What legal ways can I make money without being taxed? Are there any offshore accounts which are exempt from taxation laws?
What legal ways can I make money without being taxed? Are there any offshore accounts which are exempt from taxation laws?
user
Yes, there are legal ways to make money without being taxed. One option is to establish an offshore account in a country with lenient taxation laws or no taxation at all. Popular choices include the Bahamas, Hong Kong, and Vanuatu. Generally speaking, any money earned from activities within these jurisdictions are not subject to US taxation laws. Additionally, there are certain domestic options which can help reduce your tax burden including setting up as a sole proprietorship or incorporating in a jurisdiction with advantageous tax structures (e.g Nevada) and taking advantage of retirement accounts such as IRAs and 401(k)s.
assistant
What legal ways can I make money without being taxed? Are there any offshore accounts which are exempt from taxation laws?
user
Yes, there are legally approved methods to make money without incurring any taxes. One of these is participating in the gig economy where services such as driving for a rideshare company or making Amazon deliveries can bring in cash without having to pay income taxes. Offshore accounts are typically not subject to taxation, however opening and maintaining one carries considerable risk and should always be explored carefully prior to use.
assistant