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Making Money Flipping, Investing, You Name it. Lets discuss other ways of making money!

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  #23  
Old 07-18-2008
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Too much money, no taxes= Federal offence in any country. Solution see an accountant.
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  #24  
Old 07-18-2008
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I highly suggest talking to your accountant about this type of stuff. They will be able to answer all of your questions. They are just a phone call away too. Unless you are all doing taxes yourself, then I suggest finding an accountant if you aren't one. So much easier when you have someone else doing it for you. Unless you have the time to go back to school and study accounting or something along those lines.
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Old 07-19-2008
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I just file buyer receipts with sum equalling the deposits to the bank account. So, let's say:

1) I deposited 500$ worth of ⊗⊗⊗⊗ ebay account generated profit in April to my (real, naturally) bank account.

2) I file a 127$ receipt to John Smith, 140$ to Sara Spears and 233$ to Jeorge Connor, total 500$. Each dated a various day of April.

3) I pay my taxes end of year. VAT exempt sole proprietorship is not that hard to do accounting for.

Now if they audit and questions arise I have a documented proof of tax declaration. The bank statement shows up deposits with sum matching that of the receipts for April. I don't know about the US but in my country there is a mere fraction of the possibility the IRS will ever look into verifying the details on those receipts such as name, address etc.

Also it is possible in here to file a receipt for a "general customer", not sure the translation is entirely correct but that just means there is no name and customer details on the receipt.

Hope that helps.
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Old 07-19-2008
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What country are you in klonex? Here in the U.S. most of the time they just look into the situation if you are making a lot of money. They usually don't come after the little guys. Just don't try to screw over the government because one day they will come looking for ya. Especially because the U.S. has like over 7 Trillion in debt now!
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Old 07-19-2008
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Israel. The thing is, they want you to pay for what you earned AND show them everything you earned, period. It is less important to them where did you get that money from, unless it is serious sums like over 100k a month (Actually over 65k NIS here) because might really seem like money laundering.

Ironically, this causes me to always try to pay for everything via PayPal since I want to reduce the withdrawal amount to the bank
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