Tax Secrets - How Drew Miles Helped Me

How about a Tax Tip?

As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives.

Recently I received a "Tax Tip" that saved me a ton of money and allowed me to reinvest some of that money back into my business.

I met a man names Drew Miles. Drew is a tax and asset protection expert and to me he is a modern day "hero". This simple strategy he gave me will probably save me 175,000 dollars over the next 2-3 years and who knows how much after that.

Without going into to much detail about the tip due to time constraints just know there are over 100 deductions that most business owners don't realize and this can bring down your net income greatly while allowing you to spend pre-tax dollars on those ventures.

There are many great people in this field. People like Sandy Botkin and Diane Kennedy are all great as well as a host of many others. YOu can do a Google search for Tax Strategists and find many others.

If taxes are going to burden us lets at least use some of these secret tips that the government doesn't tell us about to our advantage. I call these tax tips.

Don't fear tax strategists and asset protection strategists they are there to help you and to teach you how to save money in this ever changing world.

Charles Light - Author, Speaker Entreprenuer.

In The News:

Nirmala Sitharaman to attend 159th Income Tax Day event on July 24, CBDT to launch taxpayer e-assistance campaign  Business TodayThe CBDT will launch a country-wide taxpayer e-assistance campaign on the occasion of 159th Income Tax Day on Wednesday, and Finance Minister Nirmala ...
Liquidity very serious issue for FPIs, not taxes or surcharges: Raj Bhatt, Elara Capital  Economic TimesTaxes or surcharges are not an issue for FPIs. But liquidity crises and poor confidence in the market which led to a major slowdown are worrying them, said Raj ...
Sequoia Capital's scheme to use Mauritius to avoid Indian taxes  QuartzBy 2013, Sequoia Capital, one of America's most vaunted venture capital firms, had invested $1.2 billion in more than 75 Indian companies with combined ...
Reaching the zero income tax level of ₹5 lakh  LivemintMUMBAI: Did you know you could pay zero taxes even if you earn more than ₹5 lakh? According to the current tax laws, there are three tax slabs depending on ...
Is your tax money well spent?  MoneycontrolA major concern that citizens have is how taxpayers' money is spent. It seems like the money collected goes into a black box with no clarity on how it is being ...
Before filing your tax returns this year, calculate and pay self-assessed tax  LivemintBefore filing your income tax return (ITR) this year, ensure there is no pending tax payable on your part through self-assessment. For this, you need to take into ...
The Problem with France's Plan to Tax Digital Companies  Harvard Business ReviewFrance recently approved a 3% tax on revenues generated by large digital companies in its territory, a move that is now being investigated as a potentially unfair ...
Opinion | Why 15% should be the target rate for all taxes in the country  LivemintIndia's long-term vision for taxation should be 'one nation, one tax rate' for both income and GST.
Indian govt can make taxes look good – by taxing bad behaviour, like honking  ThePrintWe can tax other bads too. Like air pollution, water pollution, parking on public roads and so on. We could call it the Bads and Disservices Tax.
State and Local Taxes Are Worsening Inequality  The New York TimesEconomic inequality is on the rise in Illinois, and the state government is part of the problem. Illinois taxes low-income families at much higher rates than ...
Tax no more |India Today Insight  India TodayThe government's challenge is to pump up falling tax revenues, fulfil its promise of lowering corporate tax rates and spur spending in a slowing down economy.
Low taxes will boost luxury car sales: Suri  The HinduIndia's luxury car market will grow fourfold if the government is willing to rework the existing tax regime to make it feasible and reasonable, said Jaguar Land ...
Higher taxes on the rich, but low returns for the Union government  LivemintThe govt expects the additional revenue from the increased surcharge on individuals at just ₹2724 crore.On Friday, finance minister Nirmala Sitharaman ...
Why new tax surcharge has stunned foreign portfolio investors  Economic TimesThe business entities known as Association of Persons have been stunned by new surcharge.
Theresa May pushes on with ‘sin tax’ plans despite ‘extraordinary’ row  Financial TimesTheresa May has published various health proposals, including a ban on smoking by 2030 and a ban on the sale of energy drinks to children, despite her own ...
India faces `silent fiscal crisis' on tax gap, Modi adviser says  Economic TimesIndia is facing a silent fiscal crisis owing to a shortfall in tax revenues, as per PM-EAC member Rathin Roy.
This is how much income tax you're paying to your state  CNBCHello, New York! The Empire State is home to some of the highest income taxes in the country. It collected $2249 per capita in individual income taxes in 2017, ...
Special privileges, recognition for top tax payers, suggests Economic Survey  LivemintEconomic Survey said that research across countries has highlighted that tax evasion is driven significantly by tax morale.Expedited boarding privileges at ...
ITR filing: Over 1.46 crore income tax returns filed already; here's how you can choose correct form  Business TodayFiling ITRs is mandatory for all Indians, including NRIs, with a total income of over Rs 2.5 lakh. The threshold for senior citizens (above 60 years) is Rs 3 lakh ...
People angry over rising inflation, heavy taxes in PoK  India TodayPeople in Pakistan occupied Kashmir (PoK) are facing immense difficulties due to the consistent increase in inflation rates and heavy pay taxes implemented by ...
Budget 2019: Surcharge rate on income tax increased for super-rich  LivemintCurrent highest rate of applicable income tax rate is 35.88%.Surcharge which is charged over and above the tax amount has been increased for those earning ...
ITR Filing: All About e-Filing Income Tax Return in India  MoneycontrolEfiling: Here is everything you need to know about income tax india efiling including how to file ITR Online to importance & types of efiling income tax at ...
Christian family fined after arguing taxes 'against God's will'  BBC NewsA Christian family who refused to pay income tax because it went "against God's will" have been ordered to pay more than A$2m (£1.1m $1.4m) to Australia's tax ...
Verify pre-filled data carefully before filing tax  LivemintPre-filled information is only available for those filing their tax on ITR-1 or ITR-4 completely online using the income tax department's e-filing website.The form ...
Budget 2019: Are you paying more or less tax than 5 years ago?  Economic TimesEY, a consulting firm, evaluated income and expenditure levels of five hypothetical families to estimate who gained or lost how much in the sweeping changes in ...
What the tax surcharge means for FPIs  Economic TimesThe government in the recent budget proposed an increase in the tax surcharge for foreign entities which are registered as non-corporates. The move spooked ...
Opinion | How we could improve tax compliance behaviourally  LivemintIn the 2019 Union budget, finance minister Nirmala Sitharaman increased tax rates for the super-rich. She is hoping that increasing tax rates would ...
Pendency of indirect tax appeal cases down 61 per cent in 2 years: MoS Finance Anurag Thakur  The Financial ExpressWith regard to direct taxes, as many as 3.41 lakh cases were pending before commissioner (appeal), while 92205 cases were pending before the Income Tax ...
Bootleg alcohol kills 23 as heavy taxes prompt Turkish home-brew  ReutersMore than 20 people have died from alcohol poisoning in Turkey over the past month, according to Turkish media reports, as steep taxes on alcohol push Turks ...
'Milkshake' tax proposals included in green paper despite Boris Johnson's opposition to 'nanny state' policies  The TelegraphMinisters have published a green paper suggesting that a milkshake tax “may” be introduced - just hours before the likely election of a Prime Minister opposed to ...
Govt widens scope of direct tax code to make compliance easier for taxpayers  LivemintNEW DELHI: The government on Wednesday widened the scope of a new direct tax code that is on the drawing board to make compliance easier for taxpayers, ...
After U.S. Tax Overhaul, Corporate Rates Fall but Unevenly  The Wall Street JournalThe U.S. tax overhaul has lowered tax rates for many companies, and many others that were already toward the bottom of the scale have been able to stay there ...
Centre targets adding 1.3 crore tax filers during current fiscal year  BusinessLineThe Government intends to add 1.3 crore new income tax filers during the current fiscal, the Finance Ministry informed the Lok Sabha on Monday. Minister of ...
Companies seek clarity on buyback tax from finance ministry  LivemintSome companies have sought clarity on the applicability of the buyback tax on their offerings, which had been announced before the Budget proposal.In the past ...
What to check in your Form-16 while filing ITR  Economic TimesConfused about what figures to check in the revised Form 16? Here's all that you need to know.
FM Nirmala Sitharaman shrugs off pleas by FPIs on super-rich tax  LivemintFinance Bill amendments propose further tax relief for startups, NBFCs.Finance minister added more safeguards against tax evasion in the amendments to ...
Union Budget 2019: Measures taken to tighten the screws on tax avoidance  Business StandardOne of the key messages this Budget has sent out is the government's determination to stay focused on compliance as it was in its previous term. It has worked ...
Buyback tax: A loophole fixed or an anomaly made worse?  LivemintIn the past three fiscals, Indian firms bought back shares at an average rate of ₹47800 crore.
Budget 2019: Is it feasible to reintroduce inheritance tax in India?  India TodayNoted economists feel that it would be a good idea to reintroduce such a measure in the wake of lower tax collections and need for higher spending in the social ...
France tech tax: What's being done to make internet giants pay more?  BBC NewsFrance is to become the first country in Europe to introduce a tax on tech giants like Facebook, Amazon and Google. The move has upset the US. So how does it ...
Stressed India Inc’s corporate tax outflows grow faster than profits  The Financial ExpressSeveral factors have been behind the government raking in higher taxes from a stressed Corporate India.
America needs to see Amazon’s tax returns  The VergeTax law keeps us from knowing what Amazon's tax bill really is — even as politicians like Joe Biden, Elizabeth Warren and even Donald Trump call out the ...
No More Deals: San Francisco Considers Raising Taxes on Tech  WIREDAt a recent postmortem for the so-called Twitter tax break, the divisive San Francisco policy that drew tech companies to a beleaguered stretch of downtown, the ...
At 48.3% in 2018, corporate taxes in India among highest in the world  Business StandardCorporate income tax in India is among the highest in the world, with the tax rate growing steadily in recent years. Of the 94 jurisdictions covered by the ...
NHAI plans land appreciation taxes to finance projects  Economic TimesNHAI is working on a mechanism to share gains in land value on account of upgradation of highways.
One-Time Amnesty Scheme in Making for Old Income Tax Cases Worth at Least Rs 8 Lakh Crore  News18A one-time amnesty grant for legacy income-tax disputes worth at least Rs 8 lakh crore may be in the works, according to sources. They speculate that a ...
Taxes Are Down, Down, Down  Mother JonesAs long as I'm making budget charts, here's another one for you: Over the past 40 years, the total tax burden in the US has declined from about 18 percent of ...
FY19 gross tax to GDP ratio dips to 10.9% on shortfall in indirect tax revenue  LivemintNew Delhi: The gross tax to GDP ratio declined to 10.9 per cent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 per cent, due to ...
No change in dividend distribution tax  Economic TimesFinance Secretary Subhash Chandra Garg on Friday ruled out any change in the dividend distribution tax, but expressed flexibility that grandfathering tax on ...
Beware. Other Nations Will Follow France With Their Own Digital Tax.  The New York TimesLast Thursday, the French Senate passed a digital services tax, which would impose an entirely new tax on large multinationals that provide digital services to ...
How NDA has failed to end tax terrorism, legacy problems  The Financial ExpressThe NDA thanks the tax payers in the budget—never the case with the UPA—but the rest of the treatment remains almost the same.
Luxury realty braces for impact from higher taxes on ultra-rich  LivemintDevelopers are concerned that the tax rate increase may lead to buyers holding back on buying luxury homes.The cocktail of tax increases, glut in supply and ...
Explainer: Will taxing the super rich affect foreign investment inflows?  India TodayIndustry experts say that new tax regime for the rich could make India uncompetitive and expensive for foreign investors.
Fewer taxes, more to spend, say millennials  LivemintMost 23-38-year-olds save little after paying rent, taxes and EMIs and spending on eating out, shopping.India's 440 million millennials saw little relief as prices of ...
Tax saving options under section 80C: Features explained  Economic TimesYou can save tax if you understand how these tax saving options work.
Have NDA’s tax reforms been counterproductive?  LivemintWith tax revenue collections falling short of budget estimates, there is a need for the govt to reconsider its ambitious targets and reform the tax system.
Foreign investors' lobby group asks India to reconsider high taxes  MoneycontrolForeign investors are urging India to reconsider its decision to increase taxes on certain groups of wealthy portfolio investors, arguing the move will hit the ...
Keep your date with filing income tax returns  MoneycontrolWith the Income-tax Return (ITR) filing deadline fast approaching on July 31, 2019 [for individuals not subject to tax audit provisions under the Income-tax Act, ...
Sending gifts to children, relatives abroad? You may have to pay tax  The Financial ExpressNon-residents in India are taxed in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or deemed to ...
Wealth Taxes and Medicare for All Are Popular – but Democrats Are Worried They Could Backfire  Yahoo FinancePolls show that some of the Democratic Party's most progressive policy proposals – including Medicare for All, free college tuition and a new tax on wealthy ...
If you miss to file return by due date, you will be penalised, even get jailed  LivemintGiven that the deadline to issue Form 16 was extended till 10 July, the last date for filing income tax return (ITR) for FY18-19 may get extended well beyond 31 ...
Budget 2019 | Wealth tax buzz is back. Is it high time to tax the super rich?  Moneycontrol.comThere is a lot of talk swirling around the need to reintroduce wealth tax. Since there is an absence of a universal social security cover, taxing wealth additionally ...
Express daily briefing: Indian firms tapped Mauritius route to save on taxes; Kamaraj plan that can re-energise Congress; and more  The Indian ExpressFrom India's denial of Donald Trump's claims on Kashmir mediation to Chandrayaan-2's manoeuvres before descending on the moon and Indian Army's order ...
As Nations Look to Tax Tech Firms, U.S. Scrambles to Broker a Deal  The New York TimesThe proposed levies on firms like Facebook and Google are pitting traditional allies against one another and threatening to set off a cascade of tax increases ...
Is it viable to reintroduce estate tax in the upcoming budget?  LivemintAhead of the Budget 2019, there is speculation that the govt may reintroduce estate taxes in order to enhance tax revenue.Ashwini Kumar Sharma asked 4 ...
Income tax return filing: Here's your step by step guide  Economic TimesJuly 31st is the last date to file your income tax return (ITR) for FY 2018-19. By filing your ITR on time, along with certain benefits such as carry forward of losses, ...
3 tax-planning lessons from Joe Biden's tax returns  CNBCFormer Vice President Joe Biden takes the stage for the second night of the first Democratic presidential debate on June 27, 2019 in Miami, Florida.
Back-to-School Sales Tax ‘Holidays’ Lure Shoppers Despite Slim Savings  The New York TimesPeople who won't walk across the street to save $5 on a pair of pants will take a day off from work to take advantage of a sales-tax holiday,” a tax expert said.
Paying rent or letting out your place? Know the tax treatment on house property  MoneycontrolThe annual value of a house property is the amount of rent which it is reasonably expected to earn.
This Dem Slow-Walked Getting Trump's Taxes—Now He's Getting Primaried  The Daily BeastThe powerful 70-year-old House Democrat from Massachusetts will face off against Alex Morse, the 30-year-old mayor of Holyoke.
Higher rate taxpayers see hike in Scottish tax bills  Accountancy DailyThe number of higher and additional rate taxpayers in Scotland is growing at a faster rate than the rest of the UK as the tax burden has shifted to higher earners.
No relief from super-rich tax for FPIs structured as trusts: Sitharaman  Business StandardForeign portfolio investors (FPI) functioning as trusts in India will have to pay the tax surcharge proposed in Budget, said Finance Minister Nirmala Sitharaman ...
PF withdrawal is tax-exempt once you complete 5 years of continuous service  LivemintThere should not be any gap in contribution to PF to avail of the continuous *service* clause.If an employee finds another job and the total PF balance is ...
Govt’s new buyback tax set to hit MF investors, shareholders alike  LivemintThe new buyback tax coupled with dividend tax may lower the return from various equity investments.Investors should keep a close eye on how companies and ...
What are CPSE ETFs? You can soon save taxes by investing in them  LivemintMumbai: You can soon save taxes by investing in Central Public Sector Enterprises (CPSE) exchange traded funds (ETF) as the government is set to introduce ...
Budget 2019 analysis: What income tax changes mean for you  Economic TimesHere is a look at the tax proposals announced in both the budgets and their tax impact on your pocket.
'Inadvertent Omission' Denying Delhi Rs 6,500 Crore in Central Taxes: Kejriwal  The WireIn letter to Union ministers, the Delhi CM urges a return to pre-2000 mechanism of computation of UT shares and seeks Central grants for Delhi's local bodies.
You'll soon be able to pay your property taxes with Bitcoin in Richmond Hill  CBC.caIf you live in Richmond Hill, you'll soon be able to pay your property taxes with Bitcoin. Earlier this month the city passed a motion to give residents and ...
Cowboys Training Camp Costs Players Hundreds Of Thousands In Taxes  ForbesThe Dallas Cowboys hold training camp in California, sticking some of their players with six figure tax bills.
Google, Facebook made Rs 10,000 crore; paid Rs 200 crore as tax in India  Business StandardWith many nations across the world planning to tax digital companies that derive significant revenues from their citizens but pay taxes elsewhere, the Modi ...
Will your health plan dodge 40% tax hike?  Federal News NetworkThousands of feds in some of FEHBP's best and most expensive health plans may be spared from a pending 40% tax on their favorite plans.
Government to revamp procedure for tax assessment  Economic TimesIndia has set the ball rolling for what could completely reset the taxpayer-income tax department relationship. The government has handed out the task of firming ...
Greece’s new gov't says tax cuts will boost jobs and investment  Aljazeera.comEconomists say few businesses show enough profit to pay tax anyway, and more reforms are required.
View: If it moves, tax it. That's desperate, India  Economic TimesBy Andy Mukherjee Desperation is creeping into India's economic policy-making. Having lost the fiscal plot, bureaucrats are trying to marshal resources by ...
BJP accuses HD Kumaraswamy of wasting tax payers' money  Economic TimesThe BJP on Tuesday accused Karnataka Chief Minister H D Kumaraswamy, battling a major political crisis threatening his government, of "wasting" the tax ...
Tax On Super-Rich Decoded: Here's Your Complete Guide To Understanding New Rules  NDTV NewsIncome tax slab: "In view of rising income levels, those in the highest income brackets, need to contribute more to the nation's development," Finance Minister ...
22 States Considered Eliminating the ‘Tampon Tax’ This Year. Here’s What Happened.  The New York TimesMenstrual products are subject to sales taxes in 35 states, and lawmakers' efforts to exempt them have foundered. Now supporters of 'menstrual equity' are ...
Will America go from hunter to hunted in cross-border tax evasion?  The EconomistFinland targets taxpayers with hidden American accounts, in what could become a trend.
Young, mega-rich - and demanding to pay more tax  BBC NewsLiesel Pritzker Simmons is fabulously wealthy. But this member of one of America's richest families is also uneasy about it. "It's time for us who are blessed with ...
Things You Should Know Before Filing Your Income Tax Returns (ITR)  NDTV NewsITR filing: Non-filing of return of income may result in penalty and prosecution, according to the Income Tax department.
Budget 2019: Sitharaman urged to bring cigarette taxation to pre-GST level  Business StandardThe Federation of All India Farmer Associations (FAIFA) has urged Finance Minister Nirmala Sitharaman to correct an error in cigarette taxation under the new ...
Sensex plunges further as super-rich tax on foreign trusts stays  LivemintIndian markets on Monday fell another 1% after to hit a *fresh* two-month low as investors were disappointed after the government refused any respite to foreign ...
Selling inherited gold? Income tax rules you should know  LivemintIn India, no income tax is levied on inheritance of gold but subsequent sale of the inherited gold is taxable.Taxpayers should maintain the documentation on ...
How a Tax Loophole Is Helping Silicon Valley Workers Save Millions  The New York TimesA little-known tax break allows some start-up employees who own company stock to avoid paying taxes on up to $10 million when they sell their shares.
Wealthy New Yorkers are ditching city's high taxes for Miami  New York Post Affluent New Yorkers, distressed by recent changes to the nation's tax laws, are bucking the New York's high costs and heading to Florida's Miami-Dade County ...
No Input Tax Credit for GST paid on expenses incurred on promotional schemes, rules AAR  BusinessLineInput Tax Credit (ITC) will not be available on the Goods and Services Tax (GST) paid on expenses incurred towards promotional schemes, an order by the ...
Budget 2019: Income tax collection target too steep, say experts  Business StandardThe income tax collection target was still far from realistic despite the number being revised downwards in the full Budget from the interim Budget projection, ...
Budget unlikely to up Rs 2.5 lakh income tax exemption limit  India TodayThe current basic income tax exemption limit of Rs 2.5 lakh is unlikely to be raised in the forthcoming full Budget 2019-20, according to informed sources, as the ...
What is the last date to file income tax return? - It's not same for all  Economic TimesThe last date to file income tax return (ITR) varies for different categories of taxpayers. For individuals, Hindu Undivided Families (HUF) and those taxpayers ...
Facebook answers how Libra taxes & anti-fraud will work  TechCrunchFacebook provided TechCrunch with new information on how its cryptocurrency will stay legal amidst allegations from President Trump that Libra could facilitate ...

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