Tag Archives: avoiding taxes

Tax Planning with GOP Tax Law with Tax Talk on Blog Tax Radio

Tax Planning with the OP Tax Bill uses sophiscated tax laws.  The days of simple tax strategies are gone with the new GOP tax laws.   The GOP Tax Law is written for Big  Business.  If you want to save taxes, you will need to think and act like Big Business.

Learn these sophiscated tax laws with my radio show, Tax Talk. We support a subscription-free internet content supported by advertising.  

Each episode as a 60-second commercial by the company hosting our radio show.

The first episode is the new IRS designer trust… designed by the IRS to avoid  state out of state income taxes. 

Tax Planning with the GOP Tax Bill requires you stop paying state income taxes. 

The trust is the new “Nevada self-directed trust”  You can keep control and avoid state income taxes.  

Tax Planning with the GOP Tax Bill requires you to protect yourself from the IRS’s Big Brother Supercomputer exposes the IRS “financial DNA” of each of us stored in its new Big Data computer.

Tax Planning with the GOP Tax Bill with more Podcasts

Find additiona sophiscated tax planning Podcasts on this link for  Provocative Tax Planning on BlogTalkRadio.  For small business international tax planning with the GOP tax bill, please see this link.

If you need help with tax planning with the GOP Tax Bill, then contact me, Brian Dooley, CPA, MBT, at [email protected]

New GOP Tax Savings in Preparing Form 5471 for the Controlled Foreign Corporation

The new  GOP tax bill has created new hidden tax savings.  While preparing Form 5471 for the Controlled Foreign Corporation, you want to make important elections.

Starting in 2018, Form 5471 is full of international tax planning and tax savings.  As you prepare Form 5471, carefully look at the instructions.  They hint at the hidden tax savings. (If this is the first year or a late filing, then please see this link.)

 It is here, in the fine but dull print, that you will find your tax savings.  Preparing Form 5471 for the Controlled Foreign Corporation is an art form.  

For example, did you know that an offshore corporation acting as a captive finance company can avoid U.S. taxes?  

Or that a foreign contract manufacturer related party sales are tax-free?

Or the special foreign investment fund (such as a foriegn ETF) and controlled foriegn corporation tax plan on this link.

Video on Preparing Form 5471 for the Controlled Foreign Corporation

The  video below is from an international tax class that I gave to the California Society of CPAs on preparing Form 5471 for the Controlled Foreign Corporation

If you want to start to save taxes while preparing your Form 5471, then contact me, Brian Dooley, CPA, MBT at [email protected]

What Big Business is doing that small businesses is not.

best tax plan, small business tax,

Small business pays more in taxes than Big Business due to a lack of tax planning. Small business thinks of year-end tax plans.  Big business thinks of tax strategies. The average tax rate of big business is 14%.

The U.S. Senate small business tax planning report was startling. While big business (before the 2018 tax laws) have an  average tax rate of 14% (more on this link).  Even with the new tax laws, small businesses are paying taxes at 44%.   

  For decades fools used tax shelters.  They “invest” their money and are told that the investment will give them deductions or a tax credit. These fools do no work hard to pay the as little taxes as possible.  They just wrote a check.

 This is not what Billionaires do.  Billionaires work hard to pay  fewer taxes. 

They avoid taxes by structuring their business deals in what is known as a “tax efficient strategy.”    This allows all of their profit to be used for growth or for saving for that “rainy day”.  

So, why is the small business owner not taxed at 14%?
– Are they too busy for tax planning?
– Can’t find the right CPA or attorney?
– Don’t want to spend money on professional fees?

Congress’s report has some answers.

Continue reading

President John Kennedy – Our Obligation to Avoid Taxes and to Use Our Talents for the Benefit of Society

Just a short blog post that I hope we provide what I call “staple news”.   The chaos not only between the two parties but in the two parties can cause us to forget the tried and true course.   I picked President John F. Kennedy because he is the darling of the Democrats and those that call themselves liberals.

small business tax planning,

President John Kennedy (Democratic) is the most important president of last century. The President and Supreme Court Justice Holmes agreed… it is your duty to pay the least amount of taxes.

Yet, many of those same people have hatred towards independent voters that support the dreams and economic policies of this great President.

The photograph on the left says it all. While a government job is better than no job, it requires the Government to take (also known as steal) money from a non-government worker. A government job does not create a car, food or exports. The ideal job for a country is one that makes the country wealthier.

If you have a small business, this link has five sophisticated tax plans that your CPA may not have explained to you.  They are used the wealthy and the rich to avoid taxes so that they can create more jobs.

And there is more. Those the have the advantage of a higher education have an obligation to protect the Country by helping the population become educated. I have heard complaints about those that voted for President Trump. If you do feel that way, then please listen to JFK in this video below.

Saving Taxes with the Five Strategies of the Very Rich

offshore tax, self-directed ira, Mitt Romney tax strategy

photo credit: Gage Skidmore CC 2.0

The Very Rich do not worry about year-end tax planning.  They have strategies that last years.

We’ve heard about Mitt Romney’s owning offshore funds with his self-directed IRA.  It controls a variety of offshore company (learn more here).

We have heard about the success of the Clinton Foundation. Charitable foundations have been used by the Very Rich for decades.   They work best with a shell company formed in Delaware.

Here are the five top tax saving strategies of the Very Wealthy.

  • Self-directed IRA or self-directed Solo 401K to own leveraged real estate or offshore companies.  Learn why the Solo 401K is like your own min tax haven on this link.
  • Foreign businesses owned by offshore  foreign tax haven trust. Back in 1996, Congress passed a special tax law for estate planning foreign trusts.  You can learn more on this link.
  • Offshore contract manufacturing company. This company imports to your U.S. business and saves you taxes on the manufacturing profit.  Learn how here.
  • Captive insurance company used to insure your business for that hurricane, earthquake, or other disaster. A new tax law allows the company to earn $2.4 tax free (each year and every year).  Learn how they make money and avoid taxes with this video at Amazon.
  • Charitable foundations are used to park profits, to legally buy off politicians and avoid estate taxes.

How much does tax planning cost?  Nothing!  The tax savings are many many times more than the setup costs and the maintenance.  A recent Congressional report showed that tax planning business are in a 14% tax bracket (on this link).

If you would like to talk about your tax planning needs, then please call me, Brian Dooley, CPA, MBT, at 949-939-3414.  The sooner you call the sooner you will reduce your taxes.