Tuesdays With Morey - Tax Tips®

During this episode, Morey and Macarena stress the importance of having a reliable, professional, and knowledgeable team on your side. Buying international real estate and traversing a foreign country's tax code can be daunting. The right team you can give you peace of mind when making offshore decisions.   If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Ask Morey for a free consultation. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways:   [1:14] There is no double taxation in any country. [4:27] Mexican laws are following the trends in the U.S. [5:28] January 2018 could bring big changes for travelers who haven't filed U.S. tax returns. [7:21] Morey cites an article about foreign bank accounts. [9:01] Foreign taxes can offset U.S. taxes. [13:13] You need a great Realtor® to protect your interests in international property sales. [18:03]

During this episode, Morey and Macarena talk about the importance of having an international real estate agent on your side when considering a move offshore and planning your tax strategy before you go. Together Macarena and Morey have helped clients find their dream homes without any surprises lurking around the corner.   If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Ask Morey for a free consultation. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways:   [:49] Living in Belize has great tax benefits but taxes cannot be avoided. [4:04] Purchasing an offshore property should be done through a certified broker. [8:55] New clients get a free three-year tax review. [10:45] Be sure you plan your tax strategy before making a big investment. [15:08] Glazer Financial can help with the taxes and Macarena helps with the real estate. [16:56] A few o

During this episode, Morey and Macarena talk about the importance of having a good relationship with the IRS, especially if you have offshore investments or bank accounts. Doing business or making investments overseas can trip you up, if you don’t have the right financial planners working in your best interest. Be sure to err on the side of caution and properly vet the financial company in which you put your trust.   If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Ask Morey for a free consultation. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways:   [1:11] A good relationship with the IRS is worth its weight in gold. [4:37] The FBAR, Form 114 is used to report foreign bank accounts. [5:48] Special agents with the IRS and the Department of Justice are involved with tax collection. [7:39] Beware of investing in foreign projects that seem to

Morey and Macarena dish up another exciting episode of Tax Tip Tuesday this week. Morey shares the necessary requirements for reporting your income and tax liabilities to the IRS, should you invest in overseas properties, and Macarena describes the benefits of having a person you can trust on your side.   If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Ask Morey for a free consultation. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:12] With a new tax bill on the horizon, it’s time to think about tax alternatives. [3:04] An FBAR must be filed if you have over 10K in a bank account. [6:54] Due diligence pays off! [8:01] Morey’s client has a healthcare issue that may not be addressed by the new tax law. [10:04] Let’s do away with Obamacare and go back to the free market system. [12:40] Offshore investing and financing can be a dangero

Morey and Macarena warn expatriates of the dangers of people wanting to help you with your offshore business. Some people have a friendly face but bad intentions. Or, some just don’t know the U.S. tax code and will tell you what you want to hear just to get your hard earned cash. Key Takeaways: [:50] It’s important to stay in contact with your financial planner, especially with all the new changes to the health care changes. [3:24] Expatriates need to be aware of the IRS forms required to avoid being audited. [6:51] Do you have confidence in the people you are doing business with? [8:54] Glazer Financial is a small, trustworthy, international accounting firm. [13:35] Pay your taxes based on your 2016 tax bill. 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 469-358-2818 972-385-0007 MacarenaRose.com Rainforest Realty

Morey and Macarena carve time out of their busy schedule to make sure you know how to keep up with your U.S. taxes when you move overseas, and what you are up against when you realize you haven’t filed in years. This week’s conversation details the deadline for filing the FBAR, how the rules change when the property you are buying is offshore, and recent tax changes. If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty. Key Takeaways: [1:06] How should people plan for the tax year 2017? [3:04] We are in uncertain times politically and fiscally. [4:21] The latest bill passed by the House may include a tax implication. [6:53] Just because you live overseas doesn’t mean you aren’t responsible for your U.S. taxes. [8:51] Buying and selling properties overseas is different than in the U.S. [11:44] Glazer Financial ha

Many people don’t think ahead. They are putting their financial futures and the financial futures of their families at risk. During this episode, Morey stresses the importance of planning. He also shares his political views and says it doesn’t matter if you are a Republican or Democrat; the key is to work together to get stuff done. If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:09] Why do we get emotionally involved in the wrong political places? [2:34] Obamacare doesn’t fit the needs of growing businesses. [5:20] Why it doesn’t matter if you are a Democrat or Republican. [6:43] Everybody deserves a better education. [8:16] The new tax bill will include 3 different tax rates. [10:38] Morey believes deeply in charitable contributions and planning for those contributions. [13:02] Planni

Morey shares his thoughts on the possible tax cut for small businesses in the U.S. He says people should be excited about the extra cash they will have to make the lives of others better. In addition to the tax cuts, Morey would also like to see Obamacare repealed so his workers will be able to use their insurance again. If you live offshore and don’t have a qualified team of professionals to help you plan your financial future to get the lifestyle you want, call Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:34] Macarena is a Realtor® in Florida and Belize but she can sell property anywhere. [2:35] Get excited about the business tax rate dropping to 15%. [4:41] Changing Obamacare rules will lower the deductible for most workers. [7:48] People need to improve their lifestyle. [9:50] Analyzing our spendable income? [11:23] Don't wait to plan for your financial future. [13:55] There are Americans who live offshore who need help.

Morey shares his thoughts on what Trump’s tax bill will mean for the economy in the United States. Morey believes more money in a worker’s pocket will eventually trickle down to charitable donations and an increase in consumer spending. He would also like to see the adoption process out of the hands of the government. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [:59] Trump, the new tax bill and Obamacare. [5:26] Morey remembers a charitable donation to a woman in Mexico. [9:12] Health Savings Accounts, or HSAs, can give a decent tax deduction. [10:57] Morey believes Obamacare needs to be repealed. [12:03] Higher income people will get a 10% tax reduction. [13:50] Government controlled adoptions are not in the best interest of the children. [18:24] Changes are coming soon to the U.S. tax code.   Mention

Morey and Macarena inspect the proposed tax changes for 2017. Morey believes changing the tax requirements associated with the Obamacare health care plan will benefit businesses and individuals the most. And, if you have been using the same tax preparer for many years, it may behoove you to ask them about their compliancy status, and how they keep up on current tax changes which could affect you and your family. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:07] The FBAR is how you report your foreign bank account to the IRS. [3:41] A client of Morey's had to sell their foreign assets to pay a penalty from the IRS. [5:00] Get an estimate of what your future taxes could be with a free 3-year tax review from Glazer Financial. [7:12] Unreimbursed business expenses can signal an automatic audit. [9:05] Pro

Morey shares an example of a client who had already had his taxes prepared by an accountant, and then came to Glazer Financial. Morey and his group of Senior Accountants were able to identify many missed deductibles and inconsistencies on the client’s return. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:01] The FBAR has new rules and it must be attached to your 1040. [2:08] Who's doing your tax return? [6:04] The IRS is looking for variations in your taxes from one year to the next. [6:52] Payroll taxes are a vital part of an employer's tax return. [7:27] Glazer Financial's free 3-year review uncovered deductions for a client who had already gone to an accountant. [11:43] You have to be careful about referrals from parties who may only be interested in a referral fee. [15:01] The 3-stage review inclu

Morey and Macarena are back this week with information about the current tax reform in the U.S. The tax cuts are designed to get unemployment numbers down, and more people working. Morey describes the tax bill and the healthcare bill as having close ties, which is causing the delay in Congress passing both. Morey also cautions business owners and the self-employed when increasing their business expense deductions. Remember, you increase the chance of an IRS audit when you increase your deductions. If you live offshore and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:20] Taxes have been put on hold so the healthcare bill can be the president’s primary focus. [3:56] Morey would like to see the new tax bill passed, because it will create more jobs. [6:36] Larger corporations look to foreign countries to fill IT positions. [7:54]

Morey and Macarena are back this week with information you cannot afford to ignore, especially if you have offshore assets. The Department of Treasury has access to foreign accounts, and it is the law all U.S. citizens file annual tax returns. Even if you don’t have an income, you are required to file. You may incur penalties, additional taxes, or even legal fees, if the IRS determines you have defrauded the system. If you live offshore, and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose, at Rainforest Realty.   Key Takeaways: [1:02] Is your passport at risk because of an outstanding tax bill? [4:25] The U.S. government has access to most international banks. [5:14] If you don’t file your taxes, the IRS considers it fraud. [5:58] In Mexico, taxes are collected monthly on foreign corporations. [8:11] The 8938 and the FBAR are required tax forms. [10:00] Knowledgeable pro

Morey and Macarena stress the importance of having a quality financial professional on your side. Many tax preparers and accountants fail to notify clients of changes in due dates for tax forms, and they miss important deductions that can save you money! If you live offshore and are uncertain which tax forms you need to file, or when your taxes are due, call the professionals at Glazer Financial. Or, if you are looking for real estate in Belize, call Macarena Rose at Rainforest Realty.   Key Takeaways: [:50] Morey shares important resources for more information. [2:06] Financial planning is very important to ensure expats meet tax filing deadlines. [4:15] What to do if you are unprepared to file corporate taxes by March 15, 2017. [6:02] C-Corps are extended for an additional month and personal returns remain due on April 15. [7:42] U.S. citizens must pay income taxes on worldwide income, no matter where they live. [9:15] Interest and penalties can be more than the tax due if citizens don’t meet tax deadlines.

Morey shares crucial details about the changes in due dates for IRS forms 8938 and the FBAR. Expatriates with offshore bank accounts, corporations, or income are required to file forms which disclose international assets. Many banks in foreign countries are denying bank accounts to U.S. citizens because of the reporting required by the U.S. Government. Have you been affected by recent changes? Find out by contacting Glazer Financial.   Key Takeaways: [1:09] Many expatriates don’t believe they have to file U.S. taxes, but they do. [4:35] Do you know what forms to file and when the forms are due? [5:10] The new administration doesn’t know what changes President Trump will make. [5:36] The due dates have changed on the forms, K-1 and 1099. [6:23] The FBAR must be e-filed with your personal tax return. [7:21] FBAR requirements and due date. [9:36] Form 8938 is filed if you have an active corporation or investments. [11:19] Details of foreign income requirements for the IRS. [14:35] How do immigrants in the U.S. h

In this episode, Morey and Macarena tell us why it is important to file an annual U.S. tax return, no matter which country you live or work in. Also, Morey shares information on the FBAR, the 5471 tax form, eligibility requirements for the Foreign Earned Income Exchange Credit, Insurance Wrappers, and international real estate. Make sure you have an educated, up-to-date, professional on your side when it comes to your money. Call Morey at Glazer Financial for more information.   Key Takeaways: [1:40] With a new president and new Congress, no one knows what will happen to the tax code. [3:16] Morey has to re-do a seminar due to the new tax code changes. [3:45] The 5471 International Corporation Form, and how it affects U.S. tax filings. [6:17] If you have a foreign bank account you must file the FBAR form. [7:57] Commonly missed tax deductions on foreign expenses. [9:24] Morey has advice for you if you have an internet sales business. [10:49] How to handle offshore investments during your divorce. [11:48] Self

In this episode, Morey tells us what he believes is happening in the current tax landscape. He believes middle-income families will take the brunt of the taxes while low-income and high-income families will get some tax relief. Where will that leave you and your retirement plans? If you have been with Glazer Financial for some time, you will be prepared to weather any storm, even if it is in Belize.   Key Takeaways: [:53] Rental properties in Belize can increase retirement income. [3:35] Glazer Financial offers the best client support. [6:28] Middle-income families will be paying higher taxes in the future. [7:25] Morey’s children are all hard-working people. [11:06] Planning is more than just doing annual taxes. [12:16] President Trump is an inspiration to Morey. [13:06] Reducing personal and corporate taxes. [16:11] Lifestyle planning seminars to help clients find properties. [19:20] A look forward to next week’s show.   Mentioned in This Episode: Glazer Financial Network Email Macarena: macarenarose@gmail.

In this episode, Morey talks about the big changes coming down the pike in both tax deadlines and health care coverages. Morey lists the myriad ways Glazer Financial can help individuals and businesses plan to keep costs and taxes down in 2017. Morey’s organization is capable, and prepared to help you with your complicated, international tax requirements.   Key Takeaways: [:53] New tax changes happen often, so you need a professional who keeps current. [2:15] When Obamacare is replaced, will a Health Savings Account be right for your business? [6:05] LLC, C-corp or S-corp, which is right for your business? [8:13] Glazer Financial prepares tax returns, but also considers the ways you can save in the future. [8:55] Morey is willing to fight the IRS and attorneys, if it’s in your best interest. [11:23] You have options in life and in tax planning. [12:12] Flow through income participants have a new tax deadline. [13:09] FBAR reporting deadlines have also changed. [14:17] Should Trump work within the states on Me

In this episode, hosts Morey and Macarena discuss the importance of organizing your tax documents, and figuring out which deadline your taxes are due on. Morey shares an example of how he saved a client $200,000 in taxes, simply by rewriting a contract. Only experienced financial planners are able to see through the tax code and get to the possibilities. Take the advice of the Tuesdays with Morey Tax Team and start your planning today!   Key Takeaways: [1:07] Getting your tax documents organized for 2016. [1:45] 110% of last year’s taxes are due to avoid penalties. [2:50] You should have bought big items and paid bonuses by December 31st. [4:02] Buying stock has no depreciation value. [5:18] Looking ahead and planning for 2017. [6:44] You tax accountant or lawyer should be replaced if they don’t have the right knowledge. [9:40] Morey spends his weekends working on client accounts. [11:28] Investors in vacation properties should look more closely at the piece parts of their buildings. [12:22] An example of som

In this episode, Morey and Macarena share important end-of-the-year tax tips. Morey recommends buying as many business supplies as possible before the end of 2016, to get the maximum depreciation benefits. And, he suggests that even if you have a CPA doing your taxes, you need to make sure they keep your taxes up-to-date, including all of your foreign accounts. Because bad advice from an uneducated accountant, can cost you thousands in penalties.   Key Takeaways: [1:04] Planning for the upcoming 2017 tax changes is important. [1:53] Why you should finish up 2016 with a shopping spree. [3:29] It’s all about reducing taxes for 2016 and in 2017. [4:25] Changing your corporate structure is an option if taxes are reduced in 2017. [5:05] Congress is a slow moving vehicle. [6:07] A real life example of a doctor’s tax return. [7:10] People are not filling out their Foreign Bank Account information tax documents. [8:08] A client finally got caught up on back taxes and paid a 27.5% tax penalty. [12:02] People think whe