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Need a new accountant

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Old 08-01-2012, 09:19 PM
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Default Need a new accountant

This isnt about politics at all. I just would love to know how someone can pull this off legally? I deduct everything. I mean everything I can think of and cant deduct half my income.
He earned $23,425,316 and paid $412.18 in federal income taxes. This calculates to a federal tax rate of 0.0018%. How did Romney get his tax burden so low? According to his return, he had approximately $23,407,000 in itemized deductions.
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Old 08-01-2012, 09:33 PM
willshome willshome is offline
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Originally Posted by SECTLANDSCAPING View Post
just would love to know how someone can pull this off legally?
If your rich you can do anything you want
not pay taxes, murder.....
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Old 08-02-2012, 12:27 PM
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I'd love to see more specifics on what he did. It's very fascinating how creative tax preparers can get.
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Old 08-06-2012, 06:12 AM
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First of all he had a very good accountant and tax lawyer. You can take a deduction for things like-your kids. Yes ou can pay your children for things like cleaning your machines, restringing you weedeater, etc. and take that as a tax deduction. I think (no I a not real sure) you can pay them up to 1000 dollars a year without them having to pay income taxes, and you dont have to pay matching soc sec taxes. So if you have two or three kids there is antoher 2-3 K deduction. You just hae to know what the tax laws are and how to get around them.

You could also deduct all expenses related to building your business, ie- a party in which you invite several people, and spend some time discussing business.

Want great tax deductions, GET A LAWYER.
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Old 08-06-2012, 08:28 AM
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first off my dad is in real estate, with about 250-300 rental houses.
he has 2 full time cpa accountant working for him and me part time.
you can deduct or depreciate just about everything
go out to dinner with someone and talk about tomorrows business, lunch for you and some/all your guys, drinks depreciation on the truck, gas usage, repairs, on trucks and machines, storage space for machines, parking spaces, electricity usage, your marketing, your office supplies, your wife's new Mercedes.

its all about knowing what you can claim it as. for example if you lease a new convertible Mercedes do it in the business name. it is tax deductible including the gas, then when you buy it at the end of the lease, it will deprecate for 5 years, and then after that you can still get about 50 cents a mile driven. no matter who drives(could be your wife).

its all about getting a cpa that will work for you. you can recognize them right away if they will work for you. they do not come cheap.
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Old 08-06-2012, 07:45 PM
dpld dpld is offline
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Originally Posted by SECTLANDSCAPING View Post
This isnt about politics at all. I just would love to know how someone can pull this off legally? I deduct everything. I mean everything I can think of and cant deduct half my income.

that story is not real, it is full of crap.
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