Category Archives: Uncategorized

What do you do when your tax records are lost and destroyed.

What happens if you lose your records in US or Canada? Ok, your hard drive crashed or you had a a big flood or tornado destroy all your records, and you get audited. No where in the Tax Code does … Continue reading

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What I learned from law school admission

My son just finished applying to over 13 law schools and heard from all except one. I wanted to share what we learned about the admission process,which should help a lot of people. 1. Unlike undergraduate studies where the SAT … Continue reading

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Bad Credit can kill your job chances among other things.

Bad Credit can harm Job chances? Yes, you read it right. Most folks know that poor credit, as shown by your FICO score, can affect your ability to rent an appartment or get utilities. Sadly, however, a poor credit score … Continue reading

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Update on Roth Conversions: Great secret tip

Income tax strategies of the Rich: Roth Conversions: As readers of my blogs, you know that I have strongly urged you to consider converting your regular IRAs into Roth IRA in order to get tax free money forever! Here is … Continue reading

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The borrow-sale technique

Estate planning and Income tax strategies fo the rich and Famous: Here is the first installment. It is called the Borrow-Sale Technique. Say, you have a stock portfolio of 50 million or even more. Step 1. Borrow most of the … Continue reading

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In-State tuition for illegal immigrants?

“The Maryland House of Delegates passed a bill to allow in-state tuition rates for illegal immigrants in the state’s community colleges. Wait……Forgive my stupidity on this one…. so, illegal immigrants get in-state tuition (without proof of residency) and are therefore … Continue reading

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Traits of multimillionaires: Strong Belief system

Traits of multimillionaires: Because I strongly believe that making money is more than just making money, in the next few days, I will be covering what traits I, and other tax lawyers, have seen in very wealthy people. I think … Continue reading

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Eliminating your taxes with equipment purchases

Equipment purchases: Do you have a business? Would you like to eliminate taxes on that business? New law: You can deduct 100% of the cost of any new equipment even if it creates a loss in business. There is no … Continue reading

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Why You Should Consider Having a Side Business.

Why you should have a business: We have two tax systems: one for employees designed to take your wealth and one for business,which is designed to create economic growth. If you have a buisness you can deduect your loses against … Continue reading

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Eliminating commuting

Clarification of Question: A frequent question that keeps arising is,”If I have a home based business, and I sell some products to my coworkers at my job, can I eliminate my commute?” The answer is NO. You can NOT eliminate … Continue reading

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