Taxes
Casualty Loss Can Generate Massive Tax Deductions
A casualty loss may occur as a result of a flood, hurricane, tornado, mudslide or other natural disaster. The intuitive thought pattern is: “My apartment complex worth $5,000,000 suffered major damage totaling $1,500,000 for repairs and rent loss. Fortunately, I was completely covered for both physical damage and rent loss, other than a small deductible. [...]
Expat Taxes: How the Death of Swiss Bank Secrecy Laws Impacts U.S. Expatriates
The IRS announced the resolution of IR-2009-075 on August 19, 2009, forever changing the international banking and investing practices of US Expatriates!
Aggressive IRS pressure caused the multinational brokerage firm UBS and the Swiss government to cave in to account disclosure demands. The result of this victory is much worse than you think: not [...]
The 401k contribution limits increased in 2050
A 401k is an investment tool powerful to help you plan your retirement, but the government has set limits on how much you can contribute to their plan each year. A 401k plan allows employees to invest their retirement savings in a mutual fund or similar. Often, employers will be equivalent to employee contributions to [...]
Basics for income tax preparation
Basics for income tax preparation
Every person who receives income of one kind or the other has to pay income tax to the government. Tax preparation involves a lot of calculation and prior planning. There are forms to be filled and submitted, and refunds claimed from the IRS (the Internal Revenue Service).
The first step in income [...]
Tax Relief – Efficient Investing
It is well understood, and also a dreaded fact, that taxes can take away a major portion of the earnings you get from your investment. It is true that, when investing, you can not make all decisions based on tax relief, but if done, it will make a considerable difference in the amount of cash [...]
Expat Tax Tips: 8 Secrets to Managing Your Financial World Across Two Continents
Whether you are a long-time American Expatriate overseas or one just beginning your multi-continental adventures, you need to find a way to organize and focus your financial world on a global basis. Packaging up all your personal and financial information and carrying it with you is not always the best solution. What if [...]
The Basics of State Tax Planning
State taxes usually come in three forms:
Property tax, Sales tax and Income tax.
Many business owners and real estate investors get into trouble by not even realizing they aren’t complying with the state tax laws.
The First Step to turning your state tax exposure into opportunity is to identify the states you or your entities may be [...]
ExPat Tax Tips: The Death of Foreign Earned Income Exclusions?
President Obama is tagging your Foreign Earned Income Exemption to help pay for huge federal budget deficits. He thinks to hide this motive behind recent White House announcements about U.S. companies, providing smokescreens such as: “I want to see our companies remain the most competitive in the world,” and “…the way to make [...]
Andorra Outsmarts G20
Various countries around the world have no income tax – and the countries that do have income tax don’t like the idea of that at all, as their citizens might wonder just where their money is going!
Even in the 1960’s the Beatles were singing ‘Taxman’ about how everything was highly taxed – even the ultimate [...]
The Benefit of Income Property Tax Shelter
One real benefit associated with income property ownership is tax shelter. Thanks to the tax code, a real estate investment can shelter some of its own income from taxation and occasionally shelter income received from other investment sources as well.
It is one of the true benefits of income property ownership: the ability to tax shelter [...]
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