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Sandy Botkin, Esq., CPA



Sandy Botkin, Esq., CPA

The instructor is Sandy Botkin CPA and Attorney. Sandy is the president of the Tax Reduction Institute of Washington DC and lectures all over North America. Sandy was formerly a senior tax specialist with the national accounting firm of Touche Ross (which is the predecessor of Deloite Touche). He is a former IRS attorney and has trained many IRS attorneys for the IRS's Corporate Tax Division. Sandy is a best selling author and has the highest rated tax planning book in the US entitled, "Lower Your Taxes:BIG TIME." Sandy has three kids and claims that his gray hair is a result of his having kids.

May/Jun 2015 Issue
Be Prepared!
by Sandy Botkin, Esq., CPA
If you could lower your taxes by several thousands of dollars a year, would that help cure your retirement woes?

May/Jun 2013 Issue
Typical FTC Complaints
by Sandy Botkin, Esq., CPA
By understanding what the FTC frowns upon, companies and distributors can correct possible violations and avoid future conflict.

Networking Trainers Article
Seven Commonly Missed Tax Deductions for Homeowners
by Sandy Botkin, Esq., CPA
Divorce Problem - This problem can result in a major mistake for homeowners. No one should ever get divorced without first understanding this issue... read more

Networking Trainers Article
Seven Commonly Missed Tax Deductions for Homeowners
by Sandy Botkin, Esq., CPA
Read about seven common overlooked tax deductions, and how to save money if you're a homeowner...

Networking Trainers Article
Maximizing Home Mortgage Interest
by Sandy Botkin, Esq., CPA
For most Americans, their home is their single biggest portion of their net worth. Many Americans believe that you can deduct any interest, especially interest incurred on your home. This myth is partially true...

Networking Trainers Article
How to Evaluate Any Network Marketing Opportunity
by Sandy Botkin, Esq., CPA
Walk into a hotel lobby, restaurant, or friend's living room almost any evening of the week, and you may find anywhere from 5 to 100 people listening attentively to enthusiastic speakers explain the benefits of becoming a distributor or representative for the products and services of network marketing company x, y or z. In a world where we have learned to tune out most marketing messages, friends selling to friends has become one of the most effective ways to get products distributed quickly.

Because of job insecurity or loss caused by corporate downsizing, many people are looking for part time opportunities that will...

Networking Trainers Article
What the Economic Stimulus Law Means to You!
by Sandy Botkin, Esq., CPA

Where there is an income tax, the just man will pay more and the unjust less on the same amount of income. -- Plato

As in Platos day, most people know that the government stimulus law (which is known as the American Recovery and Reinvestment Act of 2009) is a giant bailout for some folks: namely large businesses. When I say giant, I was not kidding. The Act consists of thousands of pages. In fact, the entire text of the bill, and that of the previous economic stimulus act, is so huge that they might barely fit in a Winnebago! Congress must have purchased them, plus the vehicle to deliver such huge legislations, at either Wal-Mart of Costco.

Unknown too many people, however, is that there are a number of provisions that apply to both individuals and small businesses. I will try to summarize some of these provisions so you can see how this new law can apply to you.

Small Business Provisions:
  1. Automobile depreciation increased: In 2009, the maximum depreciation that you can take this year for a passenger automobile was going to be $3,160. This number was increased by $8,000 to $11,360 for the first year alone.
  2. 50% Bonus Depreciation: In addition to any depreciation taken on equipment, you can get an additional 50% bonus depreciation. This applies to any tangible equipment used in business and not to buildings. This is especially good for SUVs where business taxpayers can elect to write off only $25,000 of the business use of the SUV in the first year alone. Example: Sam buys a Cadillac Escalade for $54,000 and uses it about 92% for business. Thus, the business use is $50,000. Sam may elect to deduct the first $25,000 of the business use PLUS he would get 50% bonus depreciation of the remaining $25,000, which would be an additional $12,500 of depreciation. Moreover, he would get regular depreciation of the remaining $12,500 which would be taken over the forthcoming six years. The result is that you would be effectively deducting about 80% of the business use of a qualified SUV!
  3. $250,000 special expense rule: You know the old golden rule, he who has the gold, makes the rules. Since the government has the gold...or at least prints enough money to buy all of Fort Knox multiple times, they have limited depreciation of equipment. Usually equipment gets depreciated over 5-7 years depending on the equipment. However, now a small business can elect to deduct up to $250,000 worth of equipment in the year of purchase. However, Congress is an Indian giver. In order to take this deduction, the equipment must be new to you and purchased this year. Secondly, the equipment must be used over 50% for business. Finally, the total purchase of all equipment must be less than $800,000 or some of this $250,000 will be phased out.
  4. Transit pass exclusion increased to $230: In 2009, you can provide transit passes to your employees of up to...

    Networking Trainers Article
    Tax Scams
    by Sandy Botkin, Esq., CPA

    There are an ever increasing number of scams being investigated by the IRS. Some of these scams are so devious and clever that even the smartest of folks can be fooled. Every year IRS publishes a list of the dirty dozen tax scams. Following are some of the latest:

    1. Phishing scams: Folks are receiving letters or emails with the IRS / Treasury department logo informing them that they may be owed a refund. In order to obtain this refund, they have to prove that they are the right person by confirming certain personal information such as social security number, mothers maiden name, address etc. To date, IRS has identified as many as 1500 different phishing scams.
    2. Sandys Elaboration: IRS will NEVER call you or write you asking for this type of personal information. You should never provide it to anyone by phone, letter or email. If you get an email requesting this type of information allegedly from the IRS, forward the email to phishing@irs.gov.

    3. Economic Stimulus Scams: Some scam artists are trying to trick individuals into revealing personal financial information that can be used to access their financial accounts by making promises relating to the economic stimulus payment, often called a rebate. To obtain the payment, eligible individuals in most cases will

      Networking Trainers Article
      Avoid Tax Scams to Make Your Life Less Taxing
      by Sandy Botkin, Esq., CPA

      You just attended a seminar in a nice room with plenty of expensive audio-visual equipment. Many of the seats are filled with folks who are well-dressed and quite courteous. Out comes a speaker who is well-dressed, polished and seems to be very competent, who oozes with success. He informs the group that they can eliminate paying taxes based on a number of legal arguments. He cites numerous cases that have supposedly supported his arguments. Before you blow your hard-earned cash on his training materials and documents, take a deep breath and read this article.

      Introduction: This article will cover the following:

      • Phishing scams
      • Economic Stimulus scams
      • Frivolous tax arguments
      • Fuel Credit Scams
      • Hiding income offshore
      • Abusive retirement scams
      • Claiming zero wages
      • Filing false claims for refunds
      • Return preparer tax fraud
      • Disguised corporate ownership
      • Misuse of trusts
      • Abuse of charitable contributions and organizations
      • Slavery tax credits

      There are a number of tax scams, not to mention other types of fraud that are being perpetrated upon the American public. It has become such as widespread phenomenon that many of the enforcement agencies are overwhelmed by these frequent occurrences.� My purpose is to protect you from being another victim of the newest types of thefts.


      Networking Trainers Article
      How to Lower Your Taxes (Legally)
      by Sandy Botkin, Esq., CPA

      Startling statistic: the average person spends 30 to 45 percent of their gross income on taxes, 25 percent on housing and utilities, 20 percent on food and 10 percent on transportation.

      This means that high-income earners have between 5 to 10 percent of their gross income left for everything else such as retirements, education for kids, loans, insurance, entertainment gifts etc. Don't you find this alarming? No wonder Americans have a hard time getting ahead of the inflation curve...

      1. Hire your kids and shift income, tax-free:

      How would you like to deduct the equivalent of your kid's weddings, college costs, cars and books? There are a number of ways, but one of the best ways high-income individuals can accomplish this is by hiring their kids in their business.

      Wages paid to your children under 18 in a non-corporate business are exempt from social security and federal unemployment tax. Even better... read more


      Networking Trainers Article
      Save Money by Understanding the Tax Reform Agenda
      by Sandy Botkin, Esq., CPA
      As a result of our large deficits, every possible deduction and credit is being evaluated by the twelve-member, bipartisan panel appointed by Congress. You can bet that every code provision is up for debate. Although we don't know what tax reform revisions will emerge, here are a few of the more noteworthy that congressional spokesmen are talking about. Knowing these may enable you to plan for the future...read more

      Networking Trainers Article
      Save Taxes by Deducting Your Home Office
      by Sandy Botkin, Esq., CPA

      Have you been told that because you have an office outside your home that you may not have an office in the home and are thus unable to deduct home office expenses?

      That's wrong! You can have multiple locations for a business. The key is that you must meet two rules in order to deduct a home office for a business.... read more


      Networking Trainers Article
      Why Every Employee Should Consider Having a Side Business
      by Sandy Botkin, Esq., CPA

      As a network marketer, you probably already know about this, but here is a succinct and convincing way to present this idea to a prospect:

      Why you should have a business: We have two tax systems: one for employees designed to take your wealth and one for business, which is designed to create economic growth... read more


      Networking Trainers Article
      Why Having a Home Business Makes So Much Dollars and Sense!
      by Sandy Botkin, Esq., CPA

      In my upcoming webinar, I will show you why having a part-time home business is much better tax-wise than getting a second job. In fact, I will demonstrate why a home based business can be worth as much as $1.3 million over a person's lifetime just based on the potential tax savings alone! Watch this short video as a sample of what you will learn.

      The home office is one of the best deductions available in the US and Canada for network marketing professionals! Come join me and I will show you how it can put tens-of-thousands of dollars in your pocket every couple of years!

      Then sign up for my upcoming webinar for more ways to improve your tax knowledge so you can use this when you prospect for business partners.

      Sandy Botkin - Home Office


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