|
||||||||
|
||||||||
|
Keeping Your Own Money NOT Handing It Over To The Taxman.Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in one of two mistaken beliefs. Either:Its a good thing, a sure sign of a civilised society. Or, If they dont, the Feds will get them, fining them, expropriating their assets, maybe even jailing them. Id respectfully suggest that those two reasons are mutually exclusive. Visiting penal sanctions on citizens because they decline to hand over their money to you could hardly be regarded as the mark of a civilised society. In fact it might more properly be regarded as the mark of a criminal one! So how does this situation arise, and how can the thinking man or woman avoid it? Most e-mails I receive regarding business opportunities trumpet the benefits of being an entrepreneur. Now the Shorter Oxford English Dictionary defines entrepreneur as follows: A person who undertakes or controls a business and bears the risk of profit or loss. Yes, thats risk, profit and loss. All things that people with their own businesses regard as being as inevitable as night following day. Interestingly, the SOED contains no definition of rentseeker. Still, key the term in to Google and youll discover that it refers to people who want to be paid to take your money for a service that you would not yourself choose to pay for. Now lets just talk this one through: They want to be paid. In practice, they dont just wish to be paid, but to enjoy substantial pension rights. All of this is funded by the taxpayer. In return for these payments, they undertake to extract further sums of taxpayers money to provide what they describe as services. Critically, taxpayers would not, either as individuals or collectively, freely choose to pay for these services. If they did, they would do so, in the marketplace. The money is therefore taken by coercion. They lack any concept whatever of risk (at least to themselves) or of profit (to taxpayers). Loss, on the other hand, is guaranteed to each and every taxpayer. Now, in any other context, this process is known as robbery, or, more subtly, fraud. After all, it IS your money, right? Well not according to Uncle Sam, or, depending where youre based, your nearest friendly local equivalent. Governments seem to think that theyve generally got a whole lot better set of ideas about what to do with your money than you might have yourself (despite all the evidence to the contrary in front of everyones eyes). What theyve particularly got, however, is a set of excellent ideas for using your income to pay their own salaries and pensions (final salary, index-linked, performance-irrelevant). And these people are known as rentseekers. The legendary investor, Jim Rogers, writing in the Foreword to Financial Reckoning Day, by Bill Bonner and Addison Wiggin, had this to say: In America, if you have a job, you pay taxes. If you save some money, you pay taxes on the interest. If you buy a stock and get paid a dividend, you pay taxes. If you have a capital gain, you pay taxes again. And when you die, your estate pays taxes. If you live long enough to get social security, they tax your social security income. Remember: you paid taxes on all this money when you earned it originally and yet they tax it again and again. Now wouldnt it just be nice to avoid all of that? Because its the simplest thing on earth, particularly if your earnings are being generated in that weird nether land called cyberspace, to use a set of perfectly legal arrangements to process your money FREE OF TAX. In other words, you set yourself up a company, a bank account, and a business address somewhere no predatory taxman stalks! That is, OFFSHORE. There are quite a large number of these jurisdictions, and there is not a single Fortune 500 company that doesnt use them. I kinda think that tells you a lot. Once its all in place it works just like any other company arrangement you just dont pay any tax! Now no-ones suggesting that it costs nothing to set up these arrangements, and its true its not going to figure high in your priorities if youve got a marketing budget of $10 and are wondering how to pay the rent. But, assuming that youre already generating even reasonable income, it just has to make sense to look into this. After all, even if youre not interested in saving yourself a whole lot of money, theres another reason you might wish to avoid all of this. Ill leave you with another quote, this time from Charles Adams, in For Good And Evil: The Impact Of Taxes On Modern Civilisation: Tax haven refugees report that they are tired of fighting the taxman. They have had enough of audits, year in and year out, of having their banking and accounting records picked over and questioned. They are tired of having their privacy totally destroyed by inquisitional tax agents. They are tired of appeals, big fees for tax professionals, and endless tax litigation. Many complain that the soak-the-rich philosophy of their homelands was not as intolerable as the harassment and scorn they receive from revenue bureaucrats. About the author: Find more great articles at http://www.marriedfinances.coma great online source for finance information. Circulated by Article Emporium Ways to Make More International Calls Without Splurging on Phone Cards Absence makes the heart grow fonder -- Cliche? Yes. True? It depends. Missing a person could be one hell of an ordeal. The stress it may bring is almost tantamount to mental torture. Distance is often the most fearsome test for relationships to withstand. What if a person ... The $10,000 Credit Card Challenge Thinking about conquering your mountain of debt but too scared even to give your debt much thought? Read this real-world scenario of how one person erased $10,000 of credit card debt within a few years. Ever wonder how some people deep in credit card debt manage to co... Making Money In Your Bathrobe Today, affiliates are making money without ever leaving the house. What is an affiliate, you ask? An affiliate is a website owner who earns a commission by referring visitors to another website. Whenever a visitor makes a purchase at the other website, the affiliate gets a commissi... There are two types of Personal Bankruptcy what are they? There are two different types of personal bankruptcy that an individual can file, Chapter 7 & Chapter 13. Chapter 7 allows you to disburse of most or all of your debts at the time of the court ruling. This method, however, has more of a negative impact on your credit rating and w... Don't Buy Term Life Insurance Don't buy term life insurance if you have a lot of money. You simply should not buy any life insurance at all. Let Us Look At The Young Married Couple You have married the partner of your dreams and have decided to get married. You have no children yet. You both w... Keeping Your Own Money NOT Handing It Over To The Taxman. Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their hard-earned money in tax, usually in... Secured loans for home improvement – when you can't buy a luxury home A house is just perfect with chipped walls and broken taps. Is it? If you don't think so, then home improvement loans is what you should be looking for. Home improvement is the resort for you, if your home is your personal hideout. Home improvement loans can aid you realize this pl... Personal Loans Personal Loans Guaranteed personal is a quite rare phenomenon but it exists right here! Yes, we offer you guaranteed personal loans. However, it is not possible to guarantee a personal loan to everyone. We have to know who you are, where do your work, what is your income, ... You should only declare bankruptcy if you absolutely have to Bankruptcy is something that you should try to avoid unless it is absolutely necessary. There are several ways that you can determine whether or not you need to declare bankruptcy. Essentially, this is the best choice for you if you do not have a better way to pay off any of your b... Credit report basics Why should you want to check your credit report rating? How do I get ahold of my credit report? What is shown in your credit report? Now I will take a look at all of this. I encourage everyone to get their hands on their credit report to make sure that it is accurate. In this day a... Debt Reduction, a Necessary Endeavour Massive debt is something many Americans face. Debt reduction is now becoming more and more of a necessity. Even a low amount of debt can cost you a lot in the end and it can take a very long time to pay off. An example: Let's say you have $4000 in credit card debt and your int... Pre-Foreclosure Investing The advantage to buying a property at a foreclosure auction is that you can often pay far less than you would have under normal circumstances. Frequently you can invest in improvements and then sell the home for a much higher price than your cost. The disadvantages and ri... Home Loan Lenders - Finding The Best Home Mortgage Lender The process of obtaining a mortgage or home loan can be very stressful and quite time consuming. Finding the best lender for your situation requires research and comparisons between lenders and loan packages. You may be searching for a first time home loan or to refinance your exis... Fixer Uppers: The Money Making Formula Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about using the right approach from the start. A Big Real Estate Mistake Many people buy and sell a fixer-upper like this: They buy a house, fix it up, then add some amount (s... Finding A Credit Card That Works For You Barely a day goes by without getting an offer to apply for a credit card, either by the traditional mail service or online. If this is something you are considering doing, there are several key issues that you will need to understand before you decide what card offer is right for y...
|
|
|||||||
|
||||||||