it doesn't really matter where u can pay close to nothing in taxes, u still have to have a legal residency in the other country but its sure nice to calculate with the other numbers
instead of going to all the trouble and expense of setting up offshore accounts or moving to other countries most people would be better off figuring out ways to move money into a roth ira and trade tax free in the us.the roth ira is the ultimate tax shelter.nowdays you can trade almost anything in a roth ira.
I do not care what country you live in, taxes are optional! Do what the ultra wealthy do - have use of money and things, but do not own them. Simplest way: 1- Open an offshore (off any country you live in) in Belize, Panama, British Virgin Isl., ect. 2 - Open bank account in one of above, but not same as one corp is in. Or swiss account - or if outside USA use USA, etc. 3 - Open trading account in corp name - there will be NO tax ID # required. 4 - Enjoy. Need more Email me SUBJECT "Taxation" - no charge - my holiday gift to you Happy New Year Oten
That's nice. Too bad it will not work. Not paying taxes on your trading income in the above scenario is still tax evasion if your a US citizen or resident.
IT IS MUCH EASIER TO OPEN A FOREIGN ACCOUNT THAN YOU WOULD BELIEVE. DON'T KNOW ABOUT IB, BUT A DOZEN OTHER BROKERS HAVE GIVEN ME NO PROBLEM AT ALL
YOU HAVE LITTLE KNOWLEDGE OF TAX LAW. THERE IS A HUGE DIFFERENCE BETWEEN TAX AVOIDANCE AND TAX EVASION. PS: FEDERAL TAX ON INDIVIDUALS IS UNCONSTITUTIONAL ANYWAY- THAT'S WHY THERE IS A TAX "CODE" AND NO FEDERAL TAX "LAW". IT WOULD NEVER GET PAST THE SUPREME COURT!!!!!
You are reading too many internet websites. The scenario you posted is tax evasion not tax avoidance. You cannot trade through an account of an offshore company that you ultimately have control over and not pay taxes on your profits. It's called a CFC, controlled foreign corporation/company and it not recognized by the IRS. That means as far as the IRS is concerned it's you making money. You don't pay taxes on it, it's tax evasion. Please get a clue. "PS: FEDERAL TAX ON INDIVIDUALS IS UNCONSTITUTIONAL ANYWAY- THAT'S WHY THERE IS A TAX "CODE" AND NO FEDERAL TAX "LAW". IT WOULD NEVER GET PAST THE SUPREME COURT!!!!! " The statement above is just nonsense. Why don't you refuse to pay your taxes and use that as an argument when your on trial for tax evasion? You're right it will never make it to the Supreme Court because your ass will be in jail long before that. Stuff you read on shady internet sites is not all factual.
Ok I am new to this so plz no flaming. But why an account in the name of a foriegn company? Why not just say that you're from a foriegn country, and don't provide a SSN or Tax ID.
The old "if there is no 1099 form, w2 form or equivalent" trick... The fact that they(the IRS) does not know will always leave you wondering if they will find out. Rumor has it that Visa had to disclose a list of offshore customers to the IRS...but I do not know if its true (came from one of those shady internet sites...the IRS) Also structuring ones affairs to pay less tax is not against the law...as it might be interpreted in other countries. Michael B.