Loopholes and Strategies

From Jack Miller’s popular seminar, Loopholes and Strategies was an Emergency tax strategy workshop designed to help you reduce and side-step tax increases for dealers, investors and families.

Americans are currently paying more total taxes than ever before in the history of this republic. Everyone pays FEDERAL TAXES – income, franchise, excise, estate, customs, use taxes.

Others pay STATE TAXES – income, sales, franchise, corporate, property, highway, gasoline, etc.

And still others pay LOCAL TAXES – income, property, use, business, utility, school, road and bridge taxes, fees, licenses.

Added to these are myriad hidden taxes built into the costs of virtually everything we buy or use.

It is estimated that 43% of the average citizen’s earnings are consumed by taxes. That means that you must work without pay from January 1st until May 23rd for the government until you are able to earn the first penny of compensation to be used for what you need.

This is interesting when one stops to reflect that we fought the American Revolution over a 1% stamp tax. Our rallying cry was: ‘NO TAXATION WITHOUT REPRESENTATION!’ When was the last time YOUR interests were represented by anyone at any level in government?

I’m constantly amazed at creative people who use extraordinary thought and energy building an income stream, yet who hire no-talent hacks to prepare their tax returns without any coherent plan for their tax reduction strategies. The difference in lifestyle, independence, and financial security that you will enjoy once you stop working is the true cost to you of taxes.

Taxes and death are truly inevitable (not necessarily in that order), so it behooves us to do what we can to minimize them. Think of it this way: Suppose a person has been paying an average of $3,000 in taxes per year every year since he or she started working, and has been working for 35 years. With ten more years until  retirement age, all he or she has to look forward to is a meager pension comprised of funds due under his employment contract plus Social Security. In most instances, this is not indexed to inflation, so its purchasing power is dropping every day.

If that money had been invested at just 10% compound yield per year, the $3000 spent on taxes would amount to $271,025 today. That’s enough to fund retirement even if Social Security goes broke. You’d be secure for life if you continued to invest at the same rate; adjusted for inflation. Your income would be about $2250 per month just from the interest. And if you decided to invest it at 10% for another 10 years without spending it, you’d be able to retire for life at $6252 per month adjusted for inflation for the next 40 years just by continuing to invest safely.

One of the most rewarding investments you can make is to take a college level tax accounting course and seminars on creative tax planning; then use what you learn to improve your own financial situation. This book will give you the information you need to reduce your taxes.

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TABLE OF CONTENTS:

Chapter #1: Characterization of Income Choosing How and When You’ll Be Taxed
“Above the Line” and “Below the Line” Deductions Converting Short-Term Assets to
Long-Term Assets Equity-Sharing vs Taxable Income
Sandwich Leasing and Lease/Options vs Installment Sales

Chapter #2: IRC Section 121 Home Stale Strategies Retiring Tax-Free in 2 Years,
or Less Dealing With Time Requirements Sales in Less Than Two Years Second Home Strategies

Chapter #3: Tax Free Exchanging Exchanging to Get Tax-Free Cash Tenancy In
Common Exchanges

Chapter #4: Pass-Through Entities and Basis Strategies Non-Tax-Paying Revocable Trusts Irrevocable Tax-Paying Trusts Limited Liability Companies S-Corporations

Chapter #5: C-Corporations Living the Corporate Life Corporate LLC Managers

Chapter #6: Splitting Income to Lower Brackets Using Kids and Kin to Shelter
Income Letting Lower-Taxed Taxpayers Pay Taxes Kid-Sandwich Leases

Chapter #7: Retirement Plans
Qualified Corporate Pension Plans Using Houses to Fund a Pension Plan Contribution
Strategies Minimum Required Withdrawals Conventional and Roth IRAs
Self-Directed Roth IRAs
Self-Dealing Rules and Caveats Using Options with Roth IRAs
Syndicating Multiple Tax-Free Entities
Using a Trust to Mix and Mingle Tax-Free Entities

Economic Outlook