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HOT! How many of you guys pay virtually nothing in taxes due to write offs?

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MattR82

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Get decent at open wheel racing, pay a few mil to get a pay drive for an F1 team one weekend and get automatic residency status in Monaco the rest of your life. Boom!
 
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GlobalWealth

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The life insurance thing is pretty sweet! I like that! Good stuff man.

Generally I don't consider IRAs and 401ks as a big deal. I don't want to jail my money for years in a country I might not even live in by the time I'm what? 59 and 1/2?

I also totally forget the 150k thing as well, because my 150,001st dollar and beyond is still part of the bullshit.

Surprisingly timely and pertinent to the discussion...


Canadians and Europeans still don't know how lucky they are to not have a country that follows them around the world. Moving is easy, immigrating, on the other hand is a total pain in the a$$. I'd literally turn in my guns for a Canadian passport.

The insurance thing is a very cool option for the few that would meet the criteria, but if they do, it's huge.

I agree in the ira/401k thing. I cashed in my qrp's about 15 years ago for this exact reason.

For those that do still want them though, you can put up to about 250k into a DBP tax deferred. I have a few clients doing this and it makes a huge difference to their taxable income.

More than half of my clients now are non-US and they are always shocked to find out how easy it is to structure themselves and their businesses to be 100% tax free (as digital nomads).

I've immigrated as a legal resident to 4 other countries and will add 1 more later this year or early next year. It's pretty easy to become a resident of another country (depending on country of course), but becoming a citizen is a different story.

Becoming a citizen can be cheap, easy, and quick......except you only get to choose 2 of those.
 

Alfie321

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I usually try to write off most of my national income (YouTube and before Amazon aff). I have to pay 34% on that + 16% as my other income is enough for it to start being taxed at the 2nd highest bracket (the next one being 35%)

So, I would usually pay around 20-25% total from progressive tax coming from my job, and then write off as much as I can on that 50% I would pay anyways from YouTube. I would buy new toys or write off trips whenever I can. That's pretty cool as I can write 1-2 trips, make a video there and justify as business expense.
 

PaulFelder

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I used to have a lot of issues with my tax and salary count. It was such a pain in my a$$ for a while. Once I really needed to calculate everything and I really needed help. A good friend of mine recommended I try pay stubs. After creating a pay stub everything became easier and I was able to count everything I need. But after a couple of months, I ran into a website Paystub Generator | The Best Checkstub Maker Online in USA that generates pay stubs. I was able to generate everything and it was a blessing for me. I would love to recommend it to everyone.
 
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royalcorsair

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I just filed my taxes and still feel robbed. They took 18% of my money and all they're doing is paying off the interest on their national debt. Doesn't help you or me any. I'm looking to be educated on how I can give big brother the big finger next year.
You should explore offshore companies in the caymans or BVI which have zero taxes. Also, trusts in the cook islands give immunity from lawsuits and privacy from the IRS. They don't even require a lot of money to set up, although that is relative. That being said, this will be most beneficial to business owners.

Tax evasion is illegal but tax avoidance is very legal, but to some morally questionable although I myself don't get how. If you have no moral objections research tax avoidance.
 

thechosen1

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There is no law that says you should pay more taxes than what you legally owe (duh).

Also, most of the people here probably are giving advice that they haven't actually implemented.

The truth is, if you have a real business, you need a good CPA that you trust, and you need to ask them a lot of questions.

They will help you optimize your taxes (not avoid).
 

GlobalWealth

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You should explore offshore companies in the caymans or BVI which have zero taxes. Also, trusts in the cook islands give immunity from lawsuits and privacy from the IRS. They don't even require a lot of money to set up, although that is relative. That being said, this will be most beneficial to business owners.

Tax evasion is illegal but tax avoidance is very legal, but to some morally questionable although I myself don't get how. If you have no moral objections research tax avoidance.

There is so much more to your post that what is provided.

I've been working in the offshore world for a long time and even own a trust company in the caribbean.

Just registering an offshore company does not legally protect you from taxation, nor does a CI trust protect your privacy from the irs.

For example, the US has very strict CFC rules that state if you (as an American) own 10%+ for a foreign company or Americans in aggregate own 50%+ of a foreign company, it is deemed to be a CFC.

If it is deemed to be a CFC, then you move to step 2 to determine the nature of the income as outlined by subpart F rules. Under the new Trump tax plan, they eliminated the loophole allowing you to retain earnings in an offshore company that only had intangible income (99% of all offshore corp usage), with the GILTI tax (global intangible low taxed income).

There are still options, but it is not so simple.

If you are non-American, it depends on your residency and tax home. For example, Germany has very strict CFC rules for German residents, but a German citizen can easily move to someplace like Panama and not have anymore issues with the German tax authorities and can easily legally avoid Panamanian tax using offshore companies.

As for trusts, they don't give you legal immunity actually.

The big issue with using offshore trusts is fraudulent conveyance. For example, if you setup a CI trust a week after an incident that created a later filed lawsuit, the court can hold you in contempt of court and put you in jail until you direct your trustee to release assets to satisfy a judgment.

This is so much more complex.
 

DoingDeals

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Listening to the Kyle Keegan Radio Show & it will convince anyone taxation is theft.

Speaking of that Peter Schiff has a video on YouTube talking about 60% taxes on corporations.

He also said it's more difficult to start a company today than when he first started.
 

GlobalWealth

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Listening to the Kyle Keegan Radio Show & it will convince anyone taxation is theft.

Speaking of that Peter Schiff has a video on YouTube talking about 60% taxes on corporations.

He also said it's more difficult to start a company today than when he first started.

100% correct, taxation is theft from a morality perspective, or at least income tax.

Look at it this way. If income tax were voluntary and the rate was a flat 30%, would you pay it on January 1st each year?

Of course not. Neither would the most hardcore statist on earth.

So why do you pay?

Because there is some threat of negative consequence for non-compliance.

Compare that to a street thug. The thug puts a gun in your back and says "give me 30% of your money or else".

Is he being kind by only taking 30%? Of course not.

Only the govt has legalized that gun in your back. The thug doesn't have that power.
 

DoingDeals

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I like the ice cream analogy. If you were a kid eating an ice cream cone & someone walked up taking a huge 30% bite out of the top scoop you wouldn't be pretty upset?
 
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thechosen1

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You've all failed we should've stuck to the plan & elected Ted Cruz he was going to eliminate the IRS back then.
He probably wouldn't, but he at least expressed interest in doing so.

That's a hell of a lot better than the other guys who express interest in *making it worse*
 

DoingDeals

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Oh, he definitely wouldn't have I never trust the politicians. I would take a flat taxes rate any day over this though.
 

GlobalWealth

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You've all failed we should've stuck to the plan & elected Ted Cruz he was going to eliminate the IRS back then.

Show me a politician that wants to actually cut off his own legs. I'll wait.

Never would've happened.
 

thechosen1

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Show me a politician that wants to actually cut off his own legs. I'll wait.

Never would've happened.
A politician who doesn’t depend on politics for his primary livelihood is the key... like a volunteer statesman.

I know I’m getting way off topic, sorry.
 

DoingDeals

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"In 1874, England made income tax a permanent levy on its citizens. In 1913, an income tax became permanent in the United States with the adoption of the 16th Amendment to the Constitution. At one time, Americans were anti-tax. It had been the excessive tax on tea that led to the famous Tea Party in Boston Harbor, an incident that helped ignite the Revolutionary War. It took approximately 50 years in both England and the United States to sell the idea of a regular income tax.

What these historical dates fail to reveal is that both of these taxes were initially levied against only the rich. It was this point that rich dad wanted Mike and me to understand. He explained that the idea of taxes was made popular, and accepted by the majority, by telling the poor and the middle class that taxes were created only to punish the rich. This is how the masses voted for the law, and it became constitutionally legal. Although it was intended to punish the rich, in reality it wound up punishing the very people who voted for it, the poor and middle class.

"Once government got a taste of money, the appetite grew," said rich dad. "Your dad and I are exactly opposite. He's a government bureaucrat, and I am a capitalist. We get paid, and our success is measured on opposite behaviors. He gets paid to spend money and hire people. The more he spends and the more people he hires, the larger his organization becomes. In the government, the larger his organization, the more he is respected. On the other hand, within my organization, the fewer people I hire and the less money I spend, the more I am respected by my investors. That's why I don't like government people. They have different objectives from most business people. As the government grows, more and more tax dollars will be needed to support it."" -Rich Dad Poor Dad
 

DoingDeals

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The way to avoid taxation is through cryptocurrency. You should ask @AceVentures about it.

I suspect there will be a lot of money to be made in the 1-2 years before regulations.
 

AceVentures

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The way to avoid taxation is through cryptocurrency. You should ask @AceVentures about it.

I suspect there will be a lot of money to be made in the 1-2 years before regulations.

Wtf... what's your deal guy?

Just to be clear: I do not advocate tax evasion, and my interest in this space has got nothing to do with such behavior.

@DoingDeals I keep repeating this to you but getting tired quickly - you need to educate yourself if you're interested in crypto/NFTs.

Please refrain from tagging me in incriminating suggestions.
 
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DoingDeals

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I wasn't suggesting evading avoiding taxes is not illegal. My point was it's not being taxed yet. I wasn't incriminating you.

I was saying you know a lot about the subject & are the expert, maybe you could educate & share some knowledge on the subject. I don't know why you took it as offensive.
 
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Antifragile

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The way to avoid taxation is through cryptocurrency. You should ask @AceVentures about it.

I suspect there will be a lot of money to be made in the 1-2 years before regulations.
:rofl:

I don’t know how it is in the USA, but here in Canada we have a catch all GAAR - General Anti Avoidance Rules with CRA (similar to IRS). GAAR simply covers any “loopholes” that aren’t yet covered in the tax act. Meaning, crypto here is taxable even if it’s not directly covered in the tax act.

two things are certain: death and taxes.

Edit: you can optimize for tax or delay it, but never avoid it. It’s a bad idea.
 

DoingDeals

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I know you can only get taxed in capital gains depending on how long you hold it for now.
 

AceVentures

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I wasn't suggesting evading avoiding taxes is not illegal. My point was it's not being taxed yet. I wasn't incriminating you.

I was saying you know a lot about the subject & are the expert, maybe you could educate & share some knowledge on the subject. I don't know why you took it as offensive.

This is why you need to educate yourself. Crypto IS taxed, it IS regulated, and your interactions across blockchains are by definition and in practice placed on immutable, transparent and open ledgers. (That's what a blockchain is)

There is infinite education on the topic both on this forum across several threads as well as a simple search on your favorite search engine.
 

thechosen1

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:rofl:

I don’t know how it is in the USA, but here in Canada we have a catch all GAAR - General Anti Avoidance Rules with CRA (similar to IRS). GAAR simply covers any “loopholes” that aren’t yet covered in the tax act. Meaning, crypto here is taxable even if it’s not directly covered in the tax act.

two things are certain: death and taxes.

Edit: you can optimize for tax or delay it, but never avoid it. It’s a bad idea.
You’re correct and such taxes suck precisely for this reason:

They don’t know how much you owe, they won’t teach you how to figure it out, but if you get it wrong, you will be punished harshly.
 

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Yes, taxation is theft. No, people shouldn’t evade taxes. Use every deduction legally possible? Yes.

Paying taxes doesn’t mean you approve of them. Paying proper taxes means you don’t go to jail.

If you want to actually pay less taxes you need to make less money or move. I’ll never advocate for actions that have you looking over your shoulder wondering when the inevitable will catch up with you. You need to be free to build an empire. Jail isn’t free. End of story.

Voting, on the other hand, does approve politicians and their actions, and wastes my time, which I will never do again. Until they pay me a consulting hour to vote they can all kiss my a$$. The lesser of two evils can jump off a bridge. I don’t approve of any bozo ordering me around with a gun and my vote would show my approval.
 
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thechosen1

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Yes, taxation is theft. No, people shouldn’t evade taxes. Use every deduction legally possible? Yes.

Paying taxes doesn’t mean you approve of them. Paying proper taxes means you don’t go to jail.

If you want to actually pay less taxes you need to make less money or move. I’ll never advocate for actions that have you looking over your shoulder wondering when the inevitable will catch up with you. You need to be free to build an empire. Jail isn’t free. End of story.

Voting, on the other hand, does approve politicians and their actions, and wastes my time, which I will never do again. Until they pay me a consulting hour to vote they can all kiss my a$$.
Run for office. Wear the ostrich boots - you know those are the key to winning down here! ;-)
 

Kak

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Run for office. Wear the ostrich boots - you know those are the key to winning down here! ;-)
Nope. I prefer alligator. I was wearing them the other day in your office.

I can do a lot better for the world from the private sector than from a mafia position. Just because they are the biggest mafia, doesn’t make them less of a mafia.
 
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DoingDeals

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I've been waiting for a way to answer the question when someone asked me who I voted for. I try explaining to them that 1 vote doesn't count you would be better off influencing 1,000 people to side with your political affiliation to make a difference.
 

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I've been waiting for a way to answer the question when someone asked me who I voted for. I try explaining to them that 1 vote doesn't count you would be better off influencing 1,000 people to side with your political affiliation to make a difference.
Better off. Yes. But still doing satan’s work.

It’s putting your hopes and dreams in a political party. I put my effort into things I can directly influence.

I understand the pro-voting pseudo religion the state pushes. Along side the “pledge of allegiance,” which is just creepy, and all the flag and force worship… I’m just not into it. Business is my fight and that’s why I’m so anti-politics.

Getting ordered around by a low IQ smile on an empty shell of a person in a red tie is just as shitty as getting ordered around by a low IQ smile on an empty shell of a person in a blue tie.
 

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