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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.
Did I get your attention? LOL Sorry this show notice is late in coming. Yours truly attended a "candidate forum" tonight (Oct 29) not a debate but a forum. Why? Cause in case you missed it, I'm a county commissioner candidate. No wise or stupid cracks!
So open phones for you all to open that can of worms before this coming Tuesday Nov 4 BS election. The big day we the people are supposed to take our government back. Yeah...right. Did you write to Santa yet?
See something say something....hell we can spew that crap too!
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
in Real Estate
We're joined by John Thomas, the CEO of Deductr - an NAR Reach-sponsored startup that offers an innovative platform to help agents & small-business professionals to easily capture, organize, and itemize tax deductions. Deductr was designed to automate financial tracking, track tax-savings growth over time, avoid missing the tax deductions that you deserve, and helping to eliminate tax-time anxiety.
Schedule A Free Coaching Call
Visit Tim & Julie Harris Online
Listen on iTunes
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It is tax time. That is right, do not wait until 2015 to get your taxes ready. There are things you can do now and what you need to do in 2015 to make sure you keep more money in your pocket.
This show is sponsored by WWW.SEXYBIGLASHES.COM. Forget about fake or puny lashes. Get Younique 3 D Fiber Lashes and get the look you deserve.
My name is Shawn Hill and I with my wife run WWW.SEXYBIGLASHES.COM. We help women look their best everyday with the use of cosmetics. Our #1 product is Younqiue 3 D Fiber lashes. Get yours today and look your best tomorrow.
I will be joined today by John Boone. John is the owner of D& J Taxx Service. John is an experienced, reputable tax accountant with over 18 years of expertise in the tax industry. John helped launch D & J Taxx Services as CO CEO in 2007. His mission is to help clients maximize their tax returns by educating and providing tools to succeed and achieve this goal.
I will also be joined by Kgosi Johnson. Kgosi is the owner at Johnson Consultants and Associates LLC. His passion is helping small businesses succeed. He assists all types of businesses and he also caters to the home based business community. Kgosi provides services locally in North Carolina and nationally! Owner Kgosi Johnson is a Professional Bookkeeper, Consultant & Tax Preparer. Because of his background in human services, he is able to provide effective customer service, in addition to his innate skill with numbers.
Tonight we address the IRS and its woes, scandals and infamous reputation.
When talking of this American Gestapo we cannot ignore America's desire for a more simple and easy to understand tax code.
You want simple, easy, fair? .... I give you the fair tax.
Villianized for its fairness, misrepresented for its danger to established power and over-complicated for its simplicity, the Fair Tax is the answer to so much that ails us in America today.
Splash talks about the basics, the benefits and the need for something as middle class friendly as The Fair Tax.
We will of course revisit the Budget Deal in potential peril and have more on the CIA Terror uproar.
All this plus the news of the world in general on tonight's show.
Jessi Fearon, blogger with The Budget Mama, stopped by to chat about her new challenge - The 90-Day Savings Challenge. Over the next three months she wants to help you stop using credit cards and rid yourself of the cash-back excuse by creating your own 5% savings perk! Are you looking to add a spark to your debt free journey, tune in and be inspired!
If you owe back taxes or have unfiled tax returns, then the IRS Tax Helpline Radio show will help you to overcome your IRS problems.
The IRS is the world’s largest debt collector and they will do anything they can to collect what they are owed.
If you have received a letter from the IRS or if you owe back taxes or have unfiled tax returns, then contact the IRS Tax Helpline for a FREE Consultation at 1-855-240-1040. You can visit their website at www.irstaxhelpline.com for more information.
“Don’t wait for the IRS to contact you, be proactive and fix your IRS problem before it gets worse.”
Call 1-855-240-1040 and solve your tax problems today.
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