Your Unbiased Advisor: Last chance: extra $1000 refund or NO tax due

Up your refund by $1,000 before April 17

3 weeks to tax due. If you find you owe tax instead of hitting the refund button this year, you may still be able to claim your refund. You can reduce your 2017 income and receive a tax credit. Credits reduce your taxes dollar for dollar. In effect, IRS code can help you reduce taxes like The Don AND save for retirement at the same time. On line 32, Form 1040 or line 17, Form 1040a, you can enter up to $5,500 ($6,500 over age 50) as IRA contribution to reduce your income. If you meet the qualification, a credit will show up on Line 51, Form 1040 or Line 34, 1040a. You subtract this credit from your tax. EG: Income $66,000: tax refund is $3,335, without IRA contribution. With the contribution, the refund is $4,392 or $5,553 if you both make the contribution. Credit against tax is $400. IRS checks your IRA. Use: irs.gov/app/freeFile/jsp/index.jsp

For help with complicated returns: https://irs.treasury.gov/rpo/rpo.jsf

Take the deal: https://www.amazon.com/Tax-Refund-Millionaires-Let-Uncle-Help/dp/149595644X

The Trump Tax Shelter

Clearly the Trump tax plan helps businesses and the wealthy. Trump even cut the Pease limits. The Pease limitation capped the value of itemized deductions for wealthy taxpayers. There is no reason why you cannot benefit from the tax code too. Using § 408 of the IRS code, you can create an unlimited account and never pay taxes on earnings. It eliminates taxes when taken out for your needs and can pass to your heirs tax FREE. No matter what your income this helps you avoid future taxes to pay off the national debt. All of the 2018 individual tax breaks are repealed in 2026 to pay for the permanent business tax cuts. Avoid paying for their windfall—35-21% tax rate. Corporations provide only 1% of our revenue now. 20 TRILLION dollar deficits mean each taxpayer owes over $160,000. Avoid getting stuck making up their share.

Use Trump’s Tax Shelter: https://www.amazon.com/Trump-Tax-Shelter-Avoid-taxes/dp/1985448300

Transfer other people's investment values to you

“The stock market is a device for transferring money from the impatient to the patient.” Warren Buffett

Your choice: You and your advisor can try to outsmart the market with millions of traders and likely earn 3.79% a year or let their money flow to you over time and earn 11%. The analysis of real investors showed that the average advisor- investor earned just 3.79% a year while the stock market earned 11.06% over the last 30 years. DALBAR’s

You can earn 11% by NOT letting advisors touch your money. 95% of active traders do NOT beat the market over time. The leading cause of bad returns is costs. Morningstar the rating firm found: “In every single time period and data point tested, low-cost funds beat high-cost funds.” Warren Buffett, one of the greatest investors of all time, has given us his formula. We must leave our assets alone. Riches come to those who do nothing but wait. All the things that our Wall Street advisor tells us to do are wrong. Buffett says growth comes from compound interest not trading, timing, or hedging.

Patience is profitable: https://www.amazon.com/Patience-profitable-passive-investments-beat-Street/dp/1986843777

IRS free filing sites avoid $300+ cost of filing taxes

Commercial tax prep sites offer expensive loans as advances on your refund but you can keep your whole refund using the IRS free filing partners. Refunds can be in your account within 2-3 weeks. Remember: IRS does NOT call you. The average refund is over $3,000. Check if you have a refund for a previous year—there is over $1 billion from 2014 alone. https://www.efile.com/unclaimed-irs-tax-refund-checks-and-bank-deposits/. Need previous year return (transcript): https://www.irs.gov/individuals/get-transcript. Check your refund: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp.

You can create a tax-free retirement fund of $500,000 with that amount each year. If you need free tax preparer service for your 1040, use AARP Tax Aides near you. Bring last year’s return and ID: https://www.aarp.org/money/taxes/aarp_taxaide/. If you have a simple return: FreeTaxUSA or FreeFile: https://apps.irs.gov/app/freeFile/jsp/index.jsp.

Use your refund to fund your tax-FREE IRS approved account: https://www.amazon.com/Tax-FREE-Retirement-code-lifetime-income/dp/1475206976

Best gift for your graduate: The Gift of a Lifetime.

Your monthly gift could provide your grandchild with real ‘social security:’ their own tax-FREE money. You take advantage of the miracle of compounding. Your gift becomes a $2,000,000 tax-FREE Wealth Reserve. You could reduce your taxable estate by $500,000 for each grandchild. Your grandchild will NEVER have to pay taxes on the money either. Social Security will exhaust its funds in about 2034. Every year you delay costs your favorite kid $100,000 later.

Start today: https://www.amazon.com/Give-your-Grandchild-$2000000-Lifetime/dp/1456433105

Is your home equity loan deductible?

Trump’s new law for 2018 changed the rules for HELOCs. Loans for personal expenses, such as paying off student loans and credit cards are excluded. The interest on the loan is not deductible except to buy, build or substantially improve the taxpayer’s home that secures the loan. After the wealthy and corporations get their tax breaks through 2025, the interest deduction comes back. Our alternatives are to pay our HELOC down or pay it off by refinancing the primary mortgage. This is also helpful overall since mortgage rates are going up and we can lock in a lower 15 year loan now. We don’t know if the IRS is going to question every HELOC document they receive so be prepared to pay up if they send a letter. To offset the increase in tax, grab discounts on your homeowners by increasing your deductible and removing any extras like jewelry rider.

Save by cutting double coverage: https://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870

Is using ‘game theory’ in buying large items right for you?

In the movie “A Beautiful Mind” John Nash brought key ideas about negotiating to the table for business and the military. You don’t need to be a math major to get the core idea: know the strength and weakness of each ‘player.’ This is especially useful for you when you buy a car or house—new or used. Why? You are an amateur bargaining with a professional sales organization. They know the real price and the real needs of the sales agent and dealer. You can make a better bargain by having more information. For instance, your leverage is 1) know your ‘walk-away’ terms; 2) know the availability of your choice; 3) know the price other buyers have paid for that specific unit; 4) know what day the seller’s production month ends; 5) know the length of time this unit has been on the lot; 6) know the standard tricks of the sales trade; 7) know what the seller can part with easily or at low cost (eg: warranty); 8) know what your financing will cost in advance; 9) other specifics like seller reputation, regional market demand, etc.

Get all your insurance discounts too: https://www.amazon.com/Vehicle-Insurance-Beware-Double-Coverage/dp/1480027634 and https://www.amazon.com/Homeowners-Insurance-Beware-Coverage-Policy/dp/1480100870

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Make

~~America~~

, “The Don” Great Again

‘I’m the only one that matters’ Mob Boss, Nov 3, 2017

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