Harvey Bezozi shouldn’t be an atypical accountant. With a roster of shoppers that embrace tv and film stars, musicians, document producers, and different A-list luminaries, Bezozi sometimes will get a name from a star’s supervisor, tax preparer, or wealth adviser when a essential financial matter arises.
“Usually my entrée is through a big problem with a huge amount of taxes owed.” Bezozi says, including that his expertise over the years in “dealing with IRS agents and becoming a good negotiator and problem solver,” has helped him develop a fame as a go-to companion when tax points come up.
Bezozi says entertainers expertise most of the similar points as different extraordinarily high-income taxpayers, reminiscent of know-how entrepreneurs and house owners of household companies. A typical state of affairs for his providers can be a rich particular person whose advisers have battled the IRS however consider their choices are exhausted. Accordingly, a lot of Bezozi’s work includes evaluating tax instances by which the IRS determines that somebody owes again taxes, or instances by which an audit reveals further sums owed.
Even prime accounting practitioners typically name in a specialist in IRS battle decision. The major goal for Bezozi is to decrease the quantity owed by the shopper. Bezozi means that involving a tax decision specialist early, when the IRS case first arises, offers the greatest potential for fulfillment.
When Bezozi isn’t serving to a platinum-selling musician or a TV star, he doubles as a CFO-for-hire for rich people and the companies they personal. And regardless of who the shopper is or how wealthy they’re, Bezozi advises them to spend extra rationally, like the so-called millionaire subsequent door, and to apply these 5 money habits:
• Live under your means (regardless of who you’re). This sounds easy, however most individuals don’t do it. First, Bezozi says, create a finances with a trusted adviser and stick to it. High-earners and massive spenders particularly ought to be certain that to embrace upcoming purchases and bills of their budgeting.
• Stay on prime of your tax funds. It’s crucial for high-earners to make quarterly tax funds to the IRS, Bezozi says. Also, the various minimal tax (AMT) is a stark actuality for any particular person who earns above $95,750, or for a married, joint-filing couple with greater than $191,500 of revenue, so AMT must be properly addressed.
• Keep monitor of the true worth of your belongings. One realm during which Bezozi advises is estate-tax planning. Valuing your belongings appropriately can scale back property tax significantly. “In an estate plan, you want to make sure your assets are legally but aggressively appraised so that you’re not overpaying your estate tax,” Bezozi says.
• Protect what you personal. Making positive your belongings are protected with the proper entity is vital. Whether it’s financial belongings or tangibles like actual property, a ship, and even mental property, an LLC or belief can insulate you from potential collectors and hostile suitors.
• Hire a private financial watchdog. “A good adviser will always engender trust from the beginning,” Bezozi says. Lawyers and different advisers, working collectively, he provides, “keeps the client engaged to do the right things.”
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