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Member Workshop: Last Minute Tax Strategies -March 8th
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Last Post Mar 8, 2006 11:04 AM by: niceties05
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deirdre@ebay.com
Posts: 3,846

Member Workshop: Last Minute Tax Strategies -March 8th

Feb 23, 2006 2:31 PM
Topic: Member Workshop: Last Minute Tax Strategies

Host: dkennedycpa
Date: Wednesday 03/08
Time: 10:00 to 11:00 PT
Location: Workshop Board

Description: In a previous workshop, best-selling author and CPA Diane Kennedy discussed setting up expense accounts so you could track your expenses and take as many business deductions as possible. But to do that, you'll need to know what a business deduction is. In this workshop, Diane will cover various business deductions - those that obvious and straightforward, and those that are less obvious, but no less powerful.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:41 PM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, teaches people through books like “Tax Loopholes for eBay Sellers”, tapes and seminars on how to take advantage of the legal tax loopholes available to everyone. First though, the stuff that our lawyers make us say: Laws and practices vary from state to state and if tax, accounting, legal and other specific expert advise is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:41 PM
Welcome to Last Minute Tax Strategies. If you haven’t filed your tax return yet, you won’t want to miss this workshop. And, even if you have, now might be the perfect time to review your tax strategies for 2006.

There are two basic tax truths:
(1) No one likes to pay taxes.
(2) Some people pay less tax.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:42 PM
Does it seem that tax laws are unfair? Well, guess what. They are. Today we’re going to talk about how to make sure you are legally following the tax laws and still paying the least amount of tax possible.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:42 PM
The sad fact is that for many taxpayers there is no way to control the amount of taxes they pay. It isn’t so much HOW MUCH you earn, it’s HOW you earn the money. Loopholes still do exist…but they exist mainly for business owners. And, it is only the smart business owners who know the legal ways to reduce the amount of taxes they pay by first understanding how tax is calculated.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:42 PM
The good news is that if you’re running your eBay business LIKE a business, then you get the very same tax breaks that the big business guys do. Chances are if you’re taking the time to read and/or participate in this workshop, then you are running it like a business. If you’re not sure whether you have a business, do a search for the past workshops from December, January and February and review the topics and questions and answers. Now let’s look at what you can do to pay less tax, now that you know you have a business

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:42 PM
Three Step Method for Paying Less Taxes
Tax is calculated based on three “steps”. First, you figure out your taxable income. From that you subtract the amount of deductions you have (deductible, legitimate expenses). And, you then multiply the answer by the tax rate. There are three different ways to reduce the amount of tax you pay:

Reduce Taxable Income
Increase Legitimate Expenses
Reduce Tax Rate

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:43 PM
Most taxpayers concentrate on finding more deductions. Looking for deductions is just one step in setting up a successful tax reduction strategy. You also want to reduce taxable income and the tax rate. First, let’s talk about how to change the amount of income you have.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:43 PM
Step One: Reduce Taxable Income
Income, or cash flow, can be taxable, tax deferred or tax-free. We probably all know what taxable income is, but what is tax deferred or tax free income? Surprisingly, it has nothing to do with the “product” sold that generated the income. Instead, it has to do with HOW you get the money – in other words, the strategy you use.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:43 PM
If You Sell a House
Let’s say you buy a real estate property and then later sell it for a gain. The product is real estate. That simple act could mean that you have (1) taxable income (2) tax deferred income or (3) tax free income. It isn’t what you sell – it’s how you do it!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:43 PM
(1) Cash from your house - taxable. You bought a house and sold it. If you are in the business of buying and selling real estate, this could be your business. Done the simple and straightforward way, you have taxable income.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:43 PM
(2) Cash from your house - tax-free. One example to receiving cash from your house TAX-FREE is if this property was your principal residence that you had lived in for two of the previous five years. You and your spouse can take $500,000 of gain tax free. You don’t pay tax ever on that money! Another example would be simply to take a loan against your appreciated property. You receive cash TAX-FREE in this way.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:44 PM
(3) Cash from your house – tax-deferred. Let’s say instead the property is a business property, and you “roll” the property through a Section 1031 (also known as a Starker Exchange or like-kind exchange) into another property. You don’t pay tax on that sale. Instead, you defer that gain until a future date when (and if) you sell the property. If this sounds like it would work for you, hire an expert to facilitate the transfer. If you ever played Monopoly and turned four green houses into one red hotel, you’ve already done a Section 1031 Exchange. The only difference in real life is that there are some paperwork and timing requirements.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:44 PM
This is just one example of how you can take a product (in this case, a real estate property) and receive cash tax-free, tax-deferred or taxable. The key is to first understand the difference between the types of income, employ experienced tax advisers and set up your strategy to sell your product.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: Last Minute Tax Strategies -March 8th

Mar 6, 2006 4:44 PM
Step Two: Increase Legitimate Expenses
Loopholes still exist for business owners largely because business owners are the only ones left who can take full advantage of deductions. What’s a legal deduction? The IRS tells us in only TWENTY-SEVEN words at Internal Revenue Code Section 162 (a):
There shall be allowed as a deduction all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.

Diane Kennedy, CPA
www.taxloopholes.com
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