My problem is not making money, is the taxes

S

StraightUp

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Aug 17, 2013
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The big problem is not making the money, it's how I can keep most of it in a legal way and at the same time be able to buy lambos and $2milli houses.

Before telling me to find an accountant you know that they can be like SEO experts... they can misinform you with their advice big time so I'm still searching.

I'm an EU resident. I'm not looking to do something stupid and not pay taxes, I just want to pay something reasonable and not giveaway 40% or even more of my earnings. I found this list that looks decent but I have to see what is the procedure to use/spend the money for personal expenses.

If there is anyone who can help me with this I'm looking to pay or trade SEO/AM info or high quality unique content.

So this is what keeps me away from making money atm. Help would be much appreciated.

Thanks
 


So, to clarify, you're an EU resident...wondering about United States taxes? Do you live here/work here/moving here? Need more info.
 
Wait so you are saying you are not making money because you don't want to pay taxes and lose money?

lol wut?
 
Simple.
Create an offshore corp. Run your biz through that corp. Pay yourself a modest amount that you are ok paying taxes on. Everything else will be a business expense. Leave your profits in the offshore corps bank account.

If you live outside of your country it gets easier as well. Have residency somewhere else? Even easier.
 
c4yrslf12 said:
So, to clarify, you're an EU resident...wondering about United States taxes? Do you live here/work here/moving here? Need more info.
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Yes, EU resident and I'm looking at US taxes as I want to have a corporation there because it'll be easier to receive payments and do business.

Having a Belize, Cayman, Panama (just some examples of widely popular offshore places) company and bank account won't make me look too professional business wise. Though if there are any differences or benefits I can surely handle this aspect but so far owning an US corp looks good.

Still doing my research.

Your_Pal said:
Wait so you are saying you are not making money because you don't want to pay taxes and lose money?

lol wut?
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I'm saying I did enough money and I can't stay under radar anymore. The things that I'll do will make me amounts that will raise flags and I need to make sure all is good.
 
These "problems" magically disappear when you start making real money. Minimizing your tax burden is simple when you can afford a good tax accountant/lawyer. Focus on growth until you make it.
 
AlwaysAbove said:
I'm saying I did enough money and I can't stay under radar anymore. The things that I'll do will make me amounts that will raise flags and I need to make sure all is good.
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We here in India have to pay 30% tax on declared profits and my chartered accountant always tells me that fear of filing tax shouldn't stop you from making more.
 
I struggle with the same thing. Making good money with AM, but not able to afford luxury like fancy cars or big houses. 40% is still not that bad, I suppose you don't live in West-Europe?

I live in Belgium and pay around 75% in taxes (if you add up sales tax/VAT, income/company tax, social security, ...). If I want to buy a $200,000 Lamborghini, I have to make nearly a million. These last years, socialist parties have caused the tax rates to go up even more and the legal loopholes and ways to avoid taxes to be closed or limited. It's now a choice for me between living luxurious by myself in an another country or living comfortably with family and friends in Belgium. For now, I prefer the latter.

There is still one legal and interesting way to avoid taxes in my country and that is by selling the shares of your company. There are no taxes on that.
 
So what is some of the advice you have received from the cpa's you have talked to? Surely we are not your first stop for this?
 
Zaino said:
So what is some of the advice you have received from the cpa's you have talked to? Surely we are not your first stop for this?
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It takes money to hire a CPA... and OP can't make money until he figures out how to avoid taxes.
 
I kow you don't want to hear it, but..

get an accountant.

::emp::
 
Depending on what country the OP lives in, an accountant might not help much. Where do you live in the EU?
 
emp said:
I kow you don't want to hear it, but..

get an accountant.

::emp::
Click to expand...

This

If you really are making money a decent accountant is a must. Qualified Accountants are far from shady SEO's and are bound by strict codes of conduct. My accountant costs me less than £2000/year (personal accounts and audited company returns) and saves me far more than that not to mention the headaches that come from doing your own taxes unless you like that sort of thing. Of course you could just be dreaming
 
I'm still searching for an accountant. I need to find a good one that knows what making money online is and also knows the best ways to pay less tax.
 
tl:dr

Come to India, less than 3% people pay taxes here out of 1.3B population. :)
 
What are you looking for here? Advice without knowing anything about your business? It's not as simple as just saying "yeah, Belize LLC, no tax" or there'd be no difference between good accountants and bad accountants.
 
evolutionvision said:
Simple.
Create an offshore corp. Run your biz through that corp. Pay yourself a modest amount that you are ok paying taxes on. Everything else will be a business expense. Leave your profits in the offshore corps bank account.

If you live outside of your country it gets easier as well. Have residency somewhere else? Even easier.
Click to expand...

Sounds good on the surface except you can't actually spend any meaningful amounts of money in your home country.

"Sorry Mr. IRS auditor this big mansion I live in and these fancy cars I drive are all owned by my corporation. I make 80k a year and I paid taxes on that already."

Good luck with that!
 
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