Tax Depreciation Deductions Deceptions.

Is your Tax Year Planning on track?

Tax Depreciation Deductions Deceptions – If you do not 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 cannot 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

Email Macarena Rose

Tuesdays with Morey on
Facebook

Expat Tax Expert

Email Morey Glazer

972-385-0007