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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: September, 2016
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

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