An Artistic Way to Pay Your Taxes
Many wealthy individuals enjoy collecting things, including artwork. While artwork can be a source of income for some, as well as solely a collectible for others, it can’t be used it to pay your taxes. Well, at least not in the United States, anyways. However, there are some countries in which artwork is a completely acceptable way to pay your taxes.
In the United Kingdom, for example, between the years 2009 and 2013 alone, taxpayers used £124.5 million worth of art to reduce their tax bill. UK citizens can even get the full fair market value off their art without having to sale it. Plus they don’t have to pay taxes on any gain. The program used to be mainly for estate taxes, but since 2013 residents of the UK can use it to settle their unpaid taxes.
Meantime, in Mexico, the art-for-taxes program is even sweeter, especially for artists, who can actually donate their works instead of paying taxes. The program allows artists to donate the same amount of artwork as the value of the pieces they sell each year. It not only encourages talented artists to continue creating, but it has also helped the country accumulate a large and valuable collection of some the country’s most recognized artists.
Although this program seems to work well in these countries there is no such program in the U.S. However, for professional artists in the U.S. there are many tax deductions available, which can help reduce their tax bill. So although artists and collectors might not be able to pay the IRS in paintings and sculptors, with the right tax planning help from GROCO they can still come out ahead.
Request Telephone Tax Refund By Amending Your Return
Request Telephone Tax Refund By Amending Your Return Maybe you filed your federal tax return, received a refund and even spent the last penny before realizing that you missed out on a one time opportunity to request the Telephone Excise Tax Refund! Luckily, some opportunities do call twice. You can still request the telephone tax…
Tax Saving Strategies For Business Owners
[vc_row][vc_column][vc_column_text] Tax Saving Strategies For Business Owners 1. Did you know you can use your previously funded IRA to fund the current year’s deductible contributions? Well, you can. If you don’t have enough cash to make a deductible contribution to your IRA by April 15th, here is how you can still take the tax deduction.…
Credit Default Swaps – Impose A Tax On Bogus Insurance
[vc_row][vc_column][vc_column_text] Credit Default Swaps – Impose A Tax On Bogus Insurance By Ron Cohen, CPA, MST Partner Greenstein, Rogoff, Olsen & Co., LLP Proposal to amend the U.S. Internal Revenue Code: Any Seller, Buyer or Insured Party who enters into a Credit Default Swap (“CDS”) contract insuring U.S. source risks will be subject to an excise…
Income Tax Deferral Strategies for Real Estate Investors
Income Tax Deferral Strategies for Real Estate Investors There are a number of significant income tax benefits that are often overlooked by real estate investors that could allow them to defer or exclude some or all of their income tax liabilities on the sale or disposition of their real estate tax deferral assets. It is…