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My Tax consultant said that he can help saving around 10k in taxes if I open an LLC and reimburse house rent and electronic equipments as company expenses. Is it legal to do it this way? Edit: This is what my tax consultant said about how it is gonna work. For an LLC as there are many ways also for an H1B visa Holder. Here we are opening this LLC for Real Estate. Investment of say Real Estate and your personal expenses (Home Office Expenses) are considered in different Sections while preparing your LLC Expenses Documents! Here we are setting up an LLC and taking advantage of the Miscellaneous expenses in the LLC. #cpa #irs #tax
You can’t save your W2 taxes by this
I'd think so too, sounds fishy but what about using an LLC to invest in the markets? Would that legally and ethically save on CGT?
Is it possible to invest in markets via LLC?
You can’t reimburse a property which you don’t use primary for work purposes only
He said that the apartment that I am renting can be used for that purpose.
It’s tricky, if you have a separate room as an office, maybe, but id get a second opinion
If you want to get deported, do this Does your “tax consultant” work out of a van?
No getting deported etc. that's a taboo. Just need to take the risk of court battles if needed.
Only if you’re on 1099, not applicable for W2
Illegal. You can be deported. High risk of H1B extension and green card denials.
Only if you are a citizen
not true. Some other types of visas and GC are fine too
Do the math: Save 10k / year * (1- probability of ) getting in trouble VS Difference between US salary and salary wherever you’re from * probability of getting in trouble Probably not worth it. Don’t risk it!!!
And you wouldn't actually be running a company? That would be tax fraud.
Nope I will not be
100% tax fraud. You could slide by for a while but it'll just make it worse when they do catch up to you. Ask your tax guy if he will insure and indemnify you if the IRS audits. If he won't then 100% do not do this. Even if he will it just means he'll go down along with you. It's got nothing to do with H1B - it's just plain fraud and you could even go to jail.
Sounds like your tax man is trying to help you leave the country
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