US in this respect and you are free to live elsewhere and not pay taxation in Canada.

Not to question your knowledge, but are you sure about that?
I heard otherwise, but I could be wrong.

I hope it is true... that will save me a lot of headaches when I relocate

[BlackCrayon]

When all is said and done i usually only pay 10% of my gross earnings in income tax each year.

[GreyWolf]

Originally Posted by Kevsh

Not to question your knowledge, but are you sure about that?
I heard otherwise, but I could be wrong.

I hope it is true... that will save me a lot of headaches when I relocate

It's correct Kevsh

If you are a Canadian citizen or a citizen of any other western country, apart from the US - this would apply.

There are varying criteria to follow to qualify as "non resident" in your "home country", but this is not an obstacle course. Once "non resident", there are usually a number of days per year you can visit your "home country" without any taxation applying. Can't say about the specifics of Canada's terms, but I get 90 days/year allowance for visits to my "home country".

PS Fuzebox would probably know the specifics.

[bdld]

just pay them, do your part, countries need tax revenues.

[BlackCrayon]

Having to pay 350k out of 700 is just nonsense. I'd talk to someone else.

[Rochard]

I no longer make any money at all. Everything goes into an LLC owned by another company.....

[Rui]

GreyWolf - how can I contact you mate?

[GreyWolf]

Originally Posted by Rochard

I no longer make any money at all.

Hope you don't state that on your tax filings - it would never raise an audit flag, would it?

[GreyWolf]

Originally Posted by Rui

GreyWolf - how can I contact you mate?

Got you on my ICQ list already Rui Hitting you up now!

[pocketkangaroo]

My best advice would be to find a good accountant, fork over some money, and let him do the work. They can setup your company in tax friendly states, defer income till retirement, setup profit sharing plans, and a ton of other stuff. You'll still pay a lot in taxes simply because you make a lot, but a good accountant can get the most value for every dollar you make.

[Rumbo]

http://news.zdnet.co.uk/internet/0,1...546,00.htm?r=1

thats how you get zero corporate tax and low income tax

[Young]

But you get free trips to the hospital!

[L0stMind]

If I recall, you weren't making $500k+ per year, you were just making around $150-200k per year?

If that is the case, I'd just incorporate, find out how much of your expenses you can write off in the company (to reduce taxable income) and pay yourself a small salary. Pay into your RRSP, perhaps lease a vehicle, etc...

There are a lot of tax options that can lower your income tax situation. Your tax accountant should be able to help you out with that.

Good luck

[Altheon]

Originally Posted by Rochard

I no longer make any money at all. Everything goes into an LLC owned by another company.....

Love to hear more details about this set up...

[thebigmook]

bump bump

[F-U-Jimmy]

Think yourself lucky, very lucky. In the UK the Tax was 47% plus a 17% VAT tax on almost everything you purchased. Oh and National Insurance ran at approximatly £ 800.00 a month per person. This was 12 years ago but im sure its only gotten worse ?