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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.
Welcome to the SC&H Group podcast series. Today, we are speaking with Angelo Poletis, a Principal with SC&H Group, about how breweries in Maryland can achieve more savings opportunities.
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.
Tax returns must match the information the IRS has in every detail of each number. Tax returns must have detailed explanations showing that you know what the law is and how you can defend it the way the IRS requires in an audit. It's not enough just to have your paperwork. You will lose.
Visit www.taxproblem.org for our free download on how to represent yourself.
Call Stephanie at 713-774-4467 to discuss your situation with her.
Google Killer IRS CPA
How to Start Your Tax Business? Are you ready to go too the NEXT LEVEL? Then you need to Start a Tax Franchise - ask for the RESELLER Package. If you already do your own taxes or help other people with taxes why not get paid for it and make it your own business?
If you thought about doing your own tax business before and did not know how .. Now you know how! This package is for the tax entrepreneur who, in addition, want to own your tax office, but you also desire to earn additional revenue, year-round, by generating prospects which become Tax Office Affiliates as well. You set your own hours! You the boss! You can work from home if you want too!
Tax Software for all 50 states and back tax years upon request for your Tax business
$500 Taxpayer Cash Advance, repaid through tax refund, at no cost to Taxpayer
Tax Preparation Training, on our Private Label Professional Tax Software
Support 24/7 during Tax Preparation Season for your Tax Business
Print Checks and Deliver Debit Cards from your Tax Prep Business
All Potential people who are ready - CAll 707-278-Tax8 and leave your First & Last Name, email and phone number and say I am ready to for the next level.
We all dred filing our income taxes but with the help of a professional we can get the best advice and outcome possible.
Stan Roy owner of Heritage Tax and Consulting Services will be chatting with us today on some of the lastest changes that will effect you when filing your income tax this year.
Stan will be discussing such things as the impact of the Affordable Care Act, extensions on allowable deductions and credits, and e-filing. If you own your own business stan will be discussing writeoffs, credits and more.
Stan has extensive experience in assisting individuals and businesses with their accounting and bookkeeping needs. We are honored to have such an expert join us and share such valuabale information.
For more information visit Heritage Tax & Consulting Services
Host Dawn Davenport, Executive Director of Creating a Family, the national infertility & adoption education and support nonprofit, interviews Becky Wilmoth, an Adoption Tax Credit Specialist at Bills Tax Service, and Josh Kroll, Adoption Tax Credit Coordinator at the North American Council on Adoptable Children (NACAC).
For a discussion of this show, go to our blog tomorrow http://creatingafamily.org/blog/.
Creating a Family has many free resources related to this topic on our website at www.CreatingaFamily.org.
Please leave us a review on iTunes. Thanks.
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In the following podcast interview, Fernando Calvo, a Key Accounts Executive at Altus Group’s Atlanta office, speaks with Ross Litkenhous, a Senior Director at Altus Group’s Tysons office, about updates to the real property tax appeals deadlines and processes in Virginia.
Join Jim Blue and Steve Weisman is a discussion on how to reduce the risk of becoming a victim of income tax identity theft.
It's tax time and we all know that income tax identity theft is a major problem. The most common way that income tax identity theft occurs is when the identity thief files an income tax return using his or her victim’s Social Security number along with a counterfeit W-2 that indicates a large refund is due.
Steve Weisman is a lawyer, a professor at Bentley University and one of the country's leading experts in scams and identity theft. He writes the blog scamicide.com, where he provides daily update information about the latest scams. His new book is Identity Theft Alert.
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