User Controls
Anyone interested?
-
2017-08-16 at 5:15 PM UTC
Originally posted by Lanny In many countries you can report illegal income, your tax records are not shared with law enforcement and aren't admissible in court except in tax cases. It actually kinda makes sense, the state gets to collect tax and criminals don't have to hide assets, I guess the downside is you can't build a case on people having money they're not supposed to have but I mean that probably shouldn't be enough for criminal prosecution anyway.
I'm pretty sure that's not a thing. Only a fucking retard would disclose that they have illegal income, whether or not they can be prosecuted with it. But I'm fully prepared to be wrong. Do you have an example of such a country? I know the IRS basically puts that shit on your forms to trap dumb people. -
2017-08-16 at 5:37 PM UTC
Originally posted by Lanny In many countries you can report illegal income, your tax records are not shared with law enforcement and aren't admissible in court except in tax cases. It actually kinda makes sense, the state gets to collect tax and criminals don't have to hide assets, I guess the downside is you can't build a case on people having money they're not supposed to have but I mean that probably shouldn't be enough for criminal prosecution anyway.
Hey fuck you Lanny, you're opinion doesn't matter. -
2017-08-16 at 6:35 PM UTC
Originally posted by Lanny In many countries you can report illegal income, your tax records are not shared with law enforcement and aren't admissible in court except in tax cases. It actually kinda makes sense, the state gets to collect tax and criminals don't have to hide assets, I guess the downside is you can't build a case on people having money they're not supposed to have but I mean that probably shouldn't be enough for criminal prosecution anyway.
its not a thing in the uk as this was in the evidence for my trial
they did a check with HMRC(her majesty's revenue and customs) to see if i'd paid any taxes. if i had they would have totally asked me to account for how i earned that money.
however i do know many prostitutes here pay taxes on their earnings quite openly as the law here does not make prostitution illegal. its the solicitation of sexual services that is illegal. which basically means it is illegal to offer sexual services in return for payment, or to offer payment in return for sexual favors. they get around this by offering 'escort' services in which its stated that payment is only for the company of the girl. i.e on AW they state:Note: Any money paid to the adult escorts listed on this website is for their time and companionship only. Whatever else that may occur if and when contact is made is the choice of consenting adults.
. -
2017-08-17 at 7:11 AM UTC
Originally posted by NARCassist they get around this by offering 'escort' services in which its stated that payment is only for the company of the girl. i.e on AW they state:
might as well call that consultation fee. if i am in the UK i'd start a prostitution ring and call it a consultation firm.
with a wide selection of consultants from diverse ethnic backgrounds ... -
2017-08-17 at 8:44 AM UTC
Originally posted by Captain Falcon I'm pretty sure that's not a thing. Only a fucking retard would disclose that they have illegal income, whether or not they can be prosecuted with it. But I'm fully prepared to be wrong. Do you have an example of such a country? I know the IRS basically puts that shit on your forms to trap dumb people.
http://www.austlii.edu.au/au/journals/JlATaxTA/2008/12.pdf
Starts getting into it around the page numbered 110, although it deals more with whether illegal income is taxable than with it being reportable. I've been told though that in NZ at least you may report illegal income and pay taxes on it and it affects how money is handled in the case of arrest, although I don't have a specific tax form I can show you at the moment. -
2017-08-17 at 12:38 PM UTC
Originally posted by Lanny http://www.austlii.edu.au/au/journals/JlATaxTA/2008/12.pdf
Starts getting into it around the page numbered 110, although it deals more with whether illegal income is taxable than with it being reportable. I've been told though that in NZ at least you may report illegal income and pay taxes on it and it affects how money is handled in the case of arrest, although I don't have a specific tax form I can show you at the moment.
thats becos NZs biggest exports are milk and money laundering services. -
2017-08-17 at 6 PM UTC
Originally posted by TreyGowdy Can I arbitrarily report bitcoin trades as Last In First Out (or say any random groupings as long as the buys/sells and dates match up) because it's a fungible asset or will the IRS rape my ass?
Don't know. I would think the biggest thing you need to worry about is places like Coinbase turning over your PI to the IRS. Taxes are only enforceable if they can prove you have the assets.
Originally posted by TreyGowdy Should I be more agressive than a savings account for house down payment saving?
What is your timeframe for saving up for a down payment? If only a year or two, a savings account would be fine. You don't want to expose yourself to market forces if you need the money in the near future. You could look into something like a certificate of deposit or a money market account, but you won't be earning much more than 1%. You'll technically still be losing money to inflation, but your house down payment shouldn't necessarily be viewed as an investment.
For me personally, I would be comfortable with a conservative asset allocation tilted more heavily in short-term bond funds with a small portion in a mix of index funds. It all depends on your appetite for risk.
Originally posted by infinityshock how about something realistic. no one in here makes enough to have $20k available to dump into investments. you need something more along the lines of 'how to invest on your $6/hr mcdonalds salary'
Don't generalize like that. I can guarantee there are people here who have that amount available to invest.
As far as being realistic, re-read my second sentence. "This is the order in which I would contribute: 401(k) up to the match, then Roth IRA up to the max, then back to the 401(k) up to the max, then taxable accounts if you can do even more." No matter how much you have available to invest, I was offering my suggestion for an investment order. Start with 401(k) up to the match, then Roth IRA up to the max, then 401(k) up to the max. If you can only do the first step, then that's ok. It's still something.
As far as your wage, you really need to work on increasing your income. You can't do much outside of struggling to survive on $6/hr.
Originally posted by mashlehash Do you have any investments in stock?
Yes.
