Quote:
Originally Posted by 911Rob
Hey, nobody likes to pay tax, that's for sure. But as a businessman I can regulate how much I pay zee boyz; as an employee you have NO tax advantages whatsoever. Gubmint wants everyone to have a job, they pay the most taxes of all.
In all seriousness though, I have a love/hate relationship with my accountant; ha, ha; but I only pay the amount of taxes that I want to each year. I always pay, but its regulated by me, not them.
Wife and I pay ourselves about $50K/each per year and pay the personal taxes on that. Businesses always pay a little taxes too; but I sell waterfront property, so my boats a write off; I sell to millionare clientelle, so my Porsche is a write off; I sell in remote areas requiring 4x4 access, so my H1 is a write off AND now my plane is a write off too (photo ops); haven't told the accountant about the plane yet?
There are far more advantages to being a businessman than being in a job; that's what I meant by my post. Cheers.
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Ok, I"m with you. I thought you had something really elaborate going on!
That's pretty much exactly the same as what I do, just at lesser values - I don't own a hummer or plane
Small salary, pay personal income tax on that (no escaping that, legally). The Porsche isn't yet a write off, but now that we've moved into sales and require promotion, a decal on it might at least cover track fees and maintenance. Our Honda is a company car so 100% w/o (we declare a personal use portion each year, about 10-20%, I think), as is gas, insurance, maintenance, etc. Home office so part of the mortgage, bills, insurance, etc covered there, too. It's all perfectly legal and legit, and it saves a boatload in taxation.
I see what you mean by "paying them what I want" - you dictate your own salary and keep it only as big as you need to.
You said that our tax laws were written for the businessman, but are these kinds of write offs any different anywhere else? I always assumed it was pretty much the same thing.