The decision to invest is a tough decision that requires one to do sufficient background research before going ahead with the investment. Often people research about the field they want to invest in. They research and understand the trends to have some level of assurance that their investment will not go down the drain. Sadly, not many people research the tax aspect of their investments. As a result, they are likely to make wrong choices or be ignorant of some tax aspects. This often results in them paying more than they should in taxes. Should you be thinking of investing, be sure to reach out to Dean Roupas, and he and his team of experts will let you know about everything that is there to know regarding tax and investments. They will give you advice that is relevant to the investment of your choice.
Here are a tax few tips that every investor should know.
- Go for tax-efficient investments.
Some investments tend to be more tax-efficient than others for various reasons. For example, if you earn an income from municipal bonds at the federal level, that income is tax-free. In some cases, that income is also exempted from taxes at state and local levels too. Tax-managed mutual funds are also a great tax-smart investment. With these funds, the managers actively work to ensure that there is tax efficiency. See your tax advisor to get a clear understanding of the tax features of various investments.
- Reinvest your dividends.
You can limit your capital gains on the sale of mutual fund shares if you reinvest dividends in the fund. This can be done automatically. Dividends reinvested boost your fund investment, effectively lowering your taxable gain (or increasing your capital loss).
Here is an example; If you originally invest $5 000 in a mutual fund, you get $1000 in dividends. Then go on to reinvest the $1000 in additional shares. Should you see your stake for $8000, your taxable gain is $2000 ($8000-$5000 your original investment and the $1000 reinvested dividends.). Often investors forget to deduct the dividends which they reinvested. As a result, they end up paying tax on an amount that is higher than required.
- Remember your retirement account.
In this day and age we are concerned and focused on making sure that we are able to sustain ourselves for the rest of their lives. One of the steps to ensure this security is by having a healthy retirement account. Contributing maximum amounts to your retirement account is beneficial in two ways. 1. Tax reduction and 2. Wealth accumulating. Traditional individual retirement accounts (IRA) are tax-free until withdrawn. When you contribute to these accounts, that also lowers your taxable income.
You can also delay capital gains taxes with a tax-deferred retirement account. A capital gains tax burden arises from the profit you generate when you sell a stock. Although holding a stock for more than a year decreases the tax rate, selling for tax reasons can be time-consuming and costly. You can postpone taxes until you make withdrawals if you trade via a regular individual retirement account, Keough, 401(k), or SEP—simplified employment pension—plan. Withdrawals made during retirement are treated as ordinary income and are taxed accordingly. This rate may be lower in retirement than it is throughout your working years.
You can further obtain a comparable tax benefit by investing in a high-growth mutual fund through your tax-deferred retirement account.
- Match your gains and your losses
Since 1913, capital gains have been taxed in the United States. Regardless of whether the tax rate changes, the requirement for investors to examine the tax’s repercussions stays constant. When you sell anything, you make a capital gain or loss. Should you hold an investment for less than a year, the short-term tax rate on profits might take up a notable portion of your profits.
You can minimise or eliminate your IRS bill by selling a nonperforming stock in the same tax year and utilizing the loss to offset the capital gains tax on your profit. Long-term losses must counterbalance long-term benefits, and short-term losses must counterbalance short-term gains. Those who repurchase a stock within 30 days before or after selling a substantially comparable investment to achieve a tax-saving loss, however, will renounce their ability to claim the loss until they finally sell the investment, pursuant to the “wash sale rule.” Offsetting is an excellent idea because you can carry over an extra $3,000 in losses to future years’ regular income.
- Do not ignore eligible tax deductions.
Make sure to seek appropriate tax deductions for your investments when filing your taxes. If you made a loss on the sale of your investment in 2020, you could deduct the loss from your capital gains. You could claim a capital loss deduction of up to $3,000 per year ($1,500 if married filing separately) if your capital losses exceed your capital profits in 2020. If you lose more, you can carry your losses forward to the next year. Fill out Schedule D and Form 8949 to claim this deduction.
You would be entitled to claim a total capital loss if you had stock in a company that became worthless in 2020 due to bankruptcy liquidation. To verify the bankruptcy to the IRS, keep paperwork such as the company’s cancelled stock certificates or evidence that the stock isn’t being exchanged anywhere.
You can deduct investment interest expenses from your net investment income if you itemize your deductions. Margin interest, which is money borrowed against the value of mutual funds or stocks, can be included in investment interest.
To reduce your chances of breaching tax requirements, get in touch with Dean Roupas and associates so that they can assist you with tax deductions that might be applicable to you.
Whatever tactics you choose, keep in mind that tax efficiency isn’t the only factor to consider when making investments. You should also consider how each investment can help you achieve your diversity, liquidity, and overall investment goals. All this while remaining within your risk tolerance. The ability to choose among your investment possibilities is then aided by tax efficiency. Before making any tax-related decisions, make sure to consult with a knowledgeable tax expert.
Vitaly Malkin: Oligarch from the East … pseudonym “Uncle”
Kenia had a lot of contacts, one of the many was a girl I didn’t know much about, but her name is Gosia and she has a wealthy client from Russia who has a special love for very young girls. At the entrance, I found out that he was a member of the Russian parliament, he was an important person and that was enough for me. We sent girls to him, who then performed, among others in the programs of the Polish edition of the popular Top Model program. “Uncle”, as Gosia called him, was the owner of the Avant agency. Russian oligarch and politician with an Israeli passport in his pocket, a trusted man of the former and current President of Russia – Vitaly Malkin. It is worth focusing on the figure of this man, who is a symbol and stereotype of the so-called “Nowy Ruski”.
The official (because it matters in this case) Malkin’s fortune, in 2008 was valued by Forbes Magazine at $ 1 billion. Comparing him with other famous oligarchs from the headlines, he was not exceptional. However, Malkin is an active and very colorful background that plays a significant role in Putin’s Russia in shaping the policy and system that has been building the Russian mentality since the collapse of the Soviet Union. Malkin’s career began in 1990. A young employee of cooperative introducing computer technology at a Moscow university, having Jewish roots, had access to the first mass-produced personal computers
imported from abroad. Malkin’s first fortune, along with his colleague Bidzina Iwaniszwili, was allocated to the “Agroprogress” cooperative, which was to “promote” computer technologies. It is worth stopping here and seeing who Malkin’s partner at the time – later known as Bidzina Iwaniszwili.
Bidzina, Georgian billionaire and politician. The leader of the Georgian Dream coalition, which won the parliamentary elections in October 2012. Prime Minister of Georgia from October 25, 2012, to November 20, 2013. According to Forbes magazine, the value of his assets in 2009 amounted to USD 3.2 billion and systematically increased over the next three years. In March 2012, as Georgia’s richest man, he was ranked 153rd on Forbes’ richest people list with a net worth of $ 6.4 billion. His fortune was half of the annual Georgian budget (https://www.forbes.com/profile/borisivanishvili/).
He suddenly appeared in Georgian politics in 2011, interestingly in the same year, he owned a minority stake in Russian Gazprom worth 1.5 billion dollars. Ivanishvili created a new political party from scratch and gathered around him opponents of the then-president Mikheil Saakashvili, who was criticized by the opposition, among others for violating human rights, especially in prisons. But it was Saakashvili after the “Rose Revolution” who
transformed Georgia from the most criminal state in the Caucasus into the most secure, fighting the gigantic scale of corruption along the way.
In the media, Bidzina says that he would rather be a fruit grower than a politician. In fact, it is successful on both levels. His party has been in power continuously since 2012, and he is surrounded by nature wherever he can. He even built a residence for himself in the Tbilisi Botanical Park. But this is not his only property. More beautiful and larger, because it covers 260,497 m2, it is located on the shores of the Black Sea, surrounded by subtropical greenery, separated by a tight fence from the eye of an interesting passerby. There, Bidzina realizes itself as a fruit grower.
The Russian-Georgian Dream, or the rise of Uncle’s power
Coming back, however, to the 1990s and the fledgling Russian, post-Soviet psedo capitalism and cooperation on the Malkin Iwaniszwili line. As can be seen from many Russian websites devoted to the activities of oligarchs (in this case also: https://hrmonitor.ru/bio/vitalij- malkin.html), the next business step in the path of this business duo that made their first big money in hard currency was to set up a bank called OJSC Bank Russian Credit. In 1996, it was the seventh-largest bank in Russia by assets. In 1997, the bank was transformed into a joint-stock company. Due to the Russian financial crisis in 1998, the Russian Loan became insolvent and lost most of its clients, and hence also deposits – despite this, the bank stayed on the surface. However, Malkin left the company in 2005, and Ivanishvili in 2012. In 2016, the
bank’s license was withdrawn, and therefore its activity had to be suspended. The businessman received a minority stake in a company specializing in oil and gas. In 2011, the company was sold to Rosneft, followed by the career of the Russian-Georgian duo with the purchase of a number of newly privatized Russian mining plants. In 2002, they sold their combined metallurgical assets for about $ 2.2 billion.
In 2012, Malkin’s official tax returns showed that he was the richest member of Russia’s upper house of parliament (Federation House), earning $ 33.6 million in 2011 alone. He resigned from parliament in 2013 after allegations that he illegally held dual Israeli and Russian citizenship and significant assets. His efforts to obtain Canadian citizenship were repeatedly rejected due to reports that the government was concerned about alleged ties to organized crime as reported in The Times (https://www.thetimes.co.uk/article/vitalymalkin- the-philosophical-oligarch-hoping-to-turn-his book-into-a-bestseller-fb7hg3m3t).
Cooperation with “Uncle”
It was for him that we arranged the girls through Gosai’s agency. Gosia was one of the people who used my and Kinia’s services. Kenia knew Gosia longer than I did, I had no specific knowledge about her. Always according to her guidelines, I sent certain girls to the same client, which is Vitaly. I did not know then that Gosia is like Vitaly’s agent for Poland, who has a clearly defined task: searching for new victims of the “sexual gains” of a powerful Russian oligarch. One of such girls was Magda, who confided to me what happened on one of such trips :
“We went to Moscow, he hosted the girls most often there. There were always several of them. I saw that not all of them were of legal age. He welcomed us in his very expensive palace in a villa district near Moscow. His wife had access to the huge house, and in this case, he had a special tunnel dug to avoid meeting with his spouse. He was obsessed with our age. I noticed that our passports were checked during our stay in order to verify our date of birth.”
“We often lied to Vitaly (with Gosia’s permission) about the age of the girls, as his requirements seemed to be pedophilic. Girls often got into a row over the fact that he had been deceived about their age. We chose girls of his type of beauty, which he always accepted. The issue that led to the controversy was age.”
As reported by Magda.
“ During my stay, we saw Vitaly’s irritated people. Russian bunny girls said that he was furious because he found out that one of the girls had lowered her age. One Ukrainian woman was allegedly kidnapped and burned her passport, he expected that she was 15, not 19. I completely did not understand the oligarch’s motives.”
To be continued…….
Esteban Jimenez Story!From A Dreamer Boy To A Successful Entrepreneur
Esteban Jimenez is a venezuelan entrepreneur, CEO and founder of two companies dedicated to restoring and modify cars, Luxtires and ForceMotorsport. He dreamed about it his entire life, since he was a child, he wanted to dedicate his life and career to cars and motorcycles. From a very young age, he was surrounded by friends and family that encourage and support him in his passion. Esteban tells us first-hand how his childhood and his closeness to people and jobs related to the area, influenced his preparation to become the successful man he is today.
He was born in Venezuela. Since he was a little child, his parents, Yolimar Romer and Luis Jimenez involved him in the business of restoring and modification and restoration of cars, because it was the family business of them. “I grew up surrounded and exposed to that environment because my father’s family have always worked on it.”
In fact, he started working at a very early age: “my first job was in my 14, with my dad at a bodyshop restoring and repairing cars. That was my first experience in the area, and even if I was very young and the activities were more as an assistant, I can consider it my first learning, and later, it will be what motivates me to keep learning, this experience gave me the passion for what I do today. My childhood was very happy, and the more I got close to the world of cars, the more I got passionate about”
His father was the first one who gave him the opportunity of getting involved in the area, that is why he became and he has always been his model to follow. “He was a good father, he always believed in me so he gave me the examples needed to improve my skills”. Esteban also followed closely the careers of Foose and Richard Rawlings.
When ha was a teenager, his relatives always support him, and they were the ones that convinced him to work as an independent, and then he could finally found his first company in Venezuela, dedicated to the car`s restoration and transformation. At that moment, it was a very good business opportunity in that country, because the company offered a brand-new service in the Venezuelan market.
The knowledge he acquired in Venezuela gave him the opportunity to found two companies in Miami, Florida, where he lives since 2016, Luxtires and ForceMotorsport, where he keeps innovating and creating techniques and equipments for his customers.
Knowing a little more about his early years, he considers that his experiences became him into the man he is today: “there are good and bad experiences in life, but all of them teach you something to make you a better person, and everything that happened in my life made me decide that I wanted to work on this, for me and for my family. This is what I love, and if I can help others to reach things they want for them, why wouldn’t I? If I can give an advice, there it goes: if you have a dream, that you truly believe it can get better and you will produce something useful for others, then work for that. If you want that and work for that, you will achieve it. Everything is possible”
Marko Stout -The best known Artist in New York City.
New York and art. The big apple is full of many museums, art galleries and graffiti. But if you ask anyone in downtown New York City who they think the best and coolest artist is, most will reply ‘Marko Stout.’ His fame has earned him an immense cult following of ardent fans and loyal art lovers who see him as the next Andy Warhol. In fact, because of the tremendous stir around him.
Marko Stout is a popular New York-based artist renowned for his raw pictorial pop narrative approach, saturated in vigorous color and topical expression that resonates with the viewer! Celebrated for his innate ability to entwine styles of the gritty urban world- particularly NYC with the erotic aura of feminine ferocity, Marko’s inventive work has taken Manhattan by storm
Marko Stout user gallery
This user gallery has been created by an independent third party and may not represent the views of the institutions whose collections include the featured works or of Google Arts & Culture.
Marko Stout is a multimedia, digital, and film artist based out of New York City, best known for his stimulating narratives of contemporary urban society, where subjects often appear in a moderate state of distress, overwhelmed by their modern high-tech uber-paced environment, while still maintaining a chic detached sexy demeanor of a sophisticated twenty-first-century city dweller
According to Hollywood Magazine; Marko Stout depicts contemporary society amidst the grit, energy, and excitement of modern city life.”
Marko’s art fans have been attracted to his pieces because of their vibrant colors and the cool NYC theming that are different from others. Marco’s solo exhibitions have been attended worldwide from New York, London, Los Angeles, Brussels, and Miami, New Jersey to Paris. He’s been on many covers and headlines of magazines like City Limits, Huff Post, The Entrepreneur Magazine, LA Journal, Forbes Magazine, Times Square Chronicles, and Splash Magazine.
Marko Stout is well known for his video art installations and his establishment of New York City micro cinema, a grittier style of experimental French new wave art cinema with film noir influences. Marko’s exhibitions usually include experimental film and video installation pieces characterized by unconventional narrative structures and the use of everyday urban subjects. For his works, Marko often uses the digital media of modern film and video, which he presents in various cinematic locations, gallery and museum installations, and nightclubs.
Marko Stout NFT
Many in the art world, including prominent dealers, are excited about the announced release of NFT by acclaimed New York artist Marko Stout, whom many media are calling “the next Andy Warhol.” The upcoming NFT collection is based on the artist’s most recent works and will debut on OpenSea, the online non-fungible token marketplace also based in New York this spring.
The idea of owning a digital asset appeals to many people, but not all of them know how to make this dream a reality. This is the perfect investment option for you these days! Marko Stout NFT gives you bragging rights and a sense of exclusivity. Simply owning one of these tokens will trick people into thinking you’re an insider or aficionado with access to unique opportunities not available to everyone, which can be a great way to socially network or professionally. You enter the ground floor of an artist’s first wave of blockchain work.
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