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Forum » Tax strategy (tradies and cubecels stay out)
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Thread: Tax strategy (tradies and cubecels stay out)

post 1616251591 09-11-2020, 04:21 PM
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Tax strategy (tradies and cubecels stay out)

What are 7 figure+ miscers doing to minimize their tax burden in 2020? I have a lot of skin in the market right now but looking to take my profits and get out, 80-90% of which will be short term gains taxed through the roof....
post 1616252651 09-11-2020, 04:32 PM
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Originally Posted By mogmaxx⏩
What are 7 figure+ miscers doing to minimize their tax burden in 2020? I have a lot of skin in the market right now but looking to take my profits and get out, 80-90% of which will be short term gains taxed through the roof....
Create a wealth management LLC and transfer all assets to said llc and report as business income which is taxed super low or maybe just borrow against it if you need the money or if you reinvest right away I think you can waive taxes since you withdrew to reinvest you didn't technically take profit just a few suggestions I am not a CPA so tread carefully.
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post 1616252831 09-11-2020, 04:33 PM
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Bean counter reporting for duty.

edit: ^^^ Single member llc's are disregarded entities for tax purposes, it wouldn't be business income.

Nothing really comes to mind for dodging capital gains... if you make a 7 figure income, you're gunna pay some tax. If you are diversified in the right ways, you can take special deductions, but it doesn't sound like you are. Slide into my DM's if you want the goods bby.
post 1616253321 09-11-2020, 04:39 PM
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Tradies and cubecels pls stay out 7 figure+ miscers only ITT
post 1616253791 09-11-2020, 04:43 PM
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Originally Posted By Realclout⏩
Create a wealth management LLC and transfer all assets to said llc and report as business income which is taxed super low or maybe just borrow against it if you need the money or if you reinvest right away I think you can waive taxes since you withdrew to reinvest you didn't technically take profit just a few suggestions I am not a CPA so tread carefully.
But who was double taxation?
Misc Entrepreneur Crew
post 1616254121 09-11-2020, 04:46 PM
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off shore banks duh
post 1616254201 09-11-2020, 04:47 PM
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[QUOTE=ExPatriot;1616253731]Go back to posting your gains like before...

tradies plz stay out[img]//assets.bodybuilding.com/forum/images/smilies/smile.gif[/img]
post 1616254291 09-11-2020, 04:48 PM
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Originally Posted By SoItStarts⏩
off shore banks duh
Tradie alts plz stay out
post 1616254301 09-11-2020, 04:48 PM
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Originally Posted By lockdev⏩
But who was double taxation?
I said I wasn't a CPA, lol. I just figured that if you owned an llc and the llc owned the assets the profits would be recorded as income for the llc thus making the tax burden lower but what do I know.
- Keep the misc great again

- Watch my poo flush while holding the plunger to make sure I don't flood the bathroom crew.

- You can be REALCLOUT too VIA the REALCLOUT text GENERATOR sponsored BY miscmathematician SRS

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The world is YOURS boyos.
post 1616254631 09-11-2020, 04:52 PM
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Unless 7+ figure holders are older people with big retirement accounts, they probably won't really have in-depth knowledge of the strategies being employed (and people with big retirement accounts likely won't be using complex tax avoidance strategies). Really high earners are employing accountants who specialize in tax law and keeping up with changes to the laws, those are the people who know their chit

And if you don't do it for work, you will probably never be able to fully wrap your head around it
post 1616254701 09-11-2020, 04:53 PM
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Originally Posted By Realclout⏩
I said I wasn't a CPA, lol. I just figured that if you owned an llc and the llc owned the assets the profits would be recorded as income for the llc thus making the tax burden lower but what do I know.
Tradies plz stay out
post 1616254831 09-11-2020, 04:54 PM
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Originally Posted By Destor⏩
Unless 7+ figure holders are older people with big retirement accounts, they probably won't really have in-depth knowledge of the strategies being employed (and people with big retirement accounts likely won't be using complex tax avoidance strategies). Really high earners are employing accountants who specialize in tax law and keeping up with changes to the laws, those are the people who know their chit

And if you don't do it for work, you will probably never be able to fully wrap your head around it
Cubecels plz stay out
post 1616255101 09-11-2020, 04:58 PM
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Originally Posted By Glutebrahhh⏩
Bean counter reporting for duty.

edit: ^^^ Single member llc's are disregarded entities for tax purposes, it wouldn't be business income.

Nothing really comes to mind for dodging capital gains... if you make a 7 figure income, you're gunna pay some tax. If you are diversified in the right ways, you can take special deductions, but it doesn't sound like you are. Slide into my DM's if you want the goods bby.
I heard rich people don’t pay taxes!?!??
post 1616255771 09-11-2020, 05:04 PM
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Originally Posted By Bigbuster1⏩
I heard rich people don’t pay taxes!?!??
Povertycels love that line.
post 1616256121 09-11-2020, 05:07 PM
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You could always gift me some of it and take the write off. Then i'll gift you back at a lower percentage than you would pay in taxes.
Balloon knot connoisseur.
post 1616256151 09-11-2020, 05:08 PM
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Originally Posted By Realclout⏩
I said I wasn't a CPA, lol. I just figured that if you owned an llc and the llc owned the assets the profits would be recorded as income for the llc thus making the tax burden lower but what do I know.
Nope
U
post 1616256301 09-11-2020, 05:10 PM
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Originally Posted By leoslayer1⏩
Nope
Tradies plz stay out
LTC plz stay out
post 1616258321 09-11-2020, 05:37 PM
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Hire an accountant

Don't sell, or only sell a portion

Donate to charity
post 1616266191 09-11-2020, 07:25 PM
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Idk, I just have my accountant handle it
Always Neg Back Crew.
post 1616273911 09-11-2020, 09:05 PM
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Originally Posted By mogmaxx⏩
Tradies plz stay out
I'm not a tradie, You dingus.
- Keep the misc great again

- Watch my poo flush while holding the plunger to make sure I don't flood the bathroom crew.

- You can be REALCLOUT too VIA the REALCLOUT text GENERATOR sponsored BY miscmathematician SRS

Click here ----------------> https://js.do/caffeinatedlogic/50858



The world is YOURS boyos.
post 1616273981 09-11-2020, 09:06 PM
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Originally Posted By leoslayer1⏩
Nope
Well...I suppose I have more to learn thats how I planned on setting up my finances.
- Keep the misc great again

- Watch my poo flush while holding the plunger to make sure I don't flood the bathroom crew.

- You can be REALCLOUT too VIA the REALCLOUT text GENERATOR sponsored BY miscmathematician SRS

Click here ----------------> https://js.do/caffeinatedlogic/50858



The world is YOURS boyos.
post 1616275351 09-11-2020, 09:22 PM
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International corporations
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post 1616276261 09-11-2020, 09:34 PM
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I hired an accountant and tax professional for that. you really should have one especially if you're wealthy. figuring out taxes in your own is for the poor and middle class.
I'm not here for rage. I'm here for revenge!
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post 1616276531 09-11-2020, 09:38 PM
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Move it into crypto and dare the IRS to prove it if they audit you. <--- Actual advice I received from a lawyer
post 1616276581 09-11-2020, 09:39 PM
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Originally Posted By FrankCostanza⏩
I hired an accountant and tax professional for that. you really should have one especially if you're wealthy. figuring out taxes in your own is for the poor and middle class.
Are you really still pretending to be a CEO $10k/day? SAD.
post 1616276981 09-11-2020, 09:44 PM
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Originally Posted By ErnieMccracken⏩
Are you really still pretending to be a CEO $10k/day? SAD.
rest up for your work week bro.
I'm not here for rage. I'm here for revenge!
Anti Covid VAX Superhero
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post 1616277211 09-11-2020, 09:47 PM
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Originally Posted By FrankCostanza⏩
rest up for your work week bro.
Biggest fraudster on the entire misc, which is definitely saying something.
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