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Heed the warnings about seeking an professional tax aid
 

I tried to run 5 LLCs on my own and finally broke down and hired a tax attorney. He has setup my businesses properly and saving me over $10,000 in unnecessary taxes that I would have to pay.

Many people will ask how to setup their business. Heed the warnings and seek a tax attorney! They will pay for themselves and you will avoid many headaches and save money! I had to learn the hard way.

re: Heed the warnings about seeking an professional tax aid
 

Move the business into tax free havens, where accounts don't need to be filed. Just make sure the Country is supported by amazon.

re: Heed the warnings about seeking an professional tax aid
 

They are cracking down on this in the USA, they now want foreign account reported and the penalties for not doing so are huge.

The bottom line is, if you want to try something like this, speak with an attorney who specializes in these things. Otherwise, you could end up paying more money in taxes, fines and penalties than you have to. In a worst case scenario, you could end up with a criminal case against you and possible jail time. It is just not worth it.

re: Heed the warnings about seeking an professional tax aid
 

Jeff if a offshore company is set up correctly then there are no repercussions and the money you bring into your country as earning's from the offshore company is declared in your tax returns then there is no problem. Please don't scare monger. Amazon base all there EU operation's in Luxembourg for tax reasons as its an offshore haven.

re: Heed the warnings about seeking an professional tax aid
 

Glad you got the message! :thumb:

Users here have been told since 2010 to take professional tax advice.

It's basic common sense.

One user was paying out $300 for creation of an LLC.... it need not cost that.

Unless a person is qualified in a given area, the success of their business ventures often needs professional and competent aid.

Spending money to make money pays off.
=}

Re: Heed the warnings about seeking an professional tax aid
 

I was under the impression that most attorneys will not assist you in carrying out an illegal operation. Must have found one of the good ones.

Re: Heed the warnings about seeking an professional tax aid
 

It's interesting reading a person's response based on their perspective. One does things shady ways and thinks everyone does it that way. Another does things by the books and speaks as such. Reading this thread I can just smack my head.

I ask Greebean and others to let conversations like this take place in the forum, taxes, LLCs and other seemly common knowledge topics but I can kind of see how it turns sour quickly. We have a bunch of ill informed members when it comes to stuff like this... grr.

Re: Heed the warnings about seeking an professional tax aid
 

The answer is:


Your earned your money, you made a profit, you pay your taxes.


Learn how to hire an very good CPA to help you with your book keeping.

Once you do things by the law, let the CPA handle the rest.

Pay your fair share of taxes on your income.

My gosh I paid a ton of money out last year in taxes due to a record year of sales and profits and it drives me insane to see people trying to avoid paying taxes.

Those same people whine because Mitt Romney paid taxes on his earnings when he made his money and now expect this man to pay taxes again because he is a smart investor and demands he pays double taxes on his investments. Yes these same people want to avoid paying taxes on their earning.

Some people just dont get it.

Re: Heed the warnings about seeking an professional tax aid
 

Sandy, everybody has to pay taxes, but paying less with correct company set up's is surly a bonus. Ask Amazon, Dell, Stabucks, Yahoo who all trade to minimise taxes.

Re: Heed the warnings about seeking an professional tax aid
 

What exactly do you mean shady, please enlighten the forum

Re: Heed the warnings about seeking an professional tax aid
 

It's every American's duty to pay the least amount of taxes possible within the law. If that means offshore businesses, and such, then they are doing their duty as an American.

Re: Heed the warnings about seeking an professional tax aid
 

I'm not trying to scare-monger, I apologize if it came off that way. I'm just saying that people should get professional advice before jumping into something they do not understand. Offshore accounts are not illegal if set up correctly and taxes are paid.

But someone may think from some of these posts that all they need to do is to get a bank account in another country, not report income, not pay taxes and that it is perfectly OK to do so. They are blindsided when the government catches up with them. That is what I am trying to prevent. Getting professional advice on whatever subject never hurts.

Re: Heed the warnings about seeking an professional tax aid
 

I have to agree with Sandy on this one. I, too, pay a lot of money for taxes. Nobody LIKES it. But it is what we have to do if we want to live in a civil society.

Think about it... Paved roads that are maintained, garbage collection, police protection, fire protection, highways that are lit up at night, streetlights, our armed forces and military and a million other things we take for granted and don't think about. It takes money to pay for all of these things. And taxes are the way we do that. When one person cheats and does not pay their fair share, it makes it all the more expensive for the rest of us.

Re: Heed the warnings about seeking an professional tax aid
 

eBay Suspension & Paypal Limited Forums - FAQ


Just a quick reminder......have a read of the rules.

Keep this neutral.

=}

Re: Heed the warnings about seeking an professional tax aid
 

That is also a British principle.

There are loopholes in the system and a good tax attorney (eg accountant) will know how to game and manipulate the system. Big corporations like Google, Starbucks and Amazon hire lawyers to make their tax liability as small as possible so why should not the "little guy" (or gal) do the same. Its a no brainer.

Im 70 this year and have paid my dues to the community. Every pound I can keep in my pocket (as opposed to the pockets of the corrupt bunch of thieves and liars who rule this country) is a bonus.

Re: Heed the warnings about seeking an professional tax aid
 

sorry, I was just quoting an American President. I forget which one.

Re: Heed the warnings about seeking an professional tax aid
 

^this just about sums up my thoughts as well. When a super rich guy or corporation minimizes their tax liability through loopholes, it's considered entrepreneurship. When the average joe does it, it is stealing.

Our "civil" society is corrupt and the wealth gap alone can tell the story. My goal is to make plenty of $ and dodge as many bullets as possibly before I die. At least that's my answer on an optimistic day. The game is fixed, I just have to play my hand as best I can.

Re: Heed the warnings about seeking an professional tax aid
 

Can you not read?

Keep the politics OUT of the thread.

:nono: