Offshore asset protection - Global Wealth Protection

Possible Tax Hikes Due to Lack of Fiscal Priorities

The deceptive excuse for tax hikes is blamed on lack of funds, when in fact, it’s lack of fiscal priorities. January 22, 2018 By: Bobby Casey, GWP Managing Director Tax hikes appeal to people who think that if more funding were available, the problems would be solved. The truth is, money doesn’t solve things. Solutions solve things. It’s a rather pedestrian observation, but there is a difference. For as much as capitalists get a bum rap for being money mongers who buy their way through life, that’s not really the case. Throwing money at … [Read More...]

Do You Need a Strategy for Casualty and Theft Losses in 2017?

The scope of eligible casualty and theft loss tax deductions will narrow dramatically starting in 2018. January 19, 2018 By: Dianne Kennedy, CPA In 2018, we lose the ability to write off most casualty and theft losses. The only casualty losses that will remain a write-off are ones that occur in a federally designated disaster zone. My mother had a trusted caregiver steal her car, almost $100,000 in cash, tens of thousands of dollars in silver and antiques and illegally use her identity to the tune of $42,000. (I’m still … [Read More...]

Big Changes for Bonus Depreciation

Bonus depreciation is changing in a big way, so it might be time to figure out how you take advantage of the new laws. January 17, 2018 By: Diane Kennedy, CPA The 2018 Tax Cuts and Job Act has three important differences regarding bonus depreciation: 1. The bonus depreciation will temporarily be 100%! 2. In order to take bonus depreciation, the personal property item does NOT have to be new. That’s a huge change. 3. The 100% bonus depreciation is retroactive to purchases after September 27, 2017. And now, let’s … [Read More...]

Brace Yourselves: Pentagon to Undergo FIRST EVER Audit in 2018

Pentagon is one of the last federal agencies to undergo an audit, and 2018 is the first year it will do so. January 15, 2018 By: Bobby Casey, Managing Director GWP Reading some of the headlines, you’d think the upcoming audit of the Pentagon was some remarkable political feat. It’s not. It was certainly a campaign promise from both Hillary and Trump, but the fact is, they are long overdue and nearly every president since Clinton has ineffectively been trying to get that ship to right its course. About twenty years ago, every federal … [Read More...]

C Corporation Changes in the New Tax Plan

Major changes are afoot in the new tax plan for C Corporations, but it's important to think ahead before making any hasty decisions. January 12, 2018 By: Diane Kennedy, CPA By now, you’ve probably heard that the 2018 Tax Cuts and Jobs Act is rolling back the maximum C corporation rate to 21%. That, in and of itself, is pretty remarkable. But there was more in the new tax plan for C Corporations that may have you thinking about owning a C Corporation. C Corps have to use the accrual basis unless they qualify for cash … [Read More...]

Strategies for Your Mortgage Interest Deduction in 2018

The new tax plan has good news for vacation homes, but bad news for HELOCs when it comes to deductions on your mortgage(s) in 2018. January 10, 2018 By: Diane Kennedy, CPA A last minute change in the new tax plan caught me off guard. Let me clear that up first. It’s not “primary residence interest” that is solely deductible now. It’s “qualified residence interest.” That one word difference (primary changed to qualified) means that vacation homes are back to deductible! You still have the same limitations, though. Read … [Read More...]

87% of U.S. Citizens Agree – Lawsuits Really Are For This…

Offshore accounts are a great tool to protect your assets from frivolous lawsuits. January 9, 2018 If you’ve been injured, or are a victim of some type of legal harm… in the U.S. you are allowed to file a lawsuit against the offending parties. Of course this legal protection isn’t a bad thing, until it’s abused by people looking for a payday. And in the U.S., there is a chilling reality about the judicial system that might change how you think about getting sued forever. From the Sixwise newsletter, we get this little … [Read More...]

Careful What You Wish For: Government “Legitimizes” Cryptocurrencies

With all the clamoring for Bitcoin and other cryptocurrencies to be recognized as legitimate, has anyone considered what it means to mainstream them? January 8, 2018 By: Bobby Casey, GWP Managing Director Advocates of Bitcoin and other cryptocurrencies have been quite vocal over the years about recognizing cryptocurrencies as a legitimate currency, as opposed to a fad or commodity. But what has historically happened when people do this? What has been the general government response? One glaring example is the state level legalization … [Read More...]

Interview: Location Independence & Asset Protection

Get some actionable advice on location independence, asset protection and much more from this Freedom Lovin' interview! January 5, 2018 Interview with:  Kevin Koskella with Bobby Casey Bobby Casey joins Kevin Koskella on Freedom Lovin's podcast to discuss internationalization, location independence, entrepreneurship, asset protection, and corporate structuring. Inspired by Harry Browne, Kevin Koskella has an insatiable thirst for freedom and liberty, and has dedicated his site to exploring ideas that can help individuals live … [Read More...]

U.S. Government Overspends Again – But Here’s What’s Alarming About It…

U.S. government is overspending at an alarming rate, despite the boost it receives from asset forfeiture, and there's no end in sight. January 4, 2018 By: Bobby Casey, Managing Director GWP The U.S. Government’s fiscal year ended on September 30th, and some of the results are alarming… $16 billion in revenue came from DOJ programs, and part of that was stolen from U.S. citizens through “legal” programs like Civil Asset Forfeiture. And that’s not even the most alarming part… The U.S. overspent their revenue by nearly $1 trillion … [Read More...]

Going Into 2018

The myriad changes that unfolded in 2017 will make for an interesting 2018 from the US tax legislation, to the global economy, and to cryptocurrencies. January 1, 2018 By: Bobby Casey, Managing Director GWP There are numerous interesting issues to watch in 2018 including the effects of the recent tax bill, cryptocurrencies, and even the economic “climate change” in countries around the world. Tax Plan Individuals see some relief for a few years, and there are a few changes in deductions and write offs; but the biggest change that … [Read More...]

Big Changes for Meals & Entertainment Expenses

While business friendly on many fronts, the new tax plan removes a few benefits such as meals and entertainment write-offs. December 29, 2017 By: Diane Kennedy, CPA It’s over 1000 pages long and there are a lot of little nuances to the new tax plan. Over the next few weeks, I’ll be highlighting changes that will impact business owners and real estate investors. If you don’t have a business or invest in real estate, start. This bill specifically targets employees. Your tax form got a whole lot simpler and chances are, … [Read More...]

The 2018 New Pass-Through Tax Strategy

If you have a pass-through entity, it might be time to optimize your tax strategies in 2018 in light of the new tax bill. December 26, 2017 By: Diane Kennedy, CPA You may have heard that we’re all going to pay a whole lot less tax on our pass through entities. That’s true, to a point. If your taxable income is less than the threshold ($315K for married, filing jointly and $157,500 for single), you will have a tax break. Make one dollar more and your tax break becomes almost non-existent. It’s a complicated formula and … [Read More...]

Section 702 of the FISA is Postponed

Good news and bad news: Section 702 of the FISA is temporarily dead! December 25, 2017 By: Bobby Casey, Managing Director GWP The US Federal Government can’t give you the straight good news of letting Section 702 of the FISA (Federal Intelligence Surveillance Act) just expire one and for all; it left itself a little opening to revisit it by saying it’d dead “for now”. What does that mean for the average person in the USA? It means that for now, the NSA and FBI will ease up on taking jackhammers to your 4th Amendment rights. But if … [Read More...]

Bitcoin and the IRS

IRS makes headway in pursuing Bitcoin owners including full access to owner information for transactions from 2012-2015 over $20,000. December 22, 2017 By: Diane Kennedy, CPA The IRS recently won a landmark case against Coinbase, giving them access to all owner information for cryptocurrency transactions totaling over $20,000 from 2012-2015. Right now, there is a lot of attention on Bitcoin, so I’m going to just use that common name throughout this blog. However, the tax information applies to all of the … [Read More...]