Use your Tax Credits to avoid income taxes like Trump
Have money owed to you for your work given to your
foundation like Trump
does so you don’t have a 1099 (earnings report) to the IRS. The payor like Richard
Ebbers can take a tax credit. You avoid income tax since your foundation
got the money. Set up your
foundation with help from Nolo. The top 1% of US households rake in 17% of
all income. But it is what you keep that is important. The 1%ers get 27% of the tax breaks doled
out by the federal government. A Tax
Policy Center study shows $1.17 Trillion in federal revenue last
year going to individual tax breaks. (Lawyers call them tax “expenditures”) They
include tax credits like giving your inflated-value
art collection to your own foundation. You can put your “art” in your own “art
center” on your own property. Only friends visit your federally-funded
museum.
Most of us receive only 4% of federal tax breaks like food stamps
and Earned Income Credit if you are poor or the property tax and mortgage credit
if you are middle class.
The Tax-Credit class pays less income tax with capital gains
and dividends because it is “unearned.” So if you actually work; you are taxed MORE. For instance, Warren Buffett pays 17% on
earnings while we pay 33% total tax. The tax-credit class pays
NOTHING on assets they got from a “rich uncle” and on their home when they
sell. Most people don’t “itemize” so we lose all kinds of tax credits. The
Tax-Credit class takes off medical expenses, job hunting expenses, and work expenses
not reimbursed by others, deferred compensation (bonus and stock portfolio
worth more later), investment costs, investment losses, stuff they lose, stuff
they own. They can eliminate income tax by listing losses from buildings, race
horses, farms, leasing and businesses they own as partners, LLCs, C and S corps.
Use your Tax-Credits too: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976
How can Cornell’s advisors lose 3.3% by living in Ithaca ?
Cornell’s endowment posted an investment
loss of 3.3% for year ended 6/30, the worst among Ivy League schools that
have reported their annual results. Other endowments with over $500
million lost a median 0.73%. Harvard , Pennsylvania Dartmouth posted losses. If
they had just put their money in Vanguard 500 Index they would not have lost
money. The 3.3% loss was probably the fees and salary they pay professional
“advisors” to lose money. You could do better. Instead of doing the smart
thing, they are spending even more fees by moving its overpaid staff to expensive
Manhattan so they can pay higher
fees to “professionals.”
Don’t pay “professionals” to lose YOUR money: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963
Why does Don file bankruptcy so much?
Don claims he is a smart business man – master of the deal.
He boosts of “paying as little as possible in taxes.” We know he is a sales
person but his
accountant says he knows nothing
about taxes. He got friend
Gov Christie to take 17 cents on the dollar he owed NJ. But why did he file
bankruptcy 5 times? If he is such a great business man he shouldn’t have to
admit defeat by filing. Bankruptcy used to be considered a moral failure but in
the 1980s, it was successfully used to blackmail the government
into giving one businessman $360,000 ($5 million today) in back pay despite
losses and 60,000 workers laid off. Trump took this lesson to heart. His
operations have filed for Chapter 11 bankruptcy
four times between 1991 and 2009. Again in 2015! His golf club in Puerto
Rico was built with $26.4
million in municipal bonds. It defaulted, leaving teacher’s pensions in
shambles. Yet for Trump, “We made many millions of dollars on it but
never invested a dime,” according to Eric. He put no
money down but took a cut of the annual revenue — mostly for allowing the
resort to bear his name. But he lives on the money from loans in many projects.
"I'm the king of debt," Trump says.
If you show a depreciation “loss” on your tax return, you pay
no taxes!
You can use an IRS tax shelter too: https://www.amazon.com/Tax-Shelter-Young-Americans/dp/1500426520
Cars that look great at $60,000; look even better at $40,000
Jaguar
lost 33% of its value in just 1 year. Lincoln
$42,000 to $14,000. Mercedes C250 lost 34%. Volvo S60 lost 34%. Best used
car values: Lexus
RX, Audi 5, Mercedes E.
30% discounts on insurance too: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634
Are “alternative” investments right for you?
With interest rates low and the 60/40 standard investments
trending down, advisors and brokers are “coming to the rescue” with so called
alternative investments. But do these investments fit your expectations? Some
require more of your patience than you can give. For instance, peer-to-peer
lending, owning individual bonds or a forest needs time to pay off. Are you
ready to manage a rental property or precise metals? Can you see yourself
putting your money with others in a new start-up company selling software? Your
broker/advisor may suggest buying the ETF
index of these investments with fees. Are you going to learn enough about
these investments to make a good choice? Many
hedge fund “professionals” have NOT done so lately. Are you really going to
beat them?
Vanguard’s Top Ten have beaten most: https://www.amazon.com/Vanguards-Top-Ten-mutual-funds/dp/150073909X
Merrill BoA retirement accounts got more expensive
The bank told 14,000
brokers there will be no more commissions for retirement accounts. After April 10 2017 investors who want a
retirement account at Merrill will need to pay a fee
based on a percentage of their assets, instead of having the option of
being charged for each transaction made in their account. This could mean much
higher expenses and less retirement accumulation. For instance, you might pay
$7 for the purchase of $5,000 Apple and not sell for 3 years. You will now pay
$75 (1.5% is average) per year--even more if Apple increases in value. If Apple
doubles in value in 10 years, you will be paying $150 a year. 70 cents vs $150
cost per year in 10 years. BoA has found the gold mine in the new Fiduciary
Rule.
Time to find the right home for your nest egg: https://www.amazon.com/Best-Robo-Advisor-Ultimate-Automatic-Management/dp/1537111957
GOP using threat of prosecution to limit minority vote
Don uses his poor management skills to claim ZERO tax for 20
years
Can you deduct enough business expenses to offset income and
pay ZERO tax? Tax experts hired by The
Times to analyze Mr. Trump’s 1995 records said that tax rules especially
advantageous to wealthy filers would have allowed Mr. Trump to use his $916
million loss to cancel out taxable income over an 18-year period. “He has a
vast benefit from his destruction” of value of Atlantic
City casinos. Contractors and investors lost $
billions. He
even got a tax refund from NJ. He claimed a $15.8 million loss in real
estate holdings and partnerships. Trump
lost $82 mil. on the Plaza deal. He lost money on casinos, buildings,
airline, yacht and helicopters. Most
RE owners claim losses to offset their income. Don creates his $1 billion
NOL loss with a dizzying array of deductions, business expenses, real estate
depreciation, losses from the sale of business assets and even operating losses
to flow from the balance sheets of those partnerships, limited liability
companies and S corporations onto the personal tax returns. Those losses are used
to cancel out taxable income from, say, book royalties or branding deals. “Here
the guy was building incredible net worth and not paying tax on it,” his
accountant said. If you don’t have enough business expenses to offset your
income you can use a tax shelter.
Pay taxes like The Don: https://www.amazon.com/Pay-No-Taxes-Retirement-legally/dp/1507527977
Which liar will win American’s vote? Neither can re-create
jobs of the good old days!
Do-Nothing
Congress decides US future.
Don: ”I
can be nastier than she ever can be." “I don’t think she’s loyal to
Bill”
“I know our
complex tax laws better than anyone who has ever run for president and am the only
one who can fix them.”
I have
paid hundreds of millions of dollars in other taxes—RE & property taxes.
The
New York Times, and the media, is an extension of the Clinton
campaign.
The hedge fund managers use every tax loopholes to “pay practically nothing.”
NYS shuts
down my foundation so I will just use my sons—he hides income too.
“watch”
the voters in “certain areas” because “bad things happen” white on black
“he [Trump] has the balls
to do what’s right for the country.” OH voter age 73.
Half of Americans
agree paying no taxes makes Don smart—Is it the same 47%?
Romney
said 47% don’t pay taxes—Trumpers or just unemployed poor?
I
always give money to NYS AG—it pays to ‘support your local sheriff’ in
case.
Don’s
mob verbal attack on mom and kid at ‘rally’ bec/ “left early”
Giuliani: He’s a
‘Genius’ Lost $916 million. “He
would have been a fool not to take advantage”
Forbes 400: Trump
falls fell 35 spots to No. 156. Despite Don’s comments about
immigrants, they set a new record of 400 list members born outside the U.S.
Accountant: “I
am the one who did his taxes” Don’s tax brilliance: “None
whatsoever,”
Mike: I am a better
speaker because I was in entertainment field before.
I never
said “Putin
is a better leader than President Obama.” He’s “stronger.” This is code for
taking action in a dictatorship like Russia .
Putin
invaded Crimea and Ukraine. Don has asked
about using nuclear weapons. That is what I meant about “stronger.”
Hill: Trump
"apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid
theirs."
Tim: I
really had to answer Mike’s lies. Can you imagine Prez Don tweeting all night?
Don and GOP
might shut the government again—did not help anyone.
Don and
Mike are not
the new Reagans
Regulators are the only protection we have since we
can’t sue anymore
“It is nearly
impossible for one individual to take on a corporation with vast resources.”
(GOP bill requires
impossible: every person in class
action suffer “same type and scope of injury”)
GOP in OH cut voters from list – 1
million NOT get absentee ballot mailing
GOP in NJ raises gas taxes on everyone to give wealth no
tax on kids’ inheritance.
We sold fighter parts to North
Korea —via NZ—not smart move
Morgan Stanley caught encouraging
sale of loans on securities with contests.
Laurence Balter Oracle Investment caught
front running $500,000 from customers
Mickey
Long Plano TX caught putting too many assets in “highest risk/aggressive”.
We need regulation—GOP wrong—companies/cities
wouldn’t fix bad products on own
Police want gun control.
When everyone has guns; your
chance of being killed goes up. Police don’t know who to
shoot. They assume everyone has gun hidden. You and real criminals both have
guns.
If you are black, you
get killed even with no gun, hands up, and after stun gunned. They assume
you are a “bad
dude”; don’t wait to find out. Later say “found PcP in car.” If you act
erratically and ignore
commands, you are “put down.”
MO just eliminated licensing and training for anyone
to carry concealed weapon—crazy!
FL man called NRA group BEFORE victim died from “stand your ground”
killing.
SCAMS
Earth quake readiness
kit: $150 everything you need--“emergency evacuation tools.”
Uber accounts are being charged
for services not used—Uber says not hacked.
Ignoramus Award: Christie
raises
gas tax 23 cents cuts estate tax for wealthy
How our government wastes our money
Feds take $5.4 billion not $14 billion in Deutsche
Bank mortgage debacle—we lost $9 B.
15,000
Navy battleship shells not used against ISIS —taking
them apart costs $ millions
All my Yahoo emails have been read by the Feds—I
want to be paid for the info!!
44
Afghan troops in US for training missing for 2 years—terror or just jobs?
Where have all the jobs gone?
Microsoft adds
5,000 computer scientists/engineers to standardize Artificial Intelligence.
2,500
stores closing—over 10,000 jobs lost
Drones
replace ground and air surveyors as well as some contractor staff
Who owns your account now?
Scottrade
to _________?
Scion to history
IAN
41 Watchung Plaza, B242
973.746.2014
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