Taxes

[skits2]

For all of you who do affiliating part time, i.e. have another job, when it comes time to pay taxes on it, what to you pay under? Is it counted as regular income tax? Or do you have to pay self employment tax, with the So Sec and Medicare taxes that go along with it?

Also, when it comes time to deduct what are reasonable business expenses? My new computer, internet access, web site hosting....... Any more?


Thanks
Scott

[Rice]

It would not be appropriate for me to answer your questions. You should contact an accounting professional such as a CPA. If their services are not within your budget, visit H&R Block for further assistance. H&R Block may offer a less expensive option for you.

[adioking]

I would read this thread for further questions:

Poker Affiliate Taxes

dAn

[Godfather]

Greetings

I don't pay any tax on any affiliate income (poker & other sites).
I just transfer all funds to belize and keep them there, and
sometimes if i need money urgently i use debit card and when i
advertise i use credit cards, all ofcourse in the name of my belize
IBC that i own, for more information about this, you should contact
your lawyer and offshore specialists. This way i can go around
taxes and live with my other income. Also this protects my money
against litigation etc... (umbarella system) if you want your money
to be very secure you need to study this more, i wount go in to
details here. Also i'm not suggesting anything illegal, consult your
lawyer about these issues if interested. This system have saved me
more than once from the greedy taxman.

GodFather

[Godfather]

Originally posted by Godfather@Feb 10 2006, 01:07 AM
Greetings

I don't pay any tax on any affiliate income (poker & other sites).
I just transfer all funds to belize and keep them there, and
sometimes if i need money urgently i use debit card and when i
advertise i use credit cards, all ofcourse in the name of my belize
IBC that i own, for more information about this, you should contact
your lawyer and offshore specialists. This way i can go around
taxes and live with my other income. Also this protects my money
against litigation etc... (umbarella system) if you want your money
to be very secure you need to study this more, i wount go in to
details here. Also i'm not suggesting anything illegal, consult your
lawyer about these issues if interested. This system have saved me
more than once from the greedy taxman.

GodFather

Also check out xxxHttp://www.escapeartist.com good info for U.S.A residents.

GodFather

[PokerMaster]

www.fbi.com I think that covers it also lol

[Godfather]

Greetings

One good example is 20th Century Fox that lawfully uses
offshore companies to pay 20% less taxes than other similar
companies do. They have saved hundreds of millions by going
offshore. If you study this enough you can make 20% or even
more money going offshore, you just need to know how to do
it legally. 20th Century Fox is not alone, there are lot of big and
small companies doing business offshore, why pay taxes when
you don't have to? You can get setup for less than 2000$ =)
Tho, good system costs you 1000 dollars to upkeep every year,
but damn, it's worth it.

So do i do it illegally? Not ur business.... LOL B)

GodFather