Big fat tax concern...

Reply #3

BaristaExpress — Wed, 10 Dec 2008 22:36:57 GMT

There are a few ways to do what needs to be done.

1) You could form a corporation to claim the jackpot. But if you do that you better use the seasoned corporation. To explain what that is it's a corporation that's a shelf company that's been around for 2 or 3 years in the respected state of incorporation and just do a 24hr. Expedited name change for that shelf company you just purchased! Just go here and do some serious reading on the facts of incorporating.

Go to www. nevada123. com

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Reply #2

KY Floyd — Wed, 10 Dec 2008 21:43:32 GMT

Corporations only pay taxes on profits (I don't know why nobody told Joe the plumber). If the expenses equal or exceed the income, there are no profits, and therefore there are no taxes. If the prize is claimed by a corporation and that money is paid out as a legitimate expense, it wouldn't be part of any profit. As Piaceri says, with some corporations the profit simply passes through the corporation to individuals, where it is treated as normal income.

Technically, if the prize is claimed by... [ More ]

Reply #1

Piaceri — Wed, 10 Dec 2008 02:34:15 GMT

I already have a revocable trust that holds my larger assets, namely my home and investments (not that those are extensive - even before the crash). The trust has my social security number and I am the trustee. I pay all taxes as an individual, so the trust does not have any income tax benefits. The only thing this trust does is allow my estate to pass outside of the probate process upon my death - which has quite a few benefits including preventing the nature and extend of my assets from becomi... [ More ]

Big fat tax concern...

Blotto — Tue, 09 Dec 2008 20:15:15 GMT

Jackpot question:

I agree 100% that the Trust and/or Corporation opinion is definatly the route to take when claiming a jackpot. Both for privacy (upmost importance) and proper management!

Now here is my concern (its simple really) and perhaps some of the good folks here have already concidered this and can enlighten me. Now when you claim the prize the trust or corp is going to pay the federal taxes on the money right? Now after that when YOU personally want to access funds, are YOU