2013 Tax Strategies ... what is yours? - GoFuckYourself.com

NALEM · 01-05-2013, 08:43 PM

Most of us have heard of private foundations but assumed that this financial tool was available only to the super wealthy, so we mentally discarded it for ourselves. Right?

For US Citizens/Residents there is a simple tax shelter that is easy to manage and set up.
It is know as the Private Foundation. Link to IRS data on NP Private Foundations here. It is a tax exempt charity in total compliance with IRS Section 501(c)(3) Exempt Organizations.

Consider contributing up to 30% of your "adjusted gross income" which lowers the amount your tax is figured on. This can be in cash or in personally owned assets. A W-2 income of $100,000 can create a $28,000 tax liability ... donating $30,000 to your foundation reduces that liability to $19,600 ... saving you $8,400.

The foundation is typically exempt from Federal income tax, capital gains tax, estate and gift taxes. It can also be exempt from sales tax on purchases it makes, and property taxes in some areas. Your foundation is required to make annual payout instead of paying taxes. It will need to distribute at least 5% of the average value of foundations assets. Distribution of this money can = charitable donations of your choice.

I hope this inspires some of you to look into creative legal ways to save money and divert it to other ways to make even more. This is my

xXXtesy10 · 01-05-2013, 09:00 PM

L-Pink · 01-05-2013, 09:16 PM

Sounds a little blurry to me.

CurrentlySober · 01-06-2013, 02:54 AM

Hide !!!

Markul · 01-06-2013, 03:54 AM

Company tax is low in my country so I am contenthawith moving profits into my holding company until the day I gtfo.

OldJeff · 01-06-2013, 05:58 AM

I plan on paying a million dollars

Grapesoda · 01-06-2013, 06:09 AM

be very honest and pay my taxes

01-05-2013, 08:43 PM	#1
NALEM Confirmed User Industry Role: Join Date: Nov 2010 Location: Where ever Delta flies Posts: 3,125	2013 Tax Strategies ... what is yours? Most of us have heard of private foundations but assumed that this financial tool was available only to the super wealthy, so we mentally discarded it for ourselves. Right? For US Citizens/Residents there is a simple tax shelter that is easy to manage and set up. It is know as the Private Foundation. Link to IRS data on NP Private Foundations here. It is a tax exempt charity in total compliance with IRS Section 501(c)(3) Exempt Organizations. Consider contributing up to 30% of your "adjusted gross income" which lowers the amount your tax is figured on. This can be in cash or in personally owned assets. A W-2 income of $100,000 can create a $28,000 tax liability ... donating $30,000 to your foundation reduces that liability to $19,600 ... saving you $8,400. The foundation is typically exempt from Federal income tax, capital gains tax, estate and gift taxes. It can also be exempt from sales tax on purchases it makes, and property taxes in some areas. Your foundation is required to make annual payout instead of paying taxes. It will need to distribute at least 5% of the average value of foundations assets. Distribution of this money can = charitable donations of your choice. I hope this inspires some of you to look into creative legal ways to save money and divert it to other ways to make even more. This is my __________________ "The time men spend in trying to impress others they could spend in doing the things by which others would be impressed."

01-05-2013, 09:00 PM	#2
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01-06-2013, 02:54 AM	#4
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01-06-2013, 03:54 AM	#5
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01-06-2013, 05:58 AM	#6
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01-05-2013, 09:16 PM	#3
L-Pink working on my tan Industry Role: Join Date: Mar 2005 Location: Florida/Kentucky Posts: 39,152	Sounds a little blurry to me.

01-06-2013, 06:09 AM	#7
Grapesoda your favorite band sucks! Industry Role: Join Date: Jul 2003 Location: Montana Posts: 46,150	be very honest and pay my taxes __________________ I would rather have questions that can't be answered than answers that can't be questioned. $.02