Tax Help Secret: Avoiding the Entreprenuers Curse

Your days as an entrepreneur and businessperson are consumed with one primary activity; making money. Whether you think in terms of growing your business, getting the word out there, or some fancy new marketing technique, your days and weeks and months in business are focused on that one group of activities. In fact, some of you are marketing machines.

Tax Secrets of the Rich Found Here

Maybe you've developed a new product line. Or, set up a joint venture with a new partner. If you're a real estate investor, you're looking for another deal or strategy for locating under-valued properties.

No matter how you break it down, entrepreneurs are single-focused. MAKE MORE MONEY. You live it, you breath it and you sleep it.

Asset Protection

I call it the entrepreneur's curse.

Don't get me wrong. It's not completely bad. In fact, the most singly focused people I know are the most successful. But building your business up can't be your only focus.

There are two BIG reasons why.

Taxes and Lawsuits.

Left unmanaged taxes and lawsuits will eat you alive. Taxes do it slowly but surely. They chip away at your net worth a little at a time. It can be so subtle, that you've stopped noticing. Let's face it, when was the last time you looked at your pay stub (yes, even if you're self-employed). There's one line of income and three lines of taxes (Fed, State and FICA) they're alone. But when was the last time you really noticed it?

You've been conditioned not to care. But every dollar that you overpay in taxes is a lost opportunity to build wealth. Think about it; if someone handed you $10,000 or $20,000 to invest in your business, couldn't you leverage the heck out of it?

Maybe you'd buy a piece of (almost) no money down real estate and flip it for $20,000 profit.

Or launch an ad campaign - radio or print.

Or start a web marketing campaign.

Whatever your strategy of choice, you would parlay that money into something bigger and compound the returns on top of it. But if you throw that money away by unnecessarily overpaying your taxes, it's gone. (Remember, a penny saved is a penny earned) And so is the opportunity. Forever. What a shame!

Then there's lawsuits. They mess you up differently. If taxes steal away your money in the night, lawsuits are like a tiger. Waiting. Stalking. Circling. And then, at the opportune moment - BAM! It's over. They pounce on you and you don't even know what hit you.

It might be an angry tenant, or the passenger in a car that you ran into. It could be your spouse or a disgruntled employee. It could be any one of a thousand reasons that people can sue you (there are millions of lawsuits each year).

Whatever the reason, before you can fully regain the use of your senses, you're upside down and inside out. And it can take years before you can pull yourself up by the bootstraps and start over again.

Then, you find you're digging yourself out of a big hole. It doesn't have to be that way. There is a better way. A way for you to build consistent protected wealth that lasts for generations.

Tax Strategies

That's what my new Wealth Accumulation program is all about. The last thing I want to see is you work for years building a great asset base - only to have someone bring it toppling down. It's not necessary and you deserve better than that. I am trained as an attorney and practiced in the State of New York for 12 years as the senior partner of my own firm, where I was admitted to both the State and Federal Bars and specialized in the areas of business and real estate.

I have benefited from the strategies he teaches and I've saved thousands and thousands of dollars in the process.

Ladies and Gentleman, I give you
The Tax Saving Attorney,
Drew Miles.

P.S. It's the little things in life that make all the difference. Missing the details here could be devastating to you and your family.

P.P.S. Be a hero to those you love. Do it right the first time.

Drew has combined what he learned during formal education, informal education and twenty five years of business experience in the development of programs designed to teach people how to build and preserve lasting wealth. He is an author, teacher and international speaker in the areas of asset protection, and tax saving and wealth building strategies.

In The News:

Your parents, wife and children can help you save taxes. Here's how  Economic TimesSalaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.
I'm filing my taxes with TurboTax and will probably get one of my smallest refunds ever, and I'm happy about it  Business InsiderFor the third year, I'm using TurboTax to file my tax return. So far, I've found the site helpful and fairly easy to use.
Tax refunds now down 8.7% but experts say it's still too early to tell if this is the new normal  CNBCTax refunds are down 8.7 percent so far this year on average as some Americans grapple with surprise IRS bills and other ramifications of the 2017 Tax Cuts ...
Taxes for senior citizens: Here's a list of benefits and exemptions available  Moneycontrol.comSeniors can claim deduction of up to Rs 50000 p.a. for medical expenses and/or health insurance premium.
CPAs encourage filing taxes early this year  WTOLThe IRS reports tax refunds have been lower this year because of president Trump's new tax law.
Alphabet's Sidewalk Labs wants a cut of Toronto taxes to build a smart city there  CNBCAlphabet's Sidewalk Labs proposed taking a portion of Toronto property taxes, development fees and increased land value to build a smart city on the eastern ...
Bill Gates suggests higher taxes on the rich—the current system is 'not progressive enough,' he says  CNBCWhile the tax system in the United States is progressive — which means, generally, that the more money you make, the more money you pay in income taxes ...
Florida man got $980k tax refund, but he shouldn't have, feds say  NBC NewsA Florida man received a huge IRS refund by falsely claiming he paid $1 million in taxes, authorities said Friday. The IRS has recouped much of the $980,000 ...
High health-care costs could get you a tax break on your 2018 return  CNBCThe deduction for medical expenses is one of the few remaining tax breaks available to taxpayers. To use it, though, you have to itemize, and only a portion of ...
The Americans paying more taxes  Roll Call Tax season has begun, and upper-middle-income taxpayers earning between $120,000 and $200,000 in states with high local taxes are the most likely to be ...
Budget 2019: What happens to your taxes now  Economic TimesYes, yes, those with net taxable income below Rs 5 lakh are the biggest gainers from Piyush Goyal's budget. But what about the others, I.e., those earning more ...
All Talk, Little Action: What to Expect on Tax Policy This Year  The New York TimesDon't count on big changes. But the heated debates in Congress and on the 2020 campaign trail give clues about legislation to come.
10 states that are the most tax-friendly for middle-income households  CNBCTired of high income taxes? Consider packing up and heading for Alaska, Delaware or Nevada. Here's a list of the 10 most and least tax-friendly states for ...
Here's who is more likely to get a lower refund this tax season, according to experts  CNBCThe new tax law may mean many Americans see a smaller federal refund this year, or perhaps even owe money to the IRS. Here's who is most at risk.
What You Need to Know About the New Tax Law (Now That You’re Doing Your Taxes)  The Wall Street JournalThe Wall Street Journal's 2019 Tax Guide will help you sort through the confusion of doing your taxes for the first time under the new law.
Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others  Economic TimesUnion Finance Minister Piyush Goyal in his interim budget 2019 has proposed that individuals with taxable income up to Rs 5 lakh will get full tax rebate under ...
Tax planning for 2019-20: Know what interim Budget offers to reduce your tax outgo  Times NowBudget 2019 came in full swing even though it was an interim one. With the announcement of full tax rebate for the salaried individuals earning up to Rs 5 lakh in ...
‘Opportunity Zones’ Offer Tax Breaks and, Maybe, Help for Communities  The New York TimesBy enabling investors to postpone paying the tax man, new funds may draw money into distressed communities. But succeeding at both may be challenging.
Property taxes dropping in half of King County cities after years of big increases  Seattle TimesTaxes for the median homeowner are going down in Seattle and up in Bellevue — but overall, tax rates are essentially flat in King County.
Amazon paid no federal taxes after earning $AU15.8 billion in profit in 2018 retail giant Amazon doubled its profits last year but for the second year in a row paid zero dollars in US federal income tax. The $AU1.1 trillion company ...
Why you shouldn't celebrate that big tax refund  CNBCIf you are among the taxpayers expecting a refund this tax season, hold off on the champagne for a moment: A big check from the IRS isn't necessarily good ...
Lyft donates $700,000 to Oakland after quietly battling city taxes  The GuardianDonation will aid transportation in low-income neighborhoods, but tax could have generated far more money. Darwin BondGraham in Oakland. Wed 13 Feb ...
‘Accredited’ tag may still not save startup angels from tax  Economic TimesBENGALURU: The Central Bureau of Direct Taxes (CBDT) is unlikely to allow startups that have raised money from 'accredited investors' to be exempt from ...
Bill Gates says tax policies like Alexandria Ocasio-Cortez’s are ‘missing the picture’  The VergeSpeaking on The Vergecast this week, Gates said that while marginal tax rates in the United States can be "more progressive" there are now some politicians ...
Tax queries: How much of my gratuity amount is tax-exempt?  Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies. I retired from a bank on Oct 1, 2018. My gratuity ...
Munger Asks, ‘Who Wouldn’t Want Rich People?’ in Tax Pushback  BloombergCharles Munger, the longtime business partner of Warren Buffett, is skeptical of recent Democratic proposals to tax the wealthiest Americans.
Governor Northam signs tax legislation, income tax return processing begins  WTVR CBS 6 NewsThe Virginia Department of Taxation will begin processing individual income tax returns for Virginians after Governor Ralph Northam signed tax relief legislation ...
Bill Gates: ‘Extreme’ Alexandria Ocasio-Cortez’s Tax Reforms Would ‘Create Tax Dodging’  CCNBill Gates believes that tax reforms proposed by Ocasio Cortez are 'extreme' and would only provoke the wrong type of behavior, such as 'tax dodging'.
How can we tax the footloose multinationals?  The GuardianApple and companies like it claim to be socially responsible, but that should mean paying your fair share of tax.
Gundlach: My marginal tax rate is 52.6%, and it's 'really weird' that people like Mitt Romney pay 14%  Yahoo FinanceFamed bond investor Jeffrey Gundlach thinks there are other solutions to narrow a yawning income inequality gap than a 70% marginal tax rate.
Angel tax exemption may be hiked to Rs 25 crore  Economic TimesAngel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares.
They’re Rich and They’re Mad About Taxes (Too Low!)  The New York TimesAn affluent few are raging against a tax law that puts more money — a lot more — in their pockets. Friends call them 'traitors to their class.'
The 70% top tax rate, explained with potatoes  Vox.comA few weeks ago, Rep. Alexandria Ocasio-Cortez (D-NY) suggested that the top tax rate for the very rich should be 70 percent. The current top income tax rate is ...
Elizabeth Warren’s popular plan to tax the rich is probably unconstitutional  The Washington PostAs she officially kicked off her presidential campaign last weekend, Sen. Elizabeth Warren rallied her supporters behind her signature proposal: a wealth tax on ...
Imagine Canada as a Tax Haven for Americans  BloombergIf the U.S. raises rates a lot on the wealthy, the U.S.'s neighbor to the north will start looking more appealing.
Richard Branson: World's wealthiest 'deserve heavy taxes' if they fail to make capitalism more inclusive  CNBCVirgin Group founder Richard Branson is part of the growing circle of elite business players questioning wealth disparity in the world today. Amid heated debate ...
Medical expenses that can be claimed as tax break under section 80DDB  Economic TimesThe deduction under section 80DDB can be claimed irrespective of whether you have paid a premium for a health insurance policy or not.
No tax liability if your income is up to Rs 9.5 lakh, but conditions apply  Business StandardStressing that tax concessions have been provided with a view to help poor and middle-class people living on a tight budget, Finance Minister Piyush Goyal on ...
3 tips to help you boost your tax-free income in retirement  CNBCSometimes the best things in life are tax-free. Roth 401(k) plans allow you to pay taxes on your savings now, so that you can enjoy tax-free growth and retirement ...
How did Netflix get away with not paying income tax in 2018?  The GuardianThe company posted its largest ever profit in 2018 – $845m – but paid no federal (or state) income tax, and there are a few clues as to why.
Smaller Tax Refunds Surprise Those Expecting More Relief  The New York TimesMany early filers under President Trump's tax plan are surprised that their refunds are smaller or that they owe the I.R.S., even as their tax burdens have ...
Do I have to pay school taxes if I live in a 55-and-older community?  NJ.comAsk lots of questions before you move to an adult community.
Republicans, governor at impasse on state taxes; deadline for filing could be June 15  AZCentralRepublican lawmakers are moving another bill that would mitigate the state tax hit for Arizonans, even after Gov. Doug Ducey vetoed their last attempt.
Filing Taxes on Your Phone? Insert Frustrated-Face Emoji Here  The New York TimesMillions of people are expected to submit their returns via mobile platforms this year. I won't be one of them.
Tax reforms, not coercion, will boost revenues  LivemintFirst four years of UPA-I saw faster growth in direct tax-to-GDP ratio than the first four years of the Modi regime, despite the absence of comparable aggressive ...
Social Security: Democrats Want To Hike Payroll Taxes By $1.5 Trillion  Investor's Business DailyAmid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in ...
Linking Aadhaar-PAN is mandatory for tax filers; to be completed by March 31: CBDT  Times of IndiaNEW DELHI: The CBDT has stressed that Aadhaar-PAN linking is 'mandatory' for those filing an Income Tax Return (ITR) and this procedure has to be ...
Rev up your calculators: What you need to file your 2018 taxes  CNBCPolitical gridlock notwithstanding, here's one thing you can count on: The start of tax season. The IRS has said it will begin receiving your 2018 tax returns on ...
Just who are the taxpayers?  Bangalore MirrorIndia has one of the worst ratio of taxpayers to voters . If we want to become a developed country, we need more people filing taxes. Have you wondered how ...
How to claim marijuana on your taxes  The GrowthOpWith Canada now raking in up to $100 million per year in pot taxes, some of that revenue will soon be heading right back to pot users in the form of ...
These three tax breaks for 2018 are still up in the air  CNBCWhether you own a home or you're shelling out for higher-education costs, Congress has yet to approve a package of breaks known as tax extenders.
Tax business denies service to local gay couple, citing religion  Kokomo TribuneFor the last four years, Bailey Brazzel has gone to Carver Tax *Service* in Russiaville to have her taxes done by Nancy Fivecoate, who runs the business.
How tax brackets actually work  VoxA few weeks ago, we published a quick visual explainer on how tax brackets actually work. It was in reaction to this tweet from Rep. Steve Scalise (R-LA), who ...
I-Team Investigates: Local Tax Preparer is under investigation (again)  WRDW-TVThe Better Business Bureau is investigating a local tax preparer with a history of complaints for the second time, and so is our I-Team.
Income Tax Department responsible for loss of Rs 6,000 cr in real estate taxes after error in assessment,...  FirstpostCAG has exposed the chinks in the armour of the Income Tax Department revealing that the department has lost Rs 6093.71 crore as tax revenue from the real ...
How your employer can help you reach zero-tax Rs 5 lakh income  Economic TimesAs a salaried taxpayer, you are eligible for various tax benefits that can bring down your taxable income. Here is a look at six such benefits.
How reachable is zero-tax income level of Rs 5 lakh using deductions, exemptions?  Economic TimesAnjali Behl has not been able to hide her excitement since the Budget was announced on 1 February. “My net income after all deductions will be below Rs 5 ...
These red flags on your 2018 tax return could spark interest from the IRS  CNBCMost taxpayers will never face an audit or even receive correspondence from the IRS. Nevertheless, certain things on tax returns generate more attention from ...
Wealth tax calculator: Try your hand at taxing the super rich  Vox.comSen. Elizabeth Warren (D-MA) recently proposed a wealth tax on the very rich as a way to curb wealth inequality. It's a simple 2 percent tax on fortunes over $50 ...
Income Tax Department reminds individuals, HUFs to deduct and deposit TDS on rent: How to do it  The Financial ExpressThe tax on total rent has to be deducted at the time of credit of rent for the last month of the financial year or the last month of tenancy, if the property is vacated ...
How a 70 Percent Tax Rate on the Rich Would Actually Work  GQ MagazineThe wealthy have been spreading misinformation about taxes for years, hoping that you'll fall for it.
Your employer can help you reach zero-tax income level of Rs 5 lakh: Here's how  Economic TimesHere are six benefits that can help the salaried bring down the taxable component of income from the employer.
Corporate tax breaks can backfire — as New York City just found out  NBCNews.comAmazon's high-profile withdrawal from a multibillion-dollar development in New York City has shone a spotlight on the perceived need for tax breaks and other ...
World’s Tax Collectors Look to Divvy Up Tech Giants’ Billions  The Wall Street JournalThe Organization for Economic Cooperation and Development is seeking public input on proposals to determine where the profits of digital companies such as ...
Harris fact-checked over ‘nonsensical’ claim Trump hiked taxes on middle class  Fox News2020 hopeful Sen. Kamala Harris, D-Calif., is under fire for claiming that lower tax refunds are a sign that the Trump tax cuts are “a middle class tax hike” ...
The tax code treats all 1 percenters the same. It wasn’t always this way.  The Washington PostWhen we debate income tax policy in the United States, we typically focus on what's in the chart above, which shows the top marginal tax rate from 1913 to the ...
These are the potential tax measures federal budget watchers are speculating about this year  Financial PostJamie Golombek: Personal tax rates are high and there's an election on the horizon.
New Hampshire House Subcommittee Approves Bitcoin for Taxes Bill  Bitcoin NewsDuring the first week of the new year, two U.S. representatives from New Hampshire, Dennis Acton and Michael Yakubovich, proposed a bill that would allow ...
Donald Trump lashes out as Democrats open probes into his taxes, Russia ties  Times NowDonald Trump lashed out about "presidential harassment" as one House committee opened a hearing into forcing the release of his long-hidden tax returns.
Government shutdown 2019: how tax refunds and returns will be affected  VoxThe government shutdown may not stop tax refunds, or tax returns, after all.
I-T Dept to soon decide on startups to be exempt from angel tax  Economic TimesNEW DELHI: The Income Tax Department will soon decide on the kind of startups that can be exempted from angel tax, a top official said Thursday.
How Can We Tax Footloose Multinationals? | by Joseph E. Stiglitz  Project SyndicateApple, Google, Starbucks, and companies like them all claim to be socially responsible, but the first element of social responsibility should be paying your fair ...
Polls: Hiking estate tax less popular than taxing mega wealth, income  The HillAmericans are proving increasingly receptive to raising taxes on the well-to-do, but new polling suggests that idea of increasing inheritance taxes is not as ...
Tax guide for YouTube bloggers: Here's how to determine your income tax liabilities  Moneycontrol.comYou will be taxed as a sole proprietor unless you register your business as a company, LLP or Partnership Company.
Bengaluru Businessman Arrested While Trying To Leave India: Tax Officials  NDTV NewsA city-based businessman, who has defaulted on income tax payments with arrears of Rs 11.94 crore plus interest, was on Tuesday detained to a civil prison at ...
Want an income tax cut? Read this Budget story of a villager  Economic TimesLike every year, taxpayers will expect a cut in income tax from Finance Minister Arun Jaitley in his Budget 2019-20. A finance minister not providing tax relief is ...
Americans continue their march to low-tax states | TheHill  The HillThe continued exodus of Americans away from less economically competitive states remains evident in the new census numbers.
Cabinet approves abolition of Ombudsman for direct, indirect taxes  Economic TimesThe approval comes against the backdrop of people preferring online grievance redressal mechanism.
How to tax the rich  The EconomistDURING HIS lesser-known run for president, which began in 1999, Donald Trump proposed levying a wealth tax on Americans with more than $10m. He may ...
NYC hedge-fund managers and Silicon Valley CEOs are flocking to Miami as 'tax refugees,' and it's sparking record, ultra-luxury real-estate sales in the area  Business InsiderTech CEOs and hedge-fund managers are fleeing to Miami, where a top broker is seeing 'record sales' of multimillion-dollar, ultra-luxury homes.
‘There Is No Tax Called Angel Tax,’ Interim FM Questions The Opposition  Inc42 MediaOnly bogus companies and not genuine startups will face the wrath of angel tax, says interim FM. 182 startups funded under Fund of Funds for startups (FFS) as ...
Most Americans Support Increasing Taxes on the Wealthy: Poll  FortuneSupport for raising taxes is widespread, according to a new poll, which found that 76% of registered voters want the wealthiest Americans to pay more.
8 common tax saving mistakes which may cost you dearly  The Financial ExpressHasty investment decisions, more often than not, are error-prone and lead to regret later. Let's look at a few common mistakes that investors make.
How to File Your 2019 Taxes Online for Free and Get the Best Tax Refund  IGNBy Seth G. Macy If you buy something through this post, IGN may get a share of the sale. For more, read our Terms of Use. You've long known IGN is the best ...
Suspicious income tax refund claims under I-T Dept scanner  Moneycontrol.comMinister of State for Finance Shiv Pratap Shukla in a written reply to a question in Rajya Sabha said there has been an increase in detection of suspicious refund ...
Report puts Ossining condo tax break back on table as single-family owners seek equity  The Journal News | LoHud.comA report from The Benjamin Center at SUNY New Paltz has revived debate in Ossining over the tax break for condominiums.
Property tax bills drop for half of King County cities  KING5.comSEATTLE — Property tax bills were mailed Thursday, and residents in about half of King County cities will see their taxes go down for 2019. One of the biggest ...
For Democrats Aiming Taxes at the Superrich, ‘the Moment Belongs to the Bold’  The New York TimesThe only thing more startling than the flurry of tax proposals Democrats have unveiled in recent weeks is the full-throttle response they've gotten from the public.
Have four or more babies in Hungary and you'll pay no income tax for life, prime minister says  CNBCHungarian women that have four or more children are to be exempted from paying income tax for life, the prime minister has said.
Alexandria Ocasio-Cortez Has the Better Tax Argument  The AtlanticA 70 percent marginal rate could help, not hurt, innovation.
New York Millionaires Tell Albany: Tax Us, Please  The New York TimesA former BlackRock executive urged lawmakers in Albany to create a multimillionaire's tax to help pay for schools and affordable housing.
Taxes 2019: When to file and what big changes to expect  USA TODAYTax filers need to realize, though, that it won't be business as usual when it comes to filing their 2018 tax returns.
GLI and Republican councilman express ‘concern’ over Fischer’s plan to increase taxes  Insider LouisvilleOyler of GLI and Councilman Kevin Kramer expressed "concern" over Fischer's plan to increase insurance premium taxes, but came short of outright opposition.
Legislative bill would tax groceries in exchange for property tax relief  KMTV - 3 News NowA bill in the legislature aiming at lowering property taxes in the state would raise taxes on a number of items, including removing the sales tax exemption on ...
Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim  Economic TimesInterim Budget 2019 has proposed rebate under Section 87A on full income tax liability for all those earning up to Rs 5 lakh taxable income for FY2019-20.
Bill proposed to lower taxes for craft breweries  WQOW TV News 18Representative Ron Kind has introduced a bill to help alleviate some tax burden on craft breweries permanently.
Against arbitrary rulings on tax  Economic TimesIndian residents with indirect holdings in foreign companies could reportedly be headed for a run-in with the taxman. Tax transparency with respect to indirect ...
Want a Bitcoin Tax Refund? You Might Need an Accountant  FortuneWant the SEC to approve a Bitcoin ETF, a new Facebook cryptocurrency, or to file Bitcoin taxes? First solve the accounting problem.
As Marylanders do their taxes, many are asking: Why'd I get such a big tax hike?  Baltimore SunMaryland is faring particularly poorly under the sweeping changes to federal tax code that President Donald Trump and congressional Republicans enacted in ...

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