Trying Not To Show Income On W2...Legally!
My ex-wife and I have shared custody of our 3 children. 50/50 all the way. I make more than her so of course I owe a certain amount each month.
Now, I am trying to make a better future for myself, my kids and my girlfriend of 7 years. My ex is making her living working 9 months a year and collecting from me. She has no ambition to do anything else. I on the other hand want more. I do not feel that she deserves more just because I decide to try and improve my lifestyle by working an extra 500hrs a year while she sits back and does nothing but collect the checks. You do not have to agree with me, this is just my opinion.
My question is...is there any way of having my girlfriend claim this income? Some of our homes are in my name and some are in hers. They are all rentals. The checks are made out to me. Someone said about forming a LLP or LLC?? Not sure if this would work or even how to do it? Of course, I want everything to be ligit. Thanks for any help with this. Anymore info needed please feel free to ask.
I would suggest forming an LP or LLC (just in case this gf doesnt stick around forever), and put all your properties into land trusts. Your ex will not be able to find them then since there will be no record of you as the owner. Set up your company if you can offshore or in Nevada. That way you can pay yourself a certain amount and she cannot get to it. You can make yourself look as poor as possible...that is your goal.
For as much as Bill Gates makes he only gets paid 500k a year.
Hope this helps.
jetts has the right idea. Put anything you can into some type of corporate structure (LP, LLC, etc) and move as many personal expenses to the corporation as possible. This way to, you won't have such a big need to take a salary because your expenses will be reduced.