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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: Californians in these counties may still have to pay taxes KTLA Los Angeles What Are Tax-Advantaged Accounts? - Buy Side from WSJ The Wall Street Journal How to tap an unused 529 college savings plan without getting taxed Los Angeles Times How Long to Keep Tax Returns and Records Kiplinger's Personal Finance Kansas Republicans push flat tax amid threat of a Laura Kelly veto The Topeka Capital-Journal 3 Retailers Face Theft, Fraud and Tax Evasion Charges CSPDailyNews.com Middle Class Tax Refund: 5,000 more inflation relief payments going out, California agency says KCRA Sacramento Georgia Supreme Court declares revenue from COAM leases ... The Current GA 2024 state ballot battle to determine if voters can pass school parcel taxes by majority vote EdSource Alaska marijuana industry says baked-in taxes are too high Alaska Public Media News Will You Owe Taxes When You Sell Your Home? Morningstar Watch Out New York – New Jersey Wants Its Taxes Too! Littler Mendelson PC Opinion | Explaining Alabama's state grocery tax reduction Alabama Political Reporter 2023 Senior Tax Freeze application deadline fast approaching ... Philadelphia Water Department Gainesville property taxes to leap 29% over rollback rate Mainstreet Daily News Gainesville Johnson County antique mall forced to close as owner owes $62K in taxes, state says Kansas City Star Civic calendar | PG&E seeks $2M refund for property taxes from Humboldt County Eureka Times-Standard Countries Can Tap Tax Potential to Finance Development Goals International Monetary Fund DesChamps & Kalb: Smart leadership and low taxes go hand in hand. Greenwich Free Press FTC Warns Tax Preparation Companies About Misuse of Consumer ... Federal Trade Commission News Tax Tiff: Counties take aim at state over school equalization taxes Lewistown News-Argus Man sentenced for $3.5 million, multi-year fuel credit tax fraud Department of Justice Tax Collector Announces Second Quarter Installment Due October 1 ... Westport, CT (.gov) Median Household Income After Taxes Fell 8.8% in 2022 U.S. Census Bureau CBJ property tax payments due September 30 – City and Borough of ... City and Borough of Juneau Two Tax Shelter Promoters Found Guilty in Billion-Dollar Syndicated ... Department of Justice Douglas County OKs property tax relief; state review required The Denver Post Iceland Prime Minister Promises to Increase Tourism Taxes Travel Market Report Hooper energy tax, expected to generate $510K a year, spurs ... Standard-Examiner This Little Known Tax Credit Helps Low-Income Workers Catch Up on Retirement Contributions Yahoo Finance Hearing Wrap Up: Bidenomics Levied an Inflation Tax on All ... House Committee on Oversight and Reform | Former CFO of Russian Natural Gas Company Sentenced to More ... Department of Justice County Council passes resolution supporting senior real estate tax ... Leader Publications Tax laws can help victims of federally declared disasters Kiplinger's Personal Finance Tennessee revenue falls amid tax holidays, business break Chattanooga Times Free Press QCDs: A Tax Break Worth the Hassles - WSJ The Wall Street Journal Adopted Tax Rate at Lowest Level in 33 Years Richardson ISD Downtown Cheyenne property owners to vote on their taxes Wyoming Tribune City of Owensboro warns Airbnb owners to pay outstanding taxes 14 News WFIE Evansville ORANGEBURG CITY: Budget ups taxes and provides raises The Times and Democrat 70 under 70 plan can help. Ohio must freeze property taxes for seniors The Columbus Dispatch Collier cuts property taxes for next year, takes conservation money Naples Daily News Taxes, guns, schools, birth and death: State budget touches on all aspects of North Carolina life WRAL News California Companies Defer Billions in Taxes, Interest-Free, as ... The Wall Street Journal Manufacturers defend Georgia tax incentives - The Current The Current GA Making 'cents' of property tax infatuation under the Kansas ... Kansas Reflector Mahoning auditor follows up on tax reappraisal data Youngstown Vindicator Property taxes for 2024 reflect a record year of inflation in Florida WUSF Public Media Analysis: Tax revenues rose during pandemic, but there's danger ahead Colorado Springs Gazette SMART outlines ‘doomsday’ scenario if tax renewal fails Marin Independent Journal The IRS Has It's Eye on Millionaire Tax Evaders: Are You One? Kiplinger's Personal Finance Death, Taxes & Matt DiBenedetto's Job Search Frontstretch.com VAT Tax Confuses Some European Cruise Guests Cruise Radio Taxes, state parks, infrastructure: What you need to know about the ... Temple Daily Telegram Trump advisers plot aggressive new tax cuts for second White ... The Washington Post Amherst supervisors OKs meals tax hike Lynchburg News and Advance Take Advantage of the Lifetime Estate and Gift Tax Exemption While ... Kiplinger's Personal Finance Pay Taxes Dare County, NC (.gov) Pay Taxes Online Clatsop County (.gov) |
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