Tuesdays With Morey - Tax Tips®

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