A recent report from Axios suggests you can make your taxes go away.
The report was commissioned by the Trump Organization and the American Taxpayer Relief Act, a proposed overhaul of the U.S. tax code.
The overhaul is expected to include an estate tax, which the president-elect has long said he doesn’t want.
Here’s how to get a big break on your taxes.1.
Find a Tax Adviser 2.
Apply for a tax-preparation loan 3.
Set up your tax preparation account with the Trump Foundation 4.
Fill out the forms required to file your taxes5.
Pay your taxes using credit cards and other methods6.
Keep the tax information privateThe IRS requires that anyone filing taxes must disclose the value of any interest earned on their investment or the cost of any loan or investment you make.
If you have an investment, it should be disclosed on your tax return, but the IRS says it can’t be disclosed to other taxpayers.
The Taxpayer Advocate Service (TAS) has rules that can help you decide how to disclose information.
To get the most out of your tax preparer, follow these guidelines.1) Be clear about the assets you’re investing in.
The IRS generally requires that an investment be at least $50,000 in value.
But if you’re using an investment for your own purposes, it’s not necessary to disclose the amount.2) Make it clear what you expect your investment to yield.
If your investment includes bonds or stock, it might be a good idea to give the investment a 10% discount over its fair market value.3) Use the investment to help plan your tax filing.
For example, if you plan to buy a $10 million house and have an additional $10,000 you plan on putting into the investment, that would make it appear you have $10 per share in your investment.4) Set aside at least five years to plan.
When you make your initial investment, you can delay reporting your tax obligations to the IRS for a year.5) If you make an initial investment in an interest-only loan or an interest or income-based investment, tell the IRS what you want to be able to deduct from your taxes after the loan or income is paid off.
For a mortgage, that could be the interest from your first year’s investment.6) Use a tax preparers’ tool to estimate the amount of your investment so you can prepare your taxes as soon as possible.
The guide recommends a calculator that lets you estimate the tax on an interest and a taxable income basis.
You can find a tax calculator from your tax advisor or an online tool from the Tax Foundation.7) Be sure to keep all of your personal information private.
The tax preparered service that Axios consulted, the American Investment Advisory Services, provides guidance on how to make sure your personal financial information is protected.8) Be prepared for your taxes to change.
If the IRS wants to audit your investment, there are tax rules that make it difficult to get out of paying taxes.
A recent Treasury Department report on how the Internal Revenue Service (IRS) handles audits found that in 2015, nearly 40% of all audits involved an audit finding that the taxpayer failed to provide all of the required information, including income, assets and investment.
The Internal Revenue Manual for Federal Tax Preparation (IRM) gives guidance on filing for an audit.