/biz/ - Business & Finance

>>21626634
>tax
imagine

RIP Zyzz

9 years and we're still mirin

>>21626634
No, I’m a tax accountant

>>21626773
this.

we're all gonna make it bro's.

>>21626773
>>21626812

>>21626634
Monero thread

ffs bro i legit just got the feels looking at this pic

>>21626773
I've somewhat made it coz of him.

>>21626934
he taught me to not care about what others think and changed my life so much.

My confidence has 100x since I learnt of Zyzz. We're all sickkunts

>>21626987
thank you

>>21626895
>>21626634
Has anyone ever noticed when someone posts a zyzz thread a bot later declares “Monero thread?”

>>21626634
>How to scam and how to exploit tax loopholes.

I work as a tax accountant at a large CPA firm. There aren't a bunch of magical tax tricks the rich know. There aren't tax attorneys and CPAs with a bunch of secrets they're hiding from the general public. It's far harder to hide money than you seem to think, and most tax scams don't end well for anyone involved. No sensible lawyer or CPA gets involved with tax scams because of the colossal downside risk.

>>21626634
>not know how to cash out and you will pay 500k of your 1M in tax straight to Israel.

Foreign aid is 1.2% of the US budget and aid to Israel is an even smaller part of that you dumb bastard.

>>21627134
who could be behind this post hmm

>>21626634
How much LINK would he hold bros?

>>21627236
>posting a meme implying I'm Jewish because you can't refute a single thing I said

Just take the L you faggot.

>>21626987
thank you

>>21627299
Everyone knows how much money every single nation, especially the USA sends to Israel.
They need those rockets.

>>21626773
No larp I unironically used to talk to Zyzz on the bodybuilding.com forums back in the day. He was a few years older and was motivating to me since I had just started working out 1-2 years ago. He called me mini-zyzz since I had a similar physique to him but smaller at the time kek

>>21626634
Nobody's paying 50% on capital gains bro.

>>21627275
none. He would have sold at ATH and is now waiting for the $10 dip.

>>21627134
>Foreign aid is 1.2% of the US budget and aid to Israel is an even smaller part of that you dumb bastard.

Who do you think all of our illegal wars are for?

>>21626773
F.

>>21626634
>500k of your 1M in tax
Lol what the fuck? No you won't. And even if that were true, that's still $500k more than if you didn't. I have a job that pays $90k/year but I only get like $60k take home money. This is something that 90% of adults deal with every 2 weeks.

The only people who are shocked at taxes are permavirgin incels who have never left their basement bedroom and have no idea how the real world works

>>21627339
Keep that memory brah. I'll be telling my kids about how he inspired millions.

>>21626773
huge inspiration for me being fit and chaning my life. i fucking miss zyzz brahs. im always mirin while lifting

>>21626773
F

>>21626773
He motivated me to stop being a fucking skeleton when I was 14. Been a long ride but I feel strong and confident now. Bless you, Zyzz, wherever you may be.

>>21626634
dont care, mercs will bow before him or get rekt

he and greg plitt motivated me to not ever get fat I miss them

>>21627708
there are no loopholes in his kingdom, only rats sneak through holes, men are welcomed with great vigour and force

>>21627724
It’s hilarious everyone here is so lonely they think about a stranger on the internet for 20 years

>>21626634
Zyzz the God.

>>21627800
>stranger
most of us were here when zyzz did omegle chats and shit fuck off he was one of us

>>21627795
the return of kalki will deliver the great cosmic bull back from death and all believers will bow before him

>>21627134
Nigga works for Big 4 and wonders why he can’t commit tax fraud

>>21627835
lol I had real life friends

>>21627134
>paying taxes to subsidize niggers
No thanks. Gov can’t protect my person, property, or freedoms anymore so I’m not paying them.

first you have to have enough disposable income that avoiding taxes can actually let you stop wagevucking in your lifetime. the investment and risk are not worth it before.

>>21628040
I'm 99% sure that you don't pay taxes because you don't make any money.

>>21627544
checked
how do I get my shoulders down like that. my collar bones go to a V whlie his are like perpendicular to the ground.

>>21628208
Easy there ZOG. Gov squeezes my titty til it’s purple just like everyone else who works for their living.

The number one rule of tax avoidance is to NEVER LIE to the tax man. People getting jailed for tax related crimes is 99% because they committed tax fraud by falsely stating something in their declaration. Depending on your jurisdiction as long as you're honest but don't pay the bill the tax man sends to you then nothing can actually happen to you. It's not a crime to not be able to pay a debt as that is a civil matter rather than a criminal matter (again depending on your jurisdiction).

The key here is to wrap your assets and your income in some kind of company + trust structure whereby you don't actually own the assets but you maintain 100% control. That way when the tax man invoices you for a million dollars they can't actually seize anything because legally speaking and on paper you don't own anything of value.

A simple structure would be to setup an offshore trust based in a reputable jurisdiction (any British-controlled territory like BVI is always a solid bet) and managed by reputable trustees (this means multi-national tier lawyers that are used to dealing with high-net worth individuals like Appleby, Ogier etc. and not the local Jew lawyer down the road), and the trust owning a company in a whitelisted jurisdiction that is friendly to foreign trusts like the United Kingdom.

The company owns property, assets, and other things of value and you as an individual own nothing, so on paper the tax man can't actually seize anything from you and they can't seize anything from the trust due to the rule of law. The trust is acting on your instructions as a settlor and you are also a beneficiary so any income from said trust (earned as dividends from the aforementioned company) is treated as taxable income but as long as you declare said income truthfully nothing can realistically happen to you or "your" assets.

This is how rich people actually avoid paying tax.

>>21627544
genetics brah. Best shoulder exercises i found are OHP and pushups for front delts.

>>21628396
This is true.
Remember that money laundering is a multi billion "industry"

>>21626987
THANK YOU

>>21626987
THANK YOU

>>21628348
How are you not paying any taxes then?

>>21628011
And you’re a real life fag who cares

>>21626987
THANK YOU

>>21626634

>>21627134
This.

There's no magic. Just layering tax efficiencies in the right places.

Everyone, and I do mean everyone, should be incorporated. S-Corp that shit, and wrap your investments (including property) into separate LLCs owned by said S-Corp.

>>21626634
It's really not that complicated really.
Just make money from investment rather than wagecucking like a dumbass. Tax laws favor investment income like stock dividends and real estate rental income. For example, qualified dividend income will be taxed at 0% or 15% for most of you compared to paying 25% + FICA (15.3%) on your wagecucking income.

>>21626634
capital gains is 0% if you hold over a year

>>21628487
>OHP
this. Found out my shoulder mobility was shit. Started working on mobility and gymnastic rings exclusively and my lifts went up like mad.

In the words of Bobert Kiyosaki
>your biggest expense in life, is taxes
To make it, you have to figure out how to not pay this shit, unless you are comfortable dumping cash in a garbage bin and lighting it on fire. Say no to slavery.
I had six figures of cash receipts last year but my taxfu is so good my adjusted income was like $14k. The fed sent me a check for $2k (send them zero dollars every year) and pays for most of my health insurance. Granted i pay like $10k year in property taxes for my rental portfolio, but at least that shit stays mostly local. And if the shit really hits the fan, local tax collector is in biking distance.

>>21628396
You gotta be wealthy already to use those sort of techniques, to make the cost worth it. Better to use small business and realestate tax code when your starting out.

Thank you

>>21628396
The vast majority of rich people do not actually do this. There are good reasons you won't find any reputable advice out there advising people to do this. There are a bunch of laws and regulations that are in place to prevent abusive foreign trust strategies like the one you seem to think is so hot. That's not to say nobody ever does this stuff, but legit lawyers and CPAs don't participate in abusive foreign trust schemes.

>>21629067
maybe not foreign ones, but CPAs definitely recommend shelling your earnings...

>>21628764
>S-Corp that shit, and wrap your investments (including property) into separate LLCs owned by said S-Corp

Holding real property in an S-Corp is retard level tax planning.

An S-Corp isn't a legal entity type, it's a tax status. A C corporation or LLC can elect to be taxed as an S-Corp. You can't just go to LegalZoom and register with your state as an S-Corp, you can register as a corporation or an LLC, but you have to file an election with the IRS.

>>21629302
>not saving on self employment taxes.

>>21628902
Only in the lowest bracket you goof

>tax
20% of your yearly long-term capital gains above ~$400k are subject to tax in the US. So if you cash out 1mil you need to pay 200k. Honestly not as bad as I thought it would be. You -have- been holding your coins for longer than 1 year, haven't you, biz?

>>21627472
>>21627544
>>21627614
>>21627724
But wasen’t Zyzz a shitskin metrosexual faggot?

>>21626634
Monero

>>21629501
SHUT UP!

>>21629375
>>21629155
Of course CPAs recommend tax savings strategies, ways to protect assets, etc. Most CPAs are legit and will not give you ways to illegally hide income.

>>21629375
Why would you be paying self-employment taxes on earnings like rental income from real property? At lower income levels the benefits to S-Corps are often overstated. You have to pay yourself a reasonable salary, which is essentially like paying SE tax. On top of that you've now got to deal with payroll compliance and s-corp compliance.

>>21629444
You forgot about NIIT

>>21629067
Literally every 2017 crypto coin founder set up trusts in Switzerland to funnel their money.

>>21629580
>NIIT

Thanks, I'm a poorfag with a fat crypto stack that I've held forever, so I'm just learning about all these taxes. Looks like 3.8%, so 23.8% tax on long term cap gains in the high tier?

>>21627134
>id: zOG

>>21626634
Am I going to make it?

>>21627026

the image on the left is peak male physique, as close to a greek god as I've ever seen. The definition of human beauty.

>>21626987
THANK YOU

>>21626634
>how to cash out and you will pay 500k of your 1M in tax straight to Israel.

>the tired "paying israel" meme
yawn

>>21626987
THANK YOU

>>21626773
>lebanese retard dies without progeny
>”made it”
lol

>>21630501
Oy vey

>>21626987
THANK YOU SIR

>>21627134
didnt read, not paying taxes

>>21629774
This isn't like the 50s where anyone could just stash money in Switzerland without anyone finding out. Good fucking luck opening a Swiss bank account now without providing a bunch of information that gets shared with the IRS. Swiss banks are ultra-cautious these days because of how many of them have gotten in trouble the past few decades.

>>21629863
+state taxes and possibly AMT

>>21627134
t. mail room nigger

>>21626634
F

>>21630787
>state tax

...youre right, thanks taxanon. I found a decent cap gains calculator in smartasset.com, and it does indeed list all the rates you've mentioned so far. Very handy for getting a better understanding of what your money looks like when you cash out

>>21628946
>Bobert Kiyosaki

>>21629302
I know a tax man who would argue with you. I have an llc and he always tells me to change it to an s Corp. llc saves me on state taxes though

Look up South Dakota trusts. Screencap this and thank me later.

>>21631743
Dude there are like 8 million articles online about why putting real property in an LLC is a retard move.

An LLC doesn't save you state taxes either, I don't know where you got that idea.

>>21626987
nah bro im sweet

>>21626987
thank you zyzz bird

>>21626987
THANK YOU

>>21626987
thank you

>>21626773
>9 years
holy fuck where is the time going

>>21626987
THANK YOU

We’re all gonna make it brahs

>>21628396
Well,once you are super rich, this is good advice.

For most normal tier /biz/ anons, here are some good tactics for some nickel and dime tax savings:

(a) expense your vehicle for work. sure they say you can't have commuting miles for tax deductions, its really easy to explain work functions for miles
(b) if your business has any kind of delivery service (i.e., customer paying for delivery of physical goods) and your vehicle has now been used "for hire" and it qualifies for a huge tax savings on that vehicles costs for years. Its fucking crazy actually.
(c) home office. take biggest room in house and call it home office. divide all your expenses by square footage for year, and your big screen TV, electronics, computer, etc can all be assigned to that. easy money in covid times for normies. extremely difficult for tax man to prove you didn't use it for home office. tragically common so audit risk is low.
(d) cell phone, gas, parking. say all of it is for business purposes. again, extremely difficult to prove.
(e) any home improvement or maintenance? expense that shit anon. gardening company? you get the idea. you get audited? Call a customer and invite them for lunch at your place to meet family. Congrats ! Your home offices appearance is now part of the corporate food chain.
(f) fill out your w4 so that you have like 200 dependents so you pay estimated tax instead quarterly. Sure we are not talking big money, but I can make more money on the $8k fed tax they withhold in 4 months dollar cost averaging stocks than any kind of tax penalty for doing so.

None of this will get you nigger-in-a-rap video rich kids, but it sure helps. Before Schlomo Trump capped itemized deductions, I was claiming like $60k per year in "business expenses" that if audited (never was) I could easily get out of. Now I'm capped at $24k. Fuck you Trump.

>>21626773
F

>>21630627
Zyzz was Russian.

>>21633845
>(a) expense your vehicle for work. sure they say you can't have commuting miles for tax deductions, its really easy to explain work functions for miles

You can't write off mileage for work unless you're self employed. If you get audited you better have a good mileage log to explain all that mileage.

>>21633845

>(d) cell phone, gas, parking. say all of it is for business purposes. again, extremely difficult to prove.
You can't write off gas if you take the standard mileage rate dipshit

>>21633845
>(c) home office. take biggest room in house and call it home office
Good luck explaining that in an audit

>>21633845
>(b) if your business has any kind of delivery service (i.e., customer paying for delivery of physical goods) and your vehicle has now been used "for hire" and it qualifies for a huge tax savings on that vehicles costs for years.
I don't even know what you're talking about, if your car is "for-hire" it just means you can't use the standard mileage rate and must deduct actual expenses. Anyone using a vehicle for business can choose to deduct actual expenses instead of taking the mileage deduction.

>>21633845
>Call a customer and invite them for lunch at your place to meet family. Congrats ! Your home offices appearance is now part of the corporate food chain.

Inviting a customer to your house once does not magically turn your house into an office you fucking moron

>>>>21630627
He finally got R.I.P'd

>>21626987
Thank you

>>21626634
tfw when no tax on crypto gains

>>21626987
THANK YOU

>>21627134
lol dirty kike, kill yourself

>>21634099
he was born in russia but was a kurd

>>21626987
THANK YOU

>>21626987
THANK YOU

>All these fags crying over some dead armenian

You should be ashemed of yourselves, incels.

>>21635913
>>21635665

>>21626634
Hey ever hear of long term capital gains tax?

>>21629444
what if we haven't

>>21626987
Thank you.

>>21626773
LOOKING AT LIFE THROUGH A LOADED GUN
TAKE YOUR BEST SHOT AIM IT AT THE SUN

>>21626987
THANK YOU

>>21635986
Whoa bro big difference

>>21636869
>>21636713
Grow a pair, subhumans.

>>21627134
kike

>>21626987
Thank you

>>21626987
THANK YOU

>>21637295
>t. never gonna make it

whats a good routine bros

>>21626987
THANK YOU

>>21626634
no one escapes the tax man

no one

>>21627299
show foreskin