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This is the first part of a two part series. This Part One covers the basic tax law of private money.
Private money is used today by business. Recently, small bussinesses Berkshire County in Western Massuchutes have taken the lead. Here is a PBS article on their success.
The tax savings are enormous and IRS approved.
For example, coupons and gift cards are in private money in bearer form. Disney money started in 1995.
In most cases, private money is redeemable in product or services and not in U.S. dollars.
Meanwhile, the IRS has announced when payment in U.S. dollars for your private money is not taxed.
For centuries, private money has been used in the UK and Europe. Now, innovative tax planners' clients are creating private money to save taxes.
Yes, I am talking about private money used for related party tax savings. Now, is the time for you to create and store your private money for tax planning in the future. Virtual currency can be used for related party private money.
Why now? The Federal Reserve loose money policy effects the tax law on private money. Printing your private money, now, creates a powerful and unique tax saving asset if we have inflation.
What if there is no inflation? You merely cancel your related party private money.
Well, this is enough in writing. To learn new tax planning ideas, listen in.
And for those needing more, including the IRS rules, visit our blog on this link.
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