Listen to provocative and innovative tax planning on 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 screw your state out of state income taxes. California tax planners and New York tax planners can use this new Nevada self-directed trust to save state income taxes.
Next, Protecting yourself from the IRS’s Big Brother Supercomputer exposes the IRS “financial DNA” of each of us stored in its new Big Data computer.
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%.
In a recent report, Congress blamed Americans for paying too much tax. Congress reported that the average tax rate of tax planning businesses is 14% (more on this link) and50% of tax planning business paid no income tax.
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?
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, hidden in the fine but dull print, that you will find your tax savings. For example, does your tax preparer know that an offshore corporation acting as a finance company can avoid U.S. taxes?
Or that a foreign contract manufacturer related party sales are tax-free?
My video below is from an international tax class that I gave to the California Society of CPAs. If you want to start to save taxes while preparing your Form 5471, then call me, Brian Dooley, CPA, MBT at 949-939-3414.
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.
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.
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.