Any After-The-Fact Tax Reduction Methods?

[GPCarter]

I am curious as to if there are any ways to minimize taxes AFTER funds are received from exchanging IQD to USD? I won't have the funds to set up an LLC, Trust, IBC or other structure until AFTER I have the funds from the exchange. After I have the funds is there anything I can do to legally lessen the amount of tax I would have to pay at the end of the year? For example, could I transfer the funds to an annuity or is there something else I could do?

[hiram601]

The only way to find the info you want is to hire a good tax attorney after you cash in. Soliciting free advice here will only lead you into problems down the road. Hire an attorney.

[Joe P]

Here's a novel idea...since the government ALLOWED you this opportunity...why not just PAY YOUR TAXES? Oh my God...wow...isn't that unheard of.

This is my promise to all of you...this site, and every other dinar site is monitored. The more people request tax avoidance, tax evasion, and tax deferred options...the more likely the government will go after what they want.

What is wrong with some people? Listen to yourself and your greed. Let assume you spent $5,000 on dinar. It RVs at $2.00. You just got $10,000,000...that's Ten Million for your hard earned $5k. So now you are in the 35% tax bracket. You then stroke a check for $3.5 million. You still have $6.5 MILLION which is a profit of $6,495,000. Oh my goodness. Isn't that amazing. But NO...it isn't is it? You have to have more. That is pure, unadulterated GREED.

We are in the midst of one of the most significant recessions we have had in 50 years. That $3.5 million to the IRS is important. And this is not a political statement. I don't care who is in office. That money is needed. That money is owed. That government gave YOU the right to receive this windfall and all you can think about us legal ways to minimize the check you stroke to them.

Now phoenix writes "support your local banks, and pay your taxes" during portions of his posts. He also flat out warned everyone that ALL EYES will be on every dinar transaction, including losing your freedom and money if you make a bad judgement.

I really could care less if I get millions of negative votes. I care about this country and what every single one of us can do to help return the privilege of this blessing. Don't you dare twist this obligation into HOW the government spends our tax dollars. If that is an issue then change it when you vote.

I long for the moment, that I write that check. I have never written a check with two commas before. Having that luxury, means my bank account is over twice as much, the next chapter in our lives begin, and I never have to debate these tax issues again.

BTW..."you" is editorial...it means everyone, not just you.

[SuperFlyJr]

Here's a novel idea...since the government ALLOWED you this opportunity...why not just PAY YOUR TAXES? Oh my God...wow...isn't that unheard of.

I don't mind paying taxes, but not the exorbitant amounts the federal, state, and local governments will require. Especially when there are LEGAL ways to reduce your taxes. Not eliminate, but reduce. Why give more than you have to?

What is wrong with some people? Listen to yourself and your greed. Let assume you spent $5,000 on dinar. It RVs at $2.00. You just got $10,000,000...that's Ten Million for your hard earned $5k. So now you are in the 35% tax bracket. You then stroke a check for $3.5 million. You still have $6.5 MILLION which is a profit of $6,495,000. Oh my goodness. Isn't that amazing. But NO...it isn't is it? You have to have more. That is pure, unadulterated GREED.

35%!? If only! You're forgetting state tax which can be an additional 10% or more depending on where you live. Then there's the sales tax or VAT on the stuff you buy, the tax on giving it to your family or leaving it in an inheritance, etc. After all is said and done you'll wish it was only 35%!

We are in the midst of one of the most significant recessions we have had in 50 years. That $3.5 million to the IRS is important. And this is not a political statement. I don't care who is in office. That money is needed. That money is owed. That government gave YOU the right to receive this windfall and all you can think about us legal ways to minimize the check you stroke to them.

I love America and I'll pay my taxes, but not one penny more than I legally have to. I don't feel the need to subsidize the socialization of America any more than I legally have to!

Honesty is paying your taxes. Wisdom is paying as little as you have to.

[GPCarter]

SuperFlyJr, thank you for being RESPECTFUL and not attacking me as Joe did. I specifically mentioned seeking LEGAL ways to MINIMIZE my takes but he acted as if I wanted to evade or avoid paying ANY tax. Unlike some people who have medium to high 6 figures and 7 figures in Dinars my holdings are much, much smaller. So, any tax I could LEGALLY save will help. Now with the way Joe has attacked me I am sorry I even bothered posting. I won't make such a mistake again. Guess I turned to the wrong place for help but unlike most others I won't be able to afford the tax planners, attorneys, etc. that others will.

[ExecConsult]

Honesty is paying your taxes. Wisdom is paying as little as you have to.

Beautifully put

[ExecConsult]

I am curious as to if there are any ways to minimize taxes AFTER funds are received from exchanging IQD to USD? I won't have the funds to set up an LLC, Trust, IBC or other structure until AFTER I have the funds from the exchange. After I have the funds is there anything I can do to legally lessen the amount of tax I would have to pay at the end of the year? For example, could I transfer the funds to an annuity or is there something else I could do?

There are lots of tax reduction strategies that can be used. A lot will depend on your individual circumstances (and risk aversion). I am by no means an expert on income tax reduction strategies. However, as an estate planning attorney I do come across it a bit.

Hiram601 has a good point about hiring counsel. However, it never hurts to have some ideas investigated prior to going in. I suggest not only hiring a tax attorney, but also hiring a good CPA and a good investment adviser as well. Make sure they work together to give you the best options possible.

Some ideas have more merit than others. However, when you are doing lots of little things, they can add up.

Do you have kids? Hire them for your business. (If you don't have a business - start there. Set one up. "Organizational expenses" are deductible in the year they are incurred.) Anyway, your kids will get your money anyway right? Why not be able to deduct some of it from your income as an wage expense of your business.

If done properly you can also pay for "some" fringe benefits (which you would otherwise pay for anyway) for yourself, your spouse, and your children and deduct them (or a portion).

You don't have to cash all the Dinar at once. One of the simplest and best ways to reduce taxes is to match losses against income.

MAXIMIZE BUSINESS EXPENSES:

If there is an RV in 2010 I won't cash hardly anything out until 2011 when I have a chance to offset gains with expenses in my business. Here are some of the things I will do that year to invest in myself.

I will go to Family Firm Institute (FFI) seminars in Europe.

I will pay for a marketing program in San Diego (and might stay there and study how another attorney does things for a month or so)

I will hire all of my children and place them on salary (just enough that they don't pay much in taxes)

My business owns my car - it is about time to replace it, but if I get a lot of money through an RV I'm not going to buy a new car that will be depreciated. Instead I will fix the electrical problems on my current car. I'll have the leather fixed(replaced) and the dash repaired (replaced) and whatever else needs to be done to make the car like new (I'll spend about as much but expense a lot more)

I will go to college to learn Spanish because it could help in my business (qualified educational expense for business)

I will go to Continuing Legal Education in San Diego, Tampa, the Bahamas, and Vegas (my family might come too - but I can only deduct the ones who are employees)

Anyway, you are starting to get the picture

Investing in Oil and Gas:

see How to Minimize Taxes - Technique #3 ( )

Use Charitable Planning: (I will clean this up and post it as How to Minimize Taxes - Technique #4 in a few days time)

Place the bulk of the money in a Charitable Remainder Trust. You may want to cash some out for some things first. Here is an example of how it could work. (I just ran this on a CRT calculator)

You place 1,000,000 worth of Dinar in a Charitable Remainder Trust (you pick the charity or charities you want it to go to)

The Trustee cashes in the Dinar TAX FREE. So the entire $1,000,000 in profit remains.

The Trustee invests the proceeds to generate more tax free income within the CRT

You have set it up for a 20 year term to pay you 10% of whatever is in the trust.

If the trust makes less than 10% on its investments the overall amount in the trust will decrease over time

If the trust makes more than 10% on its investments, the overall amount in the trust will increase over time

The money you receive is income you will be taxed on -- However, it is income earned on a much larger amount.

The IRS assumes the money will grow at the "federal rate" (2.6% right now I think)

(Legally 10% of the initial contribution must remain in the trust to go to the Charity. That means 90% of it can come out plus any income produced on the investing of the $1,000,000)

So $1,000,000 placed in trust tax free

You receive 10% per year (and reinvest it in your own business I'm sure)

The first year you receive $100,000 in income

You get to deduct the Present Value of the gift in the year you made it ($125, 385)

Looks to me like the first year you made no income -

(I also played with a 25% payout rate for 8 years. Your first year payout would be $250,000 and It gives you a deduction of $103,861)

PLAN AHEAD:

I know you asked about "post-RV" things, but I've got to include this. You came up with enough money to buy the Dinar. Let me assume you have about half a million and it cost you $500.

DINAR TAX FUND

If I told you that I could do something for you PRE-RV that would cover ALL of your taxes would you be interested. You know I'm an attorney(that = expensive), but if I could totally get rid of all of your taxes would it be worth it for you to pay my fees? Most people would be wondering how much I would charge, whether it was legal, and could they come up with the money.

It would only cost you $500. You take my "legal fees" and buy Dinar with them. Stick them in an envelope labeled Dinar Tax Fund. When your half million Dinar RVs, you cash in your Dinar Tax Fund and it will cover state and federal taxes. It is the cheapest tax help you will ever get. (You can still do all the other thins afterward.)

This is How to Minimize Your Taxes - Technique #2 ( )

ROTH IRA

This may not be for you, but if you are a heavy investor with quite a bit of Dinar (say 20 million or so) and you believe you have a little bit before the RV, you may want to cash it in now. "WHAT!!!! YOU ARE CRAZY!!!!" I know it sounds insane after all we are doing. However, if you can get your money back out of it now, you could put the money into a self-directed IRA and then instruct the IRA custodian to purchase Dinar. This is actually very simple. All of the growth in the IRA is TAX FREE. If you take it out early you will pay a 10% penalty. 10%? Is that all? YEP!

_________________________________________________________________________________________________________________________________________

Anyway, there are things that can be done - depends on you and your circumstances. My suggestion - cash in a note, take someone out for the evening and the next day set appointments with a CPA, Tax/estate planning attorney, and investment adviser. Avoid the impulse to run to the bank with the rest of it until you speak with them.

Best of Blessings,

Mark

[hspotman]

ROTH IRA

This may not be for you, but if you are a heavy investor with quite a bit of Dinar (say 20 million or so) and you believe you have a little bit before the RV, you may want to cash it in now. "WHAT!!!! YOU ARE CRAZY!!!!" I know it sounds insane after all we are doing. However, if you can get your money back out of it now, you could put the money into a self-directed IRA and then instruct the IRA custodian to purchase Dinar. This is actually very simple. All of the growth in the IRA is TAX FREE. If you take it out early you will pay a 10% penalty. 10%? Is that all? YEP!

Are you sure about this one Mark? I have my brokerage through Fidelity, and I looked through their site and could not find a way to buy IQD. I never talked to them in person, but I searched extenuously through the site. I would love to be able to invest IQD through my IRA.....ARE YOU KIDDING ME??? All-be-it we will all have enough to retire on anyways without an IRA, it would feel good to have about 1 mil in there

PS-mine IS a self directed IRA

Edited November 10, 2010 by hspotman

[marcusbboyce]

Here's a novel idea...since the government ALLOWED you this opportunity...why not just PAY YOUR TAXES? Oh my God...wow...isn't that unheard of.

This is my promise to all of you...this site, and every other dinar site is monitored. The more people request tax avoidance, tax evasion, and tax deferred options...the more likely the government will go after what they want.

What is wrong with some people? Listen to yourself and your greed. Let assume you spent $5,000 on dinar. It RVs at $2.00. You just got $10,000,000...that's Ten Million for your hard earned $5k. So now you are in the 35% tax bracket. You then stroke a check for $3.5 million. You still have $6.5 MILLION which is a profit of $6,495,000. Oh my goodness. Isn't that amazing. But NO...it isn't is it? You have to have more. That is pure, unadulterated GREED.

We are in the midst of one of the most significant recessions we have had in 50 years. That $3.5 million to the IRS is important. And this is not a political statement. I don't care who is in office. That money is needed. That money is owed. That government gave YOU the right to receive this windfall and all you can think about us legal ways to minimize the check you stroke to them.

Now phoenix writes "support your local banks, and pay your taxes" during portions of his posts. He also flat out warned everyone that ALL EYES will be on every dinar transaction, including losing your freedom and money if you make a bad judgement.

I really could care less if I get millions of negative votes. I care about this country and what every single one of us can do to help return the privilege of this blessing. Don't you dare twist this obligation into HOW the government spends our tax dollars. If that is an issue then change it when you vote.

I long for the moment, that I write that check. I have never written a check with two commas before. Having that luxury, means my bank account is over twice as much, the next chapter in our lives begin, and I never have to debate these tax issues again.

BTW..."you" is editorial...it means everyone, not just you.

WELL SAID!!!!!!!

[RhondaG]

Are you sure about this one Mark? I have my brokerage through Fidelity, and I looked through their site and could not find a way to buy IQD. I never talked to them in person, but I searched extenuously through the site. I would love to be able to invest IQD through my IRA.....ARE YOU KIDDING ME??? All-be-it we will all have enough to retire on anyways without an IRA, it would feel good to have about 1 mil in there

PS-mine IS a self directed IRA

I just purchased Dinar from Dinar Trade from my husband's Roth IRA. You go to dinartrade.com and click on the "Buy Dinar" tab, then on the drop down options, "Purchase Dinar w/IRA" and it will walk you through the steps. My husband's Roth Trustee was not able to hold the Dinar themselves, so we did the "Safekeeping Option" at Dinar Trade (they hold it for you) and pay a small monthly fee for the priviledge. The investment Trustee wire transferred the $$ to Dinar Trade's acct. It was actually very easy, but if this RV happens soon, you may not have time to wire the money that fast. It took about a week for us to get the whole thing accomplished, because our investment firm had to sell what we already owned to get the cash to make the purchase.

[dravmorris2]

Exec Consult

Thank you for that "tibit" of information, it is much appreciated~!

God Bless and Take Care - Health and Prosperity to you and yours.....................

dravmorris2

[ExecConsult]

Are you sure about this one Mark? I have my brokerage through Fidelity, and I looked through their site and could not find a way to buy IQD. I never talked to them in person, but I searched extenuously through the site. I would love to be able to invest IQD through my IRA.....ARE YOU KIDDING ME??? All-be-it we will all have enough to retire on anyways without an IRA, it would feel good to have about 1 mil in there

PS-mine IS a self directed IRA

As RhondaG points out above - her IRA custodian would not hold the Dinar. My suggestion is call your IRA people and see if they will. Otherwise you could do as RhondaG has done or you could move to a custodian that will hold Dinar for you. A few IRA custodians that might work are listed in another post I did titled Question to the Attorney. You can find it here:

[Peepster]

Here's a novel idea...since the government ALLOWED you this opportunity...why not just PAY YOUR TAXES? Oh my God...wow...isn't that unheard of.

This is my promise to all of you...this site, and every other dinar site is monitored. The more people request tax avoidance, tax evasion, and tax deferred options...the more likely the government will go after what they want.

What is wrong with some people? Listen to yourself and your greed. Let assume you spent $5,000 on dinar. It RVs at $2.00. You just got $10,000,000...that's Ten Million for your hard earned $5k. So now you are in the 35% tax bracket. You then stroke a check for $3.5 million. You still have $6.5 MILLION which is a profit of $6,495,000. Oh my goodness. Isn't that amazing. But NO...it isn't is it? You have to have more. That is pure, unadulterated GREED.

We are in the midst of one of the most significant recessions we have had in 50 years. That $3.5 million to the IRS is important. And this is not a political statement. I don't care who is in office. That money is needed. That money is owed. That government gave YOU the right to receive this windfall and all you can think about us legal ways to minimize the check you stroke to them.

Now phoenix writes "support your local banks, and pay your taxes" during portions of his posts. He also flat out warned everyone that ALL EYES will be on every dinar transaction, including losing your freedom and money if you make a bad judgement.

I really could care less if I get millions of negative votes. I care about this country and what every single one of us can do to help return the privilege of this blessing. Don't you dare twist this obligation into HOW the government spends our tax dollars. If that is an issue then change it when you vote.

I long for the moment, that I write that check. I have never written a check with two commas before. Having that luxury, means my bank account is over twice as much, the next chapter in our lives begin, and I never have to debate these tax issues again.

BTW..."you" is editorial...it means everyone, not just you.

Don't forget the 7-10% state income tax and another 5-10% sales tax on all purchases you make using that money... So, while I am blessed that I have an opportunity to be a part of this investment, how much is enough for the government? So in a high tax state you are looking at up to 55% tax on your investment profits. Now if it was only 35%, then I would agree that you would have very little to complain about, but your analysis left out the rest of the story. Oh... and let us not forget the 50% death tax that will be coming up if you try to pass your wealth to your family when you die; money that has already been taxed, being taxed again.

Respectable and responsible tax rates are honorable and are an important part of being a citizen of this great nation, but the up to 55% tax rates, which it currently stands at now for many citizens is obscene. The grossly high tax rates of this country, coupled with the equally irresponsible national deficit/debt we have makes every one of our national leaders traitors to what our founding fathers had intended for this great nation. And for some reason we keep reelecting them: Polosi, Reid, Boxer, McCain, Franks..... and the list goes on and on and on......

[John54]

JoeP, you need to take a pill or something, he just asking a honest question. I for one will pay my taxes but i wanna know all my legeal options per IRS codes, as anyone on this site will be asking there professional the same question about lowering taxes. Tell you what JoeP, call the IRS and ask them like i did, i called 3 times and got 3 differant answers on how to file, plus the differant discussions on here that no one know how to file and they have made the calls also. So if you go file and the man tells you owe 5 mill. in taxes without you asking questions or researching and maybe you only owe 3 mill. hey go ahead and write the check for 5.

[ExecConsult]

Are you sure about this one Mark? I have my brokerage through Fidelity, and I looked through their site and could not find a way to buy IQD. I never talked to them in person, but I searched extenuously through the site. I would love to be able to invest IQD through my IRA.....ARE YOU KIDDING ME??? All-be-it we will all have enough to retire on anyways without an IRA, it would feel good to have about 1 mil in there

PS-mine IS a self directed IRA

Please be sure it is a Roth IRA as well.

[shirleyjune]

SuperFlyJr, thank you for being RESPECTFUL and not attacking me as Joe did. I specifically mentioned seeking LEGAL ways to MINIMIZE my takes but he acted as if I wanted to evade or avoid paying ANY tax. Unlike some people who have medium to high 6 figures and 7 figures in Dinars my holdings are much, much smaller. So, any tax I could LEGALLY save will help. Now with the way Joe has attacked me I am sorry I even bothered posting. I won't make such a mistake again. Guess I turned to the wrong place for help but unlike most others I won't be able to afford the tax planners, attorneys, etc. that others will.

, Not knowing how much you have in dinar, I would suggest you start with the financial advisor at your bank. They are pretty knowledgeable. If you can afford it, however, a good tax lawyer or estate planning lawyer is the best answer.

And, yes, the more you can save in taxes LEGALLY, the more you have to help your family and others who need it.

Edited November 10, 2010 by shirleyjune

[ExecConsult]

There are lots of tax reduction strategies that can be used. A lot will depend on your individual circumstances (and risk aversion). I am by no means an expert on income tax reduction strategies. However, as an estate planning attorney I do come across it a bit.

MAXIMIZE BUSINESS EXPENSES:

I forgot, I'm gunna need a plane to come see all of my new Dinar Millionaire clients.

[ExecConsult]

I just purchased Dinar from Dinar Trade from my husband's Roth IRA. You go to dinartrade.com and click on the "Buy Dinar" tab, then on the drop down options, "Purchase Dinar w/IRA" and it will walk you through the steps. My husband's Roth Trustee was not able to hold the Dinar themselves, so we did the "Safekeeping Option" at Dinar Trade (they hold it for you) and pay a small monthly fee for the priviledge. The investment Trustee wire transferred the $$ to Dinar Trade's acct. It was actually very easy, but if this RV happens soon, you may not have time to wire the money that fast. It took about a week for us to get the whole thing accomplished, because our investment firm had to sell what we already owned to get the cash to make the purchase.

Sorry I did not bring this to you sooner. Like I have said in the past. I not a financial adviser. I just learned about this rule tonight and I'm getting it to you as quickly as I can so you can decide how best to deal with the situation you will be in if you are using a Roth to get tax free income.

One thing that was not mentioned on prior posts regarding the use of a Roth IRA (including my own) is something called the 5 year rule. For those of you who do not know what that is, it means that you must have the Roth for 5 years following your first contribution to take out income tax free. If you have had a Roth and are transferring it to another institution that will invest in Dinar, no problem. If you have converted a standard IRA to a Roth, the 5 years begins with the conversion. If you are opening a new Roth, the five years begins with your first contribution. A small consolation is that the clock starts January 1 of the tax year the contribution applies to. For instance, if you make a contribution to the Roth in February of 2011 for the tax year of 2010, your five years began 1 January 2010.

So, if you are opening up a Roth for the first time, be prepared to pay taxes on the income for any distributions taken earlier than 5 years. If you are younger than 59 1/2, you will want to keep some Dinar out of the Roth because anything you take out prior to turning 59 1/2 will not only be taxed but will have a 10% penalty as well. The IRS doesn't want you "taking advantage" of explosive growth opportunities without paying Uncle Sam.

Still, If you can get 5 million Dinar in a Roth. Keeping it there could save up to half.

Best of Blessings,

Mark

[LittleMissGrits]

Here's a novel idea...since the government ALLOWED you this opportunity...why not just PAY YOUR TAXES? Oh my God...wow...isn't that unheard of.

This is my promise to all of you...this site, and every other dinar site is monitored. The more people request tax avoidance, tax evasion, and tax deferred options...the more likely the government will go after what they want.

What is wrong with some people? Listen to yourself and your greed. Let assume you spent $5,000 on dinar. It RVs at $2.00. You just got $10,000,000...that's Ten Million for your hard earned $5k. So now you are in the 35% tax bracket. You then stroke a check for $3.5 million. You still have $6.5 MILLION which is a profit of $6,495,000. Oh my goodness. Isn't that amazing. But NO...it isn't is it? You have to have more. That is pure, unadulterated GREED.

We are in the midst of one of the most significant recessions we have had in 50 years. That $3.5 million to the IRS is important. And this is not a political statement. I don't care who is in office. That money is needed. That money is owed. That government gave YOU the right to receive this windfall and all you can think about us legal ways to minimize the check you stroke to them.

Now phoenix writes "support your local banks, and pay your taxes" during portions of his posts. He also flat out warned everyone that ALL EYES will be on every dinar transaction, including losing your freedom and money if you make a bad judgement.

I really could care less if I get millions of negative votes. I care about this country and what every single one of us can do to help return the privilege of this blessing. Don't you dare twist this obligation into HOW the government spends our tax dollars. If that is an issue then change it when you vote.

I long for the moment, that I write that check. I have never written a check with two commas before. Having that luxury, means my bank account is over twice as much, the next chapter in our lives begin, and I never have to debate these tax issues again.

BTW..."you" is editorial...it means everyone, not just you.

This is part of the problem in this country. IT IS NOT THE GOVERNMENT'S MONEY!! Not 1%, and certainly not 35%! They did not earn the money in the first place, and they did not take the risk to make the money! So you just go return all the money you want from this blessing, but don't imply that somehow paying taxes is helping out your country and proving how much you care about it! There I said it!

[cjbiggs]

Honesty is paying your taxes. Wisdom is paying as little as you have to.

I love this quote!