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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: 2017
Apr 25, 2017

Morey and Macarena inspect the proposed tax changes for 2017. Morey believes changing the tax requirements associated with the Obamacare health care plan will benefit businesses and individuals the most. And, if you have been using the same tax preparer for many years, it may behoove you to ask them about their compliancy status, and how they keep up on current tax changes which could affect you and your family.

If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.

 

Key Takeaways:

[1:07] The FBAR is how you report your foreign bank account to the IRS.

[3:41] A client of Morey's had to sell their foreign assets to pay a penalty from the IRS.

[5:00] Get an estimate of what your future taxes could be with a free 3-year tax review from Glazer Financial.

[7:12] Unreimbursed business expenses can signal an automatic audit.

[9:05] Protecting clients is the main goal of Morey and his team at Glazer Financial.

[11:02] What's new in taxes for 2017?

[14:16] You need to plan ahead so you don't end up paying penalties.

[15:18] Don't lose your passport for not paying your taxes.

[17:23] Make sure you are familiar with the person doing your 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

469-358-2818

972-385-0007

MacarenaRose.com

Rainforest Realty

Apr 18, 2017

Morey shares an example of a client who had already had his taxes prepared by an accountant, and then came to Glazer Financial. Morey and his group of Senior Accountants were able to identify many missed deductibles and inconsistencies on the client’s return.

If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.

 

Key Takeaways:

[1:01] The FBAR has new rules and it must be attached to your 1040.

[2:08] Who's doing your tax return?

[6:04] The IRS is looking for variations in your taxes from one year to the next.

[6:52] Payroll taxes are a vital part of an employer's tax return.

[7:27] Glazer Financial's free 3-year review uncovered deductions for a client who had already gone to an accountant.

[11:43] You have to be careful about referrals from parties who may only be interested in a referral fee.

[15:01] The 3-stage review includes senior level accountants looking at your tax returns.

[17:00] The IRS is a much more efficient organization today than it was in the past.

[18:41] You need to 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

469-358-2818

972-385-0007

MacarenaRose.com

Rainforest Realty

Apr 11, 2017

Morey and Macarena are back this week with information about the current tax reform in the U.S. The tax cuts are designed to get unemployment numbers down, and more people working. Morey describes the tax bill and the healthcare bill as having close ties, which is causing the delay in Congress passing both. Morey also cautions business owners and the self-employed when increasing their business expense deductions. Remember, you increase the chance of an IRS audit when you increase your deductions.

If you live offshore and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.

 

Key Takeaways:

[1:20] Taxes have been put on hold so the healthcare bill can be the president’s primary focus.

[3:56] Morey would like to see the new tax bill passed, because it will create more jobs.

[6:36] Larger corporations look to foreign countries to fill IT positions.

[7:54] China is looking to Central America for new business growth.

[9:01] Educating the children will help the overall economy.

[10:41] There are companies moving their profits offshore to pay less tax.

[11:50] The overlooked deductions for the self-employed.

[14:00] Read how to increase your chance of an IRS audit articles.

[16:47] Documentation is everything.

[18:47] Tax season office expenses are tax deductible.

[19:46] Young people who don’t have insurance apply for Medicaid.

[22:26] Be vigilant about having documentation for your entertainment expenses.

 

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

469-358-2818

972-385-0007

MacarenaRose.com

Rainforest Realty

Mar 28, 2017

Morey and Macarena are back this week with information you cannot afford to ignore, especially if you have offshore assets. The Department of Treasury has access to foreign accounts, and it is the law all U.S. citizens file annual tax returns. Even if you don’t have an income, you are required to file. You may incur penalties, additional taxes, or even legal fees, if the IRS determines you have defrauded the system. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.

 

Key Takeaways:

[1:02] Is your passport at risk because of an outstanding tax bill?

[4:25] The U.S. government has access to most international banks.

[5:14] If you don’t file your taxes, the IRS considers it fraud.

[5:58] In Mexico, taxes are collected monthly on foreign corporations.

[8:11] The 8938 and the FBAR are required tax forms.

[10:00] Knowledgeable professionals are your best course of action for staying compliant.

[11:04] The legal cost to defend yourself against the IRS may be more than the tax due.

[12:34] There is value in reputable, reliable financial planning.

[15:56] What can happen if you lose all of your tax and income records?

[18:15] Morey has had direct contact with the IRS to repair tax issues.

 

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

469-358-2818

972-385-0007

MacarenaRose.com

Rainforest Realty

 

Mar 21, 2017

Morey and Macarena stress the importance of having a quality financial professional on your side. Many tax preparers and accountants fail to notify clients of changes in due dates for tax forms, and they miss important deductions that can save you money! If you live offshore and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose at Rainforest Realty.

 

Key Takeaways:

[:50] Morey shares important resources for more information.

[2:06] Financial planning is very important to ensure expats meet tax filing deadlines.

[4:15] What to do if you are unprepared to file corporate taxes by March 15, 2017.

[6:02] C-Corps are extended for an additional month and personal returns remain due on April 15.

[7:42] U.S. citizens must pay income taxes on worldwide income, no matter where they live.

[9:15] Interest and penalties can be more than the tax due if citizens don’t meet tax deadlines.

[10:10] The FBAR or Form 114 and Form 8938 are required filings for expatriates.

[12:12] Offshore assets are not always tax-free for U.S. citizens.

[13:43] Hiding gold in your house is not the best way to secure your assets.

[14:35] What is the most overlooked tax deduction?

 

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

469-358-2818

972-385-0007

MacarenaRose.com

Rainforest Realty

 

Mar 14, 2017

Morey shares crucial details about the changes in due dates for IRS forms 8938 and the FBAR. Expatriates with offshore bank accounts, corporations, or income are required to file forms which disclose international assets. Many banks in foreign countries are denying bank accounts to U.S. citizens because of the reporting required by the U.S. Government. Have you been affected by recent changes? Find out by contacting Glazer Financial.

 

Key Takeaways:

[1:09] Many expatriates don’t believe they have to file U.S. taxes, but they do.

[4:35] Do you know what forms to file and when the forms are due?

[5:10] The new administration doesn’t know what changes President Trump will make.

[5:36] The due dates have changed on the forms, K-1 and 1099.

[6:23] The FBAR must be e-filed with your personal tax return.

[7:21] FBAR requirements and due date.

[9:36] Form 8938 is filed if you have an active corporation or investments.

[11:19] Details of foreign income requirements for the IRS.

[14:35] How do immigrants in the U.S. handle 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

469-358-2818

MacarenaRose.com

Rainforest Realty

Mar 7, 2017

In this episode, Morey and Macarena tell us why it is important to file an annual U.S. tax return, no matter which country you live or work in. Also, Morey shares information on the FBAR, the 5471 tax form, eligibility requirements for the Foreign Earned Income Exchange Credit, Insurance Wrappers, and international real estate. Make sure you have an educated, up-to-date, professional on your side when it comes to your money. Call Morey at Glazer Financial for more information.

 

Key Takeaways:

[1:40] With a new president and new Congress, no one knows what will happen to the tax code.

[3:16] Morey has to re-do a seminar due to the new tax code changes.

[3:45] The 5471 International Corporation Form, and how it affects U.S. tax filings.

[6:17] If you have a foreign bank account you must file the FBAR form.

[7:57] Commonly missed tax deductions on foreign expenses.

[9:24] Morey has advice for you if you have an internet sales business.

[10:49] How to handle offshore investments during your divorce.

[11:48] Self-insured insurance policies (wrappers) are now targets of IRS audits.

[13:34] You should consider your taxes as important as an annual health checkup.

[15:00] International travel can be suspended if you don’t file U.S. taxes.

[17:07] Every country collects taxes, so you need to know what the rules are.

 

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

469-358-2818

MacarenaRose.com

Rainforest Realty

 

Feb 7, 2017

In this episode, Morey tells us what he believes is happening in the current tax landscape. He believes middle-income families will take the brunt of the taxes while low-income and high-income families will get some tax relief. Where will that leave you and your retirement plans? If you have been with Glazer Financial for some time, you will be prepared to weather any storm, even if it is in Belize.

 

Key Takeaways:

[:53] Rental properties in Belize can increase retirement income.

[3:35] Glazer Financial offers the best client support.

[6:28] Middle-income families will be paying higher taxes in the future.

[7:25] Morey’s children are all hard-working people.

[11:06] Planning is more than just doing annual taxes.

[12:16] President Trump is an inspiration to Morey.

[13:06] Reducing personal and corporate taxes.

[16:11] Lifestyle planning seminars to help clients find properties.

[19:20] A look forward to next week’s show.

 

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

Jan 31, 2017

In this episode, Morey talks about the big changes coming down the pike in both tax deadlines and health care coverages. Morey lists the myriad ways Glazer Financial can help individuals and businesses plan to keep costs and taxes down in 2017. Morey’s organization is capable, and prepared to help you with your complicated, international tax requirements.

 

Key Takeaways:

[:53] New tax changes happen often, so you need a professional who keeps current.

[2:15] When Obamacare is replaced, will a Health Savings Account be right for your business?

[6:05] LLC, C-corp or S-corp, which is right for your business?

[8:13] Glazer Financial prepares tax returns, but also considers the ways you can save in the future.

[8:55] Morey is willing to fight the IRS and attorneys, if it’s in your best interest.

[11:23] You have options in life and in tax planning.

[12:12] Flow through income participants have a new tax deadline.

[13:09] FBAR reporting deadlines have also changed.

[14:17] Should Trump work within the states on Medicaid coverages instead of changing Obamacare?

[17:37] You should get a free tax consultation from Glazer Financial as early in 2017 as possible.

[19:00] 401K’s can help reduce employee cost.

 

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

Jan 24, 2017

In this episode, hosts Morey and Macarena discuss the importance of organizing your tax documents, and figuring out which deadline your taxes are due on. Morey shares an example of how he saved a client $200,000 in taxes, simply by rewriting a contract. Only experienced financial planners are able to see through the tax code and get to the possibilities. Take the advice of the Tuesdays with Morey Tax Team and start your planning today!

 

Key Takeaways:

[1:07] Getting your tax documents organized for 2016.

[1:45] 110% of last year’s taxes are due to avoid penalties.

[2:50] You should have bought big items and paid bonuses by December 31st.

[4:02] Buying stock has no depreciation value.

[5:18] Looking ahead and planning for 2017.

[6:44] You tax accountant or lawyer should be replaced if they don’t have the right knowledge.

[9:40] Morey spends his weekends working on client accounts.

[11:28] Investors in vacation properties should look more closely at the piece parts of their buildings.

[12:22] An example of someone building a furniture store in Costa Rica.

[12:50] H&R Block has some unseasoned employees.

[14:29] Financial planning is essential to the growth of your business.

[15:55] Many people don’t understand how much help they really need.

[17:01] Be cautious when doing business with your friends.

[18:15] 50% of tax returns Morey reviews could be adjusted to save the taxpayer money.

[20:18] Did you know you can use your retirement money to buy an investment property?

 

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

 

Jan 3, 2017

In this episode, Morey and Macarena share important end-of-the-year tax tips. Morey recommends buying as many business supplies as possible before the end of 2016, to get the maximum depreciation benefits. And, he suggests that even if you have a CPA doing your taxes, you need to make sure they keep your taxes up-to-date, including all of your foreign accounts. Because bad advice from an uneducated accountant, can cost you thousands in penalties.

 

Key Takeaways:

[1:04] Planning for the upcoming 2017 tax changes is important.

[1:53] Why you should finish up 2016 with a shopping spree.

[3:29] It’s all about reducing taxes for 2016 and in 2017.

[4:25] Changing your corporate structure is an option if taxes are reduced in 2017.

[5:05] Congress is a slow moving vehicle.

[6:07] A real life example of a doctor’s tax return.

[7:10] People are not filling out their Foreign Bank Account information tax documents.

[8:08] A client finally got caught up on back taxes and paid a 27.5% tax penalty.

[12:02] People think when they have a CPA prepare their returns, they no longer need to pay attention to their taxes.

[12:56] The biggest changes in 2017 will be the tax deductions and write-offs.

[14:06] Retirement plans can create additional deductions.

[15:43] What if the new Republican administration can’t get a tax bill passed?

[17:12] The government is planning for the future, and you should be too.

[18:22] Glazer Financial can help you with your “what if” tax scenarios.

 

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

 

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