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My accountant told me that if there was any money left over after all the payroll was met 75%, that I could take that in dividends, but unfortunately there was nothing left and I could’ve used more.
 

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That guy that used the PPP to buy a Lamborghini clearly was not the sharpest tool in the shed but there is so much waste, fraud, and abuse in government it makes one shudder. Look at all the waste and fraud perpetrated by the elected politicians, "public servants".........and if you believe that I will tell you another. 😂
 

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The reporter said he (the guy) wants to tell his side of the Story, that ought to be good!
 
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What a dipshit. It is like tax frauds. Sooner or later you will get caught. Many yrs ago I made friends with an IRS revenue officer that helped us out after I went broke. He used to tell me stories about guys like that. They are so obvious it is ridiculous. One guy lived in a million dollar lake house had multiple exotics and a 250k boat. His boat house was probably half a million. He was showing only 20K per year in income. Not even enough to pay property taxes. Needless to say they took it all. I admit I hate paying giant checks to the IRS but it is much better than being wiped out and living in the graybar hotel with a 300 lb boyfriend that calls you honey or sweet cheeks. Lee
Or you can live in Puerto Rico part time like I do and only pay 4% tax total. 0 on capital gains and can repatriate the money back to the US at any time to do whatever you want with it without any issue or tax penalties!
 
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I gotta hear more about that. I could easily buy a house there cash with tax savings. How do you get around the federal income tax. How long every year do you have to reside there. Man .... Carribbean beach house, new lambo every year. There has to be a catch. Lee
 

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Lee, I’ll bet he would call you honey AND sweet cheeks.

In sincerity, owning these cars causes people to think all kinds of things that they will never verbalize in front of you. One is whether or not you are a tax cheat. The other is whether or not you are some sort of a drug dealer. And plenty more as that list goes on and on and on. My wife and her family are from Columbia and I can’t tell you how many times people have blurted out “oh, Pablo Escobar” in the same sentence while meeting her. Innocent perhaps and ignorant certainly but unfortunately you get that, and also guys like this PPP guy who give the brand a bad rep. Drive them, be cool, smile, engage people, and be a good ambassador. 😎
 

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Clyde, you’re one of the good guys!
 

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For those that would like to know...let me explain. Puerto Rico has a program called Act 20. I think now it's referred to as Act 60. Anyway, the way it works is this.....Firstly, you need to live here. Being here for 183 days per year constitutes as living here. There are some exceptions to this, can explain more about this and some ways around being here the full 183 days, but a tax attorney here can do a better job. I run my US based companies from here, yet my US companies operate as is and my PR company 'manages' my US companies. My PR company is what makes the profit and those profits are taxed at 4%. This is NOT a loophole, this is NOT illegal, and this is NOT new. This has been going on since 2012 here on the island and I'm happy to discuss it with any of you guys/gals that want to learn more. Those that think this is BS, no problem, keep your opinion to yourself and enjoy your federal tax bills, and those that want to live in the Carribean, in a US territory, and never pay US federal taxes again, by all means reach out or talk to ANY PR accountant or tax attorney in Puerto Rico and they can explain it to you(or I can refer you to mine.) Don't bother consulting with your US tax attorney or accountant as they likely know nothing about this(mine didn't, until I moved here!) It has saved me millions of dollars(in tax) since I moved here and quite frankly I love living here and don't think i'll ever leave.
 
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Jr. I know that every place has it’s downsides, can you name some about living in Puerto Rico? It sounds to good to be true, but I don’t doubt what you are saying.
 

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I remember a few years ago billionaire T. Boone Pickens, who was arguing for tax reform, said his secretary pays more in taxes than he does. Loophole, cheats??? or is it just knowing how to play the game? I also read that Mark Zuckerberg pays himself $1 a year.
 

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I wish my accountant or I knew how to do that, pay myself $1 a year and have money for all my personal expenses.
 

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I wish my accountant or I knew how to do that, pay myself $1 a year and have money for all my personal expenses.
Boy if that works I would be willing to pay myself.......hmmmmmmm....... $2. ;)
 

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It's possible...if income is done in tax heaven state / country. For the HQ registered in state with tax income, just declare income as $2. If the income is scrutinize, grant yourself plenty of stock options and later sell it for profit.

No wonder most countries are heading into bankruptcy :D
 

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It seems like show an annual income that’s ridiculously too low in an invitation for an audit.
 

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It's possible...if income is done in tax heaven state / country. For the HQ registered in state with tax income, just declare income as $2. If the income is scrutinize, grant yourself plenty of stock options and later sell it for profit.

No wonder most countries are heading into bankruptcy :D
Funny but good point!
 

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It seems like show an annual income that’s ridiculously too low in an invitation for an audit.
I was audited once, very long time ago, for a simple mistake which sent up a red flag. My experience has been, if all the boxes a filled in correctly, no red flags. My annual income when I was working was much less than it is now and the only check I get is from SS. Which is not very much, but that's another story. It cost me more to get my car back from Lambo Dallas a few months ago than I made last year.
 
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