Like everyone, I have been paying close attention to the campaign for the Republican nomination. I wanted to share some insights on the tax policy debate.
When you purchase a rental property, remember that you are purchasing not just the building and the land. You are also purchasing all of the improvements to the land, such as the landscaping, fencing, carport, and outdoor lighting.
In the Sunday newspaper, Kevin G. Hall wrote an article called, “Americans Shouldering Rather Light Tax Burden.”He begins the article by saying, “Here’s a dirty little secret that most Americans don’t want to hear: We’re undertaxed.”
The cover of the Bloomberg Business Week edition for the week of April 11, 2011 had this title, “How to Pay No Taxes” – 11 shelters, dodges, and rolls, all perfectly legal, used by America’s wealthiest people.
Recently, I had the opportunity to travel through Europe with Robert and Kim Kiyosaki and Ken McElroy. What a wonderful experience.
I recently received this note from a customer:
I have never seen anybody be put out of business by the IRS over nonpayment of income taxes. There are two other types of taxes that can put you out of business.
There is a lot of talk right now about itemized deductions. Remember itemized deductions? Those great deductions on Schedule A for taxes, interest, charitable donations and investment expenses?
The Issue: The states are all short on funds with the current condition of the economy. As a result, they are aggressively going after any business that makes sales in their state and has not been collecting sales tax.
Many of you have spent thousands of dollars on seminars in the past few years. One of the more common questions I get when I am speaking at a seminar or later when I am doing a tax evaluation is whether the cost of these seminars is deductible.