Is it possible at all?
2006-07-24 04:37:15 · 12 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
set yourself up as a limited company, get your employer to pay this company,then instead of paying yourself a wage (which is taxable) pay yourself a dividend (which is not)
by doing this i save about £70 a week !!
2006-07-24 04:50:05 · answer #1 · answered by Adam C 2 · 0⤊ 1⤋
Of course it's possible, but if you fail, you'll do federal prison time and not necessarily a prison of the country club variety. Invariably, too, tax evaders open their big mouths about how they're evading tax, and someone who wants to earn their 10% of the IRS take calls the feds and tells them what's going on.
Just pay your taxes and go on with your life. The IRS does basically count on voluntary compliance, just as I basically count on the fact that someone in the federal government is paying the National Guard, funding our troops here and overseas, keeping our national parks pristine, etc.
2006-07-24 05:05:42 · answer #2 · answered by SuzeY 5 · 0⤊ 0⤋
Leave the country, and move to a tax free principality. It also requires you to renounce your citizenship.
1. Leave the country, move to a income tax free location (like Monaco)
2. Apply for citizenship with the other country
3. Go to an embassy or consulate of the country you live in, and tell them you want to renounce your citizenship.
Thats how it would work if you live in the USA, if you live elsewhere the laws may differ.
2006-07-24 05:32:13 · answer #3 · answered by nebulasleuth 2 · 0⤊ 0⤋
Hide your Income and evade tax...
2006-07-24 04:43:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Find a way to not report income. It is easier for people who own their own business because they can do it a lot easier than those who just work for a company and receive a check with taxes already taken out. I'm NOT advising you to do this...I'm just answering your Q. :-)
2006-07-24 04:40:47 · answer #5 · answered by hotsauceg 2 · 0⤊ 0⤋
it's possible; underreporting, fake deductions (overestimating charitable deductions, etc.)
the IRS flags certain things (businesses that consistently lose money) and will audit more of those type of return, so caution and guts are both needed
any tax evasion(incl underreporting)is a felony that gets you time in a federal prison
2006-07-24 08:39:32 · answer #6 · answered by Dwight D J 5 · 0⤊ 0⤋
Just don't do what most stupid people do. Three things: first don't tell the IRS how much you made, second don't tell them where you live and lastly don't give the IRS your social security number and your name. simple, then you don't have to pay taxes.
2006-07-25 02:52:24 · answer #7 · answered by Relggob 2 · 0⤊ 0⤋
If there is one thing that I have learned in my life, it is to be honest. Things will always catch up to you. So if you are trying to find an easy way out, chances are it will catch up to you, and then you will be in worse trouble. Jail time, huge fines, and a bad name for yourself. Are you willing to risk all of that? I sure wouldn't be.
2006-07-24 04:43:32 · answer #8 · answered by rabika97 3 · 0⤊ 0⤋
NAH.....I don't think so.... well, maybe...Ask Richard Hatch from Survivor. Oh yeah, you can't. he went to prison for tax evasion.
2006-07-24 04:41:26 · answer #9 · answered by texasgirl5454312 6 · 0⤊ 0⤋
Move to Bermuda! It worked for me!
2006-07-24 04:42:03 · answer #10 · answered by Anonymous · 0⤊ 0⤋