We always hear about how the "rich" don't pay taxes. Well.... look at the tax charts and we KNOW this is a MYTH. They pay the vast majority of taxes. However.... are there any LEGAL ways to reduce taxes left??? I am single. I don't own a home anymore. I don't have a business. What are my options? I could incorporate and trade via my company. I could take little deductions here and there for trips, or whatever. But these types of deductions have been trimmed away by the tax code. I'm looking for something REAL. Saving a few percent a year doesn't cut it. I want something substantial. Is there anything you can do? Anything? peace axeman
Buy citizenship in Granada for just over $50,000 total. There are no taxes and no residency requirement so then get permanent residency in the tax haven of your choice such as the Cayman Islands or Monaco.
I have given some thought to this too. You could move to a state where there are no state taxes like Nevada, South Dakota, Oregon and save maybe 10% on your overall tax bill. Or you could move to another country and have, I think, the first 80k exempt (if I heard right) as well as no state taxes. That should save a lot. If I were single like you I would move to someplace like the south of Thailand. Play tennis, golf, and scuba during the day with other expats, have a little dinner and trade the US market in the evening. Sleep in and start the new day all over. You can live cheap...everything is dirt cheap including housekeepers and girlfriends! Like this house...http://www.kosamuiproperties.com/stock/houses up to 10 million/HF129.html is about $600 a month right on the beach of Ko Samui
DOn't come to NYC: NYC corporate tax: 8.8% NYC income tax: 4% NYS tax: 9% Federal Depends on your bracket 15-36%? Social Security tax: 15% on the first 90k Go to Nevada and start a S-Corporation. Pick a town with low corporate taxes. Buy a cheap house, take the mortgage. Put in an office, pay some of the real estate operating costs out of the corporation. If you visit the brothels with Don Bright, get receipts and deduct it as entertainment expense.
Geezuuus....why the hell would anyone live in NYC??? Mean fu**ing people and high taxes! Anyway..... I've thought along the different state and housing line. What if I purchased a rental property, as a corporation, and rented all the rooms out separately. Then charge myself a fairly LOW fee for "my room", and a more expensive fee for my "office" Thus making much of my rent tax deductible?? Moving to a state other than california would certainly take a NICE FAT CHUNK right off the top. peace axeman
Wasnt Granada along with 35+ other tax havens recently blacklisted or something by the USA? Is this still possible and legit? 50K would be a CHEAP price to pay for tax free living. Would make more than that back the first year. peace axeman
It would not matter, the positive cash flow income from the would still be taxable. You would simply shift income from your business by paying a high rent to yourself - or the co. that owns the property. Operation and maintainance costs would be deductible, and if you get a mortgage, that would be deductible too. The rental investment idea would work if you could create positive cash flow and/or foresee a capital appreciation in the future. Maybe setup an offshore company to manage the property and pay it all the profits?
How can one not like NYC --- center of the universe. Its where the money is. Same with the US vs the world, here is where the money, culture, standard of living, ... are top notch.. why live anywhere else?! Taxes are but a fee to live in the greatest country in the world.
What about San Francisco? Beautiful city. Lots of culture. Cheaper than NYC, but still expensive. Lake Tahoe...beaches.... friendlier people. peace axeman
To each his own. For me at least, I couldn't imagine living anywhere remotely distant from where I grew up, the NYC area. I just don't like it when people come out with the usual stereotypes degrading NYC. Every city has its problems.