DOCTORS BE WARE, AND THIS ALSO APPLIES TO EVERYONE…

DOCTORS BE WARE, AND THIS ALSO APPLIES TO EVERYONE…

?

As I have said so many times here, I was a practicing Certified Public Accountant for over 50 years before getting into real estate. After that much time, I didn’t just do income tax returns with a W–2 Form and interest income. I did complicated income tax returns, and I became a trusted advisor to my clients. And, over the years, many of them came to me with investment deals that were presented to them, and they asked my opinion of them. Some of them were schemes, the doctor clients brought most of these to me. And some of them were legitimate investments and I counseled my clients how to invest in these projects.

??

And, to expand on the comment I made about doctors, you have to consider your audience.?I am going to be brutally honest now and I hope that no one gets mad at me.?But these are my observations over so many years.?Doctors, most, but not all, make terrible decisions when it comes to paying income taxes and making investments.?Doctors will do anything NOT TO PAY INCOME TAXES.?Realize that when you make a lot of money you are going to have to pay what I will call your fair share.?And, because of your attitude you are targeted by unscrupulous investment scammers, and you buy anything and that’s WRONG!!!?You got scammed in the 1970s and 1980s and, when the IRS caught up to you, you paid dearly!!!?

?

?If you are approached by someone and that person says that he or she will make it possible for you not to pay ANY income taxes, run the other way!!!!!?The investment schemes of the 1970s and 1980s were bad economic deals and that’s exactly how the Internal Revenue Service attacked them, and the IRS won every time making the doctors pay the Taxes and Penalties and Interest!!!?That’s a lot of money!!!?And people are approaching you now, again, and telling you that you do not have to pay ANY income taxes.?I have seen these promotions on Facebook and it’s WRONG!!!?DON’T DO IT!!!

??

And the IRS was smart!?They waited until the Statute of Limitations was almost over to send the doctors bills for an enormous amount of income taxes and they, the doctors, had to end up signing an extension to the Statute of Limitations giving the IRS all the time in the world to find out how to attack you.?And how much did you spend in attorney’s fees and how many sleepless nights did you have.

?

The Internal Revenue Code is the bible of the IRS on how to get you to pay the most in income taxes.?I have used the Internal Revenue Code to have my clients pay the minimum amount of income taxes and, sometimes, a little less than the minimum tax allowed by law.?I can say that now because the statute of limitations is working in MY favor as my clients’ income tax returns cannot be touched.

??

By investing in real estate and taking advantages of the provisions in the Internal Revenue Code, you can get substantial deductions to offset your other income.?There are limitations and I am not going to sit here and blow smoke up your dress.?But even the deduction for a real estate investor, and not a professional, is $25,000 per year.?But the loss that cannot be deducted against other income can be used in other, interesting ways, to help you save income taxes along the way.

?

I will do everything I can for you to limit what I am calling your fair share.?We will look at other real estate investments for you along the way to throw off LEGITIMATE deductions to offset the income that you will receive from your practice and from any investments you might have.?But you WILL pay your fair share and you will NOT get in trouble!!!

?

If any of this interests you, why don’t you contact me by calling me at (818) 298 - 4000 after 10 AM Pacific Time Monday through Friday and, yes, and even on the weekend.?My email address is [email protected] and you can write to me at any time, and I will always try to get back to you in a timely manner.?