Does anyone use the practice of storing thier money in an off shore business account or getting thier corporation formed off shore and "doing" business from there?

Unless you are making huge bucks, I don't see it as being worth it. One, you can do it on your own and assume the IRS won't mind or catch you. Two, you can pay a lawyer to do it right (but pay up big for the lawyer) like a lot of bigger companies did lately in incorporating in Bermuda.

Sending money to an offshore account where you have a credit card linked to is nothing new. People set up the offshore businesses and then send that business money as an expense. Works fine and dandy until the IRS randomly audits you and asks why you are paying a "consultant" from the Caymans $30,000 a year.

Exactly.

It's useless to go offshore unles you are doing more than 1 million dollars /year.

Hello
I looked into it.
The benefits were marginal.
Basically you would be concealing the businesses turnover but if you require credit or even want to sell the businees then having straight, clean accounts is important.
If you get tot the stage of turning over lots of money then it might be worth having a subsidiary offshore but only as a way of filtering profits to somehwere with less restructive reporting.

Gordon

Offshore banking is still widely used and can become very beneficial in the life of a wealth person or business later on.

We operate from low tax jurisdictions (Hong Kong/Macau) so going offshore doesn't give much benefits. Furthermore, if you are thinking big and expect the company to grow to a decent size (to be merged/acquired by a larger company, or even for listing) it is better to avoid going that road.