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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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Tuesdays with Morey - Tax Tips®
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Now displaying: April, 2016
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

Apr 19, 2016

At the end of 2014 and 2015, Congress added and changed tax provisions in budget extension bills. Many of these changes go unnoticed by some preparers, but not by Morey Glazer. He and his team are continually reading and investigating the tax code so his clients don’t have to. They are competent in FACTA requirements, Obamacare and the Foreign Earned Income Credit for those who spend time living and investing offshore or have a vested interest in an offshore corporation.

 

Key Takeaways:

[1:32] What was significant about the extension bill Congress passed on December 15, 2014?

[6:24] You may be missing important tax deductions if you are using a filing program such as Turbo Tax.

[9:15] FACTA requires you to prove you have paid taxes on any money you move to an offshore account.

[11:00] If you make over $250,000, including passive income, you have an additional 2.8% tax based on tax changes included in Obamacare.

[14:03] The extender bill added deductions for investments in new equipment. 

[16:44] Don’t forget to obtain the proper documentation when making charitable donations!

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

Apr 12, 2016

Many of today’s accountants are not familiar with the tax rules and regulations of owning foreign assets, foreign corporations or foreign bank accounts. Through the Fair and Accurate Credit Transactions Act (FACTA), companies and individuals are required to voluntarily disclose any foreign assets. In addition, if a foreign held account contains more than $10,000, a Schedule B must be prepared at tax time to alert the IRS of its existence. Some people may believe moving money or other assets, like gold and silver, offshore without paying a withholding tax is legal, but it’s not.

 

Key Takeaways:

[1:11] What exactly is FACTA and how does it affect foreign banks?

[4:20] US citizens should make their future financial plans while still in the US, before moving to a foreign country.

[5:55] Even Swiss banks had to turn over the names of account holders before voluntary disclosure measures were put in place.

[7:40] Many accountants don’t know foreign account holders must file a Schedule B, if there is more than $10,000 in an account.

[10:08] Morey believes new taxes will be imposed on corporations who move workers offshore.

[11:38] Moving gold and silver offshore without paying the 30% withholding tax is called money laundering and it’s illegal.

[13:50] Protecting your assets should be your primary financial goal.

[16:23] Why it is important to talk to an expert to get the correct information for your personal tax strategy.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

Apr 5, 2016

This week, Morey and Macarena discuss the importance of doing your due diligence before moving abroad. Careful tax planning can save you thousands of dollars in possible fees and duties. You should research the country you plan to move to with a fine tooth comb. Make sure to find out what type of leadership the country has, what import duties may apply and if your residency status in the country affects your US citizenship.

 

Key Takeaways:

[1:00] When you plan to move offshorem, make sure you know which taxes are due on your savings plans and accounts. 

[6:00] John F. Kennedy reduced income taxes while he was in office.

[9:03] Is the country you are moving to better than where you are currently living in the US?

[13:05] US citizens can travel to many places without a visa.

[15:46] Import duties apply in certain countries so know how much you need to pay before shipping your personal goods.

[18:51] Glazer Financial has foreign account planners who know which right forms and special programs apply to those who live overseas.

 

Mentioned in This Episode:

Glazer Financial Network

macarenarose@gmail.com

Tuesdays with Morey on Facebook

Expat Tax Expert

mglazer@glazerfinancial.com

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