I'm making about 110k salary, and so much of my money goes to taxes. I've been reading more about how politicians pay less in tax, due to making most of their money from investments, not income. Can we avoid/reduce tax in any way using crypto? I'm not looking to do illegal things, just loopholes. Get paid in crypto, keep the wallet in South Africa or something, who knows.
>>3425180
Kiwifag here, we have no capital gains tax here (as of yet, potentially changing after election depending on results), might be something you can use to your advantage.
>>3425180
start a business
business income is taxed differently
>>3425180
You can probably dodge some capital gains by slowly selling for fiat on Craigslist or localbitcoins, but enjoy getting assraped by the IRS when they eventually catch you. Those guys don't fuck around.
>>3425199
This, start a portfolio management company where you're the only client
>>3425222
The problem with selling locally o. Craigslist is if the guy you sell to gets caught they can easily trace it back to you and tax the fuck out of you. Youd have to transfer to monero then to a separate wallet to be able to avoid getting caught
>>3425180
there's no way to escape the tax man OP. sooner or later your time will come
>>3425180
If you never touch an exchange it's possible to evade all tax on gains. That's hard though.
>>3425199
>>3425477
If he starts an LLC, those are pass through entities. The LLC doesn't pay tax. Anon would claim it on this 1040 as "business income" and it would add to this adjusted gross income like normal income.
If he starts an S corp, it's taxed at the corporate level, then it's also taxed at the individual level.
>>3425222
family member is IRS agent, he told me all about their crypto department, they DO NOT FUCK AROUND, but, they have been around since Bitcoins inception, if they haven't knocked on your door yet, you probably don't meet their threshold for giving a fuck.