Decrease your income taxes with these hints

I promised my wife I'd work with her and be available to help with the income taxes for a couple days. I drive the MRS crazy with the things I do. I decided that since I have time between her questions, I'd post today in between her requests. I've always spent about half the year earning money and the other half figuring out how to keep it. As I'm doing this, I realize I may be able to offer some suggestions that would help your tax situation. First- disclaimer- I'm NOT an acct., but I know a lot and have beaten the IRS twice in audits and am VERY proud of it.

If you have the ability to build a home and a flexible wife, MOVE often if property is appreciating in your area. Many years ago, you could sell your personal residence ONE time in your life, at age 55 or older and take the first 125K tax free(250K if married). This rule was changed and now ; there is no age requirement, you can do it over and over again and make 500K EACH time tax free.I did this 4 times in UTAH, never left the neighborhood, and made about 600-700K TAX free. That is like after taxes earnings of near a million dollars. Have your own business, or start a SECOND business. The reason is that you are allowed to deduct a lot of items for business purposes that you can't as a person only. YOU MUST do this!! Turn current EXPENSES into deductions. You don't have to spend more to save taxes. They just have to qualify as a deduction, rather than just an expense. YOU MUST be in the real estate business. You are limited to 25K deductions as passive losses if not in the business. No limit if you are in the business. I take hundres of thousands in loss each year from depreciation, and I couldn't do this if I was not in the business.YOU DON"T have to make any money. Take your hobby and make it a business. When it doesn't make any money, shut it down after 3 years and start another one for 3 years. Write off ALL your trips. Look for real estate or a job where ever you go. Document it and set up appts. The worst case, you might be offered a better job in Hawaii. You then may deduct the costs of the trip. Buy properties where you like to visit. IRS allows you expense to check your properties twice a year. I own in Cancun and have written off 50 trips!! Have your kids do the laundry, wash the cars, mow the lawns(where you maintain a home office) etc. You may pay them "fair " market rate (find the highest custom wash place). Then, you tell them they get to buy their own clothes and food!! You just created tax deductions for expenses that previuosly weren't decuctible, clothes and food. Buy a computer, and depreciate it. Then give it to a kid. LEASE it back from them and you create a tax deduction!! Isn't this fun? Then the kid buys his own school lunches, etc--tax deductible. I'M NOT an acct. but I do know this stuff. I'm sure others have some good ideas also. I had an Acct that told me to always try to take the most deductions possible. If you can make an argument for your position, do it. Calling a tangerine an orange is a definite arguable point. Both are round, orange with seeds and pulp. Calling a cucumber an orange, you may go to jail!! I hope this causes you to think. You have to beat the tax man to create real wealth, imo.Paying Income taxes is one of the top 4 obstacles to creating real wealth along with procrastination, spending habits and inflation. Good luck. Rich in FL. rich weese,

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Rich Weese

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