John has run an unincorporated and unlicensed cash-only food truck business for ten years. He kept no sales records of any kind.
He has accumulated a substantial cash savings of $100,000.
John needs to put this money into a bank so that he can buy a house with it. He's okay with paying back-taxes, but bringing attention to his ongoing unlicensed food serving business could cause expensive headaches.
How does John even begin to approach this problem?
just buy the house cash.
why hasn't john been putting in the bank the whole time
why is john keeping 100k under his mattress
john needs to drip it into the account at a slow pace
Doesn't work
4k per year. It will take 25 years before he has 100k
Just buy monero and buy stuff with Monero
I don't think you'll get an answer here. Ask a tax attorney, maybe if you can prove you run that business for years and your story makes sense they'll let you pay the taxes with some penalties on top of that, otherwise it's the same as asking how to launder drug money
buying crypto and waiting for some revolution is another option
John needs to move to a country where the upper echelons do not get to take 10-40% of his money because it exists.
John needs to use his cash to find an unclaimed parcel of land and begin building his own home using his cash to pay for construction.
Poor John. Guy just wanted to buy a house...
john can start declaring earnings
john can declare said money as earnings over the course of the next 2 years and simply pay his taxes while keeping his real profits as more cash savings.
inb4 john wants to buy another house
fuck off john
Claim it as gambling income or a large capital gain from buttcorn.
Ez pz.
you think he can claim some ridiculous income from a food truck without raising red flags?
>poor guy
>evades taxes for a decade
>wants to continue evading taxes for the foreseeable future
John’s a real paragon of virtue he is
I think he can easily claim 40k-50k a year claiming to work full time.
the coffee guy at my workplace owns a 3million dollar property and an apartement which he rents out, then again I live in straya.
>funding foreign wars and the bombing of innocent children and bystanders.
>funding the killing of innocent civillians in war zones with ur taxes
I don't think we should discuss virtue.
b-but muh roads
this
You’re worse than a nigger on gibs
John should keep his cash hidden.
The IRS will take everything under the asset forfeiture rule.
This. Based redpilled user.
That's actually a great idea. John could use the cash savings he has now to cover the costs of starting a legit version of his current business and go from there.
fucking kek
And then not pay taxes on the extra income from this more flourishing business then keep opening bigger and better businesses this way.
That what drug dealers do.
Then one day SWAT is at the door.
John is dumb as a rock, desu, and that seems complicated. John is a simple cook with loyal customers. He isn't looking to build an empire. He just wants to go legit, pay taxes (from now on) and buy a house at some point.
This.
How ridiculous, how could you go on 10 years doing this, lmao
I pay my taxes but I don't go around pretending my hands are clean, ignorance is no excuse, you know damn well what your dollars pay for.
because he isnt running a "food truck", he's saying it's unlicensed because he would have to deal with some "health and safety" stuff and that would be "complicated"
>it's an analogy for drugs
This is super easy.
>Find a good deal on a wrecked house
>Let's say $40,000 for a real clunker in a decent neighborhood.
>Take out a hard money loan to buy it
>Renovate the house paying contractors completely with cash
>Get huge discounts for paying with cash so contractors can pay their illegal beaners easier
>After house is finished it will be worth say $170-$200,000
>Take out a conventional refinancing loan on the house to pay off the initial smaller loan plus put legitimate money in your pocket (80% loan on a $200k house would be $160k)
>If anyone asks how you fixed up the house, just say you did it yourself.
Bam: nice house, money laundered. I take payment in (you)s.
if you really wanna buy a house right away then take out a loan of 80k and add 20k of your saved up money and buy it, then buy all the furniture and car and other shit you can just buy with the rest of your money
I know that's what it sounds like, but I'm being very literal when I say that John's business is a food truck. I call him a "black market dinner dealer" but the high-society name for it is "guerrilla gormet." Usually it refers to people who run illegal pop-up restaurants in big cities, but I feel that it equally applies to my country-bumpkin friend John and his dinky food truck.
John sells prepared meals, made from locally sourced ingredients, every Thursday out of the back of his truck in the parking lot of the local gym. It's misleading to call it a "food truck" because he doesn't actually prepare the food inside the truck, I think he does that in his home kitchen.
Look into it, legally serving hot meals is a giant pain in the ass. Especially when you're working with chicken, fish and pork.
I just met the guy, his food is good and I want to help him go legit. Don't make this so complicated.
>run food truck for ten years
>only save up $100k in ten years
>not just paying for his licenses and taxes this whole time since it wouldn't have cost much at all if he's that unprofitable
John should talk to an attorney, because he's got bigger problems than asking how to launder money on FBIchan.
Also buy material yourself, keep the bills, so the claim you did it by yourself is bulletproof
This only would work if you luck you way into a crack shed in a 200k neighborhood
Or else you got no buyers, kid
I've actually come up with a way to launder any kind of money, but the only downside is it's pretty slow. Somewhere on the order of $1500 to $2000 a month.
you still need permits pulled from licensed contractors so there will be a paper trail
I have personally rebuilt 3 houses without a single permit. And you can still file for permits yourself if you are building in a place controlled by busybodies, nobody has to know you hired a contractor. The point is to turn your illicet money in a hard valuable. With this method you get to keep 100+% of the value of your money by converting it into profitable renovations to a house.
Even if $200,000 puts you into the crack neighborhood in your local, your still expertly laundering $100,000 tax free.
A good addendum user
Johns bank will block the money and inform the authorities.
When they get the green light that all is explained they will rekease your funds...
Happened to more than one user.
DYOR
There is no cashing out unless you know someone high in the bank.
rip in peace after you realize your government only takes enough to keep you from killing yourself outright
Good luck getting a hard money loan for 40k without a taxable income history, (You)
...until they start asking where you're getting the cash to pay for all these renovation supplies
or they start thinking how did you flip a house making a 5x on it etc
The key is that you don't sell the house. Just live in it, then later rent it out, and with time nobody will care or remember how the renovations were done.
You've got to have a minimal amount of legitimate income coming in, even just $18k a year, and then leverage borrowing as much as you can. Your food truck money goes into house improvements that raise your total unrealized equity. The government doesn't know if you are renting a nice house for cheap or a shit house to a sucker over market value, all they see is that you are getting legitimate rent for a house you legit own. Now if you go do something extremely stupid like try to depreciate your food truck cash improvements on your tax return, then you deserve to go to jail.
Marty Byrd is that you?
The tax aspect and regualtion aspects are completely unrelated.
If he wants to buy a house just claim the incoming as contracting and keep running the food truck without a permit. It's not like the IRS is going to call up the state office that regulates food trucks. They're not connected at all, Most of the agencies that oversee restaruants are completely toothless and are just an excuse to give jobs to niggers and other retards that are too stupid to earn money in the private sector.
My entire existence as an entrepreneur revolves around figuring out ways to legitimately not pay any taxes. Pretty much the only thing I really get stuck with is property taxes, and my tenants pay that. Being an expert in NoTaxsujutsu, it's pretty easy to see the places where you can launder money pretty easy.
Selling drugs or pussy or home cooked chicken sandwiches isn't immoral. Stealing 40% of peoples labor to enrich the bureaucracy is highly immoral. So if anybody else wants some tax advice, ask away.
fucking based and redpilled
Bittrrex fucked me on my trading records now I cant claim taxes. Should I just keep everything off the grid and become a digital nomad.
Fuck th gubmint they dont know how to manage money and tax me for more. P.s. i am a leaf if that helps.
First, John's real name must be Juan. Second, get the fuck out of my country.
In not into crypto at all, so I'm not sure how anonymous digital wallets can be. Is your real identity completely separated from it? Are there any services for buying CAD denominated gift cards using crypto? I'd figure out a way to buy real goods from Amazon under a
pseudonym and have it shipped to random Amazon locker locations.
In any case, finding a way to spend it rather than taking it as income through the banking system is probably your best bet.
yeah cause paying taxes for niggers, spics, and endless foreign conflict is so virtuous
Voluntary disclosure agreement. Consult with a CPA/lawyer.
Pro Tip, thank you.
Buy art.
Or vintage cars
Sell art
Or vintage cars
Money is now washed.
Fucking retarfs
you're joking right?
even if they don't start asking where do you get the money from during the purchase they will surely ask that question once you sell it
why 4k per year
This does work though...