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Taxes Information |
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Keeping Your Own Money - NOT Handing It Over To The Taxman
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. Either: I'd respectfully suggest that those two "reasons" are mutually exclusive. Visiting penal sanctions on citizens because they decline to hand over their money to you could hardly be regarded as the mark of a civilised society. In fact it might more properly be regarded as the mark of a criminal one! So how does this situation arise, and how can the thinking man or woman avoid it? Most e-mails I receive regarding business opportunities trumpet the benefits of being an entrepreneur. Now the Shorter Oxford English Dictionary defines "entrepreneur" as follows: "A person who undertakes or controls a business and bears the risk of profit or loss". Yes, that's "risk", "profit" and "loss". All things that people with their own businesses regard as being as inevitable as night following day. Interestingly, the SOED contains no definition of "rentseeker". Still, key the term in to Google and you'll discover that it refers to people who want to be paid to take your money for a "service" that you would not yourself choose to pay for. Now let's just talk this one through: Now, in any other context, this process is known as "robbery", or, more subtly, "fraud". After all, it IS your money, right? Well not according to Uncle Sam, or, depending where you're based, your nearest friendly local equivalent. Governments seem to think that they've generally got a whole lot better set of ideas about what to do with your money than you might have yourself (despite all the evidence to the contrary in front of everyone's eyes). What they've particularly got, however, is a set of excellent ideas for using your income to pay their own salaries and pensions (final salary, index-linked, performance-irrelevant). And these people are known as rentseekers. The legendary investor, Jim Rogers, writing in the Foreword to "Financial Reckoning Day", by Bill Bonner and Addison Wiggin, had this to say: "In America, if you have a job, you pay taxes. If you save some money, you pay taxes on the interest. If you buy a stock and get paid a dividend, you pay taxes. If you have a capital gain, you pay taxes again. And when you die, your estate pays taxes. If you live long enough to get social security, they tax your social security income. Remember: you paid taxes on all this money when you earned it originally and yet they tax it again and again". Now wouldn't it just be nice to avoid all of that? Because it's the simplest thing on earth, particularly if your earnings are being generated in that weird nether land called cyberspace, to use a set of perfectly legal arrangements to process your money FREE OF TAX. In other words, you set yourself up a company, a bank account, and a business address somewhere no predatory taxman stalks! That is, OFFSHORE. There are quite a large number of these jurisdictions, and there is not a single Fortune 500 company that doesn't use them. I kinda think that tells you a lot. Once it's all in place it works just like any other company arrangement - you just don't pay any tax! Now no-one's suggesting that it costs nothing to set up these arrangements, and it's true it's not going to figure high in your priorities if you've got a marketing budget of $10 and are wondering how to pay the rent. But, assuming that you're already generating even reasonable income, it just has to make sense to look into this. After all, even if you're not interested in saving yourself a whole lot of money, there's another reason you might wish to avoid all of this. I'll leave you with another quote, this time from Charles Adams, in "For Good And Evil: The Impact Of Taxes On Modern Civilisation": "Tax haven 'refugees' report that they are tired of fighting the taxman. They have had enough of audits, year in and year out, of having their banking and accounting records picked over and questioned. They are tired of having their privacy totally destroyed by inquisitional tax agents. They are tired of appeals, big fees for tax professionals, and endless tax litigation. Many complain that the soak-the-rich philosophy of their homelands was not as intolerable as the harassment and scorn they receive from revenue bureaucrats". Personally, I can relate to that... If what I've been saying strikes any chords at all with you, there's much more at http://www.advent-taxfreedom.com, and a free e-zine too. About The Author Leo Rogers: http://www.advent-taxfreedom.com offshore finance ' tax freedom ' secret banking mailto:leo@advent-taxfreedom.com
MORE RESOURCES: Black Americans Are Much More Likely to Face Tax Audits, Study Finds The New York Times India Keeps Restrictive Crypto Tax Rules In 2023 Budget Yahoo Finance India crypto industry on ‘Stairway to Heaven’ as government ignores requests in Budget Yahoo Finance Unicorn CEO says he’ll leave Israel, stop paying taxes to protest legal overhaul The Times of Israel Here's what you need to know about the fight over property tax cuts in the Texas Legislature The Texas Tribune Here's what investors should know for tax season Yahoo Finance Legalising cannabis could raise billions in taxes. Think of what we could do with that money! The Guardian Former Florida CEO Sentenced to Prison for Tax Evasion Department of Justice Bills would exempt period products, diapers from taxes Arizona Mirror How Your Venmo or Etsy Payments Could Impact Your Taxes GOBankingRates Cities following legislation on housing, sales taxes, local control Daily Inter Lake Tax Tip Tuesday: Use IRS Free File to do your taxes for free WRTV Indianapolis Mount Vernon schools, city at odds over $11 million in unpaid taxes News 12 Westchester Got a Tax Question? Ask a Pro GOBankingRates Tax season help Topeka & Shawnee County Public Library How Do Full-Time RVers Get Mail or Pay Taxes? ‘You Can’t Just Fly by the Seat of Your Pants.’ Mansion Global Colorado Republicans seek short- and long-term property tax ... coloradopolitics.com Report: Oklahoma personal income tax bigger issue than business ... Oklahoma Council of Public Affairs Legislators look at budget, taxes and election security on Tuesday Wyoming News Now Today is the last day to pay property taxes in Tarrant County. Here’s how to do it without braving icy roads. Fort Worth Report After splitting from Essex Junction, Essex town residents face a proposed 22% property tax hike VTDigger LARRY KUDLOW: Cut spending, taxes and regulations in order to generate a big recovery - Fox Business Taxes On Taxes On Taxes Patch North Hampton NH sued by million-dollar homeowners over ... Seacoastonline.com How to get a bigger return on your taxes WFMYNews2.com Learn how your property taxes can be lowered by keeping bees at 13th Annual Beekeeping School - KBTX Your Investment Lost Money Last Year. So Why the Big Tax Bill? The New York Times Kansas Chamber flat income tax plan costs more than Brownback ... The Topeka Capital-Journal Tampa city council candidate accrued over $60,000 in unpaid taxes over past decade Creative Loafing Tampa Property tax frustrations | News, Sports, Jobs Minot Daily News Rittman City Council wants to bring back higher tax rate after overtaxing error WJW FOX 8 News Cleveland Justice Pushes Income Tax Cut in Martinsburg | News, Sports, Jobs Wheeling Intelligencer OPINION: Personal taxes on Alaskans would be harmful Anchorage Daily News Tax Season 2023: Ask Michelle Singletary your pressing tax ... The Washington Post Buckley’s Corner: Entitled to Death and Taxes National Review Lou Giard: More rich people should pay fair share of taxes Lewiston Sun Journal What role should property taxes have in funding K-12 schools? Wisconsin Public Radio City to fight lawsuit over new taxes Santa Monica Daily Press Cut Taxes, Invest in Our Kids | Office of Governor Jim Pillen Governor Pete Ricketts Wall Street Journal highlights Idaho's historic tax cuts | Office of the ... Governor Brad Little Sales taxes show November spending mostly stagnant - The Record ... TheRecordLive.com New Income Tax Slab Budget 2023 LIVE Updates: Sitharaman's 5 cheers for income taxpayers in final full Budget Economic Times Taxes slow India's solar power rollout but boost manufacture The Associated Press - en Español FactCheck.org Calls Out Biden and Dems for Lying About “FAIR Tax ... Americans for Tax Reform Earned Income Tax Credit: Do You Qualify? Kiplinger's Personal Finance You might be paying too much — or too little — in property taxes ... Salt Lake Tribune Tax Relief for Californians Impacted by Storms | California Governor Office of Governor Gavin Newsom The State Tax-Cut Movement - WSJ The Wall Street Journal The Pitfalls of Flat Income Taxes – ITEP Just Taxes Blog Taxes 2023: Here are the biggest tax changes this year Yahoo Finance 3 Ways to Pay Less Taxes in 2023 Kiplinger's Personal Finance Your Tax Refunds May Be Smaller This Year The New York Times Trump Organization Fined $1.6 Million for Evading Taxes The New York Times Wealth taxes: State lawmakers plan to introduce bills to tax the rich The Washington Post When Are Taxes Due in 2023? Tax Deadlines by Month Kiplinger's Personal Finance Inflation and Taxes: A Married Couple's Taxes Stay the Same? Kiplinger's Personal Finance |
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