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Tuesdays with Morey - Tax Tips®

Tuesdays with Morey Tax Tips provides Tax Tips for people living and or working outside of the United States. These are citizens of the United States that live or work outside of the country and need valuable information on items concerned with filing their United States Tax Returns. Tuesdays with Morey Tax Tips includes information such as off-shore banking accounts and the requirements for filing and declaring these off-shore accounts. Tuesdays with Morey Tax Tips adds great value to those who are still confused on their tax obligations when living or operating a business off-shore.
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Now displaying: 2016
Dec 27, 2016

In this episode, Morey and Macarena share important end-of-the-year tax tips for expatriates and soon-to-be expatriates. There is also important year-end tax advice for small business owners, regarding the purchase of office equipment and supplies. Get important tax strategies from experienced lifestyle planners.

 

Key Takeaways:

[:51] Many important financial decisions need to be made before December 31, 2016.

[2:04] No one knows what tax changes will take place under the Trump administration.

[2:24] If taxes are cut, the savings can be used for advertising and personal care products.

[3:57] Politicians are all the same, and Morey doesn’t approve.

[5:37] Go buy office equipment, furniture, and supplies, before the end of 2016.

[7:21] No one knows what 2017 tax laws and rates will be.

[7:49] Deferring income should be done on January 1st, instead of December 31st.

[8:48] An experienced tax professional should be consulted.

[10:14] Americans living in Belize are unaware they had to file a tax return.

[11:41] Penalties for not filing tax returns can be huge.

[13:12] You have to be working, to get the $100k exclusion.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

 

Dec 6, 2016

In this episode, Morey and Macarena share with their listeners the most important questions to ask before picking up and moving offshore. Most people wait until after they have sold everything in the U.S., and are sitting on the beach in a foreign country, to consider the tax implications of their move. Morey Glazer has been doing foreign taxes for 50 years and, is an expert in Belizean tax laws, with over 10 years’ experience.

 

Key Takeaways:

[:59] Important questions to consider if you are ready to move to Belize.  

[2:15] An example of a client who moved to Costa Rica, and improved his business through planning.

[2:55] Check the tax laws in the country you plan to move to, before making your decision.

[3:57] Morey has been handling finances and tax implications in Belize for 10 years.

[4:26] Send your questions to Morey and Macarena, on the Tuesdays with Morey Facebook page, and they will answer them during the next podcast!

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Nov 29, 2016

In this episode, Morey and Macarena discuss using international real estate rental income as a deduction on your U.S. taxes. There are many ways your portfolio can be enhanced with international properties, but you need to make sure you do it correctly from the beginning. Contact Glazer Financial to find out how you can make the most of your retirement money!

 

Key Takeaways:

[:54] Planning is important when buying international real estate, even rental property.

[1:31] If your annual salary is over a certain limit, you are limited in the amount you can deduct for your real estate taxes.

[2:00] Net rental income should be your end goal.

[2:29] Foreign assets get you the same tax benefits as if you bought the property in the US.

[3:00] If you have a loss of $10,000.00 you can write it off.

[3:45] Use an income tax return to project how your international real estate purchase will affect your US income tax.

[4:08] How to use net rental income on your taxes even if you have a net rental loss.

[5:00] If the Chinese build a canal in Nicaragua, the property value will rise.

[5:39] You must plan to plan!

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Nov 22, 2016

In this episode, Morey and Macarena attempt to warn listeners of the potential pitfalls of dealing with professionals who don’t stay up to date on current tax laws. If you are thinking about moving offshore, you must plan to plan. There are so many different aspects to living in a foreign country, and chances are, the company who is selling real estate at a conference, won’t tell you all of what you need to know. Contact Glazer Financial before you make the big move!

 

Key Takeaways:

[:49] If you are considering moving offshore, you need to make a plan for your financial future.

[1:04] People forget to plan for their state and federal obligations, when they move abroad.

[1:46] People set up foreign corporations, without the proper planning.

[2:22] Clients struggle all the time with not planning before they plan to move.

[3:36] You may not pay less tax in a foreign country, because you are still responsible for U.S. taxes.

[4:07] People take action based on professional suggestions.

[4:43] Professionals may not always give you the best advice based on your personal issue.

[6:16] Many people go to a conference, but the information they are given is not legitimate.

[7:49] Glazer Financial tells you exactly what they are going to do.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Nov 15, 2016

In this episode, Morey warns us to be aware of the many changes to the U.S. tax code, which may be hidden in large bills passed by the House, such as the Highway Bill, or Obamacare. These massive, 2,200-page documents often affect people who have international interests or real estate. Many accountants are unable to stay current with the changes to the U.S. tax code, and it’s highly unlikely they stay current on international tax codes, as well. Morey and the employees of Glazer Financial, promise to keep up-to-date on all changes in the tax code, so they can help you plan for your financial future.

 

Key Takeaways:

[:57] Often, accountants and tax attorneys aren’t up-to-date with international tax laws.

[2:06] The recent highway bill changed many of the due dates for U.S. taxes.

[2:33] Obamacare ended up costing us all a lot of money.

[3:22] The employees of Glazer Financial keep up-to-date with all the current tax changes.

[4:05] Morey failed his advanced taxes exam, because he memorized the entire tax code.

[5:38] People who live on foreign soil, but maintain a residence in the U.S., could lose the Foreign Earned Income Credit.

[6:26] Planning for your future tax situation will help you to transition to your new country.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Nov 8, 2016

On this episode, Morey and Macarena discuss asset protection, and how easy it is for foreign banks to mislead the unprepared foreign investor. In addition to the copious amounts of tax forms required by the IRS, foreign investors may also be required to show proof of their income, and have foreign investments evaluated. The right tax professional can help you to be ready for the next mandate. Call Glazer Financial for your free initial consultation.

 

Key Takeaways:

[1:08] The government wants to know about all of your offshore assets.

[1:47] The U.S. wants to be able to tax a person's entire estate when they pass.

[3:02] Foreign investments can be risky. You need to be prepared.

[4:46] Government entities have agents dispersed in all areas of life, looking for inconsistencies.

[6:01] Many times, when people buy gold they don’t know exactly where it came from.

[7:05] Morey knows people who have lost millions of dollars because foreign investment banks are shady.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Nov 1, 2016

On this episode, Morey and Macarena remind us of how important it is to plan to plan. If you, or someone you know, is thinking about moving overseas you must have an honest, experienced tax and lifestyle planning specialist like Morey Glazer, or someone on his team at Glazer Financial. Stay compliant, live a good life and be prepared!

 

Key Takeaways:

[:58] A vacation in a foreign country is much different than buying a piece of property there.

[1:52] Every state is different, when it comes to taxes.

[3:10] Today’s technology allows people to live anywhere on the globe, and still work.

[3:32] Morey is always available to solve clients’ problems.

[4:16] Staying compliant with the IRS is of the utmost importance. Do it before you leave the U.S.

[4:53] Many countries follow suit, and adopt the same systems as the U.S.

[5:35] Lifestyle planning can help you stay on track, no matter where you are from or where you are going.

[7:24] Taxes and penalties can be your biggest cost of moving overseas.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

 

Oct 25, 2016

Morey and Macarena are together today to share information and to educate expats on how to be responsible with our taxes and to make sure we don’t get a nasty surprise letter from the IRS. Believe it or not, but the IRS does have a game book. It’s important, if you are considering buying international real estate, to know what your tax liabilities are and will be. Plan to plan and be prepared.

 

Key Takeaways:

[:56] How do you know what your tax liabilities will be in a foreign country?

[1:52] Expats are required to file U.S. Income Tax returns.

[2:07] If you live outside of the U.S. for over 330 days you may qualify for the Foreign Earned Income Credit.

[3:00] Even missionaries may be eligible for the Foreign Earned Income Exclusion.

[4:11] If you have a grant, trust or foreign corporation, you may have to pay income tax in the U.S.

[4:58] Do you know the rules of the Internal Revenue Services gamebook?

[5:57] You have to be careful, and be informed, about what taxes you have to pay.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 18, 2016

Morey and Macarena discuss the Foreign Earned Income Credit and how it applies to families living offshore. Big tax savings can be had using the credit, even if you are still working for a U.S. company. Call Glazer Financial to see how their tax professionals can help you prepare for your existing expatriate lifestyle or your upcoming travel plans to live out your retirement in the sun.

 

Key Takeaways:

[:46] The Foreign Earned Income Credit -- Solutions for an expatriate in Turkey.

[3:12] Do you work from home in a foreign country but get paid from a U.S. entity?

[5:01] Lifestyle planning and tax planning need to be considered before moving offshore.

[6:59] Moving offshore often becomes a cost rather than a surplus.

[7:47] Just like your life, the tax world changes year after year.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 11, 2016

Morey and Macarena join forces again today to discuss the penalties of not paying your US taxes. They warn that even if you have an accountant or tax preparer it doesn’t mean he or she is versed in how to report international accounts or foreign corporations. Some accountants aren’t even aware of the additional forms required by the IRS when a US citizen has an offshore account. Be prepared and plan your financial future with a team who understands your expat lifestyle. Call Glazer Financial today.

 

Key Takeaways:

[:48] How do you know if you are legally paying all of your US taxes?

[1:26] If you have a foreign corporation, you need to file two separate tax forms.

[3:19] Morey Glazer is always available to answer your financial and tax related questions.

[3:51] The IRS may impose tax penalties in amounts far greater than the original tax.

[4:40] In Belize, you need to bring in $2000.00 a month to be a residence.

[5:52] If you sell an international company, you should be prepared to pay US taxes on your stock dividends.

[6:49] Many accountants don’t review foreign investments or accounts.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Oct 4, 2016

Morey and Macarena stress the importance of tax compliance during today’s podcast. They discuss the little details of offshore accounts and offshore corporations some accountants and lawyers may not deem important. Morey reminds us the IRS is smarter than taxpayers think, and even though you haven’t filed for 5 or 6 years it doesn’t mean they are not aware of your status. They just might be hot on your trail. Morey and his team at Glazer Financial keep up-to-date on all of the changes in tax liabilities and international tax requirements so you don’t have to.

 

Key Takeaways:

[1:40] Introducing Teresa, Glazer Financial’s international expert.

[3:45] US citizens must file income taxes every year with the IRS, no matter where they live.

[5:37] Annual taxes may apply even if you are only receiving Social Security payments.

[7:30] FACTA rules have locked US citizens in. IRS agents have systems in place to look at your return records.

[9:11] You must have a plan to get current on your taxes and prepare for your financial future.

[9:59] No one knows what the IRS will do in the future to collect taxes.

[10:26] Many accountants are not aware of the requirements for offshore corporations or offshore accounts.

[12:58] Practice vigilance and be suspect of any account or lawyer who tells you not to worry about filing US tax returns.

[15:56] If you haven’t filed your taxes you need to become current before the IRS does.

[16:31] IRS news release — A New Focus on Tax Professionals

[18:38] Before you set up a foreign trust, check with the IRS to see what tax implications apply.

[19:30] Buying real estate through your IRA offers a significant tax deferment.

[21:23] Remember — Tax evasion is punishable by law.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Sep 27, 2016

When people are young, they take very little time to consider their financial future. With the help of a certified financial planner, people can make sure they live the life they want today, while preparing for their future needs. Morey and Macarena share best tips and practices for making the most of a retirement savings account including how to purchase international real estate, investment income properties and how to find a lifestyle plan that fits your life.

 

Key Takeaways:

[2:46] Lifestyle planning is thinking about your financial future, so you can live.

[5:33] Can you use your IRA to buy real estate?

[6:54] The IRS looks unfavorably at people running their businesses from IRA’s.

[7:46] What is the proper amount of depreciation a person can take on my SUV?

[9:14] Borrowing money from a retirement plan for additional savings on a vehicle.

[9:54] Macarena is an expert at offshore real estate.

[10:58] Buying real estate from a retirement plan can be a great investment.

[14:08] Take care not to become partners with your IRA. It’s unlawful.

[16:28] If you partner with your spouse you are able to borrow double the amount from your retirement account.

[18:35] Am I able to live in or visit my investment property? 

[20:57] Morey offers a free initial consultation.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Sep 20, 2016

Planning for your retirement can be time-consuming and difficult if you are not an expert on the savings plans available. There are 401(k) plans, profit sharing plans, IRAs and others. The trick is to understand the requirements and benefits each plan offers. Some will allow you to borrow money from yourself to buy cars or international real estate. The loan will be with yourself and you pay yourself back the interest and your taxes are lower. In order to realize the benefits of retirement plans, you must sign up by the end of the current tax year which is December 31, 2016. Don’t delay, save money today.

 

Key Takeaways:

[1:17] Planning for your retirement before the end of the year.

[2:30] 401(k) profit sharing plans allow for savings up to 25% of annual compensation.

[4:15] There are many different savings vehicles to consider when planning for your retirement.

[7:19] Combination plans offer diversity for your investments.

[9:30] Retirement plan accounts must be open prior to December 31, 2016.

[10:10] You can borrow money from your 401(k) account to buy properties.

[13:23] It doesn’t matter if you have bad credit because you are giving the loan to yourself.

[14:21] Planning can help you avoid paying the highest tax rates.

[17:16] Will tax rates be lower in 2017?

[18:05] Increasing your net worth is the goal of financial planning.

[19:57] Morey is working on an international radio series.

[21:00] The stock market has been inflated up to 300%.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

 

Sep 13, 2016

On this week’s episode, Morey takes time away from his busy schedule to share the latest updates on changes to the U.S. tax code. He’s joined by Macarena Rose, an international real estate expert located in Belize. At the same time, the team at the Glazer Financial office is busy preparing taxes, making corrections and working with the IRS to maximize savings for clients. The team is able to provide detailed feedback on bankruptcy cases, instances where another tax preparer has made mistakes and even help if you have failed to file your past taxes.

 

Key Takeaways:

[1:44] Morey presents new ways to protect your personal assets.

[5:30] People want to do their own taxes but don’t consider how they will handle an audit.

[6:47] A tax specialist has the tools most taxpayers aren’t aware of.

[8:14] Glazer Financial can review your tax returns and let you know up front what it will cost to complete the tax forms.

[13:11] Be sure to enquire on the qualifications of your tax preparer.

[16:43] Glazer Financial ensures the accuracy of your returns through several levels of reviews.   

[17:22] Bankruptcy cases can be difficult for non-professionals to sift through.

[19:04] The IRS hides changes in larger bills but Morey keeps up on the latest changes.

[23:05] It’s important for corporations to file their forms by the deadline in October.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Rainforest Realty

Sep 6, 2016

In this episode, Morey and Macarena stress the importance of financial planning and preparing for your retirement. Morey shares a real life example of a 70-year-old family member who was talked into using his IRA to purchase a piece of property. The family member did not consult with Morey until after the deed was done and now wonders if his decision was a good one. Morey and Macarena stress the importance of vetting anyone who wants some of your money, and always contact Glazer Financial before making any financial or tax-related plans.

 

Key Takeaways:

[0:49] Planning to plan is important. Here is an example of someone who didn’t.

[4:35] Before investing your retirement plan into real estate, check with your financial advisor!

[6:12] Make sure you have a monthly income when you retire.

[7:17] Real estate is a gamble just like every other investment.

[9:20] It is imperative you file your tax returns even if you don’t owe any tax.

[12:57] Glazer Financial examines 2 years of past tax returns at no charge.

[13:31] It’s time to do your financial planning for 2016.

[16:48] Glazer Financial can also help with retirement planning.

[18:33] Online research makes vetting your financial representative easy.

[20:20] Contact Morey or Macarena with any questions you may have.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

Aug 30, 2016

In this episode, Morey and Macarena discuss Obamacare, FACTA and the importance of financial planning. Many insurance companies in the U.S. are refusing to foot the bill for the millions of unemployed and impoverished citizens who are currently under Obamacare coverage. They have decided to allow the government to bear the burden by way of increasing taxes. Penalties by the IRS are making this a damned if you do and damned if you don’t vicious cycle. The only way you can be prepared for the upcoming changes is to allow the professionals at Glazer Financial to take the reigns of your financial future.

 

Key Takeaways:

[0:55] Visitors to foreign countries are finding it increasingly difficult to retrieve their money from the U.S.

[3:05] Obamacare doesn’t really offer the impoverished proper insurance and it affects income tax.

[6:37] The U.S. government will fine business owners who don’t supply health insurance to employees.

[8:46] The political parties are considering a single pay system.

[11:05] Insurance companies are refusing to supplement Obamacare.

[13:31] Insurance companies make a lot of money on products other than healthcare policies.

[17:17] Citizens are often powerless against the government machine.

[17:38] Changes in the Highway Bill affect tax due dates.

[19:28] Financial planning is the only way to keep ahead of the fines and the taxes.

 

Mentioned in This Episode:

Glazer Financial Network

Email Macarena: macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

Email Glazer Financial: mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

727-565-1507

Aug 9, 2016

Tuesday Tax Tips with Morey is back, with Morey and Macarena discussing the possibility of a seminar in Mexico and a series of online seminars designed to help expatriates stay compliant and avoid IRS late fees and penalties. In fact, Glazer Financial has been a leader in reducing expat penalties and even eliminating tax penalties for their clients. Contact Macarena with your international real estate inquiries or contact Morey to assist you in planning for your financial future.

 

Key Takeaways:

[1:18] U.S. tax compliance issues for people moving offshore.

[4:16] A client in Hong Kong must show where his money came from - even if it is just a dividend on a savings account.

[5:50] Tax due dates have been changed. The changes were hidden in a highway bill.

[7:23] There are different individual forms for offshore accounts and assets, including offshore corporations.

[8:00] Glazer Financial has been successful in getting rid of penalties or agreeing to a highly reduced amount.

[10:27] Some people leave the U.S. and give up their citizenship.

[11:32] Will the IRS do away with the Voluntary Disclosure forms?

[14:08] Taxes, international real estate and Mexico make a good combination.

[16:50] Glazer and Macarena may start a series of educational events.

[19:21] How did the IRS hide a 3.8% tax increase in Obamacare?

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

727-565-1507

Jul 26, 2016

August 14, 2016, has been slated as the official date of our Tax Tips with Morey, conference in Dallas, Texas. This is the place for you to bring your questions about the legal issues, tax requirements and compliance for Morey to answer directly. Many of our listeners have similar issues so what better way than a face-to-face conference to get everything out in the open. Macarena will be flying in from Belize to offer resources on offshore real estate opportunities. Contact us using the information below to secure your spot!

 

Key Takeaways:

[1:03] Morey must pay attention to tax changes because they happen every 30 seconds.

[4:04] Free legal, tax and real estate advice at the seminar on August 14th in Dallas.

[7:49] There are key things to know about moving offshore so you stay in compliance.

[10:03] Bringing a group of people together will help the group as a whole to avoid mistakes.

[10:35] You must prove your income annually with the IRS or they can take your passport.

[14:19] Morey & Macarena work with many different people, so they are able to inform you what works and what does not work.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

727-565-1507

Jul 19, 2016

Morey and Macarena join forces again on this episode to help U.S. citizens stay legal no matter where they reside. Morey warns of fraudulent calls and emails from people falsely claiming to be the IRS, what correspondence from the IRS really looks like and how Glazer Financial can take some of the burden off you at tax time. If you like our podcast you will love our Tax Tips with Morey Live event in Dallas, Texas this August. Listen in to find out more.

 

Key Takeaways:

[1:24] What should people do if the IRS contacts them via telephone or email?

[6:09] Possible problems you can run into when dealing with the IRS.

[9:25] In order to avoid interruptions in daily life stay current with your taxes.

[10:53] Glazer Financial can resolve tax issues so clients do not have to be involved.

[13:06] The Financial Disclosure Act is influencing other countries to look more closely at expatriate taxes.

[17:44] The August 13th seminar in Dallas, Texas will feature planning advice from Morey.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

Jul 12, 2016

Many expats are unaware of the IRS requirement of filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.   

 

Key Takeaways:

[1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document?

[3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries.

[6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value.

[7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty. 

[11:12] Morey’s goal is to get everyone the information so tax penalties and interest can be eliminated.

[14:57] Long-term employees prove that Glazer Financial will be around for your future.

[18:03] There are a lot of tax advantages in buying real estate.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

Jul 5, 2016

Morey is back with Macarena to give you all of the up-to-date tax code information and changes. If your accountant doesn’t stay on top of things they could be doing you a disservice, which could eventually come back to haunt you by way of additional taxes and penalties. Any expat who hasn’t filed their taxes or who owns an offshore corporation is at risk. Call Morey or contact Macarena today.

 

Key Takeaways:

[1:10] More and more people who live outside of the U.S. believe they don’t have to file because they don’t make enough money.

[3:21] The government may try to impose a tax on foreign corporations or offshore assets.

[6:38] It is so important to have an accountant who is up-to-date on the changing tax laws.

[10:20] Glazer Financial started with 45 clients and has grown to over 4,000.

[12:47] As the U.S. needs more and more money, there will be a system created to catch up with everyone.

[14:05] How many people know what their taxes are for 2015, 2016 and what about 2017?

[16:14] Do you consider ALL of your deductions and donations at tax time?

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

Jun 7, 2016

Today Morey and Macarena are both in Belize discussing the importance of planning, tax compliance and moving offshore. Stressing the importance of planning, Morey says that “even successful people make mistakes in dealing with offshore tax compliance. It’s because the rules are changing all the time. The IRS wants every dime they are owed.” If you have moved offshore or are planning a move, the best thing you can do is call or email Morey because his team will take care of the boring details while you live out your dreams!

 

Key Takeaways:

[1:27] Many people move offshore without thinking about their tax compliance. 

[4:14] The U.S. Government has access to most of the offshore banks which are popular expat destinations.

[7:25] There is a civil penalty of $10,000 for not advising the IRS of a foreign bank account.

[8:56] People are very excited to move to a foreign country but they need to make planning a priority.

[10:10] Morey is accessible and flexible on the cost of initial consultations because he works for your best interest.

[12:50] Even very successful people make tax mistakes when they are dealing with offshore regulations.

[15:23] If you have already made the move offshore, Morey can help you to reevaluate your tax situation.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

469-358-2818

May 17, 2016

Today Morey and Macarena discuss the importance of Health Savings Accounts and how they can be used to make necessary daily expenses tax deductible. Morey stresses the importance of planning and how a few precautions now can save you big money in the future should an accident or disaster happen. Morey and his team at Glazer Financial are dedicated to keeping up with the ever-changing tax code and how they can help you, the client, save, save, save.

 

Key Takeaways:

[1:13] Accountants can not keep up with the ever changing-tax landscape driven by the government.

[2:37] Everyone should be looking into Health Savings Accounts or HSA’s for tax deductions.

[5:16] Consider setting up a Family Limited Partnership to hold all of your assets.

[13:36] Planning now allows you to start building your net worth.

[17:25] An umbrella insurance policy is essential to keep your assets protected.

[19:00] Blog and Contact information for Morey and Macarena

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

May 3, 2016

People often visit a foreign country for a quick vacation and then end up falling in love with a piece of real estate. They may feel as if they are doing their research by scouring the internet for information, but without an accountant who can help with tax planning and tax codes they may find themselves in a bind at tax time. Don’t let this happen to you. Let Glazer Financial give you the much-needed expertise you need.

 

Key Takeaways:

[1:27] The tax rate on passive income is going up by 4% and everyone needs to plan for it.   

[7:26] Are people required to pay the same taxes if they move offshore?

[10:30] If you buy a piece of property in another country, then do everything you can to transfer the money in the United States.

[15:58] Does it make sense to incorporate offshore properties?

[17:31] Don’t take internet information at face value. Talk to the experts instead.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

MacarenaRose.com

800-999-8931

Apr 26, 2016

If you don’t plan for the tax year ahead, how will you know how much of your earnings to hold back? Whether you are a real estate agent in Belize or a small business owner in the US, the IRS still wants its share. And, the tax code is not easy to understand or keep up with. Today Morey and Macarena discuss the unavoidable 30% withholding tax for sending money offshore, the possible tax problems with partnerships and tax changes regarding depreciation and bonus depreciation percentages.

 

Key Takeaways:

[1:08] Accountants listen up! Morey makes you a job offer in Dallas.

[3:13] LLCs are the best type of corporation for protecting your assets but the government is considering penalizing partners for tax liens.

[8:29] What happens when you can’t pay your annual tax? Can you file as a different type of corporation?

[12:50] When you buy new equipment for your business you can bonus depreciate it at 50% but you should be planning for the next tax year.

[15:44] Pre-planning allows you to take deductions for work-related expenses such as your automobile and improvements.

[19:56] Can the 30% withholding tax for shipping money overseas be avoided?

[22:01] Why is the National Association of Realtors warning people to be careful about emails about mortgage closings? 

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

972-385-0007

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