Have a Wonderful Thanksgiving Weekend!

It has been a crazy year, hasn’t it? With all the political turmoil across the nation, you would think the United States was on the brink of collapse. On the contrary, outside the political cocoon, our economy is actually doing rather well, with 4% unemployment and annualized growth close to 3%, and in my view, likely to grow even more.

Within those numbers, of course, there really are structural inequities that do need addressing, tax reform among them. But, as a nation we have a lot for which to be thankful, and we all need to stop and remember that the underpinnings of the USA are strong and will endure. 

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Why Does Our Government Allow Tax Deferral?

It is not uncommon when I present a tax deferral or tax elimination plan to a client, that they stop me and with a puzzled look ask, “how is this possible?” Or, “this sounds too good to be true.” These are typical reactions because many taxpayers are not aware that there is much in tax law that can be used to eliminate, reduce or defer taxes.  Instead, they only assume that the government is desperate for cash, and looks for every reason to extract from us as many dollars in tax as they can get away with. People can't believe that tax law gives as often as it takes!

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Selling Appreciated Assets – Can You Shrink the Tax Hit to Zero?

The U.S. tax code is complicated and now stands at a daunting 70,000 pages, giving some taxpayers pause, as they assume every section contains a landmine that is going to trigger audits, payments and penalties.  Not true.  A more accurate perspective to take about tax law is to instead view it as the bridge to a significant amount of tax relief.  Congress through the years has created laws specifically to do just that.

Caution, of course, is always appropriate, but the code is packed with benefits to be captured. Thinking creatively about how you apply all the different pieces of the law allows a taxpayer to seize significant amounts is tax savings, while remaining completely within legal bounds.

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