Foundations

andrewmitch · #1 10-02-2007, 10:33 AM

I heard a guy on RBN today talking Foundations and how if you donated 10% of your salary to a Foundation your remaining salary is exemption from income tax. Is that true? That would be a 10% bracket/cap and would be awesome.

Also, you could give your money to a organization more worthy than the US Corp or, set one up yourself and use your own money to run it (and then pay yourself a salary).

Sounds too good to be true and my accountant no longer returns my phone calls so I thought I'd ask you guys!

Ecclesiastes · #2 10-13-2007, 09:37 AM

Quote:

Originally Posted by andrewmitch

I heard a guy on RBN today talking Foundations and how if you donated 10% of your salary to a Foundation your remaining salary is exemption from income tax. Is that true?

No.

A private foundation is simply a charity that is controlled by one donor (or a small group of donors), and contributions to the foundation are treated (for the most part) like any other contribution to charity, which means you have to itemize your deductions in order to get any benefit.

weishaupt1776 · #3 10-16-2007, 07:32 PM

You can get a Panama foundation going (hint:doesn't show up as a tax treaty nation on the vIRuS.gov site)

andrewmitch · #4 10-17-2007, 05:01 AM

can you tell me/us more please?

weishaupt1776 · #5 10-17-2007, 12:11 PM

non tax treaty nation = no irs snooping

brozer5 · #6 10-17-2007, 12:15 PM

One of which is the "Sovereign Society" However, if you join, you'll find they hawk a bunch of crap a lot of the time. Wanting you to go all over the globe for Seminars, etc.

Another, and I welcome any info, is "Keep Your Assets".
Free 15 part e course in Asset protection.

Based in Belize for IBC's; plus all kinds of options with N. Mexico LLC's.

For my buckos, I think foundations are cumbersome...

If anyone here has signed up with K yo Ass; PM me.