When living internationally, you need a tax preparer who is ever vigilant and keeps current on any and all tax changes. Do you know how important selecting the correct entity type is for your tax planning needs? If you don’t have a professional to help, you may end up owing a large tax debt to the IRS. If you are not able to pay it and do not have someone to negotiate a payment schedule, then you might find yourself in default and without a passport.
[1:37] The Bonus Depreciation Rule is extended
[4:03] Using credit cards allows you to deduct the items in the current year
[5:01] Making trades in the U.S. Government
[6:05] Morey works 24/7 and keeps up with all the changes
[6:54] Morey’s show is helping people from all over the world
[7:38] The advanced tax class Morey failed by scoring 100%
[8:58] Going to the person who can answer your questions
[9:36] The government can take your passport if you don’t pay your taxes
[10:35] An S-corp flows all of the income to a personal tax return
[12:04] The C-corp has a tax bracket of 15% on the first $50,000
[13:20] Entity selection is important for your tax planning needs
[14:34] Foreign Earned Income Tax Credit only applies when you are working for your money
[16:18] You need professionals who watch all the changes
[17:28] We are proficient in reducing IRS penalties
[19:22] We supply options and planning support to taxpayers
[21:45] The Belize event in March
This week Morey answers a listener’s question about the FBAR. He talks on why you need to file, who needs to file, and when and how your FBAR forms need to be filed. Monetary penalties can be severe, as well as the possibility of losing your U.S. passport. Morey and the rest of the Glazer Financial team look at hundreds of tax forms every month and keep checklists of compliance requirements. Be sure to listen next week when Morey and Macarena discuss real estate losses and penalties for health insurance.
[1:21] People tend to tense up when talking about their taxes
[1:50] The date for filing the FBAR (form #114) has changed and it must now be e-filed
[3:00] If you have $10,000 for even one day, you must file the FBAR
[4:27] Even if you borrow the money, you must file
[7:00] What exactly is an FBAR?
[7:31] All the banks in the world give information to the IRS
[8:45] What are the penalties by the IRS for not filing the FBAR?
[9:31] Owning gold may still be an applicable account
[10:40] If you lose the money you could possibly write it off
[11:25] You could lose your passport if you are not compliant
[13:19] Glazer Financial has a compliance checklist
[14:06] We look at hundreds of tax returns a month
[14:35] There are rules, when you live offshore, to qualify for tax breaks
[15:27] People think they don’t have to file
[16:05] Next week’s questions are on real estate losses and penalties for health insurance
This week we answer a question from a listener who wants to know if they need to file a U.S. return, if they don’t expect to owe taxes. Morey suggests people shouldn’t assume they know the answer to any tax questions, because the tax code changes so rapidly. Morey and the entire Glazer Financial team have pledged to keep current on all tax changes to make tax planning as easy as possible for expatriates, whether they live inside or outside of the U.S.
[1:00] On December 15, 2015 – tax changes took place
[1:55] Getting deductions you never knew you had
[2:47] Morey can help you to stay compliant with U.S. tax laws
[4:38] Morey answers listener questions
[5:38] The budget bill, which was just passed, had more than 2000 pages
[6:52] Paul S. wants to know if he needs to file a tax return
[8:51] File the tax return even if you don’t owe any tax
[11:22] You have to file if you have a foreign corporation or foreign bank account
[12:47] You cannot assume anything unless you do the work
[14:11] You cannot use the excuse of “bad information” from your tax professional
[15:03] The cost of an audit is more than what the original tax would be
[16:02] We don’t charge for a 3-year tax review
[16:53] You may be helping someone else by asking your question
[17:36] Every Tuesday we’ll have a new episode with tax help for you
Morey answers listener tax questions about trusts, tax filing requirements and the changing Social Security laws. Morey constantly reads and reviews international tax law and changes in the U.S. tax code, so you don’t have to. He reminds us that tax planning can save you money and often times get your hard earned money refunded to you.
Listen in every Tuesday to get answers to your tough tax questions.
[1:25] Morey answers listener questions
[5:44] How to get your free 3-year tax review
[12:41] We have 4000 international and U.S. clients
[14:36] What about having a Panamanian corporation?
[15:47] Penalties on foreign trusts can be huge
[19:03] FACTA rules allow foreign governments to tax your money
This week we answer a listener question about the reporting of foreign corporations. We also discuss the importance of planning before your money leaves U.S. soil; and we offer help to those who want to understand the tax implications of the foreign countries they are looking to invest in.
[1:45] Plan your taxes while you are still in the U.S.
[4:29] The goal is to correct past mistakes and plan for the future
[6:01] Step by step procedures for moving money offshore
[8:48] We offer help with understanding the country you want to move to
[12:42] Tax codes are already changing for 2017
[16:03] Listener question about disclosing a foreign corporation
[18:35] Consider that the penalties could be more than the service costs
[20:36] Annual tax reviews
[22:15] Conference at the end of January
The ever-changing tax landscape in the U.S. is difficult to follow. Add on an international move and it’s practically impossible for most of us to keep straight. That is why we have Morey Glazer. Every week he brings us tips, tricks and tax help for those of us with international interests. His co-host, Macarena Rose, is a Certified International Property Specialist with years of international real estate experience and the host of Belize Talk Radio. Listen in for tax planning information, no matter where you are in the world.
[1:18] Just who is Morey and what experience does he have?
[4:05] The IRS has the power to take your passport if you haven’t noted foreign bank accounts
[5:58] If you live offshore, you need to file a tax return even if you make under $13K per year
[10:03] The Foreign Earned Income Credit and who it applies to
[11:40] Permanent residency does make a difference and you need to plan
[12:09] Get a planning packet to help protect your assets
[13:39] Communicate with Maury, no matter where you live
[18:09] Write down your questions and contact us via Facebook
[18:58] Attend a seminar and continue listening to this show
[19:36] Not all tax planners are the same, Morey stands out both nationally & internationally