How do we get away with tax evasion? Should I try?
>dad has been growing weed for 10+ years and is excellent at it
>it gets legalized in my state, dad quits his job to grow full time
>we made about 150k first year and is shooting for twice that
>me and my brother are both going to setup operations under his supervision
>hope to be making 200k within 3-4 years after learning and ironing out the details.
The problem is we don't really know how to do taxes when it's a cash business. We get paid in cash only, even in bulk sales, and we haven't formed a business license or anything like that. I heard you can't buy property and spend lots of cash without proving where it came from so I'd like to do it legally if possible. My dad bought a kilo of gold and seems to think we're better off living well below our means and putting it all in to metals which I find questionable.
>>959436
Start a cash business
>>car wash
>>grow supply store depending on how much you really have
You're spending money on products already might as well sell other grow products to farmers
If your dad has credit get a loan from the bank to open up a money laundering business until you an get the proper weed license
Sounds like my dad, keeps saying to buy gold. Might try and buy some to diversify my savings.
I believe you can start a llc to report earnings. You will have to pay taxes and all that, but you can write off equipment purchases.
Remember, the purpose of laundering money is so that you CAN pay tax on it safely. Don't get greedy.
>>959454
Ya I'm not trying to set up a second business to launder, that's too much on the plate for right now. I just don't want to pay the full hiked up taxes on a 200k income when I think it's possible to report it as an 80k income.
>>959436
I don't honestly know so maybe someone with more experience could chime in but maybe but a pizza shop in a shitty location and report a lot more pizzas than you actually sold. Use cash from the weed as the difference.
>>959473
Sure, that seems rational. Slowly launder only what you need to avoid paying massive rich guy tax.
>>959454
Wanting to keep your hard earned money from getting stolen isn't greedy.
>>959436
Wow wow woooow
Tax evasion is a big deal, dont ever say that term ever again.
what you mean to say is "neutral tax" or "tax optimisation" yea people dicks get really hard wheb you say those.
talk to your accountant, he's like a lawyer, he'll know what to do.
Ask him about income splitting
You are seriously a moron.
Spend your time thinking about how to expand your business rather than evade yourself into a hole you cant get out of.
Youre going to have a hard time evading taxes on any meaningful amount of money (for someone expected to make 200k).
>>959523
I know how to expand our business but I don't know anything about taxes. That's why I made this thread ya dingus
>>959436
Just ask an accountant about it.
Chances are they will tell you to invest in assets you can list as depreciating, even if they are turning a profit.
Mate, tax agencies have virtually unlimited resources to investigate once they get their hands on something shady. They literally have NSA-tier authority to do whatever they want.
Go legal while you still can.
I would start an S Corp. You can take half as income and half as a distribution. Also if you have a live in girlfriend you can pay her as an employee to try and get your tax bracket lower.
Be very careful about fudging your numbers, you will get audited sooner or later and they will be looking very closely for discrepencies. Fraud is a big deal.
You also need to find out if you need to pay state and local sales tax. You probably do, and its probably a lot.
You could realistically end up paying 60% as tax, but it's better than jail.
Op I'm looking to get into the legal weed business. I'm in OR and have about $10k to invest.
>>959436
Launder Money with laundromats. Seriously.
Tax accountant here, the only thing you can write off is cost of goods sold. good luck
>>959473
that a tax fraud. not laundering
>>959436
Get an accountant and pay your taxes, don't be a nigger. A good accountant will cost you less than $1000 I reckon.
It's a business: you have income, you deduct your expenses, you pay tax on the difference (the lowest tax rate in the developed world, I'd add).
>>959523
This. You are gonna want to speak to a talented tax accountant and or tax lawyer so you can start to go legit as soon as possible - there is obviously potential for you to turn this into a big business but if you build it on the back of money laundering and tax evasion, you might get caught a few years later and by then you will be risking a much bigger, more valuable business. Do it right the first time, do as another poster said and manage your taxes effectively between you, your brother and your father, but don't try to cheat the system as a small guy
>>959436
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