Show notes
Most people in the United States feel that they pay far too much in taxes. While that may be true, today's guest, Aaron Young, suggests that instead of spending all your energy complaining about the taxes you have to pay, you should be spending that energy learning the legal ways you can reduce your tax burden so that you actually get to keep more of what you earn. Ryan dives deep with Aaron on this episode, unpacking everything from the ethics of trying to reduce tax liability to private foundations, private banks, and offshore accounts. You'll learn a lot or at least get familiarized with the lay of the land when it comes to tax strategies, on this episode of Freedom Fast Lane.
Is it even ethical to try to reduce your tax burden? There's a bit of a stigma associated with avoiding taxes, simply because some high profile people or companies have been caught cheating the system - and any tax strategies or people applying them get lumped into the same category in the public eye. But the truth is that there are many legal, substantial ways the average entrepreneur or business owner can minimize his taxes much more than is currently being done. Aaron Young has some great insight into the subject from the experiences of his clients and from the personal experiences he's had fighting unlawful taxes levied against him. His story and his advice are well worth the time it takes to listen to this episode.
Is there such a thing as a "loophole" when it comes to taxes? Aaron Rogers feels that the use of the word "loophole" implies that someone is breaking the law in order to get some kind of advantage for themselves, when the fact is that there are plenty of legal ways to minimize tax burden without having to break the law. On this episode Aaron minimizes illegal loopholes and points out several strategies individuals, business owners, and companies can take to safeguard their money from undue tax burdens, seizure in the case of lawsuits, and much, much more. If you're at all concerned with keeping more of your hard earned money, you shouldn't miss this episode.
How to get yourself in trouble with the IRS by using "tax haven" countries. Every country is different, but most of the so-called "tax haven" countries don't have any unique agreements with the U.S. when it comes to tax laws, they just have different privacy laws. What that means is that you, as a U.S. Citizen, are expected to pay U.S. taxes on your worldwide income. But if your cash is being kept in a bank account in a "tax haven" country, that foreign bank is not going to report your money to the IRS, it's up to the individual U.S. citizen to do that themselves. The problem is that many don't - which is illegal - and when it's discovered, there will be a lot of trouble for those people. Find out how to utilize the "tax haven" countries legally, on this episode.
What is a private foundation and how are they used for tax advantages? The best comparison to make in order to understand a private foundation is to think of a non-profit entity. An individual can set up a private foundation for a specific purpose (providing a social or charitable service) and then the donations that person makes to the foundation are pre-tax dollars. But as the "chair" of the foundation, that individual has a say over what is done with the money in the foundation. That doesn't mean they can use it for personal things, but they can definitely use the foundation to finance trips, etc. that have to do with the cause of the foundation and never have to pay tax on that money. You can find out more on this episode.
Outline Of This Great Episode - [0:05] Ryan's intro to this part one episode about tax strategies.
- [2:22] Introduction of Aaron Young and his background with taxes.
- [5:10] Is it ethical to think about reducing tax liabilities?
- [6:54] Where is the balance between aggressiveness legality when it comes to taxes?
- [10:37] What does it take to officially be a real estate professional with the IRS?
- [15:54] Are there legitimate tax loopholes or do they just amount to smart planning?
- [21:41] How Private Foundations work and why and how wealthy people use them.
- [30:31] Money offshore: the facts of the law are about keeping money in other countries.
- [35:20] How people abuse the tax haven country privacy laws.
- [37:52] How U.S. Citizens can use "tax haven" countries legally.
- [45:36] Can virtual companies be started in "tax haven" countries?
- [50:00] How Aaron was thrown in prison for things he did not do.
- [52:20] Holding money in tax haven countries to make money safer.
- [57:23] Private Banking options many wealthy people will use to save taxes.
- [59:12] How to find qualified people who can advise on these issues.
- [1:02:02] How to connect with Aaron.
Action Steps From This Episode FOR YOUR EDUCATION: Take the time to learn the things that apply to your situation yourself, before you seek the advice of some seminar guru or high powered attorney.
FOR YOUR SAFETY: It's easier and costs less in the long run to do things according to the law in the first place than to try to hedge your bets and cut corners. The IRS and U.S. government will catch up to you eventually if you cheat.
Connect With Today's guest: Aaron Young Website: www.AaronScottYoung.com
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