Aaron Young: Tax Class #1 - Tax Avoidance

Author: Capitalism.com
Published: Thu 28 Apr 2016
Episode Link: http://freedomfastlane.libsyn.com/aaron-young-tax-class-1-tax-avoidance

Most people in the United States feel that they
pay far too much in taxes. While that may be true, today’s guest,
Aaron Young, suggests that instead of spending all your energy
complaining about the taxes you have to pay, you
should be spending that energy learning the legal ways you can
reduce your tax burden so that you actually get to keep more of
what you earn. Ryan dives deep with Aaron
on this episode, unpacking everything from the ethics of trying to
reduce tax liability to private foundations, private banks, and
offshore accounts. You’ll learn a lot or at least get familiarized
with the lay of the land when it comes to tax strategies, on this
episode of Freedom Fast Lane.

Is it even ethical to try to reduce your tax
burden?

There’s a bit of a stigma associated with
avoiding taxes, simply because some high profile people or
companies have been caught cheating the system - and any tax
strategies or people applying them get lumped into the same
category in the public eye. But the truth is that there are many
legal, substantial ways the average entrepreneur or business owner
can minimize his taxes much more than is currently being done.
Aaron Young has some great insight into the subject
from the experiences of his clients and from the personal
experiences he’s had fighting unlawful taxes levied against
him. His story and his advice are well
worth the time it takes to listen to this episode.

Is there such a thing as a “loophole” when it
comes to taxes?

Aaron Rogers feels that the use of the word
“loophole” implies that someone is breaking the law in order to get
some kind of advantage for themselves, when the fact is that
there are plenty of legal ways to minimize tax burden
without having to break the law. On this
episode Aaron minimizes illegal loopholes and points out several
strategies individuals, business owners, and companies can take to
safeguard their money from undue tax burdens, seizure in the case
of lawsuits, and much, much more. If you’re at all concerned with
keeping more of your hard earned money, you shouldn’t miss this
episode.

How to get yourself in trouble with the IRS by
using “tax haven” countries.

Every country is different, but most of the
so-called “tax haven” countries don’t have any unique agreements
with the U.S. when it comes to tax laws, they just
have different privacy laws. What that
means is that you, as a U.S. Citizen, are expected to pay U.S.
taxes on your worldwide income. But if your cash is being kept in a
bank account in a “tax haven” country, that foreign bank is not
going to report your money to the IRS, it’s up to the individual
U.S. citizen to do that themselves. The problem is that many don’t
- which is illegal - and when it’s discovered, there will be a lot
of trouble for those people. Find out how to utilize the “tax
haven” countries legally, on this episode.

What is a private foundation and how are they
used for tax advantages?

The best comparison to make in order to
understand a private foundation is to think of a non-profit entity.
An individual can set up a private foundation for a specific
purpose (providing a social or charitable service) and then the
donations that person makes to the foundation are pre-tax dollars.
But as the “chair” of the foundation, that individual has a say
over what is done with the money in the foundation. That doesn’t
mean they can use it for personal things, but they can definitely
use the foundation to finance trips, etc. that have to do with the
cause of the foundation and never have to pay tax on
that money. You can find out more on this
episode.

Outline Of This Great Episode

[0:05] Ryan’s intro to this part
one episode about tax strategies.

[2:22] Introduction of Aaron Young
and his background with taxes.

[5:10] Is it ethical to think about
reducing tax liabilities?

[6:54] Where is the balance between
aggressiveness legality when it comes to taxes?

[10:37] What does it take to
officially be a real estate professional with the IRS?

[15:54] Are there legitimate tax
loopholes or do they just amount to smart planning?

[21:41] How Private Foundations
work and why and how wealthy people use them.

[30:31] Money offshore: the facts
of the law are about keeping money in other countries.

[35:20] How people abuse the tax
haven country privacy laws.

[37:52] How U.S. Citizens can use
“tax haven” countries legally.

[45:36] Can virtual companies be
started in “tax haven” countries?

[50:00] How Aaron was thrown in
prison for things he did not do.

[52:20] Holding money in tax haven
countries to make money safer.

[57:23] Private Banking options
many wealthy people will use to save taxes.

[59:12] How to find qualified
people who can advise on these issues.

[1:02:02] How to connect with
Aaron.

Action Steps From This Episode

FOR YOUR EDUCATION: Take the
time to learn the things that apply to your situation yourself,
before you seek the advice of some seminar guru or high powered
attorney.

FOR YOUR SAFETY: It’s easier
and costs less in the long run to do things according to the law in
the first place than to try to hedge your bets and cut corners. The
IRS and U.S. government will catch up to you eventually if you
cheat.

Connect With Today’s guest: Aaron
Young

Website: www.AaronScottYoung.com

On Twitter

On Facebook

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On YouTube

On Vimeo

Resources Mentioned On This
Episode