Pay zero tax on Adsense Income

forming an offshore corporation

[oldskool79]

My Adsense income is very large, and as a citizen of the United States I stand to lose close to half of it to federal and state income taxes.

I'm considering forming a Panama Corporation, as they have zero income tax and no reporting requirements for offshore companies. Since my websites are hosted in the United States and target US and European customers, the corporation should qualify as an offshore corporation.

The corporation would own all my websites and collect all the income. I could then have the corporation buy whatever I wanted (boats, homes, etc.)

There are many companies that will form a Panama Corporation, as well as provide mail forwarding and bank services for under $2000.

Has anyone done anything like this? Obviously this would be a huge benefit to anyone with a decent Adsense income.

[HughMungus]

I wouldn't mess with this without a lawyer who knows what he's doing. You do not want to get on the wrong side of the IRS.

[Birdman]

You will probably just lose $2,000 dollars, but any scam is worth trying, eh? This is definately the wrong place to ask questions like that. Better off talking to an accountant or an attorney, just to be sure you aren't setting yourself up a stay in the federal pen.(hint: tax evasion)

Birdman

[Jenstar]

You should really talk this over with an accountant.