that first 50k...

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ricky6991

Well-Known Member
I read on here about people trying to money launder and everyone always starts the answer with get a loan or something that you need credit to start with...

Hypothetically, you have 50k in cash. Unemployed and young so no credit. Never had bank account with large sum of money ect... where do you START?

Apply for EIN number and make up ton of fake jobs you did being self employed the past year? Would you still be able to put your cash into the buisness account at a bank before paying taxes that first yr?

Now-a-days you cant just go get a gas card or macys card to start credit either. Advice for this hypothetical situation?
 
majek

majek

Well-Known Member
Paying your bills on time and using automatic bill pay is the best way to build credit in my opinion. If I had 50k in cash I would invest in growing equipment :)
 
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ricky6991

Well-Known Member
Lol, what if that was invested into already... no investing unless it cleaned money. Keep it to ideas that would help the normal average young person. No credit, no job, made bunch of side cash an wants to build his name(credit, bank acount)

there isnt anything major to be done that would allow you to open a line of credit at the bank? Then, get a small buisness loan and pay that off across a yrs time an then buy a home few yrs after "establishing" that buisness.

Dont think of this post as a "how to" for making money. Rather as, someone just got the first 50k from investment with more to come and wants to get their name, credit and ect. On track to buy a property or something major within next few yrs or sooner if possible.
 
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ChesusRice

Well-Known Member
ricky6991 said:
Lol, what if that was invested into already... no investing unless it cleaned money. Keep it to ideas that would help the normal average young person. No credit, no job, made bunch of side cash an wants to build his name(credit, bank acount)

there isnt anything major to be done that would allow you to open a line of credit at the bank? Then, get a small buisness loan and pay that off across a yrs time an then buy a home few yrs after "establishing" that buisness.
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Buy a food cart
 
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jpill

Well-Known Member
This is hypothetical and in no way am I telling you to do this :) ::

If you want to become established and appear legit you need create a few small businesses. Now in my opinion, you should possibly open up businesses in states with lower tax rates and "no income tax." Of course you have to pay taxes thats how shit works, you kick up a % to the gov BUT your money is cleaned and you have proof of income. IF you want to get a line of credit at a bank you will need to prove proof of income. Open a non profit or an LLC. Do some research, shit consult some professionals if you want. A tax attorney consultation is only like 100 bucks. Knowledge is priceless !! PM me if you have more Q's.

P.S. Some of the most baddest gangsters of history didn't get arrested because they got caught in the act or someone snitched on them, they most got caught because of tax evasion! People get greedy homie !

i remember my first 50 racks. i was 23 years old ! 28 now and own 1 home near the beach !
 
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oldchuck

Member
Your problem is not so much getting credit. Your problem is getting all that cash transferred into the electronic system which is generally regarded as money. Large amounts of cash don't just magically appear while a large electronic deposit can be easily explained. Like you got a gift from a rich relative. What you need is a plausible reason for pushing smaller amounts of cash into the banking system. So set yourself up as a small business that gets paid in cash, a bar, a laundromat, even a lawn mowing service. Then you feed more money into your business accounts than you receive in payments. Take your time and stay small. And pay your taxes.
 
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ricky6991

Well-Known Member
On taxes at end of yr though how do i pay tax on that money? Write reciepts of the payments(bank deposits) to show where came from? The irs doesnt see who gave me the money and see they didnt take out of there money?

Example, i work on car and i have a ein number and business account at bank setup. I write a reciept for labor in amount of $800 or so once a week. Mabe few small amount jobs in week time. That money then goes into bank account. Come the end of the yr i pay taxes on my labor rates which i have reciepts to show how much profit i made an get taxed on... pay my percentage to gov and have a successful buisness on paper and money in bank which bank will then offer me loan and credit cards throughout couple yrs time.

Now, when comes time to pay taxes based on those receipts will IRS look into those receipts to see if that money came from a real person or as long as its kept in small amounts and paid cash for first yr or so they cannot do anything?
 
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jpill

Well-Known Member
"On taxes at the end of yr though how do I pay tax on that money ?"

You file taxes. Bring all of your receipts AND expenses (Gas, materials etc) and file taxes. If you have cash receipts then its extremely hard for anyone to "look into those receipts".

Man since you don't know the first thing about this I would highly recommend talking to a tax attorney or someone who manages money. Simply tell them what you told us minus the mmj part and You will have a much better understanding as opposed to talking to people on an mmj forum.
 
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ricky6991

Well-Known Member
I actually did that today lol... just wanna know how the entire process works so i can have a game plan setup from start.

My last question would be this,

When your take out your expenses, is it better to show more of a gross income and file for as much deductions as possible(bills, parts ect) and have a smaller profit margin that you actually pay tax on or show less deductions out of your gross and show you make more money for profit margin to pay tax on?

Person i spoke with owns buisness and is now a corp. They said that if you take deductions out and show even 15k a yr as profit for tax that i could still get a loan from bank for house ect and that banks only look at your gross income being high and personal credit. They dont care that after deductions you make small amount as long as its established for few yrs also.
 
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jpill

Well-Known Member
you know what man, straight up call the bank and ask them. Say you own a business and ask what bonafide documents do I need bring in in order to get a line of credit. That simple!!!!!

As for claiming more gross income and less deductions (here is the catch) the more gross profit you claim, the more you get taxed. I would personally claim hella deductions homie! Gas, lunch meetings, inventory etc. just Showing how much you spend on the business.

When making the business account you should make it look real man i can't stress that enough! Don't walk in the bank like some bum ass kid or don't dressed like a nigga. Walk into the bank with your business card (250 free cards off vista print or whatever) and make sure you hand that shit to them so they have it on profile. One puss ass banker tried to talk shit to me one time saying, Oh sir how is business? I noticed you don't have a business card on file. Banks love to fuck you over if they get the chance.

oh yeah, businesses cost money to open and if you live in CA you will most likely end up paying taxes come tax time. CA loves to fuck over small businesses real nice. So what i'm trying to say is, don't be discouraged if you have to come out of pocket for this. Don't be cheap, just spend the racks and get it done.. moving on! Moving right on to getting that company car and writing it off too lol!!
 
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ricky6991

Well-Known Member
Lol, thanks... good to know. I thought the more you write off the less likely to get approved for any loans ect in the future.

The catch is it wont be fake business. It is something i currently do but under the table and as a side gig. Putting it on the books and adding some "job" in the bank account is where i got weary from lack of info. This whole thing seems pretty easy compared to how big people make it seem... then again im only trying to be around 80k a yr i guess some people do 150k or something large. I can live through cash payments easy. Pay the major things through accounts for first yr or so to keep small and start up my shop.
 
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jpill

Well-Known Member
Big people have it difficult because they are getting taxed hard as fuck. Everything matters as far as deductions and incomes. Anyway a large business can save money or hide it, they will (if they are smart) Thats what Tax Attorneys and off shore accounts are for !!! I make 80k a year and get taxed at almost 40% through federal and state taxes. I PAY ALMOST 40% in taxes out of each check and don't even make 100k a year. Its fucking sickening. As a taxpayer you are in fact picking up the tab for all the wasteful government spending I.E. (15.00 muffins at government lunch ins) and for all the bum ass people in this country that don't want to work and have this entitlement view where things should be handed to them and not have to work.

The other day I saw a kid in 7-11 pay for a Red bull with his foodstamp (EBT) card and I just thought to myself, really? Thats what my tax dollars are going towards? Helping this piece of shit buy a fucking red bull?
 
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ChesusRice

Well-Known Member
ricky6991 said:
Lol, thanks... good to know. I thought the more you write off the less likely to get approved for any loans ect in the future.

The catch is it wont be fake business. It is something i currently do but under the table and as a side gig. Putting it on the books and adding some "job" in the bank account is where i got weary from lack of info. This whole thing seems pretty easy compared to how big people make it seem... then again im only trying to be around 80k a yr i guess some people do 150k or something large. I can live through cash payments easy. Pay the major things through accounts for first yr or so to keep small and start up my shop.
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Flea market stand, food cart, laundromat
all time favorite
Car detailing service
 
Robfather

Robfather

Active Member
80% of all business's lose money the first 3 years and 50% of business's go completely bankrupt their first year. If you turn a noticeable profit in that time, you WILL be audited. There are better ideas. In the long term though a business is the only way to really get 'big'. There is some decent advice on this thread but a lot of not so good advice. No dis-respect meant here but yeah, you should google every single thing your told and double check.
The smart way to do it my opinion is easy. Use a small amount of cash as a downpayment on a small loan and pay it off. Claim personal income due to self employment on income taxes. You DO NOT need a business to do this, you can claim small personal amounts every year and just pay the tax on it. After 2 years, take your cash from your bank and use it as a mortgage down payment. Use cash to renovate your house, blah blah blah. I been through this before.
When you start your business make sure it is a high volume cash based business. Research some place other than here about how to convert your cash through your biz. Take your time while renovating your new house. After about 3 years you can do some real damage as far as laundering. Never get greedy or impatient and never tell anyone. Remember, your entire life is at stake so don't believe whatever you hear, even from me. I noticed a few people copy and pasting my replies to other threads and taking credit for it as their own. That's fine but just remember: With great power comes great responsibility, lol :peace:
 
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ricky6991

Well-Known Member
Lol. Glad i got some people here that took time to answer... yea there is nothing but time. Like i said now-a-days anyone can really live off cash. Just when you wanna build yourself into something for future ect then you need credit an something to fall back on and of course employment history lol. But yeah i have time so no need for me to rush into it all...

Problem comes when you have jelousy or haters so cash being stashed ANYWHERE is dangerous to for not only being broke lol but to my family also. Rather be able to make some reasonable deposits every now an then without a teller asking me stupid questions when it isnt there business
 
Da Almighty Jew

Da Almighty Jew

Well-Known Member
Robfather said:
80% of all business's lose money the first 3 years and 50% of business's go completely bankrupt their first year. If you turn a noticeable profit in that time, you WILL be audited. There are better ideas. In the long term though a business is the only way to really get 'big'. There is some decent advice on this thread but a lot of not so good advice. No dis-respect meant here but yeah, you should google every single thing your told and double check.
The smart way to do it my opinion is easy. Use a small amount of cash as a downpayment on a small loan and pay it off. Claim personal income due to self employment on income taxes. You DO NOT need a business to do this, you can claim small personal amounts every year and just pay the tax on it. After 2 years, take your cash from your bank and use it as a mortgage down payment. Use cash to renovate your house, blah blah blah. I been through this before.
When you start your business make sure it is a high volume cash based business. Research some place other than here about how to convert your cash through your biz. Take your time while renovating your new house. After about 3 years you can do some real damage as far as laundering. Never get greedy or impatient and never tell anyone. Remember, your entire life is at stake so don't believe whatever you hear, even from me. I noticed a few people copy and pasting my replies to other threads and taking credit for it as their own. That's fine but just remember: With great power comes great responsibility, lol :peace:
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How much is a safe amount to claim for self employment?
 
BigHulk

BigHulk

Well-Known Member
jpill said:
Big people have it difficult because they are getting taxed hard as fuck. Everything matters as far as deductions and incomes. Anyway a large business can save money or hide it, they will (if they are smart) Thats what Tax Attorneys and off shore accounts are for !!! I make 80k a year and get taxed at almost 40% through federal and state taxes. I PAY ALMOST 40% in taxes out of each check and don't even make 100k a year. Its fucking sickening. As a taxpayer you are in fact picking up the tab for all the wasteful government spending I.E. (15.00 muffins at government lunch ins) and for all the bum ass people in this country that don't want to work and have this entitlement view where things should be handed to them and not have to work.

The other day I saw a kid in 7-11 pay for a Red bull with his foodstamp (EBT) card and I just thought to myself, really? Thats what my tax dollars are going towards? Helping this piece of shit buy a fucking red bull?
Click to expand...
Well u know what they saying brother " work harder , millions on walfare depends on u " lol:D
 
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