Fucking taxes here, man...

Varys

Varys

BuSo Pro
Joined
Dec 10, 2014
Messages
53
Likes
119
Degree
0
So lets take an example that I make $10k profit a month in advertising revenue from my website.

I am talking here about one shithole of a country, roughly located in eastern europe.

First taxes on salary are fucking insane. Here, it is a responsibility of employer to pay all taxes and shit. In this case I am self-employed.

If I wanted to take out monthly salary of $2k I have to pay $2k of taxes ON TOP OF THAT every month! With higher salary you need to pay even more!

Maybe I would not mind to pay that much if part of it goes towards my retirement and I can chose where to invest it and stuff like that. But no. Those are taxes disguised as your so called retirement fund.

Then what is left in company as profit, If I want to take it out at end of the year I need to pay 20% + 12% personal taxes.

And If I wan't to sell my website It is also 20% on top of that! Because you are selling companies assets or something like that.

So I want to sell my site for $100k, they take 20% I am left with $80k.

After that I want to take that money as a profit, company is taxed 20% and I am left with $64k.

On top of that 12% and I am left with $56k after $100k sale.

On top of that, all that salary shit above I mentioned.

Fuck me.

I don't mind paying taxes but this is insane.

Especially for this shithole filled with corrupt politicians and where entrepreneurs are considered thieves because people are mentally still in socialism.

End of rant.

What is the deal in your country? Is this normal?

Am I normal?
 
And yeah, if you want to hire a freelancer from outside of the country you need to pay 20% of that sum you are paying him because state automatically assumes it is fake payment and you are sending yourself money to some other account outside the country. That is official explanation not mine. lol
 
LOL, I'm also located in one of the Eastern European countries right now. Unfortunately, or fortunately, the best way to protect your wealth is to create Foundation first (at least in my country which is a mighty Poland...), then your Foundation is creating a LTD company that will work for your Foundation, but don't have to, all depends on your setup and your needs :wink: In this setup you have your "private" wealth secured so you don't need to worry.

Taxes?

Foundations have some nice ways around taxes. If you play it GOOD, with help of a good lawyer of course, you might even get out of it without any "prisoners" (or at least just few...), again it depends on your specific situation.

Taxes are not normal, taxes are money we have to give to bastards that call themselves politicians so they can do nothing (and make lazy people comfortable...). I would rather pay a private company for building and maintaining the roads, for security etc. than pay any monies to "gov". In Eastern Europe/post commie Europe that is, most of those so-called "politicians" are just gangsters, nothing more.

On the other note, why would you pay ANY money for your retirement if you KNOW it's all going dawn the drain sooner or later, meaning - to the pockets of a few lazy coocksuckers?

- First, we have to starve them to death (that means - avoid taxes like a plague!)

- Second, we have to take control over what's left - those people are useless if they have no source of money...

- Third, build a proper BUSINESS, without greed, without shortcuts etc.

Oh right... They have police and army under control right?

In my country, our army and even sometimes police buildings have a private security firms employed to keep them safe.. LOL.

So what that tells you about them? They are just cooksuckers.. Just like Brits during WWII D-Day over here...

InflatableTank.jpg


It's fake mate. They are fragile as hell... And currently everywhere around EU, especially Western EU.
 
That's rough man.

Serious question, have you considered moving to a different country?

Years ago I had some buddies who were professional online poker players. They were making good money and shit went crazy here in the US. Rather than deal with it or wait it out, many of them moved to different countries where laws/taxes didn't restrict them so much.

Sucks to move from everything you know but when you're making the money that you do, and getting taxed that heavily, it seems like it might time for a change.
 
You're not much better off in USA, especially if you live in a state with high tax rate.
  • Federal tax (25%-33% for most small business owners)
  • State tax (6%-7.5% if you're living in NY or CA)
  • Self-employment tax or SSDI+Medicare (15.3% of the first $106k or so, then nothing)
In addition to this, whenever you transact or interact, you're hit with county taxes and sales taxes. There are many exemptions and deductions. Also, I simplified it a lot. But that gives you a rough guideline.

Bottomline: When I get a dollar, I consider it as 55 cents.
 
Trankuility said:
That's rough man.

Serious question, have you considered moving to a different country?

Years ago I had some buddies who were professional online poker players. They were making good money and shit went crazy here in the US. Rather than deal with it or wait it out, many of them moved to different countries where laws/taxes didn't restrict them so much.

Sucks to move from everything you know but when you're making the money that you do, and getting taxed that heavily, it seems like it might time for a change.
Click to expand...

Yeah, I am considering that, but I don't know where I would go. Need to do some research.

Nothing much keeps me here, and I can always come back few times a year to visit family.

Also I am thinking it is better to focus on making more money. I guess more you make, more options you have and it is easier to pay less tax. I don't know...

builder said:
You're not much better off in USA, especially if you live in a state with high tax rate.
  • Federal tax (25%-33% for most small business owners)
  • State tax (6%-7.5% if you're living in NY or CA)
  • Self-employment tax or SSDI+Medicare (15.3% of the first $106k or so, then nothing)
In addition to this, whenever you transact or interact, you're hit with county taxes and sales taxes. There are many exemptions and deductions. Also, I simplified it a lot. But that gives you a rough guideline.

Bottomline: When I get a dollar, I consider it as 55 cents.
Click to expand...

Fuck, that sucks too. I always had a wish to move to USA, somewhere to Texas or Nevada. Place with lower taxes.

But I guess you have more options there, move to other state, more options to minimize your tax bill, etc.
 
fuck taxes where I live is for sallery the first $6000/month you pay 40%, after that it's 65%.
company profit is gets 40% in taxes.

selling a site is the same as for sallery unless it is owned by the company.
 
Varys said:
Yeah, I am considering that, but I don't know where I would go. Need to do some research.

Nothing much keeps me here, and I can always come back few times a year to visit family.

Also I am thinking it is better to focus on making more money. I guess more you make, more options you have and it is easier to pay less tax. I don't know...



Fuck, that sucks too. I always had a wish to move to USA, somewhere to Texas or Nevada. Place with lower taxes.

But I guess you have more options there, move to other state, more options to minimize your tax bill, etc.
Click to expand...
If you move to Deleware, USA and set up a company there as long as you are not an American it functions as a tax free haven. Other options are: The Isle of Mann (UK), Campione di Italia (CH).

Also, try to run as many expenses through your company as possible to lower your official 'profits'. I'm quite fond of 'business dinners' myself.
 
RiverStyx said:
If you move to Deleware, USA and set up a company there as long as you are not an American it functions as a tax free haven. Other options are: The Isle of Mann (UK), Campione di Italia (CH).

Also, try to run as many expenses through your company as possible to lower your official 'profits'. I'm quite fond of 'business dinners' myself.
Click to expand...

Also Jersey in the UK.
 
Varys said:
Also I am thinking it is better to focus on making more money. I guess more you make, more options you have and it is easier to pay less tax.
Click to expand...

This. Making more money gives you more options.

Varys said:
I always had a wish to move to USA, somewhere to Texas or Nevada. Place with lower taxes.

But I guess you have more options there, move to other state, more options to minimize your tax bill, etc.
Click to expand...

Yes, there are a lot of deductions and loopholes. In addition to that, if you operate from a tax-free state, that is 6% to 7.5% savings right there.

If you're outside the country and want to incorporate here, always do it in a tax free state. <obvious/>
 
What is with all of the secrecy in this thread as to what country you're living in...are all you guys in hiding or what?
 
Same shit everywhere. I heard Canada has lower corporate tax for companies amongst first world countries, even though I think personal taxes are high and I am sure they pay a lot of employee benefits. Not very sure though. Please chime in for Canada please.

I am also thinking of moving or at least start an operation from HK or Singapore.
 
Move to a other country. There are more options then you think, and you have to do some research to see which situation is the best option for you. You can pay zero taxes, but it also means that you can't live at the place where you live now for the whole year probably. You can still visit ofcourse. I know for a fact that in some EU countries that you can still visit around 6 months a year, so it's not bad at all. Good place to start reading some more about is Nomadcapitalist.com
 
bopeep said:
Same shit everywhere. I heard Canada has lower corporate tax for companies amongst first world countries, even though I think personal taxes are high and I am sure they pay a lot of employee benefits. Not very sure though. Please chime in for Canada please.

I am also thinking of moving or at least start an operation from HK or Singapore.
Click to expand...

Those are not the most easy countries anymore. The banking especially in HK is getting more strict every year. But if your living in Asia it's a good option, even I would choice a few other countries above it.
 
I'm about to get raped by 45% tax. Need to leave my country asap
 
No one said you have to live there. I don't know why people think that you cannot run a company from abroad. People run offshore companies all the time - even real serious businesses. With this kind of e-business it's even so much simpler.

The link I posted above is interesting. Note, it's not residency, it's e-residency, I assume it's designed specifically to avoid tying to physical location.
 
You must log in or register to reply here.
Back