Tag Archives: tax planning

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]

Why JFK Said Tax Planning to Avoid Taxes is Patriotic & Good for America

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President John Kennedy (Democrat) is the most respected president of last century. 

International tax planning small business offshore tax strategies can legally avoid taxes.  When you avoid taxes, you help America.

JFK  said that  “Every dollar released from taxation that is spared or invested will create a new job and a new salary.”

You, the business owner, are the only one that creates real jobs.

The more you avoid taxes, the more money you have to expand  and create jobs. 

President Kennedy and Supreme Court Justice Hand agreed that patriotism does not mean paying more than your legal share.

And  Supreme Court Justice Holmes Justice Holmes rebuked the IRS by saying: “The only purpose of the [taxpayer] was to escape taxation . . . . The fact that it desired to evade the law, as it is called, is immaterial, because the very meaning of a line in the law is that you may intentionally go as close to it as you can if you do not pass it. Continue reading

Small Business Tax Planning with Gift Cards and other types of Private Money

Banknotes can be payable in gold, any currency (such as the Swiss Franc) or product. They have been used for centuries by the wealthy to create wealth.

This morning I was annoyed as a Starbucks patron had his iPhone loaded with pre-paid Starbucks.  Small business tax planning with gift cards and other types of private money has been used by Disney for more than half a century.

I was reminded of last century’s use of private money.  For centuries, banknotes have been used in the UK and Europe as “private money.”  

Now,  innovative taxpayers are using their private money to create wealth and to save taxes.  

The Starbuck’s virtual prepaid card and gift cards are types of private money.  With the correct tax election, you do not pay tax when the card is sold. 

You pay tax when the card is used to pay for your product or services.

If you are like Disney, the tax deferral rollover year after year.   About one third of gift cards and prepaid cards are never used giving you an very long tax deferral. 
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What Big Business is doing that small businesses is not.

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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

The Four the Most Underutilized Tactics by Small Business Tax Teams

I hope this article will turn on a tax saving light for you. Emulate Google, Dell and Amazon and pay less taxes.

I hope this article will turn on a tax saving light for you. Emulate Google, Dell and Amazon and pay fewer taxes.

Lessons from Google and Dell

If you’re a frequent reader of the International Tax Counselors blog, you’re well aware that I often encourage you, the entrepreneur/business owner, to expect more from your tax team. You need the expertise of a bold, creative tax planning team to help you keep more of your heard earned profits.

How do you know if your tax advisors are doing everything they possibly can for you? Here are four  powerful strategies that you should encourage your tax team to do for you:

1)    Include the IRS National Office in your tax planning. A business can obtain its private tax law, or guidance from the IRS directly, by applying for a private letter ruling (PLR). Make sure to do your research through the IRS on which issues it grants PLRs and which circumstances it does not before submitting your application.

2)    Another way to obtain your private tax law is to write it and push your legislators to enact it merely.  Dell is one of the great corporations that invest heavily in lobbying. The computer company typically spends over $2 million per year on lobbying and designs about ten laws a year. This year alone (2014), there are 1,600 lobbyists from Dell trying to influence tax law specifically, according to the latest report from OpenSecrets.org. Dell has lobbied for tax credits for research and development and other areas, according to a 2011 news story by the Associated Press.

Okay, so you don’t have the same budget as Dell for lobbying efforts. But, just like any other American voter and taxpayer, you have the right to lobby your legislators. Don’t forget, they’ve been elected to public office to serve the public. You, the business owners, are crucial to the economy. Communicate with your legislators on how new tax law can help boost your business.

3).  Get the IRS to write the regulation explaining a new law to fit your tax plan.  The IRS always asks the public to participate. They have an easy-to-use website for this. For more than 30 years, the IRS has accepted the changes that I have requested in the regulations. This link will tell you how to get your private tax law.

4)    Guide your business and investment model. Google’s great tax team helped Google decide what to do with its enormous cash reserve. For example, Google $280 million investment into a solar fund in 2011 gave Google an immediate $90 million tax credit plus interest on its $280 million, according to an article in Fast Company.    To be tax planning successful, budget 5% of your taxable income to tax planning.  Remember, tax planning fees are tax deductible. 

Business owners, take the lead from Google on this one. Talk with your tax planning team about your company’s future investments.   If you would like to brainstorm your tax ideas, call me, Brian Dooley, CPA, at 949-939-3414 for a free one-hour brainstorming consultation.