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I'm not an account, lawyer, etc.
But... is any plan to minimize taxes worth the savings IF the IRS catches
you?
The IRS is like a pit bull - they never let go!
It seems these off-shore plans are OK for asset protection...but minimizing
taxes? I'd have to think long and hard about any plan when my and my
family's financial security is at issue.
----- Original Message -----
From: "Bob" <sampah2002@xxxxxxxxxxxxxxxx>
To: "Mark Brown" <markbrown@xxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
Sent: Wednesday, April 02, 2003 13:15
Subject: Re: Re[2]: taxes
> Actually, as a US citizen your worldwide income is liable for tax, no
matter
> where you live. There are exclusions if you are living abroad, last figure
I
> remember was the first 70k could be excluded. I also think that the tax
> treaty reciprocity means that if e.g. you pay 20k to Ireland, that 20k is
> considered to be deductible from your US tax bill (not considered payment
in
> full). You could renounce US citizenship but even this is difficult if you
> are considered to be leaving the US for tax purposes - and even then you
> still are liable for 10 years.
>
> Bob
>
> ps. I am not an attorney, nor have I played one on tv. This is not to be
> construed as legal advice
>
> ----- Original Message -----
> From: "Mark Brown" <markbrown@xxxxxxxxxxxxx>
> To: <omega-list@xxxxxxxxxx>
> Sent: Wednesday, April 02, 2003 2:02 PM
> Subject: Re[2]: taxes
>
>
> > Hello Jimmy,
> >
> > JS> http://www.worldwide-tax.com/index.htm#partthree
> >
> > thanks jimmy! i have beem thinking about Ireland, they have a tax
> > treaty with the us and so if you pay their 10% flat rate tax as a us
> > citizen i would not have to pay us taxes on the same income. if i
> > understand all this correct.
> >
> > http://www.worldwide-tax.com/ireland/ireecono.htm#exemp
> >
> >
> >
> > --
> > Best regards,
> > Mark mailto:markbrown@xxxxxxxxxxxxx
> >
> >
>
>
> ---
>
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