Tax Planning 2016: Deduct Up to $350K

Miguel Palma Founder Palma Financial Services Inc

You’ve built a successful career. Are you building a successful retirement? If there was a way to legitimately deduct $350,000 or more per year from your taxes while funding your secure retirement, would you want to take a look? A Defined Benefit Pension Plan provides for large current tax deductions and very high income in retirement. The business contributes enough money to create a guaranteed income stream for each participant during retirement.

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Income Tax Debt is Dischargeable in Bankruptcy – The SFR

Palma Financial Sets The SFR Straight

The statement is still correct, as long as you filed timely per the Tax Court Martin Decision SFR

Substitute For Return (SFR)

Under the right circumstances you might never have to pay taxes (the key statement is at 1:19). The rest of us have to pay taxes, and as part of the process we have to file tax returns. If you are required to file a return and don’t do so, eventually the IRS will file a return on your behalf using the data it has on your income for the given tax year. Such a return is called a substitute for return (“SFR”). Once the SFR is complete, the IRS will enter the unpaid tax liability into its system. That process is called assessment. Unless you willing participate in the preparation of the SFR, the SFR is not a tax return for tax dischargeability.

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