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Ray's Week

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Ray's Week Empty Ray's Week

Post by Ssmith on Sun Dec 07, 2014 7:41 am

Last week TNT held a Chatathon for Tony.  This week TNT is pushing for people to pay $495 to attend brother Ray's Tax Evasion Seminar.

Saturday Afternoon Tidbits of Wisdom from Chat
Permalink   
 



I'm sure there was more to this conversation, but it had already scrolled off when I got back in, so here's what I caught.  It's good stuff!  Thanks Iko Smile
luvwulfs wrote
37m ago
Make sure you have all receipts Any currency without receipt will automatically be short term

Iko Ward wrote
37m ago
I'm doing the 50% just to be sure. But I will tell you, guys, when you start talking over a million dollars in income the whole world changes. It's not fair to the average person, but it is what it is nonetheless. You will literally be amazed at what you can do when you pay an experienced pro. This is why I say get used to being elite. You are about to become one.

Faith01 wrote
37m ago
IKO: what are your thoughts on the dong tax rate? All I've heard is about the dinar possibly having a specific tax rate applied but nothing about the dong. Either way I'm gonna put 50+% aside just in case but I'm just trying to find out the options!?!?

Iko Ward wrote
36m ago
Faithg, I think they will be treated the same in the end. Now what that will be is the question.

Fishon wrote
35m ago
Now your talkin IKO I will hire a heavyweight Tax and Legal pro!

Iko Ward wrote
34m ago
Remember folks, the current elite control the puppet strings. They will do everything they can to minimize tax exposure and we will benefit. Strange bedfellow, for sure.

oxygensuzanne wrote
34m ago
Iko is there any merit to Jim Willie's new talk about the BRICS and gold is the tradeable currency between nations for oil for gold. So it seems to that the BRICS currencies will have great value just like Tony said years ago

Iko Ward wrote
31m ago
Oxe, I just don't know yet. My plan is to park it all and spend 24/7 interviewing professional and attending seminars and doing my own research.

Iko Ward wrote
33m ago
Fishion, even if the guy wants 1% to manage the whole shebang it will pay off in spades. That's about what I am paying when I combine the CPA, Adviser and attorney fees. Glad to do it.

ninjagran wrote
33m ago
Any asset held over a year is long term. That saves about 15% in capital gains tax.

luvwulfs wrote
32m ago
Iko is that about the range 1% we should be looking to pay the pros?

dogmom43 wrote
32m ago
Iko - 1% of what? gains, assets?

Iko Ward wrote
31m ago
dogmom...assets

dogmom43 wrote
30m ago
iko and that's per year?

Iko Ward wrote
30m ago
dogmom, that's 1% a year from now on.

Iko Ward wrote
28m ago
To be clear, on big asset portfolios it should get down to .05%, but then you have to add in a qualified CPA firm (not just one guy) and a tax attorney and an asset protection firm and monthly meeting expenses. It should all add up to a team costing you 1%. Again, that's for you guys walking away with millions, not the folks getting 3 or 400K.

Eccl519 wrote
30m ago
If you have enough, managing money should become your new job. Or teach you kids to do it later

Iko Ward wrote
26m ago
Ecc, luv, yes, this is your new job, the vacations are great and the commute is much better.

Markster wrote
26m ago
I have 4 all over a mil some I should be contract ready RIGHT ?

Iko Ward wrote
25m ago
Markster..don't be specific. There are crooks on this site right now. I'm serious.

Eccl519 wrote
24m ago
I plea the Nixon statement...with hands lifted in peace signs, "I'm not a crook"

luvwulfs wrote
25m ago
Iko can you give an example of an asset protection firm?
 
Iko Ward wrote
23m ago
luv..I'm so sorry, I've been advised not to name any specific firms. Google asset protection, they're all there.

luvwulfs wrote
22m ago
Never even thought of asset protection. Just insurance on accts.

Iko Ward wrote
21m ago
Look for firms with "mature" programs in place, meaning they've been tested in court.

Iko Ward wrote
19m ago
Another one that surprised me. Up all the liability coverage on your auto and home policies. 1M won't cut it anymore. Better yet, set up a trust. Own nothing, control everything. A good financial guy can explain all the benefits. Again, advice for the 1M plus crowd.

tdooly wrote
19m ago
Once you exchange at the RV'd rate, and realize the GAIN, there is little you can do to minimize tax liability. All structuring needs to be done prior to RV. Taxes are voluntary so what ever one chooses to do is AOK!

Iko Ward wrote
17m ago
tdooly, so right, and I keep asking folks what's so bad about paying these taxes? I'm tickled pink I'm going to pay all this tax.

daz wrote
16m ago
YOU GUYS ARE MAKING US VERY PROUD RIGHT NOW...JUST SAYIN


luvwulfs wrote
15m ago
Case of beer $20 ....New baseball glove $150...TNT Education............PRICELESS!!!!!

Iko Ward wrote
19m ago
Another one that surprised me. Up all the liability coverage on your auto and home policies. 1M won't cut it anymore. Better yet, set up a trust. Own nothing, control everything. A good financial guy can explain all the benefits. Again, advice for the 1M plus crowd.

Eccl519 wrote
13m ago
IKo...I have a tax deferred trust and the only little glitch lately is if the intl rate has no tax, putting it in the trust will at exchange will be taxed when pulled out but that's really no big deal

Iko Ward wrote
13m ago
I have had many battles with the IRS over the years. The penalties are the killer, and since you will have the ability to pay you will have no defense against them. Do not procrastinate. Hire that pro and do what they say. Some of it is going to seem like a total rip-off and if you really think you are being played hire another guy and tell them that. But don't drag your feet.

Eccl519 wrote
10m ago
Iko ...right when the IRS sees you have a tax atty, their tone changes way down and know they can't get away with certain things

Iko Ward wrote
9m ago
Ecc, yes, yes, yes. And it's not too hard to find a firm that has a former IRS Officer in their group. Nothing like two old buddies working out a problem.

Iko Ward wrote
7m ago
States are better. I've NEVER received a check from the IRS or a letter admitting error. My accountant just deducts the amount from the next year's return.

luvwulfs wrote
6m ago
Iko ahhh they want you the individual to find it Smile

Iko Ward wrote
6m ago
The IRS is right until you prove them wrong.

airam wrote
5m ago
Iko here in PR there are no state tax ....just the income tax from the island .....do we have to pay IR???S for something ....

Iko Ward wrote
3m ago
airam..oh yeah..you will have to pay the IRS. Death and Taxes, the only two sure things in life.

ninjagran wrote
3m ago
I don't mind paying legal taxes, but I don't want to overpay. Got a good tax attorney.

Iko Ward wrote
1m ago
ninia..that's the idea. It's their game, they made the rules, and there are plenty of ways to play their game without breaking the law. That's what pros know how to do. Ever try to hit a fast ball pitched by a pro? A major league batting coach can teach a Rhesus Monkey how to do it.

Iko Ward wrote
1m ago
Poof.

june1 wrote
1m ago
Thanks IKO Interesting and valuable information for everyone!!

true4ever wrote
18s ago
IKO...I m soo blessed and thankful for you sharing this pertinent info

luvwulfs wrote
32m ago
Iko enjoy your day, Again TY for your info
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Ray's Week Empty Re: Ray's Week

Post by Cascadian on Sun Dec 07, 2014 4:02 pm

Soooooo  basically a lot of words that indicate we would have a tax responsibility after an RV.


Way to go Iko.    Really illuminating information.  Couldn't do it without you!

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Ray's Week Empty Re: Ray's Week

Post by RoyBoy on Sun Dec 07, 2014 4:26 pm

Brother Ray learned his tricks from Adam , mmmmm twins may-be roflmao
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Ray's Week Empty Re: Ray's Week

Post by Kevind53 on Sun Dec 07, 2014 9:45 pm

Iko Ward wrote
13m ago
I have had many battles with the IRS over the years.

Doesn't exactly inspire me to trust his tax advise either.

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