Gilti Tax - John Richardson

In December 2017 the U.S. Tax Cuts and Jobs Act imposed confiscatory taxation on the U.S. citizen shareholders of many small business corporations located outside the United States. Canadian residents have been severely impacted by this. Monte Silver is a U.S. citizen tax lawyer based in Israel who has been very active in both tax advocacy on behalf of Americans abroad and litigation.

On December 24, 2019 his lawsuit against U.S. treasury achieved a major victory in the ongoing quest for “tax justice” for individuals living outside the United States who are also U.S. citizens. This is the fourth time that John Richardson has interviewed Monte Silver on these issues. This story is far from over!

Watch This You Tube Video

You Should Also Read This Blog By John Richardson.

Kazim Qasim- Small Business Deductions

Small strategies make big impacts when it comes to figuring out the year’s deductions. Sadly, many small business owners never get the help they need because they’re simply unaware of the many tax deductions available to them. This is where a good, knowledgeable CPA is invaluable. And since you’re hiring your CPA to help you organize and prepare your taxes – he or she becomes a deductible business expense, too. Tons of little-known, obscure strategies will help pull you out of the hole come tax time; it’s just a matter of discovering what they are and how best to take advantage of them. If you want to shave money off what you’ll owe the IRS next year, give these strategies a try. You’ll be surprised at how much of your hard-earned cash you’ll be able to legally keep.

Deduct the Cost of Help

Hire an expert. We’ve already discussed the wisdom behind hiring a professional accountant to help keep your books in record shape, but there are other pros out there who could make your life easier while building up your deductibles, too. Everyone from the copy writer who pens your social media posts to the team who cleans your office are fair game. So long as they’re helping you run your business and you pay them for that purpose, the money you pay them is tax deductible.

Read More