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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.
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 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.
We're trying to get through this maze called life and what crucial information are we lacking?
Please join us and if you can't, contact us for a free informational meeting.
There's a lot of needless fear and bad feelings about money.
We go to school. We get English, Math, Science, History. What course don't we get? Anybody ever take My Money, Money 101, Building Wealth?
We use money every day, all day. And no course? What's up with that?
Tomorrow night we'll get the essentials --and solutions for:
– Reducing taxes (and give yourself a pay raise)
– Reducing credit card debt, student loans
– Saving up to $150/month on Auto/Home and Life Insurance
– then using that money to maximize your Roth IRA, 401 (k), your NYS pension plan, Start a 529 College Savings plan for your kids
Let's get financially well:
In the Capital Region, come to the Family Money Fair at the Rotterdam Library Wednesday night July 30, 1100 N. Westcott Road, from 6-7:30, drop in. Go to bitly.com/yourmoneyny and sign up for your copy of How Money Works, the must-have guide. bitly.com/yourmoneyny
See you Wednesday.
Caroline Jones, commissioner of the Texas Department of Savings and Mortgage Lending, joins the show to discuss the state of savings institutions in Texas. Latresa Powell of the Texas Bankers Insurance Agency answers the question of the week, "Is there a specific protocol for reporting potential financial bonds or D&O claims?"
Dan Borowiwicz is an instructor, 2nd Congressional District Director, Minnesota Fairtax. Dan knows HR25 and matters about taxation like few do and believes that HR 25, THE Fair Tax is a non partisan bill that really has everything in it that Democrats and other Americans of various persuasions want. He further believes, as many Fair Taxers do that without Democratic support HR 25 cannot be passed. Dan is a coalition builder. His arguments in favor of HR 25 regardless of your political persuasion are very compelling. If you have wondered what you can do to help move the bill forward you must participate in this discussion.
Fair Tax Time is brought to you commercial free each Wednesday evening, 6PM Pacific time, 9PM Eastern, by the host John Wesley Nobles. You may listen on your computer or on your phone. Dial (619) 393-6478 or, if you’re charged for long disance, use our toll-free line: (888) 436-1206. Just follow instructions when the nice British lady answers. All of our shows are live but are recorded for future play.
Show info: Fair Tax Time Radio, Fair Tax Nation, HR25 Fair Tax Review
Please share this show's URL with your friends!
Who says you can't build wealth?
Working Americans have the power to build savings and investments.. And it doesn't mean winning lotto.
By freeing up $500 or more each month--by not overpaying taxes, by reducing debt, by rescuing cash in life insurance--individuals and families can get ahead of the game. It's a necessity.
Here's where your money should go.
1. Emergency Fund: This is your reserve fund in the event of an unforeseen emergency, job loss or an unexpected expense.
2. Short-Term Savings: This account is for money that you set aside for expenses like a new computer or perhaps a vacation.
3. Long-Term Savings/Investments: This is where your retirement savings, college fund and other long-range savings will go. Because these savings have more of a long-term time horizon, you can use investment vehicles with potential for a higher rate of return, such as equity mutual funds.
Let's get financially well:
In the NY Capital Region, come to our Money Health Fair, this Wednesday night, July 30 at the Rotterdam Town Library, 6:00--7:30 pm. 1100 N. Westcott Rd. Call 952-1257 for more information.
See you next time.
There is life after April 15th Tax Season! There is planning, how to be more prepared for next year starting right now, revising your current tax exemptions with your employer, check your withholdings, Amend and review your current taxes for deductions that may have been omitted or forgotten and much more. Lets talk about Taxes on Tuesday April 29th at 7pm. Invite your friends also, I will hear you on the line! Hope you had Many Happy Returns this 2013/14 tax filing season
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