Declaring Back Taxes Owed From Foreign Funds In Offshore Banks: Difference between revisions

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Revision as of 10:15, 2 August 2025


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Offshore tax evasion is crime in several onshore countries and includes jail time so it in order to avoided. On another hand, offshore tax planning is Not a crime.

Contributing an insurance deductible $1,000 will lower the taxable income for this $30,000 per annum person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 12 months person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double!

I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) into a 401k, making my federal income taxable earnings $64,744.

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