/biz/ - Business & Finance

>>4319389
Sell your neo

>>4319389
Spend it? Oh wait, I forgot. You fags don't actually use it like that.

Invest in bch

ok let me rephrase the question since most of you are retarded or pajeets, how can i best keep my 15k while at the same time get enough tax deductibles to lower my income down to 10k

>>4319444
you kys

>>4319444
Crypto could be a good way of generating deductions :^)

Don't ba a fucking kike.

Pay your tax.

>>4319529
>give away my hard earned money so laquisha can support her 16 children

yeah no thanks

>>4319444
>has a pleb income of $15k
>can't figure out simple tax strategies
>calls others retarded
i could help but i wont

>>4319529
>implying taxes aren't the most kike invention in world history

>>4319528
im not trying to lose money here, just pay less taxes

>>4319389

Invest $5000 in Monero because charitable donations are tax deductible.

>>4319529
I was going to agree with you because of military necessity, but
>>4319552
>>4319558
These are also pretty good points.

>>4319557
well im only 18 and this is gonna be the first year im paying taxes

>>4319586
most taxes dont go the military though

>>4319389
US?
you can gift up to 15k or something to one person tax free (a deduction from your income)

>>4319639
nvm thats false i was confused

>>4319586
But the military are the biggest kikes anon

If i open a roth ira does the money i put into it get deducted?

>>4319602
Call up your two senators and ask that they help amend the senate tax bill to be retroactive so it covers 2017.* That bumps up your overall exemption to about $12k.

You can double that if you get into a sham marriage within the next month, I think. Any eligible 16 year old bachelorettes who aren't already using their full deduction?

Failing that, you can donate to charity, or put your money in an IRA. Best part about the IRA option is since you're a poorfag, you can claim the Retirement Saver's Tax Credit (which probably isn't going away in the tax bill, but you never know) and the full $5500 ought to get you below your tax avoidance threshold.

Note: This requires you donate five figures to each or they won't take your call.

>>4319639
>>4319653
Gift tax is $14k, gifts above that you (the giver) must report the amount. But that's all.

However, the amount then gets tallied against your lifetime gift tax exemption of like $5.5m. Basically the IRS doesn't give a shit about gifts, but you can't deduct them, and, unfortunately OP, he can't deduct shit he gives from his after-tax money unless it's to a legit charity (maybe his local animal shelter?).

>>4319666
>probably isn't going away in the tax bill
in both senate and house versions?

>>4319661
The entire point of a Roth is that it's after-tax/not deducted from your income when you put it into the account. Then you get to withdraw it tax free when you're a rich oldfag. So if you're 16 and just making $15k/year, a Roth is almost definitely the way to go.

But you won't get the symbolic win of paying zero taxes that you'd get from a regular IRA.

I think either one lets you claim the Retirement Saver's Tax Credit though.

>>4319705
We're still in the early stages as far as the text goes (things'll get hammered out over the next couple weeks and we'll probably know what a final version should look like in a month or two), but so far they've stayed away from anything modifying retirement savings.

This seems like a pretty good rundown: https://www.forbes.com/sites/anthonynitti/2017/11/10/senate-releases-its-tax-bill-how-does-it-compare-to-current-law-and-the-house-proposal/#735190644252

>>4319710
Im also a student, will that give me anything?

I made that money being self employed, should i register as an llc or something?

>>4319762
I'm no accountant but not as far as I know. Unless you've had to take out student loans for high school, then you can deduct the interest.

To deduct $5k at current interest rates, you'd need about $100k in student debt. So stock up on Ti-89s.

>>4319754
thanks for the article

>>4319389
>how do i bring it down to 10k or lower
just jump on every biz bandwagon and that shouldn't be a problem.

>>4319788
Im in college and only took out 2k in loans (the federal ones with 0% interest) so thats a no then?

>>4319788
Oh right, there's also this: https://en.wikipedia.org/wiki/Lifetime_Learning_Credit

So, again, if you're paying tuition to your high school that might help? But you probably aren't.

>>4319785
Incorporating as an LLC might be useful regardless, since it limits the legal liability you'll face if you fuck something up. But that stuff varies wildly by state and at that point, a "starting a business in <my state>" Google search would be more helpful than me.

That said, corporations require cash and a non-zero amount of paperwork. Meanwhile if you're just trying to earn cash, the corporation gets you double taxation. So you'll only come out ahead if 1) you might face legal liability or 2) you can buy enough legitimate "business expense" shit in the name of the corporation (cars? computers?) to make it worthwhile.

>>4319795
No problem, senpai.

>>4319816
That's a no. Except for the Lifetime Learning Credit.

Also keep in mind, I'm just some guy on an imageboard. Spend $20 on a copy of TaxAct or something to make sure you file everything correctly.

>>4319884
while you're here: https://www.bloomberg.com/news/articles/2017-11-07/multinationals-scurry-to-defuse-house-tax-bill-s-atomic-bomb

what are your views on this proposed excise tax? i need to go through all the changes myself (in both proposed tax bills), often you get dragged down a deep hole when you look at how just one proposed change can impact so much stuff

>>4319943
Considering how there are other ways to fix the offshore affiliate issue, that excise tax seems like lobbyist bait, something to distract and trade away.

But like I said, it's pretty early in the actual process. We still have floor votes, reconciliation, then final floor votes on the reconciled bill. Plus, when it comes to the final version, I'd put my money on it resembling the Senate's version more than the House's (fewer votes to lose there).

There's also a decent chance that it doesn't pass, period. Goldman seems in the right ballpark giving it 65% odds.

>>4319558
Show me one legitimate (non tax haven) country with low to no income tax that isn't a shithole; There are none.

Nobody enjoys paying tax, it's shit. But not paying is fucking your fellow countrymen over. Enjoy living in a country with the benefits that are payed for by other hard working tax payers.

You're no better than the the kikes.

>>4319389
don't cash it all out

>>4319389

Hi, charity usually is deductible as well. Could always look it up. Just food for thought!

>>4320060
the article mentions this method (which requires more disclosure) that companies could use

>Companies can either pay the 20 percent excise tax on the payments they make to an overseas affiliate -- or they can make the affiliate itself subject to a tax on its net profit.

>Choosing the second option might be more beneficial for most companies, tax experts said, because most U.S. companies pay their foreign affiliates a premium -- a price that includes profit.

And so, they'd essentially have to pay more tax on their payments to foreign affiliates, than they would overall, if the affiliate, itself, was taxed instead.

Would you mind just mentioning some other methods, if you could?

>>4320181
Waiting's always an option. There's overhead to setup offshore tax havens, transfer the IP, defend the tax haven's status, etc. That's much more worthwhile at a 35% rate than 20%. The difference gets starker when you realize bills aside from this tax reform, institutions other than congress, and countries other than the US can pressure corps/tax havens even more. And while established companies might keep their affiliates around, up-and-comers might steer clear of setting them up in the first place.

>>4320272
>There's overhead to setup offshore tax havens, transfer the IP, defend the tax haven's status, etc. That's much more worthwhile at a 35% rate than 20%

This is an "interesting" point, thanks again.

>>4320158
i thought this as well seems like the most simplest solution. leave a portion of it on the exchange, coinbase in USD, or in your wallet.

>>4319444

open an ira account and contribute $5500k for the year

You can deduct any capital losses (crypto is considered capital) up to $3000.

>>4320485
Isn't profit technically realized when converting the crypto back to USD? Are the exchanges obliged to tell on you if they suspect tax evasion?

>>4319389
depends, what shitcoin you gonna sell?

>>4319389
you also could only sell 10k worth of coins and invest the other 5k in another coin.
or you just transfer some of your coins to me

>>4320583
>obliged to tell on you if they suspect tax evasion
i assume if you cash out a portion and with the rest thats still on the exchange invest into another coin it wouldnt be a red flag