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Taxes,Why?!

by chaoslinker007
28 replies
Oh my God,I mean,Some of us Havent Made a dime online,Some made some money,And some made a decent Income And more online,But to tell ya truth,I havent made more than 100$ online,And im afraid,OF THE TAXES,Here in israel if you earn more than 11,000$ A month,They take 5,500$ From your income,As Income Tax.

How about you guys? How you holding up there with them taxes stealing your money!
#taxes
  • Profile picture of the author Lifeimprovement
    Would you rather pay 0 taxes in a year or $50,000 taxes in a year?

    I would always rather pay lots of taxes. Means I made a lot of money!
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    • Profile picture of the author ttdub
      Originally Posted by Lifeimprovement View Post

      Would you rather pay 0 taxes in a year or $50,000 taxes in a year?

      I would always rather pay lots of taxes. Means I made a lot of money!
      I'd rather make a ton of money and still pay 0 taxes.
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  • Profile picture of the author chaoslinker007
    On one hand,You got a great point.

    On the other Hand,Half of your Salary Or to the record your online profits,It is too much,you work for Half the income,It is so stupid,48% On over 11,000$ a month Tax,plus 3% On rich tax(Those who make over 300,000$ a year need to pay an additional 12,000$ a year,plus the 48%)

    Thats just too much!

    One thing i loved about the army,YOU DONT PAY TAXES!
    (And you also dont get money..)
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    • Profile picture of the author theverysmartguy
      There are only 2 things for certain in Life: Death and Taxes.

      At anything over 130k ( then there are the lower tax brackets, all the way down too 25% on anything below $42k TAXABLE income ) where I live is about 44% income tax. Now, the beauty about owning your own business is the tax right offs.

      If your business is run out of your home then about 25 - 30% of mortgage/rent, power/water/phone can be written off.

      This is just the tip of the iceberg. If you have a good accountant you can basically get it down to where you pay very little taxes over all.

      Your website hosting, buying domains, office supplies, paying VAs, outsourcing, etc etc. All of these can be written off.

      You just need to make sure you keep a record of EVERYTHING that you pay for that would/could involve your business.

      Talk to an accountant, see what they see. However, since you aren't making that much anyways, I wouldn't worry about it for now.

      -- Jeff
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      "Doing nothing is worse than doing it wrong."

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      • Profile picture of the author tpw
        Originally Posted by theverysmartguy View Post

        At anything over 130k ( then there are the lower tax brackets, all the way down too 25% on anything below $42k TAXABLE income ) where I live is about 44% income tax. Now, the beauty about owning your own business is the tax right offs.

        Jeff: Keep in mind that the OP lives in Israel, which may have very different tax laws than those in Canada or here in the U.S.
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        Bill Platt, Oklahoma USA, PlattPublishing.com
        Publish Coloring Books for Profit (WSOTD 7-30-2015)
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        • Profile picture of the author theverysmartguy
          Originally Posted by tpw View Post

          Jeff: Keep in mind that the OP lives in Israel, which may have very different tax laws than those in Canada or here in the U.S.
          I know...that is why I told him to talk to an accountant....

          -- Jeff
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          "Doing nothing is worse than doing it wrong."

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          • Profile picture of the author chaoslinker007
            hey guys thanks for the great perspective you pointed me to. in another matter i have never had my own business or so, .so i am a bit afraid dealing with an accountant how where who and plus lets say i earned a nice amount of 5000 dollars to my paypal and i want to withdraw it, how the tax come into it, how wouls they know i withdrew that money? thanks.
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            • Profile picture of the author Istvan Horvath
              Originally Posted by chaoslinker007 View Post

              in another matter i have never had my own business or so, .so i am a bit afraid dealing with an accountant how where who and plus lets say i earned a nice amount of 5000 dollars to my paypal and i want to withdraw it, how the tax come into it, how wouls they know i withdrew that money? thanks.
              It is time to learn to think as a business owner

              - you deal with an accountant because you are NOT an accountant and your business needs his professional services (knowledge)

              - forget "how they know I withdrew the money"... that's a stupid tax-evasion thinking!

              - your business EARNED $XXXXX amount and it doesn't matter where the money is: in Paypal or in another bank account or you gave it to me... it was an earned income and you report it and (if needed) pay tax on it
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  • Profile picture of the author tpw
    Even at 50% tax rate, your $100 earnings will result in you paying an extra $50 in taxes.

    We pay taxes, because that is the law in the countries where we live.

    I paid my taxes on last years earnings already. It is just a cost of breathing.
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    Bill Platt, Oklahoma USA, PlattPublishing.com
    Publish Coloring Books for Profit (WSOTD 7-30-2015)
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  • Profile picture of the author Site87
    Man, those are some crazy taxes! Agree with the post above, just make sure you keep tab of ALL your business related expenses.
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    • Profile picture of the author fin
      Retire to that tax-free tropical island.

      It's the only way.
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      • Profile picture of the author winebuddy
        Originally Posted by fin View Post

        Retire to that tax-free tropical island.

        It's the only way.
        If you buy the island, then you can make your own tax laws

        My accountant told me one time... "Even if the tax rate is 99%, you can still make money".

        Kind of a bizarre idea - but true. Even if you are in Israel, you should form your own corporation and use all of your expenses as deductions or offsets to income.

        If they prohibit that, then earn $500k and pay the tax of $250k - then go buy that island off the coast of Belize and set up your own country
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        • Profile picture of the author Ingenius
          One of my personal heroes is Jim Rohn (RIP!!), and he was very clear on paying taxes.

          I strongly suggest you to hear his story about the boy who goes to the grocery store and the owner asks him to pay the taxes. He replies: "But I'm only 8!!". And the owner says: "Congrats!! You're my youngest tax payer".

          Everybody should pay taxes, it might sound that the government is stealing from you, but that is just a poor philosophy. You shouldn't be worrying about the taxes, but about earning more and enjoying the benefits from paying taxes (highways, hospitals, and a long etc.).

          Seriously, Jim Rohn, he was the man.

          Cheers,

          Daniel.
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          • Profile picture of the author Daniel Evans
            Originally Posted by Ingenius View Post

            One of my personal heroes is Jim Rohn (RIP!!), and he was very clear on paying taxes.

            I strongly suggest you to hear his story about the boy who goes to the grocery store and the owner asks him to pay the taxes. He replies: "But I'm only 8!!". And the owner says: "Congrats!! You're my youngest tax payer".

            Everybody should pay taxes, it might sound that the government is stealing from you, but that is just a poor philosophy. You shouldn't be worrying about the taxes, but about earning more and enjoying the benefits from paying taxes (highways, hospitals, and a long etc.).

            Seriously, Jim Rohn, he was the man.

            Cheers,

            Daniel.

            Yep, Jim Rohn covers the issue of taxes nicely.

            It's what always springs to mind when I'm about to complain.

            I always end up complaining though....


            Daniel
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    • Profile picture of the author ttdub
      Originally Posted by Site87 View Post

      Man, those are some crazy taxes! Agree with the post above, just make sure you keep tab of ALL your business related expenses.
      Oh yes. write offs are great.
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  • Profile picture of the author Raydal
    Taxes are like spilled milk--no use crying over them. Use that
    extra energy so that you can pay some more. You'll feel better,
    the government would feel better, ... and because you have less
    stress in your life you'll make more money and pay more taxes
    and feel even better, which leads to even less stress and you'll
    make more money ....

    Oh! You'll be glad you paid taxes in the first place. You'll even
    start to lobby for more taxes.

    -Ray Edwards
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  • Profile picture of the author Michael D Forbes
    48% hurts for sure but paying no taxes, as others have pointed out, means you have no money.

    Someone I know that went from very broke to a pretty healthy income rather quickly was complaining terribly because she has such a large tax bill rather than getting a refund at the end of the year.

    She actually said (most likely without really thinking about it) "I'd rather go back to getting a refund, these taxes are too much!"

    I kindly pointed out that there are millions of people that would love to pay the taxes she was facing, because it meant she was making a lot of money!

    Keep your perspective.
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  • Profile picture of the author jayspann
    I feel like I got bent-over by the tax man this year because I got a windfall right at the end of the year and didn't pay near enough in each quarter.

    I like being my own boss but the book keeping is not fun. Even if you have an accountant.

    jay
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  • Profile picture of the author Kierkegaard
    It also depends what you get for your tax money.

    In theory you are just paying for stuff you need and use.
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  • Profile picture of the author wizzard74
    Then you hire yourself a good accountant, who can legally help you save on taxes
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  • Profile picture of the author slcroft
    The taxes I don't mind paying, but the accountants? Now that's another story.....
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  • Profile picture of the author ejm7788
    You can hire a good accountant for cheap on Odesk.com to keep up with your quarterlies
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    • Profile picture of the author Daniel Evans
      When I'm dealing with something as sensative as my accounts I trust them only with an experienced local accountant.


      Daniel
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  • Profile picture of the author Istvan Horvath
    Man, those are some crazy taxes!
    Actually, they are not. Israel isn't even in the top 5 when it comes about the highest marginal tax rates in the world...
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  • Profile picture of the author Cataclysm1987
    Taxes are tyranny. I'm a libertarian.

    Vote whoever raises them out of power in my opinion.

    Or you could just pay them. There's that too.
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    • Profile picture of the author curly sue
      How will they know? Move to an African country and you will be tax free ..lol its an unfair world, if you play by its tune you struggle!!
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