What do the very rich do to avoid taxes? | FerrariChat

What do the very rich do to avoid taxes?

Discussion in 'Other Off Topic Forum' started by Mark_M5, Apr 12, 2016.

This site may earn a commission from merchant affiliate links, including eBay, Amazon, Skimlinks, and others.

  1. Mark_M5

    Mark_M5 Karting

    Nov 14, 2006
    115
    Ventura County, CA
    Full Name:
    Mark
    #1 Mark_M5, Apr 12, 2016
    Last edited: Apr 12, 2016
    I posed this question on another forum, but maybe phrased it incorrectly, as the answers applied to inheritance and setting up a Jackie-O charity fund, etc. I'm more concerned about keeping my income now, maybe spending it on a Ferrari, etc.

    If you have a 6-figure tax bill, how do you make that go down to something more reasonable?

    We have about $46k in itemized deductions as-is, but still paid 6 figures in tax.

    Any crafty accountants in the house?
     
  2. joker57676

    joker57676 Two Time F1 World Champ

    Apr 12, 2005
    23,767
    Sin City
    Full Name:
    Deplorie McDeplorableface
    #2 joker57676, Apr 12, 2016
    Do yourself a favor, ask for the mods to delete this thread, and hire a tax attorney or account.




    Mark
     
  3. TexasF355F1

    TexasF355F1 Six Time F1 World Champ
    Silver Subscribed

    Feb 2, 2004
    69,196
    Cloud-9
    Full Name:
    Jason
    #3 TexasF355F1, Apr 12, 2016
    Too late, the IRS already screen capped it and ran the IP.;)
     
  4. rob

    rob F1 Rookie

    May 22, 2002
    4,139
    Vt
    #4 rob, Apr 14, 2016
    See if you can find a guy named Norm Peterson.
     
  5. Statler

    Statler F1 World Champ

    Jun 7, 2011
    17,389
    #5 Statler, Apr 14, 2016
    Paying six figures in taxes but asks for advice in a public free area of a forum from strangers?
     
  6. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,877
    #6 ttforcefed, Apr 14, 2016
    if ur paying 6 figures in taxes ur effed. if ur paying 7 figures in taxes ur still effed. if ur paying 8 or 9 figures there a few things you can do. lol
     
  7. Mark_M5

    Mark_M5 Karting

    Nov 14, 2006
    115
    Ventura County, CA
    Full Name:
    Mark
    #7 Mark_M5, Apr 15, 2016
    That's what I figured!!!
     
  8. Mark_M5

    Mark_M5 Karting

    Nov 14, 2006
    115
    Ventura County, CA
    Full Name:
    Mark
    #8 Mark_M5, Apr 15, 2016
    Hey, you guys might have some good free advice. :)
     
  9. Mark_M5

    Mark_M5 Karting

    Nov 14, 2006
    115
    Ventura County, CA
    Full Name:
    Mark
    #9 Mark_M5, Apr 15, 2016
    Pffft. That would cost money. I'm trying to save money here.

    We hired an accountant to do our taxes when we first started dealing with rental property and had a big inheritance in the same year. Paid $1000 to her, and got a decent tip that saved us a little $. But in order to extend her teachings to cover my income completely, I'd need to stop making W2 income and start making 100% rental property income.

    I was tempted to subscribe to F-chat to ask this in Silver or Rossa private forums, but that's more expensive than trying my luck here first ;)
     
  10. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,877
    #10 ttforcefed, Apr 16, 2016
    that's the point right there - as long as ur w2 you are going to pay the taxes. as much as it sucks better to just pay them. al capone went away for tax evasion!
     
  11. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    #11 cheesey, Apr 16, 2016
    a little late for the 2015 tax year... it's like a chess game, one needs to plan tax moves well ahead of the current one due... follow the tax codes there are plenty of twists and turns to avoid the tax bumps... like anything poorly planned only yields trash
     
  12. Cigarzman

    Cigarzman F1 Veteran
    Owner Rossa Subscribed

    May 7, 2014
    7,680
    Sarasota , Florida
    #12 Cigarzman, Apr 17, 2016
    When my accountant gives me a big tax bill he says be grateful you made that much. So my answer is find gratitude and pay the man. :)
     
  13. Kaivball

    Kaivball Three Time F1 World Champ
    Owner

    Jan 11, 2007
    35,997
    Kalifornia
    #13 Kaivball, Apr 17, 2016


    I will pay no penny more than legally forced too.

    Kai
     
  14. Rifledriver

    Rifledriver Three Time F1 World Champ

    Apr 29, 2004
    34,133
    Austin TX
    Full Name:
    Brian Crall
    #14 Rifledriver, Apr 17, 2016
    It's easy if you go into a tax free business...

    Like prostitution or drug dealing or politics.
     
  15. TheMayor

    TheMayor Nine Time F1 World Champ
    Rossa Subscribed

    Feb 11, 2008
    98,793
    Vegas baby
    #15 TheMayor, Apr 17, 2016
    I can help.

    Write me a check for 6 figures and I'll tell you how.

    Make the check out it out to Complete Alternative Savings Handlers, or C.A.S.H for short.
     
  16. Igor Ound

    Igor Ound F1 Veteran

    Sep 30, 2012
    8,102
    The Horn
    Full Name:
    Igor Ound
    #16 Igor Ound, Apr 17, 2016
    Get into politics
     
  17. SonomaRik

    SonomaRik F1 Veteran
    Silver Subscribed

    Dec 15, 2006
    6,884
    Sonoma, CA
    #17 SonomaRik, Apr 18, 2016
    are they not the same?
     
  18. peterp

    peterp F1 Veteran

    Aug 31, 2002
    6,519
    NJ
    Full Name:
    Peter
    #18 peterp, Apr 19, 2016
    Last edited: Apr 19, 2016
    True. The sad thing is that 99.9% of the people that complain that "rich people get all the tax breaks" have no idea that it isn't even remotely true for the vast, vast, VAST majority of "rich people".
     

Share This Page