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Advanced Warrior Question: Taxes!?

by Mad Dawg
8 replies
Hey warriors,

It's been a long time since I've posted here, or really even read the posts. I've been engulfed in my projects, working hard for a while now, but it's been SO worth it I can't even tell you guys.

And without the help of this forum to start with, I would have never made it in IM. So thanks warriors, past and present!

For any newbies reading, I spent a year and a half really applying myself to this stuff, and now I am 100% financially free. I will never have to work for someone else ever again, or worry about paying bills. It feels fantastic and as I'm sure you can imagine, well worth it.

But this brings me to a question that I'm having some trouble finding an answer to. Taxes!

One of my income streams is an online store selling real physical products, the other one is an info product I created.

Warriors who are making good cash, how do you organize your expenses through your LLC, and what methods do you use to make sure this is not a task that requires much daily time/effort?

How do you keep track of gross income/expenses taken out of that, as well as other expenses coming from your company (car, cell phone, etc)?

Thanks in advanced warriors for any tips or insights!

Regards,

Noah
#advanced #question #taxes #warrior
  • Profile picture of the author tecHead
    Hi,

    I think the best information anyone on this forum could give you, (unless they are a certified legal tax accountant and/or financial adviser in your state WITH references), is to seek out a certified legal tax accountant and/or financial adviser in your state WITH references.

    Jersey City should give you a lot of good options to choose from OR you could take a trip over the bridge. You'll get far better and (more importantly) accurate information by taking that route, no offense to anyone here.

    PLP,
    William
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  • Profile picture of the author FH
    Hi...

    A CPA can also set you up with a simple bookeeping system so you know where you are at financially at any given time.

    Frank
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  • Profile picture of the author Mad Dawg
    Cool guys, thanks for the replies so far.
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  • Profile picture of the author Adrian Cooper
    Originally Posted by Mad Dawg View Post

    Hey warriors,

    It's been a long time since I've posted here, or really even read the posts. I've been working hard for a while now, but it's been SO worth it I can't even tell you guys.

    For any newbies reading, I spent a year and a half really applying myself to this stuff, and now I am 100% financially free. I will never have to work for someone else ever again, or worry about paying bills. It feels fantastic and is well worth it.

    But this brings me to a question that I'm having some trouble finding an answer to. Taxes!

    One of my income streams is an online store selling real physical products, the other one is an info product I created.

    Warriors who are making good cash, how do you organize your expenses through your LLC, and what methods do you use to make sure this is not a task that requires much daily time/effort?

    How do you keep track of gross income/expenses taken out of that, as well as other expenses coming from your company (car, cell phone, etc)?

    Thanks in advanced warriors for any tips or insights!

    Regards,

    Noah
    Get an offshore company and bank account.

    An offshore company is a legal entity paying 0% tax in most cases, and no requirement for paperwork.
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    • Profile picture of the author Mad Dawg
      Originally Posted by Adrian Cooper View Post

      Get an offshore company and bank account.

      An offshore company is a legal entity paying 0% tax in most cases, and no requirement for paperwork.
      Yea I'm definitely looking into that for the future, good call. For this first company though, it's already established in the USA so got to figure out the tax stuff at least one time.

      Offshoring is definitely the way to go tho!
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      • Profile picture of the author Alan Mc Donald
        be carefull about incorporating offshore, different rules for different jurisdictions.

        if a company is incorporated offshore in a tax haven that pays 0% tax, dont assume you'll pay 0% tax (if this was the case everybody would be doing it), you will pay tax in the country you are resident, Period.

        what you can do is incorporate offshore and pay yourself a salary that matches any tax bands you wish, also you can get a company credit card to cover your "expenses"

        Currently the best options are seychelles and BVI, these jurisdictions are not legally obliged to disclose the directors to any authorites, and for an extra layer of security you can appoint a nominee director (costs extra)

        The above is pefectly legal and your privacy will be bulletproof

        Note: (i am not a tax expert,nor an accountant)

        Always seek professional advice

        If you do want to incorporate offshore, visit Offshore Companies from OCRA Worldwide

        They are the best in the business and have been at the game over 30 years, cost a few grand to set up, worth it though
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  • Profile picture of the author KBRMS
    Get yourself set up with a trust for your estate, see a financial advisor who specializes in this, hope this helps. Congratulations.

    Rick
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  • Profile picture of the author Easy Cash
    Originally Posted by Mad Dawg View Post


    Warriors who are making good cash, how do you organize your expenses through your LLC, and what methods do you use to make sure this is not a task that requires much daily time/effort?

    How do you keep track of gross income/expenses taken out of that, as well as other expenses coming from your company (car, cell phone, etc)?
    Employ an Administration Assistant part-time or book keeper.

    They can take a massive load off your shoulders.

    Use a software program like MYOB to track your expenses.

    You should be able to employ someone with good MYOB skills pretty cheap and they are worth their weight in gold.
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