Chapter 32

PS: Thank you to Shusheng Shangdi for the tip, and to all the readers who have clicked, collected, and recommended the book. I am extremely grateful and hope everyone will continue to support me.

"Jingang, bring me the fruit plate!" Pointing to the fruit plate on the table, he made a gesture indicating he wanted to eat some fruit. I believe Jingang, who was crouching on the sofa, would understand.

Luo Yi looked speechless at Qi Ping. He felt that Qi Ping was a real scoundrel; perhaps it wasn't about compatibility at all, but rather Qi Ping just wanted a free little servant. Looking at what Jingang could do now, it was really like a servant who served tea and water, and this was a 'cheap' servant who only needed food and lodging.

"Jingang, bring me one too, but not a banana." He made a gesture of a banana and crossed it out. Jingang actually liked bananas the most, "Don't just bring bananas, bring apples and other fruits too."

Seeing Jingang happily and steadily bringing the fruits over, Luo Yi was even more speechless. Jingang really had no 'self-respect.' It was one thing to be ordered around by Qi Ping, but Jingang still looked very happy. It was indeed too degrading, and Jingang should learn to resist.

Now it was time to draft the contract and discuss the collaboration. This was very important. Although Qi Ping didn't know the specific American laws, he understood the general idea, after all, he had studied law before. The most important thing was that although Qi Ping wasn't sure now, he could consult American lawyers to review the final contract.

"I'll take a 10% share. As long as you can guarantee stable sales, I can fully authorize you. Of course, it might be difficult to fully take over now, but that's fine; we can open the market and develop it simultaneously, which is beneficial for both of us." Qi Ping explained his thoughts, which he believed were the most beneficial for him.

Luo Yi, Douglas, and Chris all agreed. It seemed that Qi Ping wasn't contributing money or effort, but even so, taking a 10% share was too greedy. However, there was no choice; these high-quality vegetables were what they really valued, and only by doing this could they ensure Qi Ping was tied to this project.

"I hope we can sign the contract as soon as possible. I believe everyone is sincere about this collaboration. Perhaps we can draft the contract now, as we have professional legal experts here." Chris smiled. This wasn't a vacation at the forest farm, but everyone's mood was better because this might lead to a significant breakthrough in their business, "Luo can draft the documents, and we'll quickly find a lawyer to confirm. We need to finalize these matters now because we have a lot to do next."

Qi Ping also agreed. They needed to draft the contract first; time was crucial for these people. Although it might seem a bit makeshift, time was indeed very important. They were already running out of time, and they had a lot to do next.

Only after the contract was finalized could they register the company and start making some arrangements. There was only about half a month left, and it was indeed too late. So, they needed to act quickly, which was the most important thing. This wasn't the time for a good vacation; work was the main focus, and they should strive to work hard while they were young.

Since everyone had no objections, Luo Yi started drafting the contract immediately. This made everyone more motivated. It was time to work hard, so even if it seemed a bit busy, it was fine.

"Do you need to hire a private lawyer or some professional financial advisor? You're still managing your own affairs, but you're about to start earning a significant income. Besides, you need to pay attention to the tax system here in the U.S. It's not as simple as paying what you earn." After drafting the contract and confirming it at the law firm, Luo Yi reminded Qi Ping.

Qi Ping was taken aback but understood Luo Yi's point.

The U.S. tax system indeed had its complexities. There were many types of taxes, high tax rates, and almost no income was exempt from taxation.

First, U.S. taxes are divided into federal income tax and local income tax, which are further categorized into general income tax and capital gains tax. Federal taxes mainly include personal income tax, social security tax, corporate income tax, estate tax, gift tax, consumption tax, windfall profit tax, and stamp duty.

The U.S. tax system is quite complex, and it indeed requires a dedicated person to help Qi Ping manage it. As a wealthy person, he couldn't afford to get into trouble due to tax issues.

There's a saying in the U.S., "Don't mess with the IRS (Internal Revenue Service)." The IRS's power is so great that it even surpasses the CIA and the Department of Defense. The IRS has the power to bring down many big shots. It is the largest bureaucratic agency in the U.S., employing over 100,000 people, and has access to Americans' social security numbers and bank accounts. With 40,000 auditors, they are omnipresent and have more power than the Department of Defense and the CIA.

In the U.S., April 15th is a big day. It is the deadline for federal tax payments. Millions of Americans have to deal with the IRS, which is known as the most feared government department in the U.S. This is the time when taxes are due, and you don't need to pay taxes every time you earn money; you can settle your annual income at this time.

"I understand. In the end, it's the total income minus expenses, right?" Qi Ping knew a bit about it, as he was now living here and couldn't be completely ignorant.

"In theory, yes, but not all expenses are recognized. For example, having more children after getting married reduces your taxes, and doing charity also reduces your taxes. You should hire a private financial advisor to help you manage these matters; many wealthy people get into trouble with these things every year. I don't want to see you get into trouble as soon as you arrive. The IRS is unreasonable, and tax evasion is a serious crime in the U.S." Luo Yi said seriously. These matters were indeed important, and he, as a local, had the right to speak.

Qi Ping acknowledged the advice. To be honest, he did know a bit about the U.S. tax system, but it was only a bit. The tax system here was too complicated and cumbersome, and he indeed needed a specialist to help him manage these matters. It wasn't necessary now, but it would be soon.

Many people believe that the U.S. tax system is a way to redistribute wealth from the rich to the poor, and many also believe that it encourages consumption, which is a reasonable perspective.

For wealthy Americans, these tax systems are often 'cruel,' which is why many wealthy Americans try their best to find ways to legally avoid taxes. One way to legally avoid taxes is through 'consumption,' such as buying a house or a car, which can reduce taxable income.

For example, if Qi Ping earned $20 million in a year but spent $15 million, theoretically, he would only need to pay taxes on the remaining $5 million. Of course, this requires the help of professionals to manage, which is why Luo Yi reminded Qi Ping.

Overall, it felt pretty good. Qi Ping felt that he had done a lot during this period. He had gained a lot, and most importantly, he was now well-prepared for the upcoming surge. Clearly, in the next period, Qi Ping would start to make a big move and start earning income!