Ep. 033 – W – W-2 Employee Tax Savings Strategies (also for Self Employed/1099 workers)
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Ep. 033 – W-2 Employee Tax Savings Strategies (also for Self Employed/1099 workers) (Video Podcast)
Today on the Physician’s Road podcast we talk about a Tax Savings strategy that even W-2 employed workers can use along with self employed business owners and 1099 workers. It has the double benefit of being great for the environment as well.
So you can do well, why you do good at the same time. So get out a pen and paper because you’ll want to take notes on this important topic.
In this Episode you will learn:
What is conservation easement and how can you use it to help the environment and save on taxes at the same time.
Why the IRS is coming after unscrupulous operators in the industry and how to avoid companies that run afoul of the rules.
Learn what you need to ask operators of Conservation Easements to ensure that they are running them in compliance with IRS guidelines.
Learn what the Conservation Easement Audit Techniques guide is and how it is used to determine the validity of an Easement.
Learn about the 2 aspects that the IRS looks at when looking at Conservation Easements.
– Technical Aspects
– Appraisal value
The present value of future profit and how that process creates a charitable deduction above the level of investment made.
What is the process of creating an IRS compliant conservation easement?
1) Physically Possible
2) Legally Permissible
3) Financially feasible
4) Maximally productive
Some conservation easements are registered through FINRA so they are highly regulated when provided by the best operators.
Why a Conservation Easement will not trigger an audit on your personal tax return.
Does the Conservation Easement company protect themselves and their investors from the IRS and what is their process of defending their projects?
How you can use this to reduce your taxable income up to 50% of your adjusted gross income (AGI).
How you can carry forward any excess deduction for 15 years into the future.
How you can use a ROTH conversion in combination with a conservation easement to move your money from a tax deferred status to a tax free status.
How state tax can also be mitigated through a C.E. program
How using a C.E. can bring you back into the QBI (qualified business income) 199A tax bracket especially if you are in high tax states like New York, California, Minnesota, etc…
Here is a Webinar on the benefits of participating in a Conservation Easement Program.
www.TrueNorthResources.net/webinar
Download our White Paper
“What is a Conservation Easement”
About the author, Eric
Physician|Investor|Author|Speaker