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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: March, 2017
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

 

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