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Great Tax Savings are not about deduction. The Wealthy know how to manipulate the tax law in ways that the Congressional loophole closers never envisioned.
And why not. The one million pages of tax laws has created thousands of innovative tax plans. Each tax reform just creates more opportunity to create wealth via the tax laws.
In this episode, Brian Dooley, CPA, MBT provides a few of the tried and true trade secrets that have been used for more than half a century.
When a taxpayer wants to sell his or her principal residence, and that taxpayer is also the sole owner of a C or S corporation, selling the residence to the corporation offer three benefits.
(1) Cash may be taken out of the corporation tax-free instead of as - dividends. This is because the gain on the sale of a principal residence is excluded from income in an amount not to exceed $250,000 and $500,000 for a joint return.
(2) Assuming the corporation turns around and rents the residence, the corporation has a "cost basis" equal to the appreciated value of the house and, thus, larger depreciation expense than the taxpayer would have had if he or she held on to the house and rented it.
If the corporation is an S corporation, larger depreciation expenses are deducted by the shareholder allowing them to shelter rental income.
And there is more... listen to learn or call Brian Dooley at 949-939-3414.
Good news- President Obama tax and budget deficit plan is full of new Presidential approved loopholes. This broadcasts will explore the biggest tax savings for small business and investors.
I hunted and pecked my way through all 250 pages to select the best for the biggest to the silliest... such as the golf cart energy tax credit.
Tax planning is looking down the road, around the curve, for the next big set of loopholes. Every tax bill that I have seen has had new tax loopholes.
The "Press" will tell you that that this bill has closed abusive loopholes and its is tax reform. However, one parties abuse is the other parties economic incentive.
So, your tax planner goes with the current (as you may know, I am a river rafter in my free time) and does not paddle upstream.
This episode of Tax Talk will cover my favorite loopholes. You will learn how to get the same tax loopholes used by the "Wealthy"
Here are the show notes with my favorite 40 tax saving loopholes.
If you have a question, the call me, Brian Dooley, CPA or text me at 949-939-3414.
Home offices and home base businesses are the new legal tax shelter. With todays powerful home internet services, you can run a major company out of your home.
The Administration is pushing the IRS to recognize the power of a home office and home business. This new policy combined with President Regan small business tax laws provides the blue print to deducting personal interest and home interest as business interest.
New tax law allows a portion of your credit card interest and home mortgage as a business expense.
It is not merely the portion that relates to home office. Oh yes, there is much more. In this episode you will learn about the 1987 tax breaks and how they work with the IRS new home office tax law.
Learn how save taxes by converting your credit card interest and your home loan interest to deductible expenses.
Listen and learn how more innovative tax plans for the cloud computer base and home base business. Amazon provides the best small business cloud system. Here is the link.
Easy tax savings with the IRS foreign source rules is a snap with this very short Tax Talk Episode (11 minutes).
Your tax savings is easy with your own controlled foreign corporation. Use the IRS's new web page for your tax planning.
Learn and listen how and then check out the IRS web page.
Here is the link to our web page with these IRS rules.
If you have a question, then call me, Brian Dooley, CPA, MBT at 949-939-3414 or visit our web site.
Matt Irvine, VP of Health Savings Administrators, will share with us what's going on with the unique way to save to pay for health care costs with pre-tax dollars. What are typical options for employees and the self employed. How much can people save and where can they save it will be at the top of our list of questions. Don't miss our interview. If you do, you'll find it archived right here.
A Great Tax Tool is a related party private annuity and the Tax Court recently made it better.
Seemingly innocent but deadly to the IRS, private annuities have saved taxes since the beginning of the 1900’s.
Something as simple as your controlled foreign corporation funded with your own money provides tax savings and asset protection beyond your wildest dreams (tax dreams that is).
Adding Mitt Romney’s legal offshore structure, your tax savings escalate.
The trick? The trick, as you will learn, is the IRS’s own information return, regulations and a recent Tax Court victory.
Have a question? Then be sure to call in and talk to Brian Dooley, CPA, MBT at (949) 939-3414
If you are “making good money,” but
feeling broke, blame taxes. Income
Taxes are THE biggest expense item
for nearly all households.
And if you’ve been feeling “more broke”
in the past year, here’s why…
During fiscal year (FY) 2015 (which just
ended on Sept. 30), the IRS took more of
our hard-earned money than ever before!
HOW MUCH DID THE IRS TAKE
FROM US IN FISCAL-YR 2015?
Sit down for this one! The total collected
Translation: $3,25 TRILLION dollars. Or
3 Trillion, 248 Billion, 723 Million dollars.
That’s a whopping 8% jump over last year!
The entire population of the United States
is 320 million. That means the amount
collected from every person in the U.S. –
even counting infants – averaged $10,152.
The average American family – mom and
dad and three kids – a normal family if five --
paid nearly $51,000 in taxes last year!
($3.25-Trillion divided by 320-Million people).
So if you think that taxes are killing you
financially, be assured, THEY ARE!!!
Only one person can reduce your taxes to
the legal minimum – YOU!
The MORE You KNOW, the LESS You OWE
Tax Code 179 Tax Credit for Year in Purchase of ML830 Cold Laser
What is the biggest challenges most Americans Face? Having too much month at the end of money. How can the common person overcome this challenge? Most try by getting a second jod or a second mortgage, or both.
In reality, the best answer is making the most out of your current income by starting and running a homebase business.
We will show you how a properly structured home-base business can potentially save you thousands of dollars on your taxes. The U. S, Congress has created laws that encourage individuals to be entrepreneurs - to start and run their own business.
When you start your own home-base business, you become eligible to take all the same kinds of deductions available to big corporations. These deductions will allow you to decrease the amount of taxes that you pay. Helping you get back an extra $3,000 to $5,000 back on you tax return. Tune in today and find out how you can get started in a home base-business in this last quarter of 2015 to increase your tax return.
Movements Unlimited Tax Services
Transform your LIFE w/Coach Tamarra! ** This show has been pre-recorded! **
We’ve become accustomed to thinking and believing that business is only about profits and more profits. In this instance though, Global Tax Centers is an organization that is steeped in a proud tradition of greatness while also doing right by the people who drive the business for the people that the business serves.
Coined to be The Uber of the Tax Preparation is an organization born in the spirit of standing up for what’s right… FIRST and FOREMOST… for People!
Listen in on this spirited and passionate conversation about how Global Tax Centers was born, why NOW is the time for GTC to make its move, more about the Man behind the MISSION, and HOW the organization will TRANFORM LIVES!
Nathaniel R. Causley, Jr. is a Visionary Entrepreneur, Author, Private Investor, and Change Leadership Professional. He’s an expert not only in strategically rebuilding dysfunctional and disorganized systems; he’s the master of driving over the top revenue results in diverse, urban, and mainstream domestic and international markets. He’s the fire by which Global Tax Centers, the Uber of Tax Preparation, was founded.
For more information about Global Tax Centers, and how to become a part of this revolutionary new start-up company that's changing the way taxes are being prepared in America, go to: www.globaltaxcenters.com/. You can contact Nate directly by phone at 609-254-4367, or by email at email@example.com.
Tamarra Causley Robinson is a Career Transitions Coach for women whose mission is to empower women to have the life and career they desire w/o guilt apology or shame. More about Tamarra can be found at www.dare2doitnow.com