What’s in store for business and investments in 2008? My typical answer, of course, is It Depends.
We have an election year and so I don’t expect any drastic moves in 2008. Most likely, we’ll have another last minute AMT patch, just like 2007. Once we have the election behind us, I think we’ll start to see some dramatic changes. Here are my top 3 things to do to be best prepared for tax law changes:
Three Strategies to Prepare for Tax Law Changes
(1) Focus on business. It looks like the days of easy real estate write-offs are going away. The IRS is challenging the real estate professional status. The rules are different for write-offs if you’re subject to AMT. With all those problems for real estate write-offs, businesses have never had more write-offs that work for both regular income tax and AMT. We’ll be providing more strategies for paying less tax in your business through the TaxLoopholes Blog and especially through the weekly online workshops that are part of the First Class Lounge.
(2) Know who your advisors are. Beware of old information, one size fits all strategies and seminars given by promoters. Some of the scams I’ve seen: family foundations, foreclosure buying, “secret” tax strategies that give you more write-off than the investment is. Run any new investment strategy by your trusted advisors first.
(3) Take yourself completely out of the tax system, legally, with Advanced Pre-emptive Tax Strategies. It is possible to invest in real estate and businesses in a way that the income flows to you without any tax. You have to follow the rules carefully and make sure you have an experienced CPA on your side first. This will be the primary focus of my March 7-9 seminar in San Diego. To sign up for this seminar with my limited time offer, please click the following link: http://www.taxloopholes.com/index.php?s=stldetail&id=227