Take a minute and think about where you’ll be when you get ready to file your taxes next spring.
Will you be at work when your CPA calls you? Will you get an email? Will you be at your CPA’s office?
However, you find out, it leads to the REALLY big question.
Is it going to be good news? Or worse news than you can even imagine?
Will you celebrate that you made the changes you needed in your tax plan before it was too late? Or will you find out that you need to figure out how you’re going to come up with the additional thousands of dollars you now owe?
The most expensive thing you can do right now is WAIT.
Time is running out. The window of opportunity is closing. When is NOW a good time to take action so you have a better result this next spring?
In a second, I’ll tell you one of the many real-life stories that is featured in “Taxmageddon 2018: How to Brace for the Trump Tax Plan”
First, here’s how you can get your copy of “Taxmageddon 2018” RIGHT now. https://www.ustaxaid.com/shop/taxmageddon-2018/
“Diane Kennedy solves million dollar problems! She’s my go to resource when my clients ned tax strategy, planning or a “get out of jail free” card. I’ve never met anyone with the breadth of knowledge she has, or her creative and legal tax strategies.”
Adryenn Ashley, Founder Loly.io, Award Winning Film/TV Producer, Top 100 Influential People on Blockchain, Startup Advisor, Social Influencer
Once you have your copy of “Taxmageddon 2018”, make sure you register it. You’ll find valuable bonuses worth $1,499 PLUS and an Insider’s Forum only for Taxmageddon readers. We’ll talk about how to put those strategies in place and keep up to date on this massive tax law as the IRS rolls it out.
This is one time where waiting will be very expensive.
The link to invest right now in your new financial future is https://www.ustaxaid.com/shop/taxmageddon-2018/. This goes active on 7/10/18.
Once you have your copy, the information in Chapter 16 will tell you how to register for free.
Taxmageddon is full of real life stories of what worked, and what didn’t work, for people planning to pay less tax and build assets.
Make no mistake! The tax laws have dramatically changed. If you don’t take action, you’ll pay more tax.
Taxmageddon discloses the secrets the rich are using to make out big time with the Trump Tax Plan. You’ll learn how a few little changes can make a huge difference.
Let me tell you the story now of a client who thought he was doing everything right, but his taxes just kept increasing even though his income was not. What happened?
Too Many Losses
I like to do a lot of preparation before consultations with new clients. When you have a consultation with me you’ll get asked a lot of questions about the businesses you have now, what businesses you plan to start, what your income currently is and what you project it will be. I’ll ask you to tell me about your dreams and your goals. And about your challenges with your businesses and investments. Then finally I’ll ask you how I can best help you.
I’m going to stop there for a minute. I’m not trying to sell you services no matter what, just so we’re clear. If we can help, I want to help. And to help you, I need to know more. If you just want me to rubber stamp your existing plan or just want to ask a general question, a consultation with me isn’t right for you. However, you will be able to ask me a question by joining my coaching program at https://www.ustaxaid.com/coaching-program/.
Back to the story…..
A new client was concerned that he had a lot of carryforward NOL (net operating loss) that wasn’t being used. His main questions all revolved about how to use those losses. He’d read what I had said about NOL and he wanted to know why he wasn’t getting the deduction.
“That seems strange,” I thought. NOLs are deductible against income.
As I looked at his last tax return, I spotted a few things that I wanted to investigate. Before we even had our consultation, I asked for more information and in this case, it meant more years’ worth of tax returns.
The answer was in the past tax returns.
My new client actually had several carryforward losses on his return. He also had some suspended real estate losses. That likely wasn’t going to change, but we wanted to stop the bleeding, so I recommended he stop taking depreciation. Depreciation is a strange type of deduction. You can take it, or not. You can catch it up. You can accelerate it with a cost segregation study. And you can just stop it, after you’ve already started it.
Since depreciation has to be recaptured when you sell and he received no benefit from the additional loss it created, he, in effect, was exchanging capital gains tax (maximum of 20%) for depreciation recapture tax (25%). Not a smart strategy.
Let me stop here for a minute again. First, with the information, we could see that it wasn’t just NOLs that were the problem. He also had a problem with suspended real estate losses. It’s easier than ever before to create write offs with real estate thanks to the Trump Tax Plan. (I talk about that in Taxmageddon.)
The problem is, though, will those losses HELP you or HURT you? A suspended loss can also mean you pay more tax! It’s not just a case of knowing what one right answer might be, you also need to know when and how to use that answer based on a comprehensive strategy. That’s why there are 95 strategies included in “Taxmageddon 2018”. There are a lot of smart ways to put this information to use for you right now!
He also had capital loss carryforward. In case of this type of carryforward, your deduction is limited to the amount of capital gains in that year plus $3,000. Sometimes I see clients with losses of $100,000 or more. Recently, a new client showed a loss of $300,000. It would take 100 years to get the full tax benefit of that loss. He needed a whole different strategy.
He needed to turn ordinary income into capital gains income. Not hard, if you have enough time to plan and are willing to do things a little differently. (For more details on this strategy, please go to Chapter 16 to register your copy of Taxmagedon 2018 and refer to Insider Tax Strategies, a free bonus as a thank you for your purchase of Taxmageddon 2018.)
And then we got to the net operating loss. He was absolutely right. He had net operating losses that were carried forward and he was not using those losses to offset his other income.
In this case, the issue was that he did not have sufficient basis. There are actually two requirements that must be met before net operating losses can even be considered to offset other income.
Do you see what happened? My new client provided enough information so I could understand both what he wanted and what the best strategies would be for him.
We fixed the suspended passive loss issue. We talked about strategies to turn his active income into capital gains income. And we found an easy solution to his basis issue so he could pick up those lost NOLs.
(For more information on this, go to Chapter 2. It’s all discussed there in detail and what you can do if you’re in the same spot.)
I’ve been a CPA for over 30 years. I was one of the original Rich Dad Advisors with Robert Kiyosaki (Rich Dad Poor Dad). I’m a New York Times best selling author with a string of financial and tax books.
Taxmageddon 2018 is the most important book I’ve ever written. The tax laws have changed.
Right now you’re at a pivotal point in your personal financial story. Will you act now or will you wait and pay unnecessary tax?
One way or another you pay… It could be $19.97 for Taxmageddon or it could be $1,000 or more in extra tax.
Pay now. Or pay later. One way or another with the Trump Tax Plan, you will pay something.
Are you ready for the Trump Tax Plan in 2018? Brace yourself by owning your copy of Taxmageddon 2018, now available at