Tax Tips - Which Tax Form Is Right For Me?

IRS Tax forms can be confusing.

Am I a 1099 or a W-2.
Do I need an 8832 or a W-7.
What the difference between an "S" corp and schedule "C" income?

Tax Secrets of the Rich Found Here

Our program is designed to teach you to build lasting wealth. In order to do so, we've got to start with a fundamental principle.

Stop focusing on IRS Tax forms and start focusing on generating income.

Asset Protection

I don't mean to be rude, but some people are so hung up on which form to use, they never really get out of the starting gates. So here's my suggestion ? get your business making money first and then worry about the IRS forms.

As you build your asset column bigger and stronger, you got to start surrounding yourself with competent advisors. I call this your wealth team. You need a great attorney (or two). You need a financial planner and probably an estate planner. And you need a knowledgeable C.P.A. that is familiar with the tax saving strategies we teach.

The truth is, you should never worry about which IRS forms to use. That's your accountant or C.P.A.'s job. Your job is to make lots of money and then structure yourself so that lawsuits and taxes can't take it away from you.

Tax Strategies

So, keep your eye on the ball. Stay focused on the right things and let your C.P.A. figure out which IRS forms to use.

All the Best, -Drew Miles

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:

Does Amazon pay ‘$0’ in taxes?  The HinduFor 2018, the tech giant reported owing $322 million in taxes to U.S. State governments and another $563 million in the rest of the world.
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.
Fact-check: Does Amazon pay '$0' in taxes?  Times NowAmazon found itself in the headlines after suddenly pulling out of a planned New York City corporate expansion amid controversy over local tax incentives that ...
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.
Durham County reappraisal could mean higher property taxes for some  CBS17.comAlthough Durham County's tax rate has gone down over the years, some could be paying more taxes because of neighborhood changes.
On Presidents Day, A Look At How Much Influence Presidents Have On Your Taxes  ForbesHow much influence do most U.S. Presidents have over taxes? On Presidents Day, here's the scoop on the President, tax policy and how the two often intersect.
Tech titans and taxes: Amazon paid none, Bill Gates wants to pay more  MyNorthwest.comIt's a tale of two tech titans, and their taxes. While tech innovator Bill Gates says he should be paying more taxes, Amazon is avoiding paying them altogether.
77% of Americans failed this short quiz on tax law changes—here are the 4 questions that stumped them  CNBCThe Tax Cuts and Jobs Act of 2017 made sweeping changes — now, Bankrate finds, as Americans are filing taxes, many of them are unclear as to how the law ...
Smaller tax refunds put GOP on defensive | TheHill  The HillThe Trump administration and key GOP lawmakers are playing defense after early data showed Americans are getting smaller tax refunds in the first filing ...
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 ...
New Zealand To Target Internet Giants With Digital Tax  NDTV NewsNew Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, ...
Group formed to lower property taxes  CTPostThe man responsible for recommending the personal income tax in 1991 is now heading a non-profit aimed at making the state's tax structure more progressive.
Tax tips for Uber, Lyft, Juno and other car sharing drivers  AOLWhen you're a driver for a ride-sharing company such as Uber, Lyft, Juno, or other car sharing *service*, the most important thing to understand about your taxes is ...
31 tax credits and deductions that could save you thousands  AOLWhile some of the best credits and deductions required taxpayers to take action before Dec. 31, there are others that can be used right up to the filing deadline in ...
It’s income tax time: CRA opens electronic filing service for 2018 returns  Global NewsThe deadline to file your taxes is April 30, but there are a few advantages to getting your paperwork in much sooner.
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 ...
Rubio’s Misguided Buyback Tax  National ReviewSen. Marco Rubio's misguided plan for a stock-buyback tax would create a triple-taxation scheme rather than spurring investment.
Punjab budget for 2019-2020 includes no new taxes; proposes hike of 9-36% in funds for agriculture,...  FirstpostChandigarh: Punjab Finance Minister Manpreet Singh Badal Monday presented the state budget for 2019-20 with a total outlay of Rs 1,58,493 crore with no new ...
Watching Your Wallet: Experts explain the new tax code in simple terms  WBAYChesterfield, VA (InvestigateTV) - Tax season is here, and this is the first time everyone is experiencing what it's like to file under the most sweeping changes to ...
Taxes on vaping products, liquor bottles part of Lamont’s “sin taxes”  WFSBConnecticut Governor Ned Lamont is delivering his budget proposal to the legislature on Wednesday, but Channel 3 got a sneak peek at some of his ...
Watch Out. Tax Season Is Even More Stressful Than Usual.  The New York TimesWith millions of people filing tax returns under a new tax law and after a long government shutdown, this is a challenging year. We offer survival tips and ...
‘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 ...
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.
Bill Gates backs capital gains tax; Here’s why  The Financial ExpressProposals have circulated recently for the richest Americans to again face a top marginal tax rate of 70 percent, as they did during much of the 1970s before it ...
The 8 Most Common 2019 Tax Return Questions, Answered by Experts  The New York TimesThe most important changes to the tax code in decades have taken effect — and filers are confused. We asked CPAs and other tax-prep pros to simplify things.
A wealth tax is a bad idea  CNNDavid A. Andelman, drawing on several European examples, writes that Elizabeth Warren's proposed wealth tax in the United States would likely be an ...
4 Overlooked Tax Deductions That Could Save You Big Bucks  The Motley FoolTax season is upon us again, and with it comes a raft of deductions that can save you money and pump up any refund you may get from the Internal Revenue ...
Lamont to propose expanded taxes on sugary drinks, plastic bags, vaping products, tobacco and liquor bottles  Hartford CourantGov. Ned Lamont is rolling out new taxes he'll propose, including one on sugary drinks.
Tax ombudsmen abolished: Experts raise concern  LivemintIn the absence of the tax ombudsmen, taxpayers should be alert to the structure of the available alternative grievance systems and their limitationsGovt said the ...
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 ...
A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It  The New York TimesThe average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher ...
Notional rent: How to calculate it and how much tax do you pay?  LivemintNotional rent was introduced to discourage taxpayers from leaving houses vacant and create supply of properties for tenantsNotional rent is calculated using the ...
The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds?  BloombergU.S. taxpayers are filing their first returns under the 2017 tax code overhaul that lowered rates for most people. What makes the paperwork headaches tolerable ...
Democratic Socialists Demand Country Clubs Pay Fair Share in Property Taxes  BethesdaMagazine.comOn a windy Monday in front of Woodmont Country Club, 30 demonstrators from the Democratic Socialists of America clustered around an “End Tax Breaks for ...
New tourist taxes from Venice to Bali aim to curb overtourism  QuartzCountries and cities have generally tried to encourage tourism—based on the premise that holidaying visitors and the money they spend fosters economic ...
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.'
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.
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.
Karnataka businessman jailed for income tax default of Rs 7.35 crore  The News MinuteA Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite ...
5 Ways to Cut Your Tax Bill in Retirement  Yahoo FinanceRetirement is the time to enjoy the fruits of many years of laboring away at a job. Following are several ways to trim your tax bill during retirement. Once you near ...
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.
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 ...
How Republicans bought their own tax cut snake oil  The Washington PostWhy won't those rubes realize what a favor we did them?
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 ...
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 ...
Huge Tax Relief For Harshad Mehta Family As ITAT Orders Deletion Of Rs.2014 Crores From Income [Read Order]  Live LawThe Income Tax Appellate Tribunal, Mumbai Bench has set aside the addition of nearly Rs.2014 crores to the income of late Harshad Mehta, who was the lynch ...
After 27 years, Harshad Mehta and family free of tax cloud  Economic TimesMUMBAI: After 27 years of tortuous battle, involving claims, counter-claims, and cross-appeals, the income tax tribunal has scrapped almost the entire tax ...
When Republicans Favored Taxes  The New York TimesA Williams College professor recalls the thinking of President Theodore Roosevelt.
Crumbling infrastructure is a hidden tax on all Americans | TheHill  The HillThe impact will only grow, threatening U.S. economic vitality and America's future.
Missouri House Forms Committee to Investigate Federal Tax Deduction Miscalculations  OzarksFirst.comJEFFERSON CITY - If you received some bad news when you filed your taxes, you're not alone.
Analysis: Need money for property tax cuts? Ask voters first  The Texas TribuneMore property tax bills are getting filed by Texas legislators — several of which would require approval from voters. Among other things, that could shift any ...
GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20  Times of IndiaIndia Business News: New Delhi, Feb 18 () A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent ...
These Tools Will Help You Calculate Your Crypto Taxes  Bitcoin NewsFiling taxes can be tricky and in jurisdictions like the United States is notoriously complicated. But when cryptocurrencies are added to the equation Filing taxes ...
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 ...
The impact & significance of tax changes  Economic TimesThe only sector that saw substantive changes in the Finance Bill was real estate.
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 ...
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.
4 Reasons Your Tax Refund Could Be Larger Than Last Year's  The Motley FoolTax reform won't boost everyone's refund, but here are some of the reasons you could get a bigger check.
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.
Blue State Lawmakers Target Wealthy With Progressive Income Tax Hikes That Would Hit Small Business  ForbesIllinois and Massachusetts are two blue states that, contrary to conventional wisdom, have relatively low, flat state income tax rates. The new governor of Illinois, ...
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 ...
Let's talk about capping pay hikes for cops, firefighters, and giving tax help to the charitable, Republican leader says  NJ.comIt's time for the Legislature to hold public hearings on some structural reform that could significantly reduce taxes.
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 ...
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.
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 ...
Over €4.3 billion is owed to the State in tax and €969 million is 'available immediately'  TheJournal.ieLABOUR'S JOAN BURTON has said that the Government should act now and recoup nearly a billion euro owed to the public coffers which the TD says can be ...
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 ...
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 ...
Alphabet unit seeks share of property taxes for Toronto smart city  ReutersAlphabet Inc's Sidewalk Labs unit is proposing it get a share of property taxes, development fees, and the rising value of Toronto city land as part of a deal to ...
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 ...
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 ...
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 ...
Tax Refund Fiasco Is Political Payback For Republicans  HuffPostThey stepped on this rake last year and now it's hitting them in the face.
Budget 2019: Income up to Rs 5 lakh can pay zero tax but still need to file ITR  Economic TimesIf you thought that having a taxable income of up to Rs 5 lakh meant bye-bye to the tax department think again. You can avail of the zero tax benefit announced ...
UK's richest man moves to Monaco to 'save £4bn in tax'  The GuardianBrexiter Sir Jim Ratcliffe's company Ineos is working with PricewaterhouseCoopers to reduce bill.
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 ...
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.
Tax time: What's changed in Canada for 2019  CTV NewsIf you own an Airbnb rental, have a *service* animal or attend a post-secondary institution, then you may be affected by changes to Canada's tax code.
Cabinet approves abolition of Ombudsman for direct, indirect taxes  Economic TimesThe approval comes against the backdrop of people preferring online grievance redressal mechanism.
How Much Do You Have to Make to File Taxes in 2019?  TheStreetYour income, filing status and age all play a role in whether you have to file a tax return and what your requirements are. Here's what you need to know.
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 ...
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.
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.
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.
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.
The tax rebate proposal promotes inequity  BusinessLineThe interim Budget's tax proposals have led to certain anomalies, that must be corrected in the full Budget.
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 ...
Uber agrees to pay VAT in Egypt - tax chief  euronewsCAIRO (Reuters) - Uber has agreed to pay value-added tax on its services in Egypt, Egyptian officials said on Monday, a move that may help.
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.
How to report FAFSA college money on a federal tax return  AOLEach financial award you receive from the federal government will have separate and unique tax consequences for your federal tax return.
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.
Richest in U.S. Have a Few Tricks to Avoid Democrats' Tax Plans  BloombergIf Democrats want the wealthy to pay more into the U.S. Treasury, they'll need to contend with one fact: the rich are very good at dodging taxes.
Letters: Amazon, property taxes, education, teachers, Catholics, e-cigarettes  Dallas NewsHedRe: Dallas to Amazon: Take another look Downtown has a plan to expand - Downtown still open to welcoming HQ2 -- or another company, Wednesday...
‘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.
MSU students offer free tax help  KXNet.comMinot State accounting students in the VITA group, Volunteer Income Tax Assistance, are fully trained to give a helping hand with all your tax preparations.
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 ...
All eyes on Tax Working Group report  Otago Daily TimesBusiness and political news this week is set to be dominated by the long-awaited Tax Working Group report on Thursday - and its recommendations around a ...
South Africa’s expat tax: what SARS says about exemptions  BusinessTechThe South African government is making a move towards changing its tax on remuneration earned outside South Africa – which could see some expats pay as ...
Angel tax: New startups may look to register overseas  Times of IndiaIndia Business News: The threat of foreign incorporation comes even as the rechristened DPIIT (department for promotion of industry and internal trade) and ...
Hungary Encourages Citizens to Have Sex by Giving Women With 4 Kids Free Income Taxes For Life  FortuneIn Hungary's State of the Nation Sunday, Prime Minister Viktor Orban announced that Hungarian women will get a lifetime exemption from personal income ...

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