Loading ...
Sorry, an error occurred while loading the content.

Re: [tips_and_tricks] If your operating a home business, where is a safe place for your money?

Expand Messages
  • David Smith
    convert your FRN s to gold bullion then hide it. ... __________________________________ Do you Yahoo!? Yahoo! Search - Find what you’re looking for faster
    Message 1 of 5 , Mar 5, 2004
    • 0 Attachment
      convert your FRN's to gold bullion then hide it.

      --- fastmuscleman <m.schrader1@...> wrote:
      > If your operating a home business, where is a safe
      > place for your
      > money?
      > Lets say you generate a substantial amount of your
      > business from
      > credit card sales & phone checks, would the IRS
      > still send the 3rd
      > party with a "Notice of Levy"?
      >
      > Can I prevent this from happening or would I need to
      > find a merchant
      > account overseas?
      >
      >
      >
      >


      __________________________________
      Do you Yahoo!?
      Yahoo! Search - Find what you�re looking for faster
      http://search.yahoo.com
    • Dave Miner
      fastmuscleman -- You would need to give more info before a definitive answer can be given, but I can give you some general answers to your questions. First, if
      Message 2 of 5 , Mar 5, 2004
      • 0 Attachment
        fastmuscleman --
         
        You would need to give more info before a definitive answer can be given, but I can give you some general answers to your questions.
         
        First, if you are selling goods or services over the Net and getting paid by credit card or e-checks, then there is no third party that the IRS can hit, with the possible exception of your credit card company that handles the merchant account.  And the IRS can only go after money it/they have on account that has not been paid over to you.  Since most merchant accounts pay almost daily, the IRS should be able to get very little or none from it/them -- only what is actually in your account at that moment or on that day.
         
        Second, overseas merchant accounts, according to my research, are expensive.  Depending on what company you use, reputable companies will typically charge somewhere between $1,200 and $5,000 a year plus the normal VISA or Mastercard fees.  I have heard of some that are less, but those are often bogus.  You use them and they are slow to pay, and then they shut down and skip town with your (and a whole bunch of others') money.
         
        It would be better to setup a corporation or business trust as owner of the account, and have the money transferred to the business account.  Then set yourself up on a low salary and move the money to another account, either American or off-shore.  That way the cash account is not "yours" and the IRS can only levy "your" accounts or what is owed you.
         
        Also, it is relatively simple and inexpensive to have an offshore account in your personal name (actually in the "name" of an account number) which cannot be seen or levied by the IRS.  Usually all that is needed is a banking reference, documentation that you are who you claim to be, and some sort of sworn affidavit or other evidence that you are not involved in dealing drugs.  Once that is documented to the bank, it destroys the paperwork and opens the account with a number, name or password.  However, you will need to do some research because the fed govt is applying lots of pressure to either eliminate numbered accounts or have those banks (and nations) report all transactions to the IRS. Some offshore bank accounts in certain countries are treated as if they are extensions of the fed govt, and their accounts are open to the IRS.  other countries have strong laws that forbid the banks to share any banking info with any govt, including their own.  Most are somewhere in between.
         
        But hiding your money from an intrusive govt query is relatively easy.  Making your other assets levy-proof is a little more difficult.  Houses, land and cars are easily confiscated by the IRS, as long as they are in your name.  There is a research report on business trusts on my website, on the Resources page that you can download for free and study that might be valuable.
         
        Yours in freedom,
         
         
         
         
         
        ----- Original Message -----
        Sent: Wednesday, March 03, 2004 10:16 PM
        Subject: [tips_and_tricks] If your operating a home business, where is a safe place for your money?

        If your operating a home business, where is a safe place for your
        money?
        Lets say you generate a substantial amount of your business from
        credit card sales & phone checks, would the IRS still send the 3rd
        party with a "Notice of Levy"?

        Can I prevent this from happening or would I need to find a merchant
        account overseas?


      • Utlage
        Personally, I pull all money back out of a bank account as fast as possible. turn it into silver, buy Costco cash cards, up to 1000 each. Buy gift visa
        Message 3 of 5 , Mar 5, 2004
        • 0 Attachment
          Personally, I pull all money back out of a bank account as fast as possible.  turn it into silver, buy Costco cash cards, up to 1000 each.  Buy gift visa cards.  Most banks sell them at different amounts.  B of A's largest one is for 600.  What I like about that is that anyone can use it, meaning you can purchase over the net using that gift card with any name you want to including a business name.
          D
           
          "The strongest reason for people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."--Thomas Jefferson
          ----- Original Message -----
          Sent: Wednesday, March 03, 2004 7:16 PM
          Subject: [tips_and_tricks] If your operating a home business, where is a safe place for your money?

          If your operating a home business, where is a safe place for your
          money?
          Lets say you generate a substantial amount of your business from
          credit card sales & phone checks, would the IRS still send the 3rd
          party with a "Notice of Levy"?

          Can I prevent this from happening or would I need to find a merchant
          account overseas?





           
          Yahoo! Groups Links

          <*> To visit your group on the web, go to:
               http://groups.yahoo.com/group/tips_and_tricks/

          <*> To unsubscribe from this group, send an email to:
               tips_and_tricks-unsubscribe@yahoogroups.com

          <*> Your use of Yahoo! Groups is subject to:
               http://docs.yahoo.com/info/terms/
           

        • Debt Nemesis Mail
          You can also add a second signer to the account and change the signature card so that neither signer has the exclusive right to withdraw the money. Then have
          Message 4 of 5 , Mar 8, 2004
          • 0 Attachment
            You can also add a second signer to the account and change the signature card so that neither signer has the exclusive right to withdraw the money. Then have one party provide a signature stamp with an agreement stating the use limitations of it. This will preclude the IRS (or anyone) from levying since they cannot levy on the property of a third party, but more importantly, they cannot levy unless the person they are levying on has the exclusive rights to the property. This would like butter, have done it many times against the IRS and many more times against judgment creditors.

            Best regards,
            j.gliha
          Your message has been successfully submitted and would be delivered to recipients shortly.