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:

GST Council may look to rationalise 28% slab; taxes on cement may be cut  Moneycontrol.comThe council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, has pruned the 28 per cent slab by cutting tax rates on 191 goods ...
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Best ELSS fund to save taxes this financial year  Economic TimesIf you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.
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O rly? California considers plan to tax text messages  NBCNews.comYour texted emojis may soon cost you in California, if the state's public utilities commission votes to approve taxing text messages next month.
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Dems aim to punt vote on ObamaCare taxes | TheHill  The HillHealth-care companies are making a last-minute push to delay ObamaCare taxes as part of a year-end government funding deal, but they face resistance from ...
Tax on your gold and real estate investments  LivemintHere is a look at the taxes that apply to short-term and long-term gains from these two asset classes.
Climate change: Protecting the poor from green taxes  BBC NewsAs President Macron caved into the yellow vest fuel tax protests, President Trump was triumphant. The French humiliation showed people rejected the sort of ...
Business group pushes feds to reconsider new taxes  News Talk 980 CJMEAs people work to get their holiday shopping complete, an advocacy group says many small business owners are dreading the new year. That's according to the ...
Gov. Abbott’s property tax reform plan calls for $1.3B from state in 2020  San Antonio Express-NewsAUSTIN — Republican Gov. Greg Abbott said Wednesday state lawmakers will ultimately decide how to fund his plan to limit how much local school districts can ...
Govt says no scope for corporate tax cut in near future  LivemintEuropean Union and the US cutting corporate tax rates not sufficient to sway India, says CBDT.
Withdrawals Under National Pension Scheme To Be Tax-Free  BloombergQuintWithdrawals made by subscribers of the National Pension Scheme at the time of retirement will be made tax free.
Kentucky doctor really didn’t like paying taxes on hefty income. Now he’s headed to prison  Lexington Herald-LeaderA Kentucky doctor who evaded paying more than $1.1 million in federal income taxes has been sentenced to four years in prison. Dr. Werner Grentz, 69, ...
Timberline Ski Resort owner arrested on unpaid taxes charge  WBOY.comThe owner of Timberline Four Season Resort, in Tucker County, is facing a misdemeanor charge after authorities said the resort failed to pay its hotel/motel ...
'No tax benefit on house sale if new flat is in wife's name'  Times of IndiaIndia Business News: The Income-Tax Appellate Tribunal (ITAT)'s Mumbai bench recently denied a taxpayer I-T benefits available when long-term capital gains ...
India's tryst with taxes  Forbes IndiaWhile the rich pay a bulk of the income tax paid by individuals in India, many wealthy people do not pay their share of taxes.
Investing solely to avoid taxes is a bad, wasteful strategy: View  Economic TimesWhile many opt for creative accounting of expenses and tax deductibles, these practices also needlessly complicate matters for inheritors.
Seven questions for Tory minister who slammed the higher tax rate for Scots earning over £50,000  New StatesmanThe salary is double the average household income.
6 last-minute tips that will trim your 2018 tax bill  CNBCBefore you break out the Champagne, take a look at these six strategies that could help you trim your 2018 tax bill — as long as you act before Dec. 31.
House Democrats to seek Trump tax returns: Pelosi  ReutersDemocratic leader Nancy Pelosi said on Thursday that members of congress from her party will seek to obtain President Donald Trump's tax returns when they ...
7 year-end tax tips to boost your refund  CNBCThe new tax law has put a whole new spin on year-end tax planning, though it hasn't eliminated the need to do it altogether. "The tricks we had in our back ...
China's rich rush to shelter $1trn from new taxes  Moneyweb.co.zaThe practice of holding wealth abroad or changing tax residence status has become commonplace in China.
Beware! These tax-saving investment mistakes can sink your finances  The Financial ExpressIt's said, if you fail to plan, it means you plan to fail. So, it's better to plan before you make your tax-saving investments, so that you may reach your financial goal ...
Cell Phone Taxes and Fees in 2018  Tax FoundationA typical American household with four wireless phones paying $100 per month for taxable wireless *service* can expect to pay about $229 per year in wireless ...
California Wants to Tax Conversations…Literally  TownhallWe have a saying here in California - a state motto of sorts. If it's a thing, tax it. Okay, I made that up. But it isn't far from the truth. With a Democrat super-majority ...
No tax on up to Rs 50,000 interest for senior citizens  Times of IndiaIndia Business News: In a notification issued on December 6, it has clarified that no TDS has to be deducted under section 194-A of the Income Tax (I-T) Act in ...
Divorcees can save on taxes — if they take this one step  CNBCIf you're planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the "head of ...
Make these 2 tax moves in time to cut your tax bill  Ledger-EnquirerSetting money aside for the future is important, but where you store that money can make a huge difference in your tax bill.
Ten companies pay 45% of all corporate tax in Australia  The GuardianCorporate tax increased by 20% between 2015-16 and 2016-17, rising $7.5bn to $45.7bn, driven by surging commodity prices.
FCC panel wants to tax Internet-using businesses and give the money to ISPs  Ars TechnicaAt AT&T's urging, committee proposes tax on websites to pay for rural broadband.
GOLDSTEIN: If Trudeau's re-elected, carbon taxes will go even higher  Toronto SunEnvironment Minister Catherine McKenna and Prime Minister Justin Trudeau have finally outlined in recent media interviews what Canada's carbon pricing/tax ...
Kentucky physician sentenced after failing to pay taxes for 4 years  WKYTDr. Werner Grentz, 69, was sentenced to federal prison Wednesday after authorities say he falsely reported his yearly income as $0 between the tax years ...
French lesson for Modi: Don't raise fuel tax  Economic TimesRIOTERS IN PARIS Last weekend, demonstrators turned Paris's wealthiest neighbourhoods into a battle zone to make themselves heard. Until Saturday ...
Taxmen catch buffalo meat, slap Rs 25 lakh in taxes, penalty  Economic TimesThe Commercial Taxes department officials in Belagavi have collected Rs 25 lakh in GST levies as well as penalty after intercepting four trucks mounted with ...
Hindustan Unilever pitches for reducing corporate tax rate  Moneycontrol.comWhile GST has proven to be a game changer and is positively impacting taxation practices,
Agent's Take: Here are the NFL's real highest-paid players after taxes and salary deferrals are considered  CBS SportsWe did the math, and these 15 players are the real top earners in 2018.
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Nassau property taxes take spotlight at reassessment meeting  News 12 Long IslandNassau residents are getting the chance Wednesday night to weigh in on the county's controversial property reassessments.
How to save tax on capital gains arising from selling a house  Economic TimesMy 71-year-old father had purchased a house in 1972 for Rs 1,000. Now he is planning to sell it for Rs 28 lakh. What will be his capital gains tax liability?
Going Through Divorce? Start These 3 Steps Today To Save On Taxes  ForbesThe Tax Cut and Jobs Act eliminated the alimony deduction for divorces after 2018. The new law will mean less money for expenses of the two household.
Good jump! Corporate tax collection up 18 per cent in April-November, fastest in five years  The Financial ExpressCorporate tax collection grew an impressive 18.3% in April-November of FY19, the fastest pace in at least the last five years.
Central govt staff can now save tax via NPS with only 3-year lock-in  Economic TimesSubstantially reducing the lock in for availing section 80C tax benefit on NPS investment the government has brought it on par with one of the most popular tax ...
BIR files tax raps against 20 firms, 4 businessmen  ABS-CBN NewsMANILA- The Bureau of Internal Revenue (BIR) filed with the Department of Justice Thursday tax evasion cases against 20 companies and 4 individuals based ...
Broadalbin residents outraged over tax increase | News, Sports, Jobs  Gloversville Leader-HeraldBROADALBIN — Town hall was filled to capacity on Tuesday as dozens of residents showed up to address their concerns regarding the adopted 2019 budget ...
Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too  ForbesWith Bitcoin and other crypto prices down again, many holders don't want to sell. But if you owe taxes, how about paying them in Bitcoin? Selling now may ...
Most people don't understand basic government finances, N.L. tax review finds  CBC.caA report into the provincial tax system has come back with recommendations to keep taxes steady and better educate the public on government finances.
France drops fuel tax as “yellow vest” anger persists  The HinduThe movement began with the aim of highlighting the squeeze on household budgets caused by fuel taxes but morphed into a broader, sometimes-violent ...
The Golden Age of Rich People Not Paying Their Taxes  The AtlanticAn eight-year campaign to slash the IRS's budget has left the agency understaffed, hamstrung, and operating with archaic equipment. The result: a ...
Rs 262 crore cyber-tax fraud unearthed in Delhi  Times of IndiaNEW DELHI: The Delhi government's Trade and Taxes Department has unearthed a cyber-tax fraud totalling Rs 262 crore, happening since 2013 with over 8,.
Cell phone taxes and fees increased across the US this year  Greater Baton Rouge Business ReportTaxes, fees, and governmental surcharges on wireless consumers increased in 2018, now amounting to 19.1%, up from 18.5%, of a customer's bill, according to ...
Direct tax collections rise 15.7% YoY for April-November period  Economic TimesThe direct tax collections are up 15.7% for the April-November period from corresponding period a year ago, data released by the government on Monday ...
What Are the 2019 Tax Brackets?  Motley FoolHere's a look at the tax brackets for 2019 and what they could mean to you.
Delco signs off on $354 million budget - and $25 tax cut  The Delaware County Daily TimesIf's official - Delaware County taxes are going down. Delaware County Council Wednesday signed off on a $354 million spending plan for 2019 that includes a ...
The Tax Cuts And Jobs Act: 3 Changes You Should Know  ForbesTax season is coming more quickly than you might think — has the Tax Cuts and Jobs Act affected you? Read here to discover more!
Taxpayers Alert! Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to chall...  Zee BusinessAlthough one would not like to share their income and income from other sources with authorities, however, it comes as a helping hand for government in ...
More Property Tax, Health Plans Part Of Proposed Delhi Civic Body Budget  NDTV NewsHike in property tax, levying of professional and betterment taxes, and plans for a health scheme on the lines of Ayushman Bharat for Class IV employees were ...
How single folks should handle estate-tax planning under the new tax law  MarketWatchThe hugely increased estate and gift tax exemption is indeed a tax cut for the rich.
How senior citizens can avail tax break on interest income under Sec 80TTB  Economic TimesBudget 2018 introduced a new section, 80TTB, under the Income Tax Act which allows senior citizens to claim tax break on specified interest income up to Rs ...
Cook County restores tax on parking apps before January cut took effect  Chicago TribuneCook County commissioners voted nearly unanimously Wednesday to restore a 6 percent tax on parking reservations made through apps such as SpotHero that ...
Big crackdown on GST evaders! Tax evasion worth whopping Rs 12,000 crore detected in April-November  The Financial ExpressThe government has detected GST evasion worth Rs 12000 crore in 8 months till November, a senior tax official said Wednesday.
US State of Ohio Accepts Bitcoin for 23 Types of Taxes  Bitcoin NewsThe U.S. state of Ohio has set up a cryptocurrency payment portal and reportedly starts accepting payments in bitcoin for 23 types of taxes this week. “Ohio has ...
National Pension system: Now get tax-free maturity withdrawals; check details here  The Financial ExpressThe government has made the whole 60% of the NPS accumulated corpus tax free, bringing it at par with PPF and EPF, besides raising its contribution to 14% of ...
Income Tax panel won’t cut rates; but don’t lose heart, here’s what it will do for taxpayers  The Financial ExpressThe task force was set up by the finance ministry in November last. Arbind Modi was made the convenor of the panel and he retired on September 30.
'Taxes, Taxes and Taxes': Tax-Burdened Protestors Reach Tipping Point in Socialist France  CBN NewsThe French are used to high taxes, but it was a new carbon tax that finally pushed French taxpayers to the tipping point, and ignited the worst protests in 50 ...
Paris Is Burning Over Climate Change Taxes -- Is America Next?  ForbesThe bottom line is this: economic freedom—the kind you get with a large middle class—leads to prosperity, economic growth, and technological innovation.
Taxman starts questioning & issuing notices to BPOs  Economic TimesIndustry trackers fear that more and more companies may now be issued notices and questioned.
Pakistan government to impose 'sin tax' on tobacco  Economic TimesISLAMABAD: Pakistan will soon impose a 'sin tax' on cigarettes and sugary beverages and that fund would be diverted to the health budget, Minister for National ...
10 things you probably didn't know you could deduct on your taxes  Business InsiderWhat deductions are you missing when filing your tax return? Here are 10 that are often overlooked ahead of tax day 2019.
Tax on free services: PMO set to wade into ₹40,000 cr spat between banks, revenue dept  BusinessLineMumbai, November 25. With banks staring at a massive tax outgo of ₹40,000 crore on free services provided to customers to maintain a minimum balance, and ...
What the Amazon tax breaks really mean  Vox.comI think the easiest way to understand Amazon's HQ2 and the specific question of cities handing out tax subsidies is to abstract away from the particular details of ...
Brady releases revised version of year-end tax package | TheHill  The HillHouse Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday released a revised version of his year-end tax package, a move aimed at ...
ETWIW: Multicap funds, financial planning errors, and efficient tax planning in Kolkata  Economic TimesDo multicap mutual fund schemes make more sense after the recent re-categorisation exercise by Sebi?
Are the French hit especially hard by fuel taxes?  The GuardianA planned rise sparked the gilets jaunes protest – here's how their fuel costs compare with the rest of Europe.
The Trump tax cuts are putting America in a hole  Yahoo FinanceTax cuts and a slowing economy will erode America's fiscal strength during the next decade, according to a new report from Moody's Investor *Service*, the ...
How to Tell If Tax Reform Is Working  BloombergA year later, it's too soon to tell. But there is one indicator that offers grounds for optimism.
Tax savers start hunting for best ELSS ahead of tax-saving season  Economic TimesTraditionally, January to March is known as the tax-saving season. However, the season has already started in December ahead of the tax season next year.
Six tax deductions you'll lose on your 2018 return  CNBCIf you were hoarding receipts in a shoebox with the hope of claiming a big break on your 2018 taxes, prepare to be disappointed. That's because the Tax Cuts ...
Why only 2% of Chinese pay any income tax  The EconomistOF COURSE NOT, I'm not an idiot,” says Liu Yongli, a chauffeur in Beijing, when asked whether he has ever paid personal income tax. Despite earning well ...
Mayor Rahm Emanuel pushes state gas tax increase to fund major transportation bill  Chicago TribuneMayor Rahm Emanuel on Tuesday called for a 20 to 30 cent per gallon increase in the state's gas tax to fund a major statewide transportation bill.
Niger government orders closure of Airtel arm over unpaid taxes  Economic TimesKOLKATA: The Niger government has ordered the closure of Bharti Airtel's whollyowned arm in the African country for nonpayment of over $107 million (about ...
Income Tax Raids Old Delhi's Private Vaults, Seizes Rs 5.5 Crore Cash  NDTV NewsThe department's surveillance has been high in Chandni Chowk after cash worth Rs 35 crore was seized in currency notes of Rs 2000 from a private vault last ...
SC orders Aleema Khanum to pay Rs29.4m as fine, tax on foreign properties  DAWN.comThe Supreme Court on Thursday ordered Aleema Khanum, Prime Minister Imran Khan's sister, to pay Rs29.4 million in taxes and fines. A three-judge SC bench, ...
Run, tax-evaders, run  Economic TimesOn December 1, world leaders at the G20 summit in Buenos Aires, Argentina, agreed to reform the World Trade Organisation (WTO), even as the US and China ...
Ecommerce firms facing glitches in filing 'tax collected at source' details  Economic TimesNEW DELHI: E-commerce companies are facing technical issues in filing the details of tax collected at source (TCS) from their sellers on the GSTN website, ...
Tax treatment of NPS set to change  LivemintCompulsory annuity and tax treatment made NPS a less preferred option by the financial advisors.
Top five tax-saving bank FD rates  Economic TimesTax-saving fixed deposits (FD) are one of the most popular investment avenues in the section 80C basket of financial instruments. To save tax, many people use ...
Study pushes for Scottish land and property tax reform  Financial TimesThere is a strong case for reform of land and property taxes in Scotland and the introduction of a land value tax might boost efforts to diversify ownership and ...
BBMP to issue warrants, seize properties of tax defaulters  Times of IndiaBENGALURU: The Bruhat Bengaluru Mahanagara Palike (BBMP) is all set to crack the whip on those who have defaulted on payment of property tax for long.
Ecommerce Cos Don't Have To Collect Tax From Sellers With Turnover Below $28.4K  Inc42 MediaSuch suppliers are not liable for registration, says CBIC. If the TCS has already been deducted, it can be shown while filing GSTR-8. Ecommerce companies are ...
Pakistan to introduce ‘sin’ tax on cigarettes, sugary beverages  The Indian ExpressPakistan will soon introduce a 'Gunnah Tax' or Sin Tax on tobacco products and sugary drinks which would supplement its annual health budget, PTI reported.
Tax queries: Gifts received from relatives are not taxable  Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies. Can charges for services (such as courier, ...
Tax refund fraud falls as IRS, states and tax preparation companies crack down  USA TODAYIt's harder for a criminal to commit tax refund fraud. The number of reported tax identity theft victims through October is down, the IRS says.
How to avoid tax saving traps set by unscrupulous wealth managers, bank officials  Economic TimesAn average investor neither has the time or the inclination to go into the finer details of the policy.
It’s time to reassess your taxable salary: Here are some important changes in income tax rules this year  The Financial ExpressEmployers start asking for the proof of tax-saving investments and expenditures that are eligible for tax benefits for reassessment of your taxable salary to ...

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