EP048: What's Behind the New Tax Bill in the U.S. and Documenting Your Expenses

What’s Behind the New Tax Bill in the U.S. and documenting your expenses

Are you at risk for an IRS Audit?

What’s Behind the New Tax Bill in the U.S.: 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.