my tips

Um..pretty obvious. But let's not forget you need a new address also.

 

No, you don't need a new address - I believe that shoemoney says that he uses the same address for multiple companies (I could be wrong on this).
From what I can gather, you can have multiple accounts at the same address so long as they are company accounts - and obviously the address needs to be the companies registered address.
If you're making money from adsense, it's a small expense to setup a company along with a maildrop in order to safe guard yoyurself somewhat.

 

Are we talking about URL address or mailing address?

If we're talking about URL address, then I think dzcap is right. You were banned probably as a result of your website or whatever practices you did on that site (eg. self clicking). I think it would raise a huge red flag from Google if you were to start a new account, then go back to using the old URL address from before.

 

Um...you can create a business account if you personal account has been banned, but is it really worth spending $300+ on an LLC and spending weeks on paperwork? Thats your choice...

 

Why wouldn't it be worth it if you were making at least that much? LOL!!!!!!!!!!!!

 

great advice.
thanks.

 

whats the answer to this one?

 

Its not like you make enough money that it would really matter..

Check out the nolo books.

 

That offshore crap gets complicated and expensive to get a lawyer with the acumen to do this stuff. I wouldn't trust any lawyer, you want someone who knows his sh*t. So you pay a little more in taxes, its better than jail and money laundering.

 

well I see no reason to actually file an offshore corporation... for one there is a lot more to it than just filing a corporation overseas. To set it up right you need more than just a corporation,, you need trusts and llc's that own the company. This is called layering and it is extremely expensive.

If your trying to get out of paying taxes then expect to spend 20-30k,, then the yearly fees is pretty stout.

The idea of S-corps is fine if your trying to do everything legit and not lose sleep at night. To properly structure an offshore corporation you would layer the ownership... for ex... You start a trust,, then that trust is owned by another trust which is owned by an llc,, then the company is owned by the 4th entity or the first trust you started... this is a lot of paperwork and a lot of money to do. Plus if you live in the states and you use a US Bank any big deposits ( over 9500.00 ) would be flagged and reported to the IRS anyways.

Honestly it is cheaper to just move to a country that doesnt require income tax... you can move to the bahamas and pay 1k a month in rent and could pay the rent for 2 years with the amount of money you would spend setting the trusts and corps up..

Since shoe is not trying to evade paying taxes his solution he has setup is just fine.. and he doesnt have to worry about getting the irs knocking on his door.

Theres a lot of deductions you ca take to even out some of the tax burdens in the US,,, like if you work out of your home you can claim a % of your rent,utilities,cable bill, internet etc etc,, plus use your car and write off the mileage going to the bank and errands...

Simply just saying that the benefits of offshore corporations is not as awesome as it used to be before the modernized countries started exchanging information,, and it has gotten worse since the govt is trying to crack down on money laundering and terrorist funding. Patriot Act kind of put a hurting on offshore corps.

The reason I know this is that I do on an offshore corp and have since 2001,, and i hardly ever use it since the benefits are no longer there,,, at least for the country I registered mine in...Bahamas.

 

The general rule is that if you are making less than 1 million a year legal tax avoidence (as opposed to evasion which is illegal) measures usually cost more than they save and increase your financial risk.

The deductions end, on the other hand, is a wonderful way of reducing your tax liability. In Canada the rule is that expense have to be (generally) receipted and in the reasonable expectation of profit. But if you do it right and have websites with advertising on them you have the opportunity to write off everything from books and magazines, some clothing, cameras, make-up, computers, software, games, dvd movies....In every case the question is whether or not you purchased the good or service for a business purpose. If you model lingerie as I do from time to time, haircuts, manicures, professional make up advice and a host of other things, including all those lovely fashion maggies, are deductable.

Now, I don't give tax advice but my partner has been around this block several times: pay attention to the laws in your country, plan your web business carefull, keep your reciepts, be prepared to be audited, be prepared to have some expenses disallowed. But, end of the day, if you can't earn the first 100k without a cent of tax you are not trying hard enough.

 

Good try it doesn't work like that if you move to another country and your a U.S. citizen or resident you still owe taxes. And if you renounce citizenship there are a host of other rules which are more complicated then starting an offshore corporation.

 

Ned, you're the first one who makes sense. I'm serious. I know lots of people who make good money with shares or state bonds while picking their nose.

I also don't understand comments in this thread like "great tips"...

I would like to know how many of those people who have said this have increased their income multiple times. This thread is nothing but a lot of mumbo jumbo without any real proof of that the guy is indeed making that amount of money. 100 web sites? Yeah right!! Let's say the guy sleeps 6 hours. That means he has 18hr*60min/100 sites=10 minutes for every site every day.
But, that means he has no social life, he doesn't go to the can, he doesn't wash himself, doesn't leave the house, etc. I have to laugh about those success stories. I'm sorry, call me "Thomas", but hey, first proof and then I will believe all this humbug.

My advice; ignore these stupid threads and make your own wise descisions, you got the brains. As for me; I'm going for 1K a month and I see it as an extra on top of my normal salary, because unlike some "dreamers" I still believe in the importance of having a steady and well paid job, off line social life and contact with real-life people instead of fake online identities who come up with the most incredible success story after the other.

 

<rant>
J.O.B. = Just Over Broke

There is no thing as a secure job, and those who give up financial freedom for 'security' lose both. Maybe you can place a $ value on your time, but I can't.
</rant>

Wow... been doing too much HTML lately....

 

Michael, Shoe sets his sites up so they are not a constant drain on his time. (that means intelligently) He's not spending time working on every site every day, and most of his sites aren't blogs (only one that I know of is).

I also keep a day job in addition to persuing my online career, but I am not content to be a wage-slave. It's all about multiple streams of income.

PS: I worry about anyone who thinks Ned makes sense.

 

So many great mans!

 

Ah nevermind

 

A Limited Liability Company may be a better choice over a Corporation.

It's like a partnership (though you can usually have only one partner) and just like a corporation, your liability is limited to the money you have invested.

In Virginia it costs $50 to set up a LLC.

The other thing is that money gets passed through to the partners, so there's not the double taxation that can occur with Corporations.

Satch

 

Great thread , Great tips .. i like it