On CBS MoneyWatch: Dumbest Things You Do With Money
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Business and corps pay little tax
They get tax heavily but they rarely pay the actual taxes. Doing contract work I was considered a business, had to have business license and everything if I had more than 1 contract going. While doing that work I paid hardly any taxes as I could write so much off and build tax shelters when things were good. The more money I made the less taxes I paid.

It almost sickens me now to see what businesses can get away with. For example: Lets say I need a a vehicle for work and a basic car would do but if I have the cash I can buy Hummer and a very large chunk of it off if I lease it. Basically I get 70% of the vehicle paid for by government. When the 5 year lease runs out all I pay is the buy out price and retire the vehicle as personal use car and do it again. Just parking a work vehicle in my garage and setting aside 1 room in my home allows me to write off part of my mortage. Travel expenses I can write off it I do a business meeting while on vaction. I can write off an meal at restaurant just for talking business at the table. If you taxes enough you can make use hundreds of write offs. Then if you invest money in tax shelters you can defer taxes and such. Most of how this exactly works I'm clueless on but it's amazing what an accountant can do. Imagine how many accountants and tax law experts that corporation has. Trust me they pay the absolute minimum in taxes and in some year that can a big fat zero in taxes that they pay.

Note: All my examples are rough based converstation with my account on what business can and have done.
Posted by: voska   Posted on: 08/13/04 You are currently: a Guest | Members login | Terms of Use
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Source of problem?  Linux User 147560 | 08/11/04
Only Partially ...  coffeenite | 08/13/04
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Wow..Nice Attitude...Stupid Logic  itanalyst | 08/12/04
Hear hear!  Linux User 147560 | 08/12/04
Income tax illegal. You guys too?  voska | 08/12/04
Yes...  Linux User 147560 | 08/12/04
Some links for the US tax fraud...  Linux User 147560 | 08/12/04
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Am Currently Doing the Teaching Thing  itanalyst | 08/12/04
Database  johnnyu | 08/12/04
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Ideals  johnnyu | 08/12/04
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