Tuesdays With Morey - Tax Tips®

Morey is back with Macarena to give you all of the up-to-date tax code information and changes. If your accountant doesn’t stay on top of things they could be doing you a disservice, which could eventually come back to haunt you by way of additional taxes and penalties. Any expat who hasn’t filed their taxes or who owns an offshore corporation is at risk. Call Morey or contact Macarena today.   Key Takeaways: [1:10] More and more people who live outside of the U.S. believe they don’t have to file because they don’t make enough money. [3:21] The government may try to impose a tax on foreign corporations or offshore assets. [6:38] It is so important to have an accountant who is up-to-date on the changing tax laws. [10:20] Glazer Financial started with 45 clients and has grown to over 4,000. [12:47] As the U.S. needs more and more money, there will be a system created to catch up with everyone. [14:05] How many people know what their taxes are for 2015, 2016 and what about 2017? [16:14] Do you consider ALL of yo

Today Morey and Macarena are both in Belize discussing the importance of planning, tax compliance and moving offshore. Stressing the importance of planning, Morey says that “even successful people make mistakes in dealing with offshore tax compliance. It’s because the rules are changing all the time. The IRS wants every dime they are owed.” If you have moved offshore or are planning a move, the best thing you can do is call or email Morey because his team will take care of the boring details while you live out your dreams!   Key Takeaways: [1:27] Many people move offshore without thinking about their tax compliance.  [4:14] The U.S. Government has access to most of the offshore banks which are popular expat destinations. [7:25] There is a civil penalty of $10,000 for not advising the IRS of a foreign bank account. [8:56] People are very excited to move to a foreign country but they need to make planning a priority. [10:10] Morey is accessible and flexible on the cost of initial consultations because he works

Today Morey and Macarena discuss the importance of Health Savings Accounts and how they can be used to make necessary daily expenses tax deductible. Morey stresses the importance of planning and how a few precautions now can save you big money in the future should an accident or disaster happen. Morey and his team at Glazer Financial are dedicated to keeping up with the ever-changing tax code and how they can help you, the client, save, save, save.   Key Takeaways: [1:13] Accountants can not keep up with the ever changing-tax landscape driven by the government. [2:37] Everyone should be looking into Health Savings Accounts or HSA’s for tax deductions. [5:16] Consider setting up a Family Limited Partnership to hold all of your assets. [13:36] Planning now allows you to start building your net worth. [17:25] An umbrella insurance policy is essential to keep your assets protected. [19:00] Blog and Contact information for Morey and Macarena   Mentioned in This Episode: Glazer Financial Network macarenarose@gmail.

People often visit a foreign country for a quick vacation and then end up falling in love with a piece of real estate. They may feel as if they are doing their research by scouring the internet for information, but without an accountant who can help with tax planning and tax codes they may find themselves in a bind at tax time. Don’t let this happen to you. Let Glazer Financial give you the much-needed expertise you need.   Key Takeaways: [1:27] The tax rate on passive income is going up by 4% and everyone needs to plan for it.    [7:26] Are people required to pay the same taxes if they move offshore? [10:30] If you buy a piece of property in another country, then do everything you can to transfer the money in the United States. [15:58] Does it make sense to incorporate offshore properties? [17:31] Don’t take internet information at face value. Talk to the experts instead.   Mentioned in This Episode: Glazer Financial Network macarenarose@gmail.com Tuesdays with Morey on Facebook Expat Tax Expert mglazer@glaz

If you don’t plan for the tax year ahead, how will you know how much of your earnings to hold back? Whether you are a real estate agent in Belize or a small business owner in the US, the IRS still wants its share. And, the tax code is not easy to understand or keep up with. Today Morey and Macarena discuss the unavoidable 30% withholding tax for sending money offshore, the possible tax problems with partnerships and tax changes regarding depreciation and bonus depreciation percentages.   Key Takeaways: [1:08] Accountants listen up! Morey makes you a job offer in Dallas. [3:13] LLCs are the best type of corporation for protecting your assets but the government is considering penalizing partners for tax liens. [8:29] What happens when you can’t pay your annual tax? Can you file as a different type of corporation? [12:50] When you buy new equipment for your business you can bonus depreciate it at 50% but you should be planning for the next tax year. [15:44] Pre-planning allows you to take deductions for work-rel

At the end of 2014 and 2015, Congress added and changed tax provisions in budget extension bills. Many of these changes go unnoticed by some preparers, but not by Morey Glazer. He and his team are continually reading and investigating the tax code so his clients don’t have to. They are competent in FACTA requirements, Obamacare and the Foreign Earned Income Credit for those who spend time living and investing offshore or have a vested interest in an offshore corporation.   Key Takeaways: [1:32] What was significant about the extension bill Congress passed on December 15, 2014? [6:24] You may be missing important tax deductions if you are using a filing program such as Turbo Tax. [9:15] FACTA requires you to prove you have paid taxes on any money you move to an offshore account. [11:00] If you make over $250,000, including passive income, you have an additional 2.8% tax based on tax changes included in Obamacare. [14:03] The extender bill added deductions for investments in new equipment.  [16:44] Don’t forget

Many of today’s accountants are not familiar with the tax rules and regulations of owning foreign assets, foreign corporations or foreign bank accounts. Through the Fair and Accurate Credit Transactions Act (FACTA), companies and individuals are required to voluntarily disclose any foreign assets. In addition, if a foreign held account contains more than $10,000, a Schedule B must be prepared at tax time to alert the IRS of its existence. Some people may believe moving money or other assets, like gold and silver, offshore without paying a withholding tax is legal, but it’s not.   Key Takeaways: [1:11] What exactly is FACTA and how does it affect foreign banks? [4:20] US citizens should make their future financial plans while still in the US, before moving to a foreign country. [5:55] Even Swiss banks had to turn over the names of account holders before voluntary disclosure measures were put in place. [7:40] Many accountants don’t know foreign account holders must file a Schedule B, if there is more than $10,0

This week, Morey and Macarena discuss the importance of doing your due diligence before moving abroad. Careful tax planning can save you thousands of dollars in possible fees and duties. You should research the country you plan to move to with a fine tooth comb. Make sure to find out what type of leadership the country has, what import duties may apply and if your residency status in the country affects your US citizenship.   Key Takeaways: [1:00] When you plan to move offshorem, make sure you know which taxes are due on your savings plans and accounts.  [6:00] John F. Kennedy reduced income taxes while he was in office. [9:03] Is the country you are moving to better than where you are currently living in the US? [13:05] US citizens can travel to many places without a visa. [15:46] Import duties apply in certain countries so know how much you need to pay before shipping your personal goods. [18:51] Glazer Financial has foreign account planners who know which right forms and special programs apply to those who

When planning for your financial future, you need a planner who is easily accessible and has the required experience to assist you in your unique situation. Macarena, Morey and the entire team at Glazer Financial have the knowledge, the experience and the up-to-date information to keep you current, informed and paying the lowest taxes possible. The team would love to hear from you and read your question during next week’s podcast. Send your questions to macarenarose@gmail.com or add a comment in Tuesdays with Morey on Facebook.   Key Takeaways: [1:37] Does your accountant know how to handle your special tax situation? [7:11] Do I have to pay tax if I open a foreign corporation? [10:14] Morey can help to save you much more money than the cost of his fee. [12:11] What are the types of questions advisors should be asking clients to help them prepare for their financial future? [16:24] Will I know what my charges and fees are for Morey’s services before I agree to turn over my documents? [18:17] Glazer Financial

If you haven’t filed your taxes or think you may have made a mistake because you didn’t understand the tax code or foreign earned income credits, contact Morey’s office, Glazier Financial today. They will look over your past 3 Federal returns and supply you with an analysis to help you plan for your financial future. In addition, they will make certain you have the necessary tax forms filed. As a US citizen, you have a tax liability for life, no matter where you choose to do business or reside.   Key Takeaways: [1:14] Morey shares important information for expats [2:55] Teaching CPAs and attorneys in the pension administration business [3:33] Determine why you are going offshore [4:14] Some expats don’t even file tax returns [5:44] Hidden tax implications in US non-tax related bills [6:57] Foreign countries want your tax money too [7:45] The IRS looks at the variances in tax returns [9:32] A computer may not pick up the same things a tax planner does [10:29] Foreign income could be considered Subpart F Income

Tax regulations are complicated enough in the US and if you have property or assets offshore you may find yourself reeling by the ever changing rules in the tax code. The Foreign Account Compliance Act (FACTA) focuses on the reporting and proper tax filing of offshore assets. If you are unsure about the applicable taxes, credits and rules regarding your upcoming move to a foreign country, allow Glazer Financial and Macarena Rose to help you to simplify the process.    Key Takeaways: [1:28] People forget to pay their tax, which causes penalties from the IRS [3:39] Planning is important if you are moving offshore, starting a business or running a household [7:43] Get assistance from a professional when investigating moving offshore [9:11] Glazer Financial analyzes 3-years of past returns to make certain there are no mistakes [11:59] Make a business or personal plan to keep yourself from going broke [12:36] Tuesdays with Morey is a mentoring program [14:59] New offices will be opening in Belize and Guadalajara [

If you are not familiar with the IRS’s new program designed to uncover all of your assets, anywhere in the world, you need to listen to this week’s episode. Morey Glazer and Macarena Rose discuss the tax changes which were added to the Highway Bill, Obamacare, and BBDECA. All of your foreign interests will be scrutinized and you need to be prepared. The best way to prepare yourself is to hire a professional and engage in a tax planning program. Remember, audits cost money so do it right the first time.   Key Takeaways: [1:40] The IRS is coming after taxpayers and ditching Voluntary Disclosure [3:30] Hiding assets is no longer an option, put your money in safe places [5:42] There are laws in the US designed to protect us [6:50] An LLC used to protect precious metals and real estate in private homes [7:40] The 2015 Social Security changes embedded in Obamacare [9:01] Justice to the Balance Budget and Emergency Deficit Control Act [12:12] IRS upgraded their system so no returns were processed during the first we

If you haven’t been filing a tax return with the IRS because you don’t think you owe any taxes, consider how you will prove you don’t owe any taxes if you get audited. If you live outside of the US you should always hire a professional to file your taxes for you, even if your income is from the Social Security Administration. You want to make sure the forms you submit are mistake free.   Key Takeaways: [1:02] December 15th, 2015 saw changes in the tax code [2:30] Glazer employees work 12 months a year to keep you compliant [3:17] No matter where you live you still need to pay your US taxes [3:47] You could lose your passport [5:08] We help you keep up with every change in the tax code [7:00] Paul S. wants to know if he needs to file if he doesn’t owe any taxes [8:20] The IRS could audit you, which costs money [10:13] What if my money comes from Social Security benefits? [11:22] File if you have a foreign corporation or a foreign bank account [12:47] An ounce of prevention is better than a pound of cure [14:12

When living internationally, you need a tax preparer who is ever vigilant and keeps current on any and all tax changes. Do you know how important selecting the correct entity type is for your tax planning needs? If you don’t have a professional to help, you may end up owing a large tax debt to the IRS. If you are not able to pay it and do not have someone to negotiate a payment schedule, then you might find yourself in default and without a passport.   Key Takeaways: [1:37] The Bonus Depreciation Rule is extended [4:03] Using credit cards allows you to deduct the items in the current year [5:01] Making trades in the U.S. Government [6:05] Morey works 24/7 and keeps up with all the changes [6:54] Morey’s show is helping people from all over the world [7:38] The advanced tax class Morey failed by scoring 100% [8:58] Going to the person who can answer your questions [9:36] The government can take your passport if you don’t pay your taxes [10:35] An S-corp flows all of the income to a personal tax return [12:04]

This week Morey answers a listener’s question about the FBAR. He talks on why you need to file, who needs to file, and when and how your FBAR forms need to be filed. Monetary penalties can be severe, as well as the possibility of losing your U.S. passport. Morey and the rest of the Glazer Financial team look at hundreds of tax forms every month and keep checklists of compliance requirements. Be sure to listen next week when Morey and Macarena discuss real estate losses and penalties for health insurance.   Key Takeaways: [1:21] People tend to tense up when talking about their taxes [1:50] The date for filing the FBAR (form #114) has changed and it must now be e-filed [3:00] If you have $10,000 for even one day, you must file the FBAR [4:27] Even if you borrow the money, you must file [7:00] What exactly is an FBAR? [7:31] All the banks in the world give information to the IRS [8:45] What are the penalties by the IRS for not filing the FBAR? [9:31] Owning gold may still be an applicable account [10:40] If you

This week we answer a question from a listener who wants to know if they need to file a U.S. return, if they don’t expect to owe taxes. Morey suggests people shouldn’t assume they know the answer to any tax questions, because the tax code changes so rapidly. Morey and the entire Glazer Financial team have pledged to keep current on all tax changes to make tax planning as easy as possible for expatriates, whether they live inside or outside of the U.S.   Key Takeaways: [1:00] On December 15, 2015 – tax changes took place [1:55] Getting deductions you never knew you had [2:47] Morey can help you to stay compliant with U.S. tax laws [4:38] Morey answers listener questions [5:38] The budget bill, which was just passed, had more than 2000 pages [6:52] Paul S. wants to know if he needs to file a tax return [8:51] File the tax return even if you don’t owe any tax [11:22] You have to file if you have a foreign corporation or foreign bank account [12:47] You cannot assume anything unless you do the work [14:11] You ca

Morey answers listener tax questions about trusts, tax filing requirements and the changing Social Security laws. Morey constantly reads and reviews international tax law and changes in the U.S. tax code, so you don’t have to. He reminds us that tax planning can save you money and often times get your hard earned money refunded to you. Listen in every Tuesday to get answers to your tough tax questions. Key Takeaways: [1:25] Morey answers listener questions [5:44] How to get your free 3-year tax review [12:41] We have 4000 international and U.S. clients [14:36] What about having a Panamanian corporation? [15:47] Penalties on foreign trusts can be huge [19:03] FACTA rules allow foreign governments to tax your money Mentions: Tuesdays with Morey on Facebook Glazer Financial mglazer@glazerfinancial.com  

This week we answer a listener question about the reporting of foreign corporations. We also discuss the importance of planning before your money leaves U.S. soil; and we offer help to those who want to understand the tax implications of the foreign countries they are looking to invest in. Key Takeaways: [1:45] Plan your taxes while you are still in the U.S. [4:29] The goal is to correct past mistakes and plan for the future [6:01] Step by step procedures for moving money offshore [8:48] We offer help with understanding the country you want to move to [12:42] Tax codes are already changing for 2017 [16:03] Listener question about disclosing a foreign corporation [18:35] Consider that the penalties could be more than the service costs [20:36] Annual tax reviews [22:15] Conference at the end of January Mentions: Tuesday’s with Morey on FB Expat Tax Expert  

The ever-changing tax landscape in the U.S. is difficult to follow. Add on an international move and it’s practically impossible for most of us to keep straight. That is why we have Morey Glazer. Every week he brings us tips, tricks and tax help for those of us with international interests. His co-host, Macarena Rose, is a Certified International Property Specialist with years of international real estate experience and the host of Belize Talk Radio. Listen in for tax planning information, no matter where you are in the world.   Key Takeaways: [1:18] Just who is Morey and what experience does he have? [4:05] The IRS has the power to take your passport if you haven’t noted foreign bank accounts [5:58] If you live offshore, you need to file a tax return even if you make under $13K per year [10:03] The Foreign Earned Income Credit and who it applies to [11:40] Permanent residency does make a difference and you need to plan [12:09] Get a planning packet to help protect your assets [13:39] Communicate with Maury,