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I don't want to pay tax

  • #81
  • Jun 27, 2006 11:21pm Jun 27, 2006 11:21pm
Maybe this will help....www.trustprofessionals.com....works great for me
  • #82
  • Jun 27, 2006 11:22pm Jun 27, 2006 11:22pm
www.trustprofessionals.com
  • #83
  • Sep 29, 2006 1:28pm Sep 29, 2006 1:28pm
Quoting moutekitrader
www.trustprofessionals.com
as I understand it you pay fixed amount each year???
  • #84
  • Sep 29, 2006 1:59pm Sep 29, 2006 1:59pm
Be very careful.....

http://www.tradersaccounting.com/Tax...ders092806.asp

  • #85
  • Sep 29, 2006 2:00pm Sep 29, 2006 2:00pm
just lose. don't make money and write off your losses as a business expense. that's what most traders do.


If you are fortunate enough to be earning a living via trading, congratulations! Now, belly up to the bar and pay up like everyone else that earns a living. Hire a legal expert with your forex fortune to minimize and only pay your fair share.

Nobody "wants" to pay tax. It's a fact of life, just like death.
  • #86
  • Sep 29, 2006 2:27pm Sep 29, 2006 2:27pm
by far the easiest solution to not paying taxes is to move out of the country youre a citizen of and become a non-resident. you do have to move to a tax free country or somewhere where its very low.

i've been a non-resident expat all my life, living in a tax free country so no, taxes arent a fact of life

google tax havens and theres bound to be a list of countries that come up.

it may seem a bit extreme but its worth not paying 25-50% of your earnings.

however,everything balances out tho and you'll wind up having to pay more for medical stuff etc.

take a look at dubai, why do you think all the wealthy celebs are down there?

it sure as hell aint to go camel watching
  • #87
  • Sep 29, 2006 2:45pm Sep 29, 2006 2:45pm
Quoting MrWhipple
In the US the way to avoid income tax is to avoid income. It is really quite simple. Just don't make any money. I have been doing this verry successfully for years and years. There is no trick to it at all.

If you are into Forex it is even easier. Just trade like there is no tomorow. Trade trade, trade, day and nite, just trade. Take the good trades with the bad ones and soon, even if you had a bit of money to start with, now you will have none and you can mabie even take the loss forward to the next year. (see a tax professional for any and all tax advice.)
Thanks for the 5am laugh. Spot on
  • #88
  • Sep 29, 2006 3:10pm Sep 29, 2006 3:10pm
I thought with forex all that is reported by your broker is the interest made from your acct not how much u actually made is this true. If so who would tell irs how much u made from trading forex. The same is true for people who trade options. The money made from the sells of options are not reported by the trading firm I know this to be true for sure. Does any one have input on this in ref. to forex.
  • #89
  • Sep 29, 2006 3:44pm Sep 29, 2006 3:44pm
I have a question reguarding taxes.

If i make money in the FX world, do i pay taxes for the money i withdraw? Or do pay taxes for all of my earnings in my fx account?

Wouldnt it make sense that i pay taxes for the money i withdraw, rather than the money that is aggregated in my account?
  • #90
  • Sep 29, 2006 4:04pm Sep 29, 2006 4:04pm
I hear that this is indeed the case (only tax on withdrawals) in some countries (like South Africa apparently) but I suspect in most high-tax countries that they want taxes every year.

but I don't know anything, these are just my suspicions from researching the matter a bit.

btw. If anyone has a list of countries that have low capital gains taxes and treat day-trading FX as capital gains instead of income, please let me know... or even if you know one or 2 of these countries...

Quoting hunter101
I have a question reguarding taxes.

If i make money in the FX world, do i pay taxes for the money i withdraw? Or do pay taxes for all of my earnings in my fx account?

Wouldnt it make sense that i pay taxes for the money i withdraw, rather than the money that is aggregated in my account?
  • #91
  • Sep 29, 2006 4:52pm Sep 29, 2006 4:52pm
Hi Sidus, just some added info to your post (in case anyone else is curious about your statement):

from the deloitte "Belgium International Tax and Business Guide":

Individuals’ capital gains on the sale of securities are tax-exempt unless the individual has been trading to an extent such that the gains are in effect their professional income; the gains would then be taxed at normal income-tax rates.

Quoting Sidus
Come and live in Belgium, like me.
We don't have taxes on profits out of investments!!!! We only have a tax of 25% on interest. (But ForEX and Stockprofits are 100% taxfree)

I love my country!


BTW: We have an exellent Social Security!
  • #92
  • Sep 29, 2006 8:56pm Sep 29, 2006 8:56pm
If you fancy somewhere warmer than Belgium try an island or two.

In the Pacific you can go to Vanuatu, they have no income tax but do have a sales tax (VAT etc) of 10%

Some really nice places there with reasonable medical facilities in the capital.

Ozimacca
Money grows on the tree of persistence
  • #93
  • Sep 30, 2006 12:18am Sep 30, 2006 12:18am
Quoting johnedoe
of course you can find another country that has less tax burdens and give up your citizenship in your presantly taxing country.
Actually its only US who charges taxes on its citizens residing and working abroad. Well, may be a few other countries too, i don't know. What I do know is that there are $50 000 award for anyone who can find a Law which make Americans pay income tax. The donor should really offer a billion-- noone will claim it anyway.
  • #94
  • Sep 30, 2006 12:25pm Sep 30, 2006 12:25pm
one of the things that US citizens have to be careful about is that apparently under US law theyre "obliged" to declare any and all bank accounts, domestic and overseas.

and thats how they get you

they'll nab you for tax evasion if they can, if youre worth it of course.
  • #95
  • Jan 10, 2007 3:47pm Jan 10, 2007 3:47pm
If you google video 'America Freedom to Fascism' it has some great insight into the banking and tax paying system.
  • #96
  • Edited 10:39am Jan 12, 2007 10:21am | Edited 10:39am
Greetings Ladies and gents,


About not paying taxes the only complete legal way not to pay them is to if you are and American citizen is to renounce your citizenship. Before you do this however you will need to receive residency from another country. Most people believe this is a costly process but it's not. You can obtain business residency with a passport & ID card (which is the only thing needed to fly and live anywhere in europe) from a number of EU member with countries for 6,000 to 10,000 USD. Malta, Czech Rep and others in 2 months or less. The good thing about this is you don't have to visit the country to obtain this passport. Once you are granted the passport you can legally live in any EU country.

No inheritance, income made from aboard or forex tax. Within 3 years you will receive citizenship to the country also. Another key is to use a forex broker with no tax treaties with America. Switzerland I personally use as they have no tax on profits made from forex. The single most important thing is to create a Complete Offshore Structure. This if rather cost effective. I used http://www.p-wos.com/Corporations/pa...foundation.htm to create my tax free lifestyle. Now if you read about the complete offshore structure you can see that once you set it up you will be 97% tax free forever. Panama has in there Constitution that any funds donate to a private foundation or control by company owned by the foundation can never be seized. Now I know you would say I don't want to keep my money in Panama. What most people don't understand is that 35% of the worlds wealth is controlled by Panama second only to Switzerland. However don't keep any money in panama itself. Just use the structure to open a brokerage account in Switzerland. When controlled by a company that is controlled by a Private interest foundation it makes it virtually impossible to uncover who owns the account because Panama laws allow people to control the whole foundation anonymously as the Protector which doesn't have to be known by the country unless you want to. You can then sign and agreement with the Foundation to become it's General Manager and can pay yourself a salary and open up accounts anywhere in the world. It is advised that you do this last as American 2 years ago created a law to penalize citizens with over 600,000 in personal wealth who wanted renounce there citizenship with up to 50% tax on any funds you have in America at the time you renounce your citizenship at an embassy off USA soil. They will also put a freeze on every account you still hold. They will also try to tie up the remaining money you have in there country through the courts which a battle can last up to 7 years to receive your funds. KEY RULE TO Avoiding this is: once you are granted residency from the other country and have set up your Panama Complete Offshore Structure. Is to Sell off all your USA assets deposit the money in your USA bank account and then most importantly NEVER EVER WIRE THE MONEY OFFSHORE AS THIS WILL BE REPORTED INSTANTLY BY YOUR BANK UNDER THE PATRIOT ACT AND YOU WILL NOT BE ALLOWED TO LEAVE THE COUNTRY AS A SUSPECTED TAX Evader. What you need to do is get your bank to make a Bank Certified Check Which will be in there name to one the Corporations your Foundations controls. This check will take 30 days or less (normally less then 16 days) to clear in panama by there law and has to be honor by all USA banks unless you are already listed as a tax evader. Under the patriot ACT the USA bank that made the Certified Check is not required to report the transaction until 60 days after the bank has paid out the funds because of it counting as a internal banking transaction. Now right before the check clears which your offshore company will keep you informed of. You book a vacation to a Caribbean island where your EU passport can be sent via international certified mail to your hotel you are staying in. NOTE NEVER GET YOUR NEW PASSPORT SENT TO THE COUNTRY YOU ARE LIVING IN AS WHEN IT COMES INTO CUSTOMS THE PACKAGE WILL BE SCANNED AND NOTICED BY AGENTS BECAUSE EU PASSPORTS USE THE SAME MAGNETIC STRIP THAT USA CURRENCY HAS IN IT WHICH CUSTOMS SCANNERS IN THE USA ARE MADE TO DETECT TO PREVENT MONEY LAUNDERING AND THEN YOU WILL BE PUT ON THE IRA SUSPECTED TAX EVADER LIST WITHOUT KNOWING IT. Once you receive you passport at the hotel you are staying at book a flight back to anywhere in the EU (WITH A TRAVEL AGENT PAYING CASH WITH YOUR NEW PASSPORT) NEVER UNITED KINGDOM AS THEY WILL SHARE flight records with America because you have better believe the USA tries to keep eyes on very wealthy EXPAT. DON'T EVEN BOOK A FLIGHT WITH A UK AIRLINE TO FLY TO ANOTHER EU COUNTRY. ONCE YOU HAVE BOOKED YOUR FLIGHT YOU NEED TO GO TO THE US EMBASSY TO RENOUNCE YOUR CITIZENSHIP. NEVER TAKE YOUR NEW PASSPORT WITH YOU BECAUSE THE MARINES WILL SEARCH YOUR AND EVEN TAKE YOUR CELL PHONE AND ANY OTHER ITEM YOU BRING WITH YOU.
THE EMBASSY WILL TRY TO SCARE YOU INTO NOT RENOUNCING YOUR CITIZENSHIP. THEY WILL ALSO LIE TO AND TELL YOU IN ORDER TO BE ABLE TO RENOUNCE YOU CITIZENSHIP YOU WILL HAVE TO SIGN A CONTRACT SAYING YOU ARE LIABLE TO PAY TAXES ON INCOME EARN FOR UP 10 MORE YEARS. THIS IS A LIE REFUSE TO SIGN. ALSO THEY WILL ASK YOU DO YOU HAVE ANOTHER CITIZENSHIP SAY NO THAT YOU WILL BE STATELESS. IF THEY KNOW YOUR NEW CITIZENSHIP THEY CAN TRACE YOU ANYWHERE. THE WHOLE PROCESS WILL TAKE ABOUT 3 TO 5 HOURS TO COMPLETE. STAY CALM DURING THE PROCESS BECAUSE AMERICA HAS A RULE THAT IF YOU SEEM TO LOOK INSANE THEY CAN REFUSE YOU THE RIGHT TO RENOUNCE YOUR CITIZENSHIP. ONCE YOU HAVE RENOUNCED YOUR CITIZENSHIP FLY TO THE EU AND THEN GO TO THE COUNTRY OF YOUR RESIDENCY AND APPLY FOR A NAME CHANGE (IF YOU WANT) AT THE COURT WHICH WILL TAKE ABOUT 3 WEEKS TO BE COMPLETED THEN YOU ARE FREE AND CLEAR. YOU CAN KEEP ALL YOUR MONEY IN YOUR SWISS FOREX COMPANY BROKERAGE ACCOUNT BECAUSE MOST ARE BANKS ANYWAY AND THEY WILL ASK YOUR COMPANY WOULD IT LIKE A CORPORATE BANK ACCOUNT WITH THEM AFTER 6 MONTHS IF THEY SEE YOUR COMPANY IS A HIGH WEALTH ONE WITH OVER 500,000 CHF IN YOUR BROKERAGE ACCOUNT.

THIS IS ONLY THE TIME TESTED PROVED WAY TO BECAME FREE FROM TAXES FOREVER. I KNOW BECAUSE THIS IS WHAT I OVER 395 PEOPLE HAVE BEEN DOING A MONTH SINCE THE IRAQ WAR HAS STARTED. THE WHOLE PROCESS WILL COST AROUND 10,000 TO 15,000 USD TO COMPLETE. HOPE THIS HELPS. THE LINK ABOVE IS THE SITE RECOMMEND FROM PEOPLE IN THE KNOW. IF YOU NEED INFO ON WHO TO TALK TO FOR THE PASSPORT FEEL FREE TO PM ME. AS I DON'T WANT TO GIVE AWAY GOOD SOURCES FOR BIG BROTHER TO TRY AND SHUT THEM DOWN.

Hope this solves the probelm.
  • #97
  • Jan 12, 2007 10:39am Jan 12, 2007 10:39am
Even if you renounce your citizenship you still maybe subject to pay taxes for the next several years.

So if you want to play you got to pay...

Now I asuming your trading profits are more than 80k a year if not I don't know what the hell where all talking about this for..

Cause if you live offshore and you not in the US for more than two week with in the year you are execpt up to 80K

But then your more than likely going to be subject to tax in that country

turbo
  • #98
  • Jan 12, 2007 10:58am Jan 12, 2007 10:58am
Quoting turbokaos
Even if you renounce your citizenship you still maybe subject to pay taxes for the next several years.

So if you want to play you got to pay...

Now I asuming your trading profits are more than 80k a year if not I don't know what the hell where all talking about this for..

Cause if you live offshore and you not in the US for more than two week with in the year you are execpt up to 80K

But then your more than likely going to be subject to tax in that country

turbo
Yeah if your are making around 180k a year you shouldn't renounce your citizenship. However you can simply refused to pay anymore US taxs if you do recounce your citizenship. Also you wouldn't need to pay taxes anyway because you could get the companies your foundation owns to purchase cars and property for you and your name would not show up. Also in the EU (BESIDES THE UK/GERMANY) you are not required to pay taxes on any money earned oustide of your host country unless you personally repatriot the funds into the country. (USING A OFFSHORE COMPANY DEBIT OR CREDITCARD DOES NOT COUNT AS REPATRIOT FUNDS IN THE EU (BESIDES THE UK/GERMANY). SO THE ONLY TAXES YOU WOULD HAVE TO PAY IS LOCAL TAXES LIKE COUNCIL TAX.)

Hope this helps.
  • #99
  • Jan 13, 2007 1:32am Jan 13, 2007 1:32am
I am an American, and a good one. I don't like taxes any more than anybody else, but there are ways to minimize them. Pay your taxes, and don't renounce your citizenship. Who in the hell would actually renounce US citizenship? There are people out there who risk certain death just to get to the USA for a chance at citizenship.

Try this. Open an LLC or C Corporation, trade as a real business instead of being a sole proprietor, and enjoy ridiculous write-offs, even on your trading losses. Get an accountant, but don't renounce your citizenship because of taxes...
"The time to act is when others show signs of tire." --W.D. Gann
  • #100
  • Jan 13, 2007 2:42am Jan 13, 2007 2:42am
Here in the uk use two trading accounts and a limited company. There is no
tax to pay on spread betting until it becomes your primary income source.

So you use a company to setup an account with a broker that suggest he
is a vehicle for investment or "currency trading" pay the funds into your
company, pay tax normally and use the funds in the company to make other
purchases/investments free home, free car, free yatch, free holiday home, shares and investments, plus compound interest. and a nice fat pay cheque, with that you dont mind paying the tax.

the trick then is that is your second source of income with your spread betting account making slightly less than your main source £1.5 million per annum instead of 3, this is then tax free and free money you trade both accounts virtually the same but stop trading the spread betting account earlier than the other.

free everything and your tax bill loss offset by doing a little extra work.
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