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Out of context: Reply #69144

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  • pinkfloyd0

    I don't know what to do. I need to pay X amount in taxes for freelancing but I don't want to. If I buy things as a write off, I can pay less in taxes. Do I:

    A) Just pay the taxes
    B) Buy stuff where i'll have stuff, but end up paying more overall?

    pinkfloyd 0Permalink
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    • A.monNom
    • A is the better option.capn_ron
    • Buy more watchespango
    • lolpinkfloyd
    • Not sure how it works where you're from, but you can only write off so much tax. Sooner or later, you gotta pay.ben_
    • Buy stuff, take the write off and also invest in your talent.robotron3k
    • Athumb_screws
    • a.
      and work with an accountant to aggressively write off more expenses. irs doesn’t blink an eye until a certain amount is reached.      monospaced
    • I'm sure you're already doing that, so apologies if that is wasted advice :) When I was in a similar situation, I found it good to simply put away 1/3 of the $monospaced
    • thanks guys, yeah I have an accountant i'll consult with eventually.pinkfloyd
    • Or C. Invest all profits into an offshore company you own, that then invests into a second off shore company you own by proxy, which loans the money back to youmonNom
    • Welcome to the 1%monNom
    • A. You are capped on the right off amountHayoth
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