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Once again, hypothetically, imagine there is a guy who is a subcontractor who got a new long term contract and is now making $3200+ weekly. That Subcontractor knows that 30% of that, before deductions, goes to Uncle Sam, which means niggers and spics, which will be maybe a 12k bill quarterly, and he wants to keep as much of his money as possible. How would he go about hiding that? Or at very least keeping 90% or more of his money?

Just curious

Edit: Person is being paid by a fairly large company who by only pays by direct deposit. And maybe tax fraud isn’t the right way to put it. I wanna do whatever people like Amazon does and pay less than 5% taxes

Once again, hypothetically, imagine there is a guy who is a subcontractor who got a new long term contract and is now making $3200+ weekly. That Subcontractor knows that 30% of that, before deductions, goes to Uncle Sam, which means niggers and spics, which will be maybe a 12k bill quarterly, and he wants to keep as much of his money as possible. How would he go about hiding that? Or at very least keeping 90% or more of his money? Just curious Edit: Person is being paid by a fairly large company who by only pays by direct deposit. And maybe tax fraud isn’t the right way to put it. I wanna do whatever people like Amazon does and pay less than 5% taxes

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[–] • 6 pts

You don't have to commit tax fraud to avoid paying taxes. You can do it legally by reinvesting into your business.

Starting a religious school is not a terrible idea.

[–] • 3 pts

See this is what I want to learn about. I am a complete beginner when it comes to taxes. I know I can deduct all my expenses, but other than that I’m pretty much clueless. I’ve been doing it under the table for years, but just became an official LLC

[–] [deleted] • 1 pt (edited )

Running a 24/7 daycare out of your home will allow you to deduct—pretty much—everything.

Edit: The reasons why you can deduct pretty much everything is why I mentioned the daycare. If you don’t buy assets for your company, you will pay it in taxes.

[–] • 1 pt

Get an accountant.

We all hate taxes but irs has a very big stick. If they suspect anything they will convict you then you gave to prove innocence. They will destroy you.

Only way to defund taxation is to live minimally and not earn.

[–] • 1 pt

Start or inherit trust.

Your parents probably already fucked you by not having a family trust.

In your lifetime, if you start a trust, it is revocable. Once you die, it becomes irrevocable.

An irrevocable trust is better, because the rules are locked in.

Ideally, your LLC, then, belongs to the trust, which can operate at a net zero for tax reduction.

So, now, you have two tax sinks.

Then, start a nonprofit and also put it in the trust. Tax sink #3.

Between three tax sinks, you should never have to pay any taxes.

[–] • 4 pts

Research "Hollywood accounting."

Subcontractor can set up his own business. Company pays his business, loses money by paying other "businesses" to do things (like rent, payroll, R&D, etc.) and they all lose money or make a scant few cents profit. It's all legal but has a lot of paperwork.

[–] • 3 pts

A tax lawyer might be able to give you advice on how to avoid taxes without commiting fraud.

[–] • 3 pts

the first step is probably not making a post on the internet somewhere about it maybe just aim for tax avoidance, which is perfectly legal and not that costly

[–] • 2 pts

Cash.

[–] • 0 pt (edited )

What if he’s being paid by a fairly large company who will only pay with direct deposit?

[–] [deleted] • 2 pts

Hypothetically, if someone was a new IRS agent and needed to make a lot of busts in order to rise in ranks, how would you go about it?

[–] • 1 pt

Well first off, Id probably start somewhere else besides poal

But like it says in my edit, fraud isnt exactly what I mean. I just want to know how someone would potentially get their tax bill as low as Amazons, percentagewise

[–] • 2 pts (edited )

Be a politician or an illegal immigrant or get involved with dealing in modern art.

[–] • 2 pts

In some states illegals can walk into the dmv and get a license so maybe you could get an extra social security number that way too.

[–] • 2 pts

The only advice I can provide to you is 100% legal advice - I can't give you info on cooked books or tax evasion.

First and foremost, make sure you have great bookkeeping. Small errors in your books can really cost you. I took on a client who had mis-classified several payments and I was able to reduce their taxable income by thousands simply by correcting these transactions in their books. Their tax person never caught it because all they cared about was a quick turn around on doing tax returns.

With the money you're making, you can definitely hire a bookkeeper if you don't want to do it yourself. Do NOT go for a cheap bookkeeper - they're either total shit or they're overseas and shitty but overseas means if they fuck your books, too bad so sad. Sign a contract with them that lets you get out easily and lets you hold them accountable for work they promise to deliver. Also make sure they have errors and omissions coverage. I keep a policy at $1million and it costs me maybe $500 a year. I had a client who got fucked by their previous bookkeeper who was charging them and never touched their books for YEARS. They wound up with some big IRS problems. They had no contract, and previous bookkeeper had no coverage, so they just had to take the hit.

Do NOT use QuickBooks Self Employed. Waveapps is free and better software than QBSE. There are a ton of bookkeeping options out there. You can just do Excel yourself if you want. I'd rather you kept notes on the wall in your own shit than used QBSE.

Do you have a home office? If not, you do now. You can deduct a percentage of all utility bills or take a flat deduction. Do you ever drive for the work you're doing? That mileage is a write off. Is there a conference related to the work you do and it happens to be in a beautiful place you'd like to go for a vacation? Yeah, that's a business expense. Taking classes to improve your work skills or abilities to run a business? Education expense. There are a bunch of deductions out there. This is a solid book, but get the most updated versions possible as tax rules are constantly changing: 475 Tax Deductions for Businesses and Self-Employed Individuals: An A-to-Z Guide to Hundreds of Tax Write-Offs

Someone mentioned business meal deductions. Yes, these are 100% deductible again for 1/1/2021 through 12/31/2022. BUT it has to meet the criteria of a business meal. To keep it legal, is there any way you could meet with prospective clients or people involved with the business you're contracting for? If so, perfect. Go to lunch, breakfast, dinner, etc, and put their name on the receipt. This qualifies the meal for the deduction and if the IRS ever asks for proof, boom. Look at the receipt. (This also works for networking. If you're part of a BNI or other similar organization and go out to have coffee etc with someone you meet via networking, those are all networking meals. Do it. Deduct it.)

Are you LLC? S-Corp? If you haven't created a business structure yet, get on it. Depending on your business type, you may be able to significantly reduce your taxes. Typically once your business is grossing $40k or more you want to consider S-Corp or at least being taxed as an S-Corp.

Find a really great tax preparer - ideally one who wants a relationship with their clients, and one who likes to get audited. My tax guy is an Enrolled Agent so he doesn't charge as much as a CPA, and he LOVES when the IRS audits his clients because he always wins. It also means he takes every single deduction possible while still keeping it legal. Interview multiple tax people until you find the right one. Even though I like my tax guy, I'm always looking for other tax pros to refer to clients and to potentially be my new tax person.

[–] • 1 pt

Learn about writing off your lunches, also if you just happen to buy a lot at "lunch" and bring it home who will ever know?

[–] • 1 pt

Find a tax lawyer and a business lawyer that are not the same person and they never meet and hire them to help you out with not paying taxes. Trust me, there are ways.

[–] • 1 pt

Asset backed loans, invest loan in crypto currency when the market is down 80/90% and just pay interest until it's time to sell. Loans aren't taxable.

[–] • 1 pt

As a bonus if inflation gets massive the loan becomes peanuts to repay.

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