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- - american tax system
( https://www.aspkin.com/forums/general-money-chat/123114-american-tax-system.html)
| Sunspot144 | 01-12-2019 06:55 PM |
Re: american tax system
Quote:
Originally Posted by JamesNorth101
(Post 970907)
Karl Marx - The ideology you have described is basically Marxism
| OKAY thank god I thought you considered me Hitler - LOL. Was in defense mode.
You've got me on Marxism. |
| Sunspot144 | 01-13-2019 05:31 PM |
Re: american tax system
Gonna change my legal name to Vlad
"Stories About Vlad the Impaler
In one he has all the poor and homeless in Wallachia gathered together for a great feast, locks all the doors as they drank and ate, and then burns the whole building down to rid himself of them."
The unsolvable problem is overpopulation / available jobs imbalance. :rolleyes: |
Re: american tax system
Quote:
Originally Posted by Sunspot144
(Post 971131)
Gonna change my legal name to Vlad
"Stories About Vlad the Impaler
In one he has all the poor and homeless in Wallachia gathered together for a great feast, locks all the doors as they drank and ate, and then burns the whole building down to rid himself of them."
The unsolvable problem is overpopulation / available jobs imbalance. :rolleyes:
| I read bunch of those stories too - ah the old non-PC times... |
Re: american tax system
I kind of have a dilemma here,
should I move the money to paypal and just withdraw out in cash........pay only the small percentage fees on paypal and no american taxes......
or should I just let the money flow into my bank account and pay american taxes then buy a house..................through my american bank account........
the bitcoin real estate website does not have a lot of options in terms of buying a house in bitcoin.........in america that is..... |
Re: american tax system
Quote:
Originally Posted by phaz0rz
(Post 971265)
The government is going to be aware of your funds regardless of how you handle them.
I think you should save your cash, then when you have enough go to the bank and get a cashiers check, and buy your house. If you're super determined to buy a house with BTC then start selling on LBC now accepting cash only payments, stack that cash, and get a check when you're ready. Now that BTC isn't $20k and it's not in the news cycle every hour I don't think many people will be willing to sell you a house directly in BTC.
Taxes are a fact of life regardless. I'd hold off on the public tax evasion talk.
| well the thing is I am renting,
if I just have bundles and bundles of cash from paypal......and never deposit to the bank I cannot partake in buying real estate in cash......
I am only left with someone who wants to sell me a house with bitcoin........which leaves a very small selection.......
maybe I have to buy a patch of land and hire people and pay them under the table to build a house lol...........
I don't want government to control my life in any type of way......yeah i can sign the house to an llc, and still pay property taxes anonymously through money orders.......
I don't call what i do tax evasion, I call it tax avoidance, like apple where they created foreign subsidiaries to avoid american taxation......... |
Re: american tax system
Quote:
Originally Posted by phaz0rz
(Post 971280)
You're sentence structure is becoming increasingly difficult to follow.............
Why? I didn't say buy it in cash. A home buyer isn't going to accept a briefcase full of money.
What I said was go to the bank and get a certified cashiers check when you're ready to buy. You give the bank teller $100k + $25 or whatever their fee is, they give you a $100k check and you give that to the home seller.
That way you aren't storing your savings in a bank account which could possibly seized some day for whatever reason, but you still have the legitimacy of a bank-backed home buyer.
I hate the government even more than you but unless you leave the country it's impossible to live without their interference. Who the hell cares who the house is registered to if you're still paying property taxes on it annually.
|
I don't think the bank will look on a situation like that as normal......they will probably seize the 100k cash and file a suspicious activity report with the fincen...... |
| Sunspot144 | 01-14-2019 02:19 PM |
Re: american tax system
Quote:
Originally Posted by jarsky541
(Post 971275)
maybe I have to buy a patch of land and hire people and pay them under the table to build a house
| Illegal mexicans with construction experience maybe.
Problem is building/zoning permits that you or your contractors would need from the state. If not that then needing to register an address with it once built with town hall.
Before I purchased my home I fantasized about stuff like building one entirely of shipping containers and sneaking it onto remote government land. Then doing everything like the electrical work and plumbing myself. Was so sick of wasting rent money on something you wouldn't own in the end. Of course doing all that comes with plenty of its own problems lol. Might as well give up on wealth and live simply off the land. |
| Sunspot144 | 01-14-2019 05:48 PM |
Re: american tax system
8k watt generator and a fireplace. Would need a rifle but would have to hunt illegally cause you couldn't get a permit without residency lol. Get caught with an illegal moose/bear it's jail time. You'd have to go way off grid. Getting building materials there then gets impossible. Could fly a shipping container in tho haha. |
| yankee | 01-14-2019 05:49 PM |
Re: american tax system
this thread is borderline ridiculous and at the same time, informative! LOVE IT! |
| Sunspot144 | 01-14-2019 05:52 PM |
Re: american tax system
Quote:
Originally Posted by yankee
(Post 971371)
this thread is borderline ridiculous and at the same time, informative! LOVE IT!
| Like, like, like, like |
| dan_ebay | 01-15-2019 02:24 AM |
Re: american tax system
Quote:
Originally Posted by jarsky541
(Post 971275)
well the thing is I am renting,
if I just have bundles and bundles of cash from paypal......and never deposit to the bank I cannot partake in buying real estate in cash......
I am only left with someone who wants to sell me a house with bitcoin........which leaves a very small selection.......
maybe I have to buy a patch of land and hire people and pay them under the table to build a house lol...........
I don't want government to control my life in any type of way......yeah i can sign the house to an llc, and still pay property taxes anonymously through money orders.......
I don't call what i do tax evasion, I call it tax avoidance, like apple where they created foreign subsidiaries to avoid american taxation.........
| Dunno about the US but in the UK you can't just buy a house in your companies name and live in it lol, you'd have to pay rent to the company. |
| JamesNorth101 | 01-15-2019 04:03 AM |
Re: american tax system
You do, but you only have to charge £1 a year for rent |
| dan_ebay | 01-15-2019 07:14 AM |
Re: american tax system
Quote:
Originally Posted by JamesNorth101
(Post 971455)
You do, but you only have to charge £1 a year for rent
| If you can convince HMRC that 1 pound per year is the fair market rate otherwise it will be a benefit in kind lol. |
| JamesNorth101 | 01-15-2019 07:23 AM |
Re: american tax system
Ha yep that is true! |
| JamesNorth101 | 01-15-2019 07:25 AM |
Re: american tax system
Quote:
Originally Posted by Sunspot144
(Post 971370)
You'd have to go way off grid
| We have a name for that in the U.K....
Wales 🏴 |
| yankee | 01-15-2019 08:27 AM |
Re: american tax system
Quote:
Originally Posted by phaz0rz
(Post 971492)
Paying rent to yourself would just be a matter of moving funds from your personal to business account each month, right?
Doesn't seem too bad unless you also have to pay taxes on that rent income (which come to think of it, I guess you would). I guess that would make this an inefficient way of being anon in UK.
| In the USA rental income is passive and VERY VERY VERY LOW tax. Lowest tax of all. Maybe UK is similar. |
| Sunspot144 | 01-15-2019 09:43 AM |
Re: american tax system
Quote:
Originally Posted by dan_ebay
(Post 971435)
Dunno about the US but in the UK you can't just buy a house in your companies name and live in it lol, you'd have to pay rent to the company.
| You have to pay rent in UK?
Could be a groundskeeper in exchange for room & board. |
| JamesNorth101 | 01-15-2019 09:59 AM |
Re: american tax system
Quote:
Originally Posted by Sunspot144
(Post 971524)
You have to pay rent in UK?
Could be a groundskeeper in exchange for room & board.
| You can, but it’s then classes as benifits in kind
That means that HMRC will work out what it’s equvilent to per year and then tax you on that
If for example the rent would be equal to £1000 a month then that will be added to the tax bill
Not as straight forward as that but that is how it works in theory |
| Sunspot144 | 01-15-2019 10:17 AM |
Re: american tax system
Think I follow...
HMRC determines the value of labor AND rent? You can't charge any rent you want?
How about charge yourself really high rent to negate any equivalent labor valued by HMRC then never pursue yourself on the debt? Lol.
Actually since this is Cali too there's a loophole that gives squatting rights so any unoccupied home can become yours if the bills are in your name. Could squat on yourself xD |
| JamesNorth101 | 01-15-2019 10:20 AM |
Re: american tax system
Quote:
Originally Posted by Sunspot144
(Post 971528)
Think I follow...
HMRC determines the value of labor AND rent? You can't charge any rent you want?
How about charge yourself really high rent to negate any equivalent labor valued by HMRC then never pursue yourself on the debt? Lol.
Actually since this is Cali too there's a loophole that gives squatting rights so any unoccupied home can become yours if the bills are in your name. Could squat on yourself xD
| HMRC won’t determine its value unless it’s serious undervalue and they smell something fishy going on.
Charging yourself rent through the Ltd and then never paying it is a pretty interesting idea! It would mess up the Ltd company books but I wonder if you could then write the loss off against the tax bill.... interesting |
| Sunspot144 | 01-15-2019 10:29 AM |
Re: american tax system
Quote:
Originally Posted by JamesNorth101
(Post 971529)
HMRC won’t determine its value unless it’s serious u dervaludd and they smell something fishy going on.
Charging yourself rent through the Ltd and then never paying it is a pretty interesting idea! It would mess up the Ltd company books but I wonder if you could then write the loss off against the tax bill.... interesting
| That'll be $500.
LOL kidding I just pulled all that out of my @$$. Guess it could work tho! |
| phaz0rz | 01-15-2019 11:35 AM |
Re: american tax system
|
| Sunspot144 | 01-15-2019 03:12 PM |
Re: american tax system
So checked it out a bit...
At least in the US you have to claim the rent as income regardless if you received it or not if you want to claim it as a deducible the following year.
But since you already paid taxes on it the previous year, you are essentially breaking even. Makes sense.
So I guess you could live in your Ltd and not pay the rent owed, and continually tax and deduct the income.
OR... hire yourself as your own Ltd groundskeeper, live there, and pay yourself from the company MORE than what you decided rent should be.
I just did the math and if you bring the Ltd's tax bracket down a tier from the payments to yourself you could save a couple thousand.
If example the Ltd made $85,000 net income your taxes would be $14,689.26
If you charged yourself $1000 in rent, and paid yourself $4000 every month to be a groundskeeper, the company would be losing $3000 per month. That brings you down to $49,000 net income, and a tax of $6,719.28.
You paid yourself $36,000 to be the groundskeeper, so the taxes on that is $4,129.50.
$14,689.26 - $6,719.28 = +$7,969.98 you "saved" the company.
$4,129.50 is the tax lost to paying yourself, but between the two you have +$3,840.48 more at your disposal. |
Re: american tax system
Quote:
Originally Posted by jarsky541
(Post 970690)
I was thinking of doing something big through my bank.....but I realized they report 1099-ks to the IRS.....and roughly charge 40 percent in taxes on income if I report.................
the irs can go fu.ck themselves.
I mean seriously where does my money go to? oh thats right.......some group of tall white guys........that run all these federal government offices and schools........and they pick and choose who to give jobs to............and they love to give jobs to their white friends and family...while shunning the immigrant popuation......unless the immigrants need a job like cleaning their wives nails or mowing their lawns.....so they can live in the wealthy side of the neighborhood while bullying people in our society through their tax system to get their nice fat paychecks.......
| Someone has a chip on their shoulder, if tall and white people piss you off you must be........ Quote:
they love to give jobs to their white friends and family...while shunning the immigrant popuation
| Assuming all immigrants are not white of course.
Nobody likes where there some of their tax money goes, such is life. |
Re: american tax system
Quote:
Originally Posted by sax4
(Post 971591)
Someone has a chip on their shoulder, if tall and white people piss you off you must be........
Assuming all immigrants are not white of course.
Nobody likes where there some of their tax money goes, such is life.
|
I have done studies,
if you have an immigrant sounding name your more than likely to have your resume thrown out for a job........we live in an unfair world....... |
| dan_ebay | 01-16-2019 11:08 AM |
Re: american tax system
Quote:
Originally Posted by Sunspot144
(Post 971590)
paid yourself $4000 every month to be a groundskeeper
| Does that actually work if the IRS come and audit you? Lol doubt it to be honest. |
Re: american tax system
Quote:
Originally Posted by JamesNorth101
(Post 970809)
That makes for a really interesting read. Ta!
The one good tax legislation we have here in the UK is that we can keep all the money a company earns in the conspires bank account and then withdraw it all at once at 10%. It’s a single withdraw allowed though so you have to make sure that you get it all out at once. You can do that though and then start a new company, rinse and repeat every few years
| Whilst neat, isn't there a clause that states if you're doing something like this, i.e. incorporating companies in the same business category and exiting in this manner, it could be deemed as tax evasion.
I'm sure i've read that somewhere, though I may be mistaken. |
| JamesNorth101 | 01-16-2019 11:31 AM |
Re: american tax system
Yep. Doesnt stop a lot of people though
Some companies change what they do as they grow as well so they can start up as a new company and be doing something totally different to when they started |
| phaz0rz | 01-16-2019 12:06 PM |
Re: american tax system
Quote:
Originally Posted by dan_ebay
(Post 971781)
Does that actually work if the IRS come and audit you? Lol doubt it to be honest.
| It was probably be acceptable in USA. The "proper" way to do things is to setup your company and draw a paycheck from it, which is pretty close to what sunspot was saying I think.. :noidea: |
| Sunspot144 | 01-16-2019 01:21 PM |
Re: american tax system
Quote:
Originally Posted by phaz0rz
(Post 971791)
It was probably be acceptable in USA. The "proper" way to do things is to setup your company and draw a paycheck from it, which is pretty close to what sunspot was saying I think.. :noidea:
| Yea, nah. All of it works in theory but read up on it last night......
If you wanted to split company revenue and personal income and tax separately you'd have to pay 21%+ Corp tax rate on the company. Terrible idea.
Could add to your job description something like 'lives on premises to maintain company property' tho. Might not have to pay rent then.
Think LLC S Corp with salary + dividends is the way to go. You pay flat % personal tax rate on dividends which is still cheaper than staggered % on personal tax. |
| vl.b5014 | 04-11-2019 01:32 PM |
Re: american tax system
that's interesting Quote:
Originally Posted by H4ck
(Post 970690)
I was thinking of doing something big through my bank.....but I realized they report 1099-ks to the IRS.....and roughly charge 40 percent in taxes on income if I report.................
the irs can go fu.ck themselves.
I mean seriously where does my money go to? oh thats right.......some group of tall white guys........that run all these federal government offices and schools........and they pick and choose who to give jobs to............and they love to give jobs to their white friends and family...while shunning the immigrant popuation......unless the immigrants need a job like cleaning their wives nails or mowing their lawns.....so they can live in the wealthy side of the neighborhood while bullying people in our society through their tax system to get their nice fat paychecks.......
| |
| ebaystealth1974 | 04-11-2019 01:54 PM |
Re: american tax system
I had a suspicion that he wasn't white. Guess that confirms it lol |
| someonenew2u | 04-11-2019 08:51 PM |
Re: american tax system
homeboy sounds like f.e..d honeypot fishing. |
Re: american tax system
Quote:
Originally Posted by ebaystealth1974
(Post 993578)
I had a suspicion that he wasn't white. Guess that confirms it lol
| Terrible assumption |
| ebaystealth1974 | 04-12-2019 08:33 AM |
Re: american tax system
What?????? |
| walkingupwards | 04-14-2019 09:12 AM |
Re: american tax system
It's funny how the US is called the capital of world capitalism when it has a Marxist tax scheme. Even China and Russia don't have estate taxes anymore!! |
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