Offshore brokers for a tax free life

Rowen -

US citizens are taxed on ALL income, regardless of where it's made (you can net taxes paid abroad - if any).

So there's no legal way of "avoiding" taxes by using offshore facilities - only committing tax fraud by failing to report the offshore income and hoping you don't show up on one of the IRS's data sources by doing something like making too many wire transfers to a US account from offshore.

Unless you're already making tons of dough to perhaps justify the complexity and risk of trying to go offshore (especially without physically going offshore yourself), you're better off looking at other more conventional vehicles - e.g., a corporate shell based in a no tax state like Nevada and pay for as much of your personal needs as you can legitimately get away with (which can be quite a lot) through the corporation.
 
Quote from ArchAngel:

Rowen -

US citizens are taxed on ALL income, regardless of where it's made (you can net taxes paid abroad - if any).

So there's no legal way of "avoiding" taxes by using offshore facilities - only committing tax fraud by failing to report the offshore income and hoping you don't show up on one of the IRS's data sources by doing something like making too many wire transfers to a US account from offshore.

Unless you're already making tons of dough to perhaps justify the complexity and risk of trying to go offshore (especially without physically going offshore yourself), you're better off looking at other more conventional vehicles - e.g., a corporate shell based in a no tax state like Nevada and pay for as much of your personal needs as you can legitimately get away with (which can be quite a lot) through the corporation.
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Thanks, I'll have to look into the Nevada corporate shell thing. I have a lot to learn about corporation law and Nevada corporation law.
 
So I've got a NPO, public charity, and I'm with the understanding that it is legal to pay a portion of my taxes in the form of donations to my company

I then end up keeping a portion of that donation money as determined by executive pay. Is this actually legal? I need a definate answer before I break law. Also I'm looking for a partner for this NPO. Your cost would be an initial cost of about $1,500 which will cover incorporation costs and license costs, and make you a 49% share holder and director of equal standing.
 
Quote from ArchAngel:

Rowen -

US citizens are taxed on ALL income, regardless of where it's made (you can net taxes paid abroad - if any).

So there's no legal way of "avoiding" taxes by using offshore facilities - only committing tax fraud by failing to report the offshore income and hoping you don't show up on one of the IRS's data sources by doing something like making too many wire transfers to a US account from offshore.

Unless you're already making tons of dough to perhaps justify the complexity and risk of trying to go offshore (especially without physically going offshore yourself), you're better off looking at other more conventional vehicles - e.g., a corporate shell based in a no tax state like Nevada and pay for as much of your personal needs as you can legitimately get away with (which can be quite a lot) through the corporation.
More...


Will you please give a more in depth summary about the pros and cons of a Nevada corporation.
 
Quote from rowenwood:
Will you please give a more in depth summary about the pros and cons of a Nevada corporation.
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First off - an "in depth summary" is an oxymoron

Second - I believe the original post said "a no tax state like Nevada" - there are several other states you can choose

Do a Google on "Nevada Corporation" and spend 10 minutes reading the results and you'll have your "in depth summary".

As with most things, if after reading the material you don't understand it enough to draw your own conclusions and formulate next steps, you probably shouldn't be thinking of doing it (just like the offshore angle).
 
Surely an in depth summary is an oxymoron, so what, it's also a very reasonable possibility; and thank you for referring me to a google search for info, what a great idea.

Fourthly, I sense disdain in your post. Care to share your feelings? Notwithstanding, I still appreciate your posts, thank you.

And while you're available for questioning, do you have any answers for my questions regarding the NPO?
 
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