Re: CryptoAnarchy: What's wrong with this picture?
From sandfort@crl.com Fri May 3 21:52:50 1996 At 11:31 AM 5/3/96 -0700, brerrabbit@alpha.c2.org wrote: >Do tell. How would someone, just for instance, who is considering >leaving a "permanent" job for the higher compensation available to >contractors and consultants be able to structure a business in such a >way as to benefit from these techniques? 2) Take a vacation to a tax haven you like because of what you've read about it. I'm confused as to how "merely" putting your after-tax (you *will* declare this consulting revenue on your Schedule C, won't you?) bucks in an offshore account will "save" you money. This only "works" if you are able to use what you've taken away to advantage; you may generate a tax "savings" on those gains. Oh, and it also only works if you are willing to expose yourself to being arrested at some point for tax evasion. This is silly; there are legitimate reasons for structuring business efforts in other tax juristictions. Avoiding income tax on your primary source income isn't one of them. My answer to the original question: save your $1k you'd send to Sandy for the "advice" (plus travel associated with finding your 'haven') and open a SEP. /jordan
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SANDY SANDFORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C'punk: On Sat, 4 May 1996, Jordan Hayes wrote:
I'm confused as to how "merely" putting your after-tax (you *will* declare this consulting revenue on your Schedule C, won't you?) bucks in an offshore account will "save" you money. This only "works" if you are able to use what you've taken away to advantage; you may generate a tax "savings" on those gains. Oh, and it also only works if you are willing to expose yourself to being arrested at some point for tax evasion.
The proper way to punctuate the foregoing paragraph is to end it with a period after "I'm confused."
This is silly; there are legitimate reasons for structuring business efforts in other tax juristictions. Avoiding income tax on your primary source income isn't one of them.
This is Jordan's value judgment. Your mileage may vary. S a n d y ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
On Sat, 4 May 1996, Jordan Hayes wrote:
From sandfort@crl.com Fri May 3 21:52:50 1996
At 11:31 AM 5/3/96 -0700, brerrabbit@alpha.c2.org wrote:
Do tell. How would someone, just for instance, who is considering leaving a "permanent" job for the higher compensation available to contractors and consultants be able to structure a business in such a way as to benefit from these techniques?
2) Take a vacation to a tax haven you like because of what you've read about it.
I'm confused as to how "merely" putting your after-tax (you *will* declare this consulting revenue on your Schedule C, won't you?) bucks in an offshore account will "save" you money. This only "works" if you are able to use what you've taken away to advantage; you may generate a tax "savings" on those gains.
Incorrect. There are many options for after-tax funds (including investing in offshore corporations with active business income derived elsewhere, offshore mutual funds, offshore funds in general, and the advantage of extremely high interest rates in some jurisdictions). The real trick is to structure things to take advantage of pre-tax funds. This is complex, but certainly possible. Did you know, for example, that foreign tax credits can offset U.S. source income and can be carried back two and forward 5 years?
Oh, and it also only works if you are willing to expose yourself to being arrested at some point for tax evasion.
Incorrect. There are many legitimate applications for placing funds offshore that permit an individual to reduce his taxes legally.
This is silly; there are legitimate reasons for structuring business efforts in other tax juristictions. Avoiding income tax on your primary source income isn't one of them.
False. Avoiding tax is as legal as the constitution. You mean evading tax by failing to file truthful returns or otherwise concealing income.
My answer to the original question: save your $1k you'd send to Sandy for the "advice" (plus travel associated with finding your 'haven') and open a SEP.
Poor advice. My advice to you, study tax a bit more carefully.
/jordan
--- My preferred and soon to be permanent e-mail address:unicorn@schloss.li "In fact, had Bancroft not existed, potestas scientiae in usu est Franklin might have had to invent him." in nihilum nil posse reverti 00B9289C28DC0E55 E16D5378B81E1C96 - Finger for Current Key Information Opp. Counsel: For all your expert testimony needs: jimbell@pacifier.com
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