Do you know what the best thing is about business? It’s when a business has the need of another business’ service. As everyone in the community knows, I sell halogen lamps. I took on my father’s family business back in 1967 and been doing this ever since, however, things went a little down hill rather quickly last year.
As an Ohio businessman, I was sentenced to 4 months in prison, 5 months of home detention, and at least a year of being supervised after release. The reason? I was told I was trying to evade nearly $160,000 in income taxes. Of course, this is news to me, so I called up a guy I knew who ran his own HFC business from home after reading a booked called “Ian Leaf’s Starting a HFC Business at Home.” This guy had to deal with this sort of tax thing before.
With just a few minutes on the phone, he gives me the number of a professional which turns out to be the same guy who wrote the book that changed his life, Ian Leaf Tax Fraud is a business that knows what they are doing. Ian Leaf too my problem and found the issue. My business selling halogen lamps can continue to thrive and hopefully there aren’t anymore tax mistakes for awhile.
As with most business owners, taxes are killer! Federal tax is what, 25%? California state tax is another 13% I think. That doesn’t include Self Employment tax. After paying all of these individual taxes on money you earn, guess what! You get to pay taxes when you spend your money as well. Excise taxes on fuel, sales tax on goods, property tax on…property.
It’s enough to make someone want to flee the country and live in Panama. Regardless most of us aren’t prepared to close up shop and live in a foreign country. American Expats do it all the time, just takes some experience and willingness to live outside the norm. Your expectations will certainly need to change, but beyond that, maybe it’s a good idea.
If that’s not your thing, talking with Ian Leaf about how to structure your tax business is a good idea. Beyond everything else, don’t commit tax fraud!