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Revision as of 14:35, 20 September 2024
Offshore tax evasion is crime in several onshore countries and includes jail time so it should be avoided. On the opposite hand, offshore tax planning is Not a crime.
Contributing an insurance deductible $1,000 will lower the taxable income among the $30,000 per annum person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For that $100,000 every year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!
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An argument that tips, in some or all cases, aren't "compensation received for the performance of personal services" most likely will work. Take in the amount it did not, I would expect the government to assert this penalty. This is why I put a warning label appears this gleam. I don't want some unsuspecting server to get drawn into a fight the individual can't manage to lose.
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