Nov 4, 2020
A few weeks ago, The New York Times published an article that created controversy around President Trump’s tax returns. One of the most controversial claims of this article was that President Trump paid only $750 in federal income tax in a year that he won the election. In today’s episode, Grant dives into specific sections of the tax code that enabled President Trump to reduce his tax bill and how you can incorporate similar strategies in your tax planning.
[01:59] The Controversy – What the New York Times revealed in their investigation and how it created controversy around President Trump’s tax returns.
[06:46] Tax Returns – How the tax return process differs as the complexity of a business increases and why big businesses and wealthy individuals employ large teams to handle tax filing.
[12:35] Tax Planning & Tax Evasion – Grant shares his thoughts on the difference between tax planning and tax evasion and how tax planning can be beneficial for minimizing tax while complying with the tax rules.
[15:57] Federal Income Tax and Other Taxes – Grant reviews different types of taxes that are in effect in the United States.
[18:05] Deductions – Grant explains how deductions work in tax filing for businesses and individuals. He also shares his thoughts on how you can take advantage of deductions to minimize your tax amount.
[22:31] Legitimate Business Expenses – How to identify opportunities for eligible business expenses you can use as deductions to reduce your taxable income.
[28:55] Depreciation – How tax deductions apply for the depreciation of commercial real estate and how you can implement this as a deduction in your tax filing to reduce your tax bill.
[32:50] Capital Goods – How to strategically plan your commercial equipment purchases in a way that gives you tax benefits.
[35:03] Net Operating Loss – Grant reviews the new regulations around net operating losses and how you can take advantage of it to reduce your tax bill.