How to contact Larry

7437 South Eastern, Suite 235
Las Vegas, Nevada 89123-1538 Phone: 619-282-7126
e-mail: LarryLaveTaxman@gmail.com


Wednesday, November 23, 2011

Deduct the interest on your second home


Deduct the loan interest on your RV, camper, or even your boat.
 You are allowed to deduct mortgage interest on your primary residence and one other residence.
 
The definition of what constitutes a residence is very broad and includes RV's, campers, and boats as long as they have cooking, toilet, and sleeping facilities.

This is a second home deduction.

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Plan your divorce to save Taxes

Timing your divorce can save you taxes.
 
I know this sounds cold, but not every divorce is embittered. Some people actually do it serially to get tax benefits.
 
The formula is the exact opposite of when you get married. If both spouses earn about the same amount of money, getting a divorce before the year ends will save taxes by eliminating the marriage penalty. If one spouse earns a lot more than the other, waiting until January will save taxes by taking advantage of the marriage bonus for one last year.
 
There are many other planning opportunities with a divorce.

If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Take your medical expense with your emplloyer


Medical expenses can rarely be taken on Schedule A due to the 7.5% of AGI limitation, but through your company's cafeteria plan, you can fully deduct your medical expenses from your W-2 wages.
 
 The only catch is that if your unreimbursed medical expenses for the year are less than what you set aside from your wages, the difference is forfeited.
 
 The definition of what constitutes qualified medical expenses is very broad so make sure to visit your dentist, optometrist, acupuncturist, chiropractor, etc. in December if you haven't used up all of your current year medical expense contributions.
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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Get the best Benefits your company has to offer

Take advantage of your company's cafeteria plan and other tax-free benefits.
 
 For example, your company's dependent care program is a great deal if you are in the 27% tax bracket or higher. The dependent care credit only gives you a tax credit of 20% of your child-care expenses, but through your company's cafeteria plan you will be getting a tax benefit equal to the tax bracket you are in. So if you are in the 30% tax bracket, you will be getting a tax benefit of 30% as well as a reduction of your state income tax.


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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Tuesday, November 22, 2011

Arrange your affairs to pay less TAX




 Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.
 
Judge Learned Hand quoted in

Gregory v. Helvering, 69 F.2d 809, 810 (2d Cir. 1934)


If you want to be Charitable, give money to a Charity, but as the Judge Hand says, keep your taxes down.
 
Use the Moolastreet tips to save yourself bucks.
 



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If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Fwd: Make sure your govenment reported papers are reported correctly on your tax returns



 

Make sure that your tax return numbers match the 1099s you receive from your broker, employer, or investment company.
 
 EXAMPLE: Your 1099 from your broker shows $55,342 in gross proceeds from stock sales. If the only stock you sold during the year was through your broker, the gross proceeds shown on Schedule D of your tax return should be $55,342.

 

If your numbers don't match, you can bet on an aduit


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If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Re send of Work for Capital Gains instead of ordinary income


Invest in growth stocks and growth mutual funds.
 
By putting your money into growth funds, you will achieve capital gains rather than ordinary income.
 
The fewer times you sell and reinvest, the more money you can keep invested in the market instead of having to use part of your gains to pay taxes.
 
 Also, long-term capital gains are taxed at favorable rates, while dividends, interest, and short-term capital gains are taxed at your highest rate.

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If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Resend of last three tips plus can you fix the blog for the address????

Hi guys and good afternoon!!!
 
In Checking the blog, I discovered that I had made a mistake in my tax line on my emails and had put the email address instead of the web site.
 
There are four tips on your site. It would be a simple job to edit those four posts and fix the address to the web site as below.
 
I am also sending you corrections on the three posts you have not posted yet that are incorrect.
 
Could you please let me know your received this and the three corrected posts that have not gone in yet.
 
If you could also fix the blog, that would be great!!!
 
Yoru friend
 
Larry

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If you want the best in tax advice please see my blog at

LarryLaveTaxman.blogspot.com or email me

LarryLaveTaxman@gmail.com

Work for Capital Gains instead of ordinary income

Invest in growth stocks and growth mutual funds.
 
By putting your money into growth funds, you will achieve capital gains rather than ordinary income.
 
The fewer times you sell and reinvest, the more money you can keep invested in the market instead of having to use part of your gains to pay taxes.
 
 Also, long-term capital gains are taxed at favorable rates, while dividends, interest, and short-term capital gains are taxed at your highest rate.

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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Monday, November 21, 2011

Make sure your govenment reported papers are reported correctly on your tax returns


 

Make sure that your tax return numbers match the 1099s you receive from your broker, employer, or investment company.
 
 EXAMPLE: Your 1099 from your broker shows $55,342 in gross proceeds from stock sales. If the only stock you sold during the year was through your broker, the gross proceeds shown on Schedule D of your tax return should be $55,342.

 

If your numbers don't match, you can bet on an aduit


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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Sunday, November 20, 2011

TAX TIP --Consider a C Corporation as your best choice of your business entitity

If you are starting up a business, a Corporation may be  the right choice for you.
 
Many advisors push LLCs (Limitied liability Corporations) offer the advantages of limited liability and partnership taxation.
 
 There are still good reasons for choosing to operate your business as a C corporation becaue, S corportations, or sole proprietorships, and LLCs have their limitations in terms of deductions.


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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Wednesday, November 16, 2011

The Best Income tax Tip for most people


The best income tax tip for most people is to maximize your 401(k) deductions.
 
 The deductions lower your taxable income and all earnings are tax-deferred until distributions are received after your retirement.

If your employer offers a matching contribution, you have an immediate tax-deferred return on investment as well as a reduction of your wages on your W-2.

In addition the money that your employer makes as a voluntary contribution is usually exempt from Fica taxes (a major savings).
 
Another benefit to consider is that any money in your 401(k) account is protected by law against creditors.
 
 So if you are ever hit by a lawsuit or have to file bankruptcy, your 401(k) money is safe.
 
CAUTION: IRAs do not have the same protection against creditors that 401(k) plans have.

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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me

LarryLaveTaxman@gmail.com

Thursday, November 10, 2011

TAX TIP --IRS Audit Prevention


IRS Audit Prevention

The IRS uses patterns and statistics in deciding which taxpayers to audit. By decreasing the "red flags" on your tax return, your chances of being audited are significantly reduced. Here are some of the red flags that you can avoid.
  1. Make sure there are no math errors on your return. The easiest way to do this is to have a tax preparer do your return or to use tax software.

  2. If at all possible, don't put down whole numbers such as $10,000 or $4,000 on your tax return.

  3. Consider forming a business entity to put your current Schedule C business into. Having a Schedule C on your tax return is one of the biggest red flags of all since business owners can hide income and try to treat personal expenses as business expenses. By having a corporation tax return instead of a Schedule C on your individual tax return, your chances of being audited decrease substantially. You should consult with your CPA and possibly your lawyer to see if a Corporation is right for you.

  4. Home office deductions are another red flag that can be avoided by filing a partnership or corporate tax return instead of using Schedule C. Your home office expenses are a lot less noticeable on a partnership or corporate return than they are on Form 8829 of your 1040.

  5. Make sure that your tax return numbers match the 1099s you receive from your broker, employer, or investment company. EXAMPLE: Your 1099 from your broker shows $55,342 in gross proceeds from stock sales. If the only stock you sold during the year was through your broker, the gross proceeds shown on Schedule D of your tax return should be $55,342.

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    If you want the best in tax advice please see my blog at

    LarryLaveTaxman@blogspot.com or email me

    LarryLaveTaxman@gmail.com

Paying too Much to the IRS???????

PAYING TOO MUCH TO THE IRS?

My name is Larry Lave. I have been a tax expert for over thirty five years. My goal is to have you pay less taxes legally.

There is no  special place in heaven for you if you pay more than your fair share of Taxes.  If you want to pay more than  your share, give it to the charity of your choice!!

In Fact Judge Learned Hand  a famous Federal Judge said:

Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible.

Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.

Commissioner v. Newman, 159 F.2d 848, 851 (2d Cir. 1947) - dissenting opinion


These are tips for you, that you will get each day.




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If you want the best in tax advice please see my blog at

LarryLaveTaxman@blogspot.com or email me LarryLaveTaxman@gmail.com