The tax season is always ripe with challenges, not the least of which is dealing with another wave of tax scams. Scammers are constantly looking for newer and more deceptive ways to steal your hard-earned money, including your tax refund.
What does that mean for taxes? Now that this information is available on the dark web, the chances of your tax refund being hijacked have greatly increased. So what’s the number one thing you can do about it?
While the IRS and the FTC always recommend filing your taxes early, this coming tax season it will be even more important. According to the FTC, taxpayers should file “as soon as you have the tax information you need, before a scammer can.”
The French Riviera is one of the most popular waterways in the world for high net worth individuals. Luxurious yachts dot the docks up and down these waterways, as some of the world’ wealthiest enjoy spending time basking in the sun. However, all is not perfect in this exotic location.
It appears the French government is putting the tax clamp down on yacht owners, and the wealthy are looking for other places to dock. According to reports, many yacht owners are fleeing the Riviera and heading for more tax-friendly docks in Spain and Italy.
According to several government officials in the region, the port of Saint-Tropez has already lost nearly a third of its business since the year began. Elsewhere, Toulon is hurting even worse, having lost 40 percent of its business in 2017.
So if you’re looking for a good place to dock your luxurious yacht on the Riviera, you might want to check in with Italy or Spain, instead.
Trying to keep your taxes as low as possible is no crime. In fact, when done correctly, often with the help of a professional, you can keep much more of your hard earned money than you might have expected. The key is doing it legally, which is called avoidance.
Avoiding taxes is the act of minimizing your taxes by using means approved by the IRS, such as tax deductions, taking tax credits and setting up tax deferral plans. Businesses can also use tax avoidance measures, like leaving income in other countries in order to avoid being taxed on it in the U.S. These are all perfectly legal ways of to avoid paying higher taxes.
Essentially, if you knowingly report inaccurate numbers or fail to report your income, period, that is tax evasion and if the IRS catches you there will be consequences.
So, when you’re filing taxes you should definitely take every measure possible to avoid paying taxes. just make sure you don’t cross the line and become guilty of evasion.
If you invest in real estate then you might be aware of a little tax-friendly trick known as a like-kind exchange. This tax-saving tip can save real estate investors a lot of money every time they sell a property. Under normal circumstances if you sell a property and make a gain you have to pay taxes on the gain, even if you use the money to purchase another property.
However, if you sell one property and use the proceeds to acquire another property, under Section 1031 of the IRS Code, then you can delay the tax bill by using a like-kind exchange. This has been a priceless move for thousands of real estate investors for many years. That’s the good news.
If you invest in real estate and are looking to replace one or more properties with different properties then now is a good time to meet with a professional tax advisor that can help you with this process. You will learn whether or not your properties qualify for this tax break and how you can get the most out of a like-kind exchange.
Have you taken a ride on New York’s Subway system recently? If you have then you might have noticed that it’s in need of some work. Like many other forms of infrastructure, the Subway is getting old and worn down from years of use and lack of upgrades and repairs.
Of course, this is a problem that the mayor of New York would like to fix. So how does Mayor Bill De Blasio plan to do this? As you might have guessed he wants to raise taxes. However, he’s not looking for everyone to help foot the bill. He wants the state’s wealthiest individuals to pay a little more to help improve the system for everyone else.
According to the recently announced proposal, the mayor wants to increase the tax rate on anyone that makes more than $500k from 3.876 percent to 4.41 percent. His plan would also assist in the funding of half-price subway and bus rides for as many as 800k of the area’s lowest income individuals.