Reducing Taxes

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Looking for a bit of help regarding reducing my taxes. I do plan to find an accountant and discuss this with, but I just want a basic idea of it.

I live in the states, and currently make $15,000+ monthly net, and paying 30% tax sounds awful to me. I heard that a combination of a C corporation + incorporating in Nevada/Delaware would definitely reduce taxes. If anyone has personal experience with this type of stuff, could you enlighten me on the effectiveness of this combination, and how much it could really help me.

Appreciate all the help.
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That poor girl looks deformed:uhoh2:

Anyway.... I was under the impression that you pay less tax with an S Corp.

Don't know your situation, but ask a CPA about the S Corp. vs the C Corp. for sure.
 
Are you currently by yourself? Do you have any employees or an office? I guess how far are you from Nevada or Delaware would be another fair question.

I'm not saying i'm qualified to answer your question, I just think some more info would probably help the ones on this board that are.
 
Sorry dude...Your gona pay half of your income to Obama. Thats just the way it is. YES WE CAN!
 
A Bus Driver in Canada pays %35 in taxes.
An Online Thiland Co. Pharm Owner pays %0 in Taxes. -When caught they pay in Skin.
An average AM making $500k in the US Pays %37 in taxes.

In Canada you goto University Cheap, Plus Free Health Care.
In Thailand you bail out & flee to Loas.
In the US you pay up & Get Your Life Where You Want It. With Bacon.
 
Making 180K+ a year and only paying 30% is a steal. Did you factor in your Self employment tax of 15.3% on the 1st 100K then 2.9% on anything above that. Plus state and local tax if you have it.
 
Have you talked to a competent lawyer and CPA yet? That's where I took my tax, business questions. Worked like a charm and only cost a few hundred bucks (not including the incorporation fees).
 
Creative accounting - as said above get consultation from a qualified one.

Kinda off topic, but something that came to mind from something I've recently had to deal with.

I have a couple small claims against smaller corporations in progress (from my offline work).

A common tactic, I'm learning from my lawyer, is that a company will create 3 different companies; A, B and C.

I have to go after Company A, because that's who I've had a contract with.

However, Company A has loaned out all of it's money to Company B and C.

Company A has no assets/money and will declare bankruptcy because Company B and C found creative ways to lose/invest the money and cannot repay the loan to Company A.

There's personal protection being incorporated and more ways to cut back on taxes by buffing expenses - but then, in the case above, using tactics to not pay on contracts - that is (IMO) a right out scam - completely premeditated.

anyhoo..........
 
Only 2 things are certain in life- death and taxes.

Welcome to adulthood. $150k isn't NEARLY enough money to start getting real creative accounting-wise, it's about 1 zero short.
 
If you think you can maintain that level of income - move offshore.

The thread Moving Abroad has me thinking about it. WTF - why is anyone entitled to a piece of your income? Even reporting pisses me off, I don't want to tell you fucks what I make, why the hell do government bureaucrats get to know?
 
Karnul said:
If you think you can maintain that level of income - move offshore.

The thread Moving Abroad has me thinking about it. WTF - why is anyone entitled to a piece of your income? Even reporting pisses me off, I don't want to tell you fucks what I make, why the hell do government bureaucrats get to know?
Click to expand...

moving abroad aint going to relieve you of taxes. obama and his bots follow you wherever you go...

Only legal recourse is to get it out of your name and just have yourself as an employee of the company that somebody else owns.....:glowingeyes_sml:
 
you have to register for a corp then file for your sub s chapter your accountant should be able to do this for you. a sub s doesnt get taxed like a corporation but like an LLC but you still get the impenetrable corporate wall between you and you company should anything go wrong. Also check your deductions you can deduct for anything that promotes your business IE hats tshirts etc. Half of your eating out expenses. all of you computer stuff software even paperclips are even deductable. even if you pay rent instead of owning a home you can deduct a certain amount of that. and if you own a home like i do youb charge your company rent another deduction. you can deduct a certain amount for clothing even. My best advice is to get a good accountant. I always say the two best people a business can have is a good accountant and a good lawyer. the lawyer collect and the accountant helps you keep it.
 
Setting up a C or S Corp. will help you avoid some self employment taxes, but thats about it.
 
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