Assets are properties that we possess and taxable. These are economic resources which can be tangible and intangible, can be owned or controlled. On some instances, this is used as collateral in applying home loan, car loan or cash loan.
The Internal Revenue Services (IRS) is a U.S. Federal Government Agency that issues tax forms to taxpayers. Through tax forms, taxpayers are required to choose from calculating and use for reporting their federal tax obligations. Thus, whatever you possess are recognized by the IRS and surely will ask for a tax payment.
To be able to get rid of taxes, people nowadays are eager in finding better ways to reduce taxes. Seldom have made it and what’s worse is that others are into illegal and unlawful proceedings.
Want to protect your assets from the IRS? The following will help you find a way in a descent manner.
1. Consult a tax lawyer
Look for a well experienced and knowledgeable tax lawyer to help you out with the problem. In doing so will lead you to take legal actions and find a way with a fair play. Tax lawyers are good advisers in your decision making. Furthermore, in case of lawsuit, tax lawyer will surely fight for your actions get you out of any further judicial proceedings.
2. Hide your assets
Assets like homes, land, cars or boats can be recognized if you will claim them. Hiding your assets means not including it on your IRS list. This could be illegal. To be safe from any lawsuit, the owners of this tangible brought their assets to another state.
3. Transfer your assets
This means transferring your ownership, give away, sell or do a combination of two. Doing so is not actually true. It’s a form deception. This is done by asking a trusted friend to get hold of the assets until the levy is solved. Be reminded that transferring of assets is purely legal. Thus, be careful in choosing a person to be your temporary holder.
4. Get an Asset Protection Trust
An Asset Protection Trust is the best trust that can guarantee protection from creditors. This includes a vast range of legal structures and provides funds to be put under discretionary basis.
To protect your assets, you need to have trusts. It is usually fixed when estate planning and tax. This way you get protected from IRS and creditors. To do this, you need to hire a tax attorney to help you with your estate planning.
5. Transfer your Financial Account
This is the action taken mostly if the IRS will seize a cash asset. It means removing your cash account entirely and put it on a haven. In doing so can’t be traced since IRS cannot access it in the bank unless it has been a recognized asset by the IRS.
Though assets are like treasures you can depend on, the risk of having it is paying its taxes. The more assets you have the bigger your overall tax. Unless, these assets are generating income the burden of paying would be light. But if not, then surely it’s a headache.