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What do I need to do to avoid being accused of tax evation

Discussion in 'Legal Issues' started by amedno1, Oct 3, 2006.

  1. #1
    Ok so lets say I work my butt off and starte making $20,000 pm, what will I need to do to avoid getting into trouble be it taxes and anything else legal
    SEMrush
     
    amedno1, Oct 3, 2006 IP
    SEMrush
  2. Will.Spencer

    Will.Spencer NetBuilder

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    #2
    At $20k/mo, you should have an accountant doing your taxes. :)

    You will probably want to form an S corporation so that you can more easily write off spending as business expenses.

    And don't forget state taxes.

    What state are you in?
     
    Will.Spencer, Oct 3, 2006 IP
  3. Ohene

    Ohene Guest

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    #3
    set aside 35% of your income into a HSBC or other high-yeild savings account. then when tax time comes, you have all the money + interest :)
     
    Ohene, Oct 3, 2006 IP
  4. xharrisonx

    xharrisonx Peon

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    #4
    im 14 years old and have to pay taxes now :(
     
    xharrisonx, Oct 6, 2006 IP
    eXe likes this.
  5. amedno1

    amedno1 Active Member

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    #5
    LOL Im in South Africa so I guess when I do reach 20K Il just get an accountant to do all that work, now off to make 20K+ .....

    I heard this somewhere pay accountants good money to take care of your finances...Oh yeah rich dad
     
    amedno1, Oct 7, 2006 IP
  6. Will.Spencer

    Will.Spencer NetBuilder

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    #6
    Will.Spencer, Oct 7, 2006 IP
  7. amedno1

    amedno1 Active Member

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    #7
    Thanks a lot Will Spencer for your help very much appreciated
     
    amedno1, Oct 8, 2006 IP