Tuesdays With Morey - Tax Tips®

In this episode, Morey and Macarena share important end-of-the-year tax tips for expatriates and soon-to-be expatriates. There is also important year-end tax advice for small business owners, regarding the purchase of office equipment and supplies. Get important tax strategies from experienced lifestyle planners.   Key Takeaways: [:51] Many important financial decisions need to be made before December 31, 2016. [2:04] No one knows what tax changes will take place under the Trump administration. [2:24] If taxes are cut, the savings can be used for advertising and personal care products. [3:57] Politicians are all the same, and Morey doesn’t approve. [5:37] Go buy office equipment, furniture, and supplies, before the end of 2016. [7:21] No one knows what 2017 tax laws and rates will be. [7:49] Deferring income should be done on January 1st, instead of December 31st. [8:48] An experienced tax professional should be consulted. [10:14] Americans living in Belize are unaware they had to file a tax return. [11:41] P

In this episode, Morey and Macarena share with their listeners the most important questions to ask before picking up and moving offshore. Most people wait until after they have sold everything in the U.S., and are sitting on the beach in a foreign country, to consider the tax implications of their move. Morey Glazer has been doing foreign taxes for 50 years and, is an expert in Belizean tax laws, with over 10 years’ experience.   Key Takeaways: [:59] Important questions to consider if you are ready to move to Belize.   [2:15] An example of a client who moved to Costa Rica, and improved his business through planning. [2:55] Check the tax laws in the country you plan to move to, before making your decision. [3:57] Morey has been handling finances and tax implications in Belize for 10 years. [4:26] Send your questions to Morey and Macarena, on the Tuesdays with Morey Facebook page, and they will answer them during the next podcast!   Mentioned in This Episode: Glazer Financial Network Email Macarena: macarenaros

In this episode, Morey and Macarena discuss using international real estate rental income as a deduction on your U.S. taxes. There are many ways your portfolio can be enhanced with international properties, but you need to make sure you do it correctly from the beginning. Contact Glazer Financial to find out how you can make the most of your retirement money!   Key Takeaways: [:54] Planning is important when buying international real estate, even rental property. [1:31] If your annual salary is over a certain limit, you are limited in the amount you can deduct for your real estate taxes. [2:00] Net rental income should be your end goal. [2:29] Foreign assets get you the same tax benefits as if you bought the property in the US. [3:00] If you have a loss of $10,000.00 you can write it off. [3:45] Use an income tax return to project how your international real estate purchase will affect your US income tax. [4:08] How to use net rental income on your taxes even if you have a net rental loss. [5:00] If the Chine

In this episode, Morey and Macarena attempt to warn listeners of the potential pitfalls of dealing with professionals who don’t stay up to date on current tax laws. If you are thinking about moving offshore, you must plan to plan. There are so many different aspects to living in a foreign country, and chances are, the company who is selling real estate at a conference, won’t tell you all of what you need to know. Contact Glazer Financial before you make the big move!   Key Takeaways: [:49] If you are considering moving offshore, you need to make a plan for your financial future. [1:04] People forget to plan for their state and federal obligations, when they move abroad. [1:46] People set up foreign corporations, without the proper planning. [2:22] Clients struggle all the time with not planning before they plan to move. [3:36] You may not pay less tax in a foreign country, because you are still responsible for U.S. taxes. [4:07] People take action based on professional suggestions. [4:43] Professionals may no

In this episode, Morey warns us to be aware of the many changes to the U.S. tax code, which may be hidden in large bills passed by the House, such as the Highway Bill, or Obamacare. These massive, 2,200-page documents often affect people who have international interests or real estate. Many accountants are unable to stay current with the changes to the U.S. tax code, and it’s highly unlikely they stay current on international tax codes, as well. Morey and the employees of Glazer Financial, promise to keep up-to-date on all changes in the tax code, so they can help you plan for your financial future.   Key Takeaways: [:57] Often, accountants and tax attorneys aren’t up-to-date with international tax laws. [2:06] The recent highway bill changed many of the due dates for U.S. taxes. [2:33] Obamacare ended up costing us all a lot of money. [3:22] The employees of Glazer Financial keep up-to-date with all the current tax changes. [4:05] Morey failed his advanced taxes exam, because he memorized the entire tax code

On this episode, Morey and Macarena discuss asset protection, and how easy it is for foreign banks to mislead the unprepared foreign investor. In addition to the copious amounts of tax forms required by the IRS, foreign investors may also be required to show proof of their income, and have foreign investments evaluated. The right tax professional can help you to be ready for the next mandate. Call Glazer Financial for your free initial consultation.   Key Takeaways: [1:08] The government wants to know about all of your offshore assets. [1:47] The U.S. wants to be able to tax a person's entire estate when they pass. [3:02] Foreign investments can be risky. You need to be prepared. [4:46] Government entities have agents dispersed in all areas of life, looking for inconsistencies. [6:01] Many times, when people buy gold they don’t know exactly where it came from. [7:05] Morey knows people who have lost millions of dollars because foreign investment banks are shady.   Mentioned in This Episode: Glazer Financial N

On this episode, Morey and Macarena remind us of how important it is to plan to plan. If you, or someone you know, is thinking about moving overseas you must have an honest, experienced tax and lifestyle planning specialist like Morey Glazer, or someone on his team at Glazer Financial. Stay compliant, live a good life and be prepared!   Key Takeaways: [:58] A vacation in a foreign country is much different than buying a piece of property there. [1:52] Every state is different, when it comes to taxes. [3:10] Today’s technology allows people to live anywhere on the globe, and still work. [3:32] Morey is always available to solve clients’ problems. [4:16] Staying compliant with the IRS is of the utmost importance. Do it before you leave the U.S. [4:53] Many countries follow suit, and adopt the same systems as the U.S. [5:35] Lifestyle planning can help you stay on track, no matter where you are from or where you are going. [7:24] Taxes and penalties can be your biggest cost of moving overseas.   Mentioned in Thi

Morey and Macarena are together today to share information and to educate expats on how to be responsible with our taxes and to make sure we don’t get a nasty surprise letter from the IRS. Believe it or not, but the IRS does have a game book. It’s important, if you are considering buying international real estate, to know what your tax liabilities are and will be. Plan to plan and be prepared.   Key Takeaways: [:56] How do you know what your tax liabilities will be in a foreign country? [1:52] Expats are required to file U.S. Income Tax returns. [2:07] If you live outside of the U.S. for over 330 days you may qualify for the Foreign Earned Income Credit. [3:00] Even missionaries may be eligible for the Foreign Earned Income Exclusion. [4:11] If you have a grant, trust or foreign corporation, you may have to pay income tax in the U.S. [4:58] Do you know the rules of the Internal Revenue Services gamebook? [5:57] You have to be careful, and be informed, about what taxes you have to pay.   Mentioned in This Epis

Morey and Macarena discuss the Foreign Earned Income Credit and how it applies to families living offshore. Big tax savings can be had using the credit, even if you are still working for a U.S. company. Call Glazer Financial to see how their tax professionals can help you prepare for your existing expatriate lifestyle or your upcoming travel plans to live out your retirement in the sun.   Key Takeaways: [:46] The Foreign Earned Income Credit -- Solutions for an expatriate in Turkey. [3:12] Do you work from home in a foreign country but get paid from a U.S. entity? [5:01] Lifestyle planning and tax planning need to be considered before moving offshore. [6:59] Moving offshore often becomes a cost rather than a surplus. [7:47] Just like your life, the tax world changes year after year.   Mentioned in This Episode: Glazer Financial Network Email Macarena: macarenarose@gmail.com Tuesdays with Morey on Facebook Expat Tax Expert Email Glazer Financial: mglazer@glazerfinancial.com MacarenaRose.com Rainforest Realty

Morey and Macarena join forces again today to discuss the penalties of not paying your US taxes. They warn that even if you have an accountant or tax preparer it doesn’t mean he or she is versed in how to report international accounts or foreign corporations. Some accountants aren’t even aware of the additional forms required by the IRS when a US citizen has an offshore account. Be prepared and plan your financial future with a team who understands your expat lifestyle. Call Glazer Financial today.   Key Takeaways: [:48] How do you know if you are legally paying all of your US taxes? [1:26] If you have a foreign corporation, you need to file two separate tax forms. [3:19] Morey Glazer is always available to answer your financial and tax related questions. [3:51] The IRS may impose tax penalties in amounts far greater than the original tax. [4:40] In Belize, you need to bring in $2000.00 a month to be a residence. [5:52] If you sell an international company, you should be prepared to pay US taxes on your stock

Morey and Macarena stress the importance of tax compliance during today’s podcast. They discuss the little details of offshore accounts and offshore corporations some accountants and lawyers may not deem important. Morey reminds us the IRS is smarter than taxpayers think, and even though you haven’t filed for 5 or 6 years it doesn’t mean they are not aware of your status. They just might be hot on your trail. Morey and his team at Glazer Financial keep up-to-date on all of the changes in tax liabilities and international tax requirements so you don’t have to.   Key Takeaways: [1:40] Introducing Teresa, Glazer Financial’s international expert. [3:45] US citizens must file income taxes every year with the IRS, no matter where they live. [5:37] Annual taxes may apply even if you are only receiving Social Security payments. [7:30] FACTA rules have locked US citizens in. IRS agents have systems in place to look at your return records. [9:11] You must have a plan to get current on your taxes and prepare for your fi

When people are young, they take very little time to consider their financial future. With the help of a certified financial planner, people can make sure they live the life they want today, while preparing for their future needs. Morey and Macarena share best tips and practices for making the most of a retirement savings account including how to purchase international real estate, investment income properties and how to find a lifestyle plan that fits your life.   Key Takeaways: [2:46] Lifestyle planning is thinking about your financial future, so you can live. [5:33] Can you use your IRA to buy real estate? [6:54] The IRS looks unfavorably at people running their businesses from IRA’s. [7:46] What is the proper amount of depreciation a person can take on my SUV? [9:14] Borrowing money from a retirement plan for additional savings on a vehicle. [9:54] Macarena is an expert at offshore real estate. [10:58] Buying real estate from a retirement plan can be a great investment. [14:08] Take care not to become par

Planning for your retirement can be time-consuming and difficult if you are not an expert on the savings plans available. There are 401(k) plans, profit sharing plans, IRAs and others. The trick is to understand the requirements and benefits each plan offers. Some will allow you to borrow money from yourself to buy cars or international real estate. The loan will be with yourself and you pay yourself back the interest and your taxes are lower. In order to realize the benefits of retirement plans, you must sign up by the end of the current tax year which is December 31, 2016. Don’t delay, save money today.   Key Takeaways: [1:17] Planning for your retirement before the end of the year. [2:30] 401(k) profit sharing plans allow for savings up to 25% of annual compensation. [4:15] There are many different savings vehicles to consider when planning for your retirement. [7:19] Combination plans offer diversity for your investments. [9:30] Retirement plan accounts must be open prior to December 31, 2016. [10:10] You

On this week’s episode, Morey takes time away from his busy schedule to share the latest updates on changes to the U.S. tax code. He’s joined by Macarena Rose, an international real estate expert located in Belize. At the same time, the team at the Glazer Financial office is busy preparing taxes, making corrections and working with the IRS to maximize savings for clients. The team is able to provide detailed feedback on bankruptcy cases, instances where another tax preparer has made mistakes and even help if you have failed to file your past taxes.   Key Takeaways: [1:44] Morey presents new ways to protect your personal assets. [5:30] People want to do their own taxes but don’t consider how they will handle an audit. [6:47] A tax specialist has the tools most taxpayers aren’t aware of. [8:14] Glazer Financial can review your tax returns and let you know up front what it will cost to complete the tax forms. [13:11] Be sure to enquire on the qualifications of your tax preparer. [16:43] Glazer Financial ensures

In this episode, Morey and Macarena stress the importance of financial planning and preparing for your retirement. Morey shares a real life example of a 70-year-old family member who was talked into using his IRA to purchase a piece of property. The family member did not consult with Morey until after the deed was done and now wonders if his decision was a good one. Morey and Macarena stress the importance of vetting anyone who wants some of your money, and always contact Glazer Financial before making any financial or tax-related plans.   Key Takeaways: [0:49] Planning to plan is important. Here is an example of someone who didn’t. [4:35] Before investing your retirement plan into real estate, check with your financial advisor! [6:12] Make sure you have a monthly income when you retire. [7:17] Real estate is a gamble just like every other investment. [9:20] It is imperative you file your tax returns even if you don’t owe any tax. [12:57] Glazer Financial examines 2 years of past tax returns at no charge. [13

In this episode, Morey and Macarena discuss Obamacare, FACTA and the importance of financial planning. Many insurance companies in the U.S. are refusing to foot the bill for the millions of unemployed and impoverished citizens who are currently under Obamacare coverage. They have decided to allow the government to bear the burden by way of increasing taxes. Penalties by the IRS are making this a damned if you do and damned if you don’t vicious cycle. The only way you can be prepared for the upcoming changes is to allow the professionals at Glazer Financial to take the reigns of your financial future.   Key Takeaways: [0:55] Visitors to foreign countries are finding it increasingly difficult to retrieve their money from the U.S. [3:05] Obamacare doesn’t really offer the impoverished proper insurance and it affects income tax. [6:37] The U.S. government will fine business owners who don’t supply health insurance to employees. [8:46] The political parties are considering a single pay system. [11:05] Insurance co

Tuesday Tax Tips with Morey is back, with Morey and Macarena discussing the possibility of a seminar in Mexico and a series of online seminars designed to help expatriates stay compliant and avoid IRS late fees and penalties. In fact, Glazer Financial has been a leader in reducing expat penalties and even eliminating tax penalties for their clients. Contact Macarena with your international real estate inquiries or contact Morey to assist you in planning for your financial future.   Key Takeaways: [1:18] U.S. tax compliance issues for people moving offshore. [4:16] A client in Hong Kong must show where his money came from - even if it is just a dividend on a savings account. [5:50] Tax due dates have been changed. The changes were hidden in a highway bill. [7:23] There are different individual forms for offshore accounts and assets, including offshore corporations. [8:00] Glazer Financial has been successful in getting rid of penalties or agreeing to a highly reduced amount. [10:27] Some people leave the U.S.

August 14, 2016, has been slated as the official date of our Tax Tips with Morey, conference in Dallas, Texas. This is the place for you to bring your questions about the legal issues, tax requirements and compliance for Morey to answer directly. Many of our listeners have similar issues so what better way than a face-to-face conference to get everything out in the open. Macarena will be flying in from Belize to offer resources on offshore real estate opportunities. Contact us using the information below to secure your spot!   Key Takeaways: [1:03] Morey must pay attention to tax changes because they happen every 30 seconds. [4:04] Free legal, tax and real estate advice at the seminar on August 14th in Dallas. [7:49] There are key things to know about moving offshore so you stay in compliance. [10:03] Bringing a group of people together will help the group as a whole to avoid mistakes. [10:35] You must prove your income annually with the IRS or they can take your passport. [14:19] Morey & Macarena work wi

Morey and Macarena join forces again on this episode to help U.S. citizens stay legal no matter where they reside. Morey warns of fraudulent calls and emails from people falsely claiming to be the IRS, what correspondence from the IRS really looks like and how Glazer Financial can take some of the burden off you at tax time. If you like our podcast you will love our Tax Tips with Morey Live event in Dallas, Texas this August. Listen in to find out more.   Key Takeaways: [1:24] What should people do if the IRS contacts them via telephone or email? [6:09] Possible problems you can run into when dealing with the IRS. [9:25] In order to avoid interruptions in daily life stay current with your taxes. [10:53] Glazer Financial can resolve tax issues so clients do not have to be involved. [13:06] The Financial Disclosure Act is influencing other countries to look more closely at expatriate taxes. [17:44] The August 13th seminar in Dallas, Texas will feature planning advice from Morey.   Mentioned in This Episode: Gla

Many expats are unaware of the IRS requirement of filling out a Foreign Bank Account Regulation form (FBAR) during tax time. Not understanding the requirement does not make a tax payer immune to the penalties, taxes and interests that commonly follow when the IRS figures out an expat did not file. Proper planning with an accountant who is up-to-date on current tax laws can be an expat’s best defense against large, unnecessary penalties. The savings can be used to purchase additional tax-deferred assets like real estate.      Key Takeaways: [1:11] How serious are the penalties if I fail to file the Foreign Bank Account Regulation (FBAR) document? [3:08] FACTA regulations are making it difficult for expatriates to open bank accounts in foreign countries. [6:20] Buying gold and silver will not make a taxpayer immune to paying the appropriate tax on the value. [7:27] It’s much less to pay $200 to file the FBAR compared to the $10,000 IRS penalty.  [11:12] Morey’s goal is to get everyone the information so tax pen