Questions on a Holding Company

[access0ner]

Can we just plunge all our earnings in a 'holding company' or trust and not have to pay taxes on it, or even show HOW we recevied these funds

Imagine having lets say, 20 eBay/20 Paypal accounts and you maxed out at 25k each one.

500k a year.

Can't we just put it all in ONE holding company.

This stuff for taxes just seems so, arduously painful.

It truly does.

Almost turns me off at the idea.

I mean obviusly it doesn't becuase at the end of the day I am able to say **** YOU UNCLE SAM, in some way shape or form.

Ultimately my goal is to minimize my tax liability.

Input?

[123]

If your planning on making anywhere near that kind of money, you should definitely be seeing a CPA

[jeffweico]

That is a question for a tax attorney. Because those things can be very dicey depending on the situation. Honestly, it is tax evasion. Now, there ARE some legal ways to avoid paying taxes that would seem ridiculous to the average person. But those usually depend on a lot of factors and the only way to get a reliable answer that will not land you in legal hot water is by consulting an attorney.

[GreenBean]

Look at Trump, look at the big business types....

They worked out how to milk the system...

Find a CPA/attorney who will set you up.

Just as an example, my brother owns a couple of taxis. Thanks to his Tax setup, he declares the bare minimum of taxes... without problems.

Good Luck

[yankee]

Just and FYI, Holding companies typically hold assets and not cash. Typically.

You need a CPA and one that is aggressive. You might want to interview 20 or more before you find someone who even understands your needs and desires. Hiring a business attorney and CPA is comparable to dating.
Most can hardly get the job done never mind be a life long partner but when you do find the special one... Forget HR block, Liberty tax etc... you really need a business CPA. An faster option is to find a decent liability attorney(easier because they specialize in this on a scale more towards your size) and then ask for a suggestion for a CPA.

One thing to also consider is your CPA does NOT have to be in the same state as you. Also, seeing as you are talking about holding companies, I am guessing you are looking into WY so your agent may end up being your best friend for CPA and Legal as well.

[rsot]

Financial professional is truly in order.