What do you do when you have too much money on your hands?
- Thread starter Bryguy420
- Start date
sherriberry
New Member
starting a company is the way to go.
I dont want to go into full details on here, but if you are interested, there are ways to start a biz, pay taxes on your income, and be able to spend the remaining money on whatever you want...
plus, chances are your biz will take off, and then you have double the income, and dont have to worry about money anymore and just pay someone to run the biz.
I dont want to go into full details on here, but if you are interested, there are ways to start a biz, pay taxes on your income, and be able to spend the remaining money on whatever you want...
plus, chances are your biz will take off, and then you have double the income, and dont have to worry about money anymore and just pay someone to run the biz.
born2killspam
Well-Known Member
For a thousand or two a week just launder it through EBay, and claim the money.. 50-100K is in the least suspicious income range.. As long as taxes are getting paid the government couldn't give a shit, and police are oblivious..
Make it legit though, do some stoner art, and get your buddies to have crazy high bidding wars, and don't use PayPal 100% of the time.. Its believable that one or two ppl buy a signifigant number of your paintings too, art collectors are flakey
..
Paintings are pretty ideal because they can have HUGE mark-up from material cost.. Other EBay ventures would require alot more paper trail to stand up to any scrutiny..
Another decent option would be computer programming/consulting, but thats not nearly as fun..
Make it legit though, do some stoner art, and get your buddies to have crazy high bidding wars, and don't use PayPal 100% of the time.. Its believable that one or two ppl buy a signifigant number of your paintings too, art collectors are flakey
..Paintings are pretty ideal because they can have HUGE mark-up from material cost.. Other EBay ventures would require alot more paper trail to stand up to any scrutiny..
Another decent option would be computer programming/consulting, but thats not nearly as fun..
livehighordie
Member
dig a hole in the woods just dont mark it with an X. You can also spend money on glass!
MacGuyver4.2.0
Well-Known Member
IF I understand you correctly, basically what you need to do is 'launder' your money. That's really the problem faced by 'cash' businesses...it draws alot of unwanted attention. If you are really having a difficult time figuring out what to do with too much money, find any *good* inventor that has a track record of patents and success (ahem, cough) and see if they have any ventures worth funding. I know lots of them with great projects but limited funds- myself included. You buy a stake or shares in their success and start generating money legally. Of course that's taxed, but talk with your CPA or accountant. They know all the angles!
and see if they have any ventures worth funding. I know lots of them with great projects but limited funds- myself included. You buy a stake or shares in their success and start generating money legally. Of course that's taxed, but talk with your CPA or accountant. They know all the angles!Atlantic City, you had a big night, but you want to be a "standup citizen" and get taxed on it.
Nuff said.
BTW, trying to figure out how to launder $30K is kinda laughable - I make $5K bank wires from my online poker account to my bank account all the time, no one says a fucking thing.
At that level of money, you could write "found it on the street" on your tax return and you'd be cool.
Nuff said.
BTW, trying to figure out how to launder $30K is kinda laughable - I make $5K bank wires from my online poker account to my bank account all the time, no one says a fucking thing.
At that level of money, you could write "found it on the street" on your tax return and you'd be cool.
born2killspam
Well-Known Member
Lacking any form of proof where there should be some claiming gambling winnings, and it gets much less believable each time if its routine..
"Proof"?
You ever been to AC?
They don't really give you a receipt at the cage, boss - long story short, anything under $10,000 isn't reported/cared about in the least, but when cashing out more then $10,000, they ask for your name and some sort of identification.
Cash out $15,000 twice, and then claim five or six nights of $5K losses against that to basically get the taxes on that nullified (you can only expense the losses if you claim gambling as a profession, although it needn't be your primary job).
born2killspam
Well-Known Member
I'm thinking that signifigant winnings are trackable somehow, and routine semi-signifigant winnings would really stand out if they ever audited..
Ebay routine works against an audit.. If they doubt you, just get all huffy and pretentious like an artist would, and you're in the clear..
They'd need to investigate your buyers to even start building a case, and thats a long string of iffy warrants..
Ebay routine works against an audit.. If they doubt you, just get all huffy and pretentious like an artist would, and you're in the clear..
They'd need to investigate your buyers to even start building a case, and thats a long string of iffy warrants..
born2killspam
Well-Known Member
I'd bury it in the woods before putting a floor safe in.. If they end up finding that you're toast.. Directly under a tree is a discreet easy to camoflage and easy to re-find place..
don't bury it in the woods... don't walk into the woods with 30k in cash in your pocket, don't be a dumbass...
to wash some dirty money i'd start an online donation site.... just put an address online saying: i'm really really REALLY broke, i need some help..... and send yourself the cash from bogus addresses........ and when the end of the year comes, declare it (some of it, like 5-10k)as a donation from the internet on your tax forms, and PAY THE TAXES!!! NOT PAYING TAXES WILL RAISE RED FLAGS. FOR EXAMPLE, IF YOU MAKE PAYMENTS ON YOUR HOUSE, WATER, ELECTRICITY, CAR, ETC....BUT DON't DECLARE ANY INCOME, and don't pay taxes....BOOOM RED FLAG. ..... what will start out as a IRS issue will quickly go downhill, and those 30k you had will turn into 15-20k you OWE the government......on top of any possession, cultivation, distribution charges they want to pin on you.....
to wash some dirty money i'd start an online donation site.... just put an address online saying: i'm really really REALLY broke, i need some help..... and send yourself the cash from bogus addresses........ and when the end of the year comes, declare it (some of it, like 5-10k)as a donation from the internet on your tax forms, and PAY THE TAXES!!! NOT PAYING TAXES WILL RAISE RED FLAGS. FOR EXAMPLE, IF YOU MAKE PAYMENTS ON YOUR HOUSE, WATER, ELECTRICITY, CAR, ETC....BUT DON't DECLARE ANY INCOME, and don't pay taxes....BOOOM RED FLAG. ..... what will start out as a IRS issue will quickly go downhill, and those 30k you had will turn into 15-20k you OWE the government......on top of any possession, cultivation, distribution charges they want to pin on you.....
Gold doesn't loose value like gov't currency. In 15 or even 5 years you'll be glad you didn't stuff cash into a box. You can buy gold locally without a SS number or anyone even raising an eyebrow. $3k at a time and no one cares. You will pay a small fee, depending on the place, usually around $50 an ounce to buy and sell but it's a small price to pay in the long, kind of like buying/selling stocks.
highaltitude
Active Member
Relax - by the time you get there, you'll have it figured out. $30.000 is nothing. Only if it's $30K a day, would you have to be creative.
The IRS will only come after you if they think you cheat on them - and that's the key to your question. Other aspects that are illegal may also attract attention, but $1000 in cash a week is no problem - and if it makes you nervous, just say you're self employed - and pay taxes for the money.
It's not a real problem - the money-part isn't. Now - selling controlled substances on the other hand is - unless it of course is all legal, medical etc - and you're paying your taxes. The IRS doesn't have monitoring of your accounts like that!
You're mixing apples and oranges. If your accounts become subpoenaed - it's because you're accused of acquiring money through illegal activity - like selling drugs.
File your taxes - show a realistic income, and pay your taxes for that amount - there will be no questions.
The IRS will only come after you if they think you cheat on them - and that's the key to your question. Other aspects that are illegal may also attract attention, but $1000 in cash a week is no problem - and if it makes you nervous, just say you're self employed - and pay taxes for the money.
It's not a real problem - the money-part isn't. Now - selling controlled substances on the other hand is - unless it of course is all legal, medical etc - and you're paying your taxes. The IRS doesn't have monitoring of your accounts like that!
You're mixing apples and oranges. If your accounts become subpoenaed - it's because you're accused of acquiring money through illegal activity - like selling drugs.
File your taxes - show a realistic income, and pay your taxes for that amount - there will be no questions.
greenguy007
Active Member
I agree. "Start" a service business with no inventory to be audited (like consulting or something intangible). Make your own personalized receipt book (or invoices, in case you are audited), write yourself receipts payed in cash. It should work. I filed a loss on a micro business "djing" and I got a fat return (I was working tho) If you file through tax act or something like that it basically does the work for you. Being self employed is easy, and you don't need to file yourself as a LLC or corporation which is time consuming. My 2 cents.
Jester88
Well-Known Member
bury it in the woods..
get a bank loan for say housing, build some flats sub let and get another loan.. make payments to bank (that way technically the bank owns the houses- though make sure you have a income to describe how you make the payments).
slow but it can work in some circumstances.
or yes businesses. then if you really do have to much money i guess ya could just start buisinesses that could act as fronts and allow for you to somehow make up sales or services etc and slowly make your coin clean that way perhaps. i havent read the whole thread but from what i see the subjects been breeched and yeah im not here to help people break any rel laws though anything cannabis related is freegame in my oppinion. afterall we all just make this stuff up or findit on the web somwhere previously right.
is it only 30 grand??
hmm well i guess it could help u stay on top of the payments lol if ya ever couldnt make onelol. i wish i had lotsa moneys lmfao
get a bank loan for say housing, build some flats sub let and get another loan.. make payments to bank (that way technically the bank owns the houses- though make sure you have a income to describe how you make the payments).
slow but it can work in some circumstances.
or yes businesses. then if you really do have to much money i guess ya could just start buisinesses that could act as fronts and allow for you to somehow make up sales or services etc and slowly make your coin clean that way perhaps. i havent read the whole thread but from what i see the subjects been breeched and yeah im not here to help people break any rel laws though anything cannabis related is freegame in my oppinion. afterall we all just make this stuff up or findit on the web somwhere previously right.
is it only 30 grand??
hmm well i guess it could help u stay on top of the payments lol if ya ever couldnt make onelol. i wish i had lotsa moneys lmfao
nicktater
Well-Known Member
i do the same exact thing. put my money into my house or something i can buy from the store cash. put all my checks in the bank to use on things that can be tracked. Although if your neighbors know you dont work yet have lots of money you might get in trouble.
not to mention the fun u could have producing/directing/shooting/casting/