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If you are not allowed to have income from this industry as an advertiser I would strongly suggest moving or finding another industry!
Personally I just state that I get advertisement revenues. Noone has asked me what it is exactly that my company advertises. I think I just jinxed myself though.
The best answer is to consult a competant CPA in your area for a plan on how to handle local, state and federal taxes.
Many full time professionals set up a corporation and draw a salary or disbursements.
Others file as self employed internet marketers and claim income as sales commissions.
The one thing we at CAP do recommend is PAY YOUR TAXES!!! failure to do so in the US is a felony punishable by very stiff fines and a possible prison term. My guess is the same holds true for most other countries as well. Its not worth the risk to not file or to vastly under report your income.
Ditto!
ALWAYS pay your taxes, and dot your I’s and cross your T’s and make sure you are as correct as you can be.
A good accountant and/or tax lawyer will help you do it right and the expense is much preferable to trouble with your tax agency. It is bound to be much cheaper than any penalties you may incur if you wing it by yourself.
Hi,
so is that if paying the tax, will you put all the revenue in a ‘company’ account, which you yourself are the only owner. so all revenue goes to the company revenue, and all the expenses (transportation, dinner, resident benefit, other benefit etc) will be deducted first, and then pay yourself finally. i think many of you are doing the similar things in US or europe.I have to report the additional revenues for 2007, never expected the taxrate for this is a stunning 42% in Holland :flush:.
If you earn a few K per month it is nearly half of it you have to deduct…..
I do not know if It is worth it anymore trying to keep heads up but struggling ……….
Regards
Rickwow… 42% tax rate…
why not set up a personal bank account (HSBC) in Hong Kong, no tax is needed, or if you have large amount $, you may set up a limited company (if your profit is very very high) , with the tax rate is only 15%. You can withdraw cash at your own countries by ATM. so u may skip the 40% tax…
some people may against my idea… but if you feel uncomfortable, you may put some % of your profit to your local charity.
this is my thought.You have to pay taxes, and usually if you reside in the US it is there. I assume most countries demand that their residents pay taxes where they reside.
You don’t have to pay taxes double, and I believe the cooperation the US has with other countries may vary from country to country.
I wouldn’t touch something like that with a ten foot pole without the advice of a good tax lawyer.
You have to pay taxes in the country of your residence no matter where you open bank accounts otherwise people would be setting up bank accounts all over the place.
The IRS is relentless.. and they find no humor even if you hit them in the face with it wearing a clown suite.
IRS will hunt you down and take all the can from you if your not paying, your better off just paying your taxes.
the thing is that paying taxes in US is not as damaging as paying them in Europe. For example, i’m self employed, do not work with anyone in the country of residence, work with people only on freelance basis and all my traffic is from other countries. I cannot justify paying 40% tax on this (i wouldn’t mind paying up to 20% though)…can anyone else?
i personally do not mind paying taxes, just not 40% on something the government technically doesn’t deserve nor did anything to justify it…that’s just my opinion though…
on another note, is it true that there is no specific law for people to pay personal income tax in US? i’m not talking about other taxes, just tax on your salary/income? i’ve seen a few documentaries and read a few papers on this, this is either an urban legend or there definitely is something behind it…
there is no actual law that you have to pay, its really a volinatry system.. Problem is they will hold you in prision for 40 years while you try to prove that.
I think it is also a matter of your money management. Those are your earning, if carefully planned, and legally, 20%-40% down to 0%-20% is quite possible. It may be a tedious task at the beginning, but if you want to do affiliate as very long term, it is good to do some research on setting up corporation in other contries for placing your income.
A person with good tax skills can help you reinvest earnings into your business and take advantage of a myriad of deductions and help you grow and stabilize the business in the process.
Good council can help you end up with a better business and less taxes and a better future while staying totally legal.
Taxes are not designed to kill the businesses that pay them. They are designed to take as much $ as possible while leaving the business growing and generating even more money for the next tax season.
You need to pay business tax, not personal tax. They are quite different.
Look around, people who make a real lot of money wouldn’t dream of dodging taxes. They learn to use them to their advantage. That may or may not include foreign holdings, that needs to be decided on an individual basis by a skilled person.
Business is complex, and ours is no different. We need to cover advertising skills, webmaster skills, SEO, sales and money management. And the latter includes tax matters.
It’s just one of those things that complicate life as a business person, but luckily the rules are very specific and an expert can help you through that maze successfully.
The important thing here is to stay profitable, stable and legal.
