Ways to write off expenses & reduce taxes - GoFuckYourself.com

Bobo · 11-12-2002, 08:40 PM

I incorporated in the US in Delaware due to the new Visa regulations.

Can any of you US based companies tell me about writing off expenses and getting low taxes (is there such thing as tax break)? Besides tangible purchases is there anything else that can be written off?

How are websites taxed and how much are they taxed? If I don't report my income who will know?

Should I handle my own taxes, or get a lawyer, or go with what I'm told by the company that did the incorporating for me? (Are lawyer fees worth it?).

Pretend I'm your protege who knows nothing about running your adult site but you plan on giving them to me to run when you pass on. I'm just looking for your general answers to avoid sifting through tons of legal jargon. I'll worry about the details once I understand the big picture.

multisexsite · 11-12-2002, 08:43 PM

Send all your profits to me.. You pay no taxes, and I'll give you 10% back tax free.

Bobo · 11-12-2002, 08:54 PM

TeraBabes · 11-12-2002, 08:55 PM

You need to talk to an accountant, dude...

WhoreHEY · 11-12-2002, 09:00 PM

Hire an American lawyer or accountant

Bobo · 11-12-2002, 09:01 PM

Fuck, it's just that I have so little trust. I guess you're right. I have to start somewhere.

Is there nothing generic in terms of tax breaks and write offs you know, for most people in the biz big or small?

Bobo · 11-12-2002, 09:03 PM

I suppose it's also best to shop around for lawyers and accountants. Don't just use the first guy that you call. See what each of them will say they can do for you.

How have you arranged payment for your laywer and approx. how much does your lawyer/account cost you?

Burnie · 11-12-2002, 09:23 PM

Hi All,
I have seen a lot of hupla about the webmasters overseas having to now pay taxes because they have to have a US presence because of the new Visa regulations, not true. I am a American ( and proud of it) and I pay my taxes but you do not have to. Below is part of the spam email I recieved in April of 2000. Do a little research and I am sure you will find more info on what a "Tax Statement" is and how to file it and NOT have to pay taxes. The way the tax regulations are worded, paying taxes are optional, not mandatory as most people think.

Why Pay IRS Taxes ?

Best part is ...
By using existing tax laws, it's 100% Legal,
100% Ethical, 100% Effective!

Did you know IRS gives you the option of filing a 1040 form or becoming tax
exempt by filing a Tax Statement?

Never heard of a Tax Statement? Turn to page 56 of this year's (2000) IRS
1040 tax booklet and read paragraph three. It states, "you must file a return
or tax statement."

The Tax Statement makes you exempt from all state and federal income tax and
capital gains tax. For the average employee, it means no more federal/state
withholding. That is a 10-30 percent pay raise. For the business owner, it
means no more quarterly filings nor year-end tax reports.

Similar programs are available for Canadian Citizens.

This information is extremely valuable and not generally known by most CPAs
and Tax Attorneys.

I hope this info will help some of you.

Regards
Burnie
[email protected]

Bobo · 11-12-2002, 09:29 PM

Quote:

Originally posted by Burnie
The way the tax regulations are worded, paying taxes are optional, not mandatory as most people think.

You creton. This is the kind of post that I didn't want to see. Don't start telling me taxes are optional once the government knows that I'm generating income.

Once they know, they're going to tax me whether I like it or not. If I don't pay up, they'll take my house and cars and fuck my hoes. And every court in America would send me to prison if charged.

Al Capone died in prison. He was sentenced for tax evasion. If anybody could have got off on a legal technicality he would have. The kind of shit you speak of isn't cute anymore. Now fuck off, please.

Probono · 11-12-2002, 09:33 PM

Assuming you are not a US Citizen and do not live in the US.
Assuming your US corporation sends all it's income out of the US.
Assuming your country has a tax treaty with the US
Assuming you pay your taxes on the income in your country

You Might not need to pay US taxes.

With so many assumptions hire a good CPA with knowledge of International tax laws or you will get screwed by one government or another. You do not want to be taxed twice if you can avoid it.

BJ · 11-12-2002, 09:34 PM

Are you an s corp or a c corp?

playa · 11-12-2002, 09:36 PM

most importantly, all your expenses can be written off
when you come to vegas for Internext

pet kangaroo · 11-12-2002, 09:37 PM

I'd suggest you get appoint a respected accountant in your own country with U.S. tax experience.

Assuming you're not going to be leaving the money in the U.S. (i.e. you're going to be receiving it in your local country) you have to justify the transfer of the funds somehow. Good luck!

My understanding is the following.

You can charge the U.S. entity a fee from your local operations and effectively run it at a loss or break even, but the IRS will not look favourable upon this.

You can keep the profits in the U.S. entity, pay the relevant tax and pay yourself a dividend hoping that your local laws don't sting you for withholding taxes.

Either way it's very messy.

BJ · 11-12-2002, 09:37 PM

Quote:

Originally posted by playa
most importantly, all your expenses can be written off
when you come to vegas for Internext

not true.

only a certain % of travel and entertainment can be written off

Bobo · 11-12-2002, 09:38 PM

"With so many assumptions hire a good CPA with knowledge of International tax laws or you will get screwed by one government or another. You do not want to be taxed twice if you can avoid it."

I agree. I'm in Canada. I'm going to move to the states when I finish school. I need one more full credit for my degree.

I wanna become a US citizen. Canadians are nice but I was built for places like New York. Fuck it, I'll just play it by ear for now.

Burnie · 11-12-2002, 10:42 PM

To Bobo,
You either can't read or don't want to, I said:
Below is part of the spam email I recieved in April of 2000.

DId you not see that?? or are you blind??

I didn't say I did this, I said:
Do a little research and I am sure you will find more info on what a "Tax Statement" is and how to file it.

Information is all over the internet, search for it, if you know how...

I Pay My Taxes, as I said in my post:
"I am a American ( and proud of it) and I pay my taxes"
And I guess a Sh*t Load more than you...

"Al Capone died in prison. He was sentenced for tax evasion"
And that was a long time ago, laws have changed. If you think today is like the times of Al Capone, do you want to go to a speak easy tonight?? You know drinking is Illigal, you could get hanged or shot for being found in one.

I Didn't like this:
"You creton"
or this:
"Now fuck off, please"

I think you are a royal A**hole.....

My last line of my last post said:
"I hope this info will help some of you"

And that's all I was trying to do for some of the overseas webmasters who might be able to get out of paying taxes they didn't need to pay.

So "GO FUCK YOURSELF" A**HOLE

Bobo · 11-12-2002, 10:59 PM

You're right Burnie. Sorry I jumped the gun. I've been a little restless lately thinking about the whole thing. I've been plagued by nightsweats and nightmares about it lately too.

I appreciated your feedback, I really did

Most cordially,

Bobo

smileygirls · 11-12-2002, 11:04 PM

1. get a good tax lawyer and accountant.
2. do number 1
3. you can deduct a shit pot full of taxes if your smart. Especially living in another country. Ask your lawyer.

UnseenWorld · 11-13-2002, 02:03 AM

Quote:

Originally posted by Bobo

You creton.

Pornwolf · 11-13-2002, 03:09 AM

Pay your mother huge fees for services rendered.

I'm not kidding.

11-12-2002, 08:40 PM	#1
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253	Ways to write off expenses & reduce taxes I incorporated in the US in Delaware due to the new Visa regulations. Can any of you US based companies tell me about writing off expenses and getting low taxes (is there such thing as tax break)? Besides tangible purchases is there anything else that can be written off? How are websites taxed and how much are they taxed? If I don't report my income who will know? Should I handle my own taxes, or get a lawyer, or go with what I'm told by the company that did the incorporating for me? (Are lawyer fees worth it?). Pretend I'm your protege who knows nothing about running your adult site but you plan on giving them to me to run when you pass on. I'm just looking for your general answers to avoid sifting through tons of legal jargon. I'll worry about the details once I understand the big picture.

11-12-2002, 08:55 PM	#4
TeraBabes Confirmed User Join Date: Apr 2002 Location: Under Water Posts: 2,067	You need to talk to an accountant, dude... __________________ This place is too big.

11-12-2002, 09:00 PM	#5
WhoreHEY Confirmed User Join Date: Nov 2002 Location: San Diego Posts: 120	Hire an American lawyer or accountant __________________ I can program better than you

11-12-2002, 09:38 PM	#15
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253	"With so many assumptions hire a good CPA with knowledge of International tax laws or you will get screwed by one government or another. You do not want to be taxed twice if you can avoid it." I agree. I'm in Canada. I'm going to move to the states when I finish school. I need one more full credit for my degree. I wanna become a US citizen. Canadians are nice but I was built for places like New York. Fuck it, I'll just play it by ear for now. Last edited by Bobo; 11-12-2002 at 09:39 PM..

11-12-2002, 11:04 PM	#18
smileygirls Confirmed User Join Date: Aug 2002 Location: Ask Stormy... :) Posts: 182	1. get a good tax lawyer and accountant. 2. do number 1 3. you can deduct a shit pot full of taxes if your smart. Especially living in another country. Ask your lawyer. __________________ <a href="http://www.stormyfriday.com" target="_blank"><img src="http://www.panchodog.com/graphics/stobutton.gif"></a>

11-12-2002, 08:43 PM	#2
multisexsite Confirmed User Join Date: Oct 2002 Posts: 929	Send all your profits to me.. You pay no taxes, and I'll give you 10% back tax free.

11-12-2002, 08:54 PM	#3
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253

11-12-2002, 09:01 PM	#6
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253	Fuck, it's just that I have so little trust. I guess you're right. I have to start somewhere. Is there nothing generic in terms of tax breaks and write offs you know, for most people in the biz big or small?

11-12-2002, 09:03 PM	#7
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253	I suppose it's also best to shop around for lawyers and accountants. Don't just use the first guy that you call. See what each of them will say they can do for you. How have you arranged payment for your laywer and approx. how much does your lawyer/account cost you?

11-12-2002, 09:23 PM	#8
Burnie Confirmed User Join Date: Nov 2002 Location: Hurricane Florida Posts: 205	Hi All, I have seen a lot of hupla about the webmasters overseas having to now pay taxes because they have to have a US presence because of the new Visa regulations, not true. I am a American ( and proud of it) and I pay my taxes but you do not have to. Below is part of the spam email I recieved in April of 2000. Do a little research and I am sure you will find more info on what a "Tax Statement" is and how to file it and NOT have to pay taxes. The way the tax regulations are worded, paying taxes are optional, not mandatory as most people think. Why Pay IRS Taxes ? Best part is ... By using existing tax laws, it's 100% Legal, 100% Ethical, 100% Effective! Did you know IRS gives you the option of filing a 1040 form or becoming tax exempt by filing a Tax Statement? Never heard of a Tax Statement? Turn to page 56 of this year's (2000) IRS 1040 tax booklet and read paragraph three. It states, "you must file a return or tax statement." The Tax Statement makes you exempt from all state and federal income tax and capital gains tax. For the average employee, it means no more federal/state withholding. That is a 10-30 percent pay raise. For the business owner, it means no more quarterly filings nor year-end tax reports. Similar programs are available for Canadian Citizens. This information is extremely valuable and not generally known by most CPAs and Tax Attorneys. I hope this info will help some of you. Regards Burnie [email protected]

11-12-2002, 09:33 PM	#10
Probono Confirmed User Join Date: Oct 2002 Location: Under the Rainbow Posts: 2,731	Assuming you are not a US Citizen and do not live in the US. Assuming your US corporation sends all it's income out of the US. Assuming your country has a tax treaty with the US Assuming you pay your taxes on the income in your country You Might not need to pay US taxes. With so many assumptions hire a good CPA with knowledge of International tax laws or you will get screwed by one government or another. You do not want to be taxed twice if you can avoid it.

11-12-2002, 09:34 PM	#11
BJ Confirmed User Join Date: Mar 2002 Location: asia Posts: 5,590	Are you an s corp or a c corp?

11-12-2002, 09:36 PM	#12
playa Confirmed User Join Date: Feb 2001 Location: atlanta, GA Posts: 6,432	most importantly, all your expenses can be written off when you come to vegas for Internext

11-12-2002, 09:37 PM	#13
pet kangaroo Confirmed User Join Date: Oct 2002 Posts: 246	I'd suggest you get appoint a respected accountant in your own country with U.S. tax experience. Assuming you're not going to be leaving the money in the U.S. (i.e. you're going to be receiving it in your local country) you have to justify the transfer of the funds somehow. Good luck! My understanding is the following. You can charge the U.S. entity a fee from your local operations and effectively run it at a loss or break even, but the IRS will not look favourable upon this. You can keep the profits in the U.S. entity, pay the relevant tax and pay yourself a dividend hoping that your local laws don't sting you for withholding taxes. Either way it's very messy.

11-12-2002, 10:42 PM	#16
Burnie Confirmed User Join Date: Nov 2002 Location: Hurricane Florida Posts: 205	To Bobo, You either can't read or don't want to, I said: Below is part of the spam email I recieved in April of 2000. DId you not see that?? or are you blind?? I didn't say I did this, I said: Do a little research and I am sure you will find more info on what a "Tax Statement" is and how to file it. Information is all over the internet, search for it, if you know how... I Pay My Taxes, as I said in my post: "I am a American ( and proud of it) and I pay my taxes" And I guess a Sht Load more than you... "Al Capone died in prison. He was sentenced for tax evasion" And that was a long time ago, laws have changed. If you think today is like the times of Al Capone, do you want to go to a speak easy tonight?? You know drinking is Illigal, you could get hanged or shot for being found in one. I Didn't like this: "You creton" or this: "Now fuck off, please" I think you are a royal Ahole..... My last line of my last post said: "I hope this info will help some of you" And that's all I was trying to do for some of the overseas webmasters who might be able to get out of paying taxes they didn't need to pay. So "GO FUCK YOURSELF" A*HOLE

11-12-2002, 10:59 PM	#17
Bobo Confirmed User Join Date: Feb 2002 Posts: 2,253	You're right Burnie. Sorry I jumped the gun. I've been a little restless lately thinking about the whole thing. I've been plagued by nightsweats and nightmares about it lately too. I appreciated your feedback, I really did Most cordially, Bobo

11-13-2002, 03:09 AM	#20
Pornwolf Drunk and Unruly Join Date: Jan 2002 Location: Hollywood Posts: 22,712	Pay your mother huge fees for services rendered. I'm not kidding. __________________ I've trusted my sites to them for over a decade... Webair, bitches.