All Presidents’ Taxes
By Charles Renwick
Published
date: February
28, 2023
Rate: Amazon 4.7/5
Genres: Taxes, Finance
Purchase
from:
Barne&noble, Amazon
About The Author
Charles is a Chartered Financial Analyst
(CFA) and a Certified Public Accountant (CPA).
As
Managing Director of CMR Associates, Charles assists in the delivery of a wide
range of business services to both large and small clients. He specializes in
business management, financial systems and controls, and state and federal tax
strategies and compliance.
Charles
formerly worked for Ernst & Young and Novelist Aluminum. Charles is a Magna
Cum Laude University of Georgia graduate with degrees in accounting, economics,
and political science. As a student, Charles worked as a Congressional Staffer
for US Congressman John Barrow for three years. Charles is a member of several
community groups and serves on the Louisiana Society of CPAs' State and Local
Tax (SALT) Committee and the Forensic, Litigation, and Valuation Services
Committee.
Charles
and Lauren reside in Covington, Louisiana. Charles likes to play tennis, watch
his children play youth sports, study, and write in several topics
like history, politics, and taxes.
INTRO
All the Presidents' Taxes by Charles Renwick is the ideal
introduction to sophisticated tax tactics. It is both politically unbiased and
financially clever. Renwick explores legal tactics of tax avoidance, the muddy
seas of tax evasion, and the enormous gray area that lies between in one
real-world case after another, using what we know (and don't know) about
presidential taxes.
The first half of the book provides a general historical
overview of the US tax code, with various presidential examples and essential
explorations into terminology like "ordinary and necessary" or
"reasonable" deductions. If you're absolutely unfamiliar with these
ideas, you might want to keep Google on hand for some short background
information here and there. Still, this primer on US tax law will help you
comprehend part two, which is where the magic happens.
In the second half of the book, each chapter covers a
distinct presidential approach, going from relatively easy to more intricate
methods, providing something for almost everyone.
Using an LLC to convert expenses into tax breaks
Defending deductions in the face of an audit
Paying your children tax-deductible wages
Using real estate to get big tax breaks on leveraged purchases
Using cost segmentation to optimize deductions
When does severe tax avoidance cross the line into tax
evasion? It's a question we'd all like to know the answer to: what we can and
cannot get away with when it comes to paying (or, better yet, not paying) our
taxes. Unfortunately, the law isn't always obvious, but All the Presidents'
Taxes gives you the skills you need to make informed decisions about how far
you're ready to stretch your own techniques.
Of course, a few broad principles are obvious, and the
book discusses these as well. Income, for example, cannot be hidden, but it can
be structured in tax-efficient ways. "The best scenario," Renwick
says, "is to find a strategy that is both a good business decision and a
good tax decision."
In other words, start a business doing something you
enjoy so you can generate money while deducting expenses for things you want to
do anyhow, such as attending your favorite conferences or sponsoring your
child's sports team (all of which are examples in the book).
Rather than criticizing the tax law, use it to get the
best of both worlds.
One more point: the deeper you go into the murky zones,
the more crucial it is to document your reasoning and techniques. Are you going
on business? Take notes during your meetings. Are you paying yourself a fair
wage? Document the steps you took to arrive at that figure.
REVIEWS
Absolutely brilliant
author! The book is very
well written and easy to read. Really beneficial for small business owners!
AMAZON
Politically neutral, financially brilliant, All the Presidents’ Taxes by
Charles Renwick is the perfect introduction to advanced tax strategies
Quicken
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