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how do rich people avoid paying taxes?
I'm working as a "contractor" for a courier service and I made $48K last year and owe $9800 (not including state taxes, and lying to avoid the Obamacare penalty)
I filed my taxes with H&R Block's website. By default I owed about $12,000, and even though I entered $10,200 in business expenses (my car, cell expenses, gas, repairs, etc.) the amount owed only went down to $8400 (not including state taxes). I was under the impression that I was going to be able to write all of these things off?
$8400 doesn't seem that bad percentage wise, but a huge portion of my income was going to helping my sister and her family. I can't write her off as a dependent though since she does her own taxes. I thought my immense car and gas expenses would be enough to write off.
Does this sound right? Is this what being a wagecuck is like? I left the warm buzzing comfort of mommys basement to pay a quarter of my income into the spic-nig cycle? Everyone else does this willingly without flinching? There must be a way out. Something I'm overlooking. Can the penny pinching financial wizards of /biz/ share their wisdom?
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>a huge portion of my income was going to helping my sister and her family
This looks like a big "tax" you can easily get rid off. Let your sister find herself a rich chad and stop sucking you dry.
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>>1807433
We take most of our earnings in Bitcoin and only cash it in when we really need to.
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>>1807470
Barter is taxable.
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>>1807433
>incorporate in offshore tax haven
>attain power of attorney to remove your name
>become an employee of your company and funnel all payments/income to offshore company
>receive low but believable salary from offshore company and pay reduced tax
>large transfer of funds between you and the company done through zero interest loans
very obvious scheme but legal, as long as you still pay some kind of tax they will leave you alone.
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>>1808064
what are good places to look for offshore tax havens?
hong kong is one right? would I have to travel there? is it worth it after all the fees for someone with middle class income like me?
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>>1808093
The routes you can take are limited by what country you are seated. Hong Kong is closed for me due to shitty laws so you got to watch out.
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>>1807433
>48K
>rich people
OP anon you are talking about 2 different things. Offshoring and tax avoidance becomes worth it, in my opinion, at around $400k income a year. Some people are going to disagree and that's cool. It depends alot on your income source and citizenship.
48K is solid middle class and you're the tax mans target. Yes, taxes fuck you. Yes, that is what they are designed to do. Yes, you work hard so a nigger can go get EBT and a spic can get healthcare.
When you are fully mad about it you have 3 choices:
1. Accept it and understand politicians and modern government is designed to destroy people like you and make you a cog. Then drink and cry and die more inside every day.
2. Fight it with some shitty tax scheme and get caught and pay anyway.
3. Stop working as a courier and start your own business that offers bigger value to bigger clients and get more money so the tax bite doesn't matter, and then you can escape.
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>>1808371
This. Plus if you get an accountant that knows what they are doing you can avoid an enormous amount of taxes with a small business.
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>>1808064
Zero interest loans are considered a substantive form of compensation.
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>>1807433
>.
you will have to go abroad and renounce your US citizenship to escape taxes. sorry to give you bad news, but US people are owned.
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>>1807433
>I entered $10,200 in business expenses
This is where you fucked up, write enough expenses next time to reduce your net income under $10,000
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