Because There Can Be More To The Good Life, A Higher Level, A More Abundant Life -
From Mere Wealth To Prosperity
Wealth preserving economic insights make living the best of the good life prudent wealth management
SUCCESS SECRETS OF THE SUPER RICH
The Inflation Reduction Act:
Perfect Storm, Or A Tax, Climate & Societal Sea Change?
How To Successfully Navigate It's Provisions To Really Go Green
Live the best of the GOOD LIFE:
carbon footprints &
IRS audit risk by 50% & more.
Success Secret # 1: Tax savings can buy a yacht.
It's not what you make that counts, but what you keep.
The United States General Accounting Office (GAO) estimates 60% - 90% of all tax returns prepared by tax professionals contain errors.
In 2019, GAO told Congress the tax code complexity results in both under-payment & over-payment of taxes. A GAO study of paid tax professionals (CPAs) revealed:
only ten percent (10%) prepared tax returns correctly, per tax law & error free,
thirty-seven percent (37%) "made errors with substantial tax consequences".
Of course that's better than prior studies where not one CPA was correct and the range of tax liabilities between the highest and lowest was 100% or twice as much.
Such professional errors and oversights have significant real world consequences for most. For many they are potentially life changing.
Recent research reveals that taxes can have 10 times greater influence over long term wealth accumulation then actual asset allocations or investments.
On it's face, it seems a bit unjust that it's the client tax payers and not the paid tax professionals that are legally responsible for any unpaid taxes and penalties and that bear the economic burdens and legal liabilities of these tax preparer errors.
How much more so now with the passing of the Inflation Reduction Act?
With $80 billion to hire 87,000 new IRS agents, it's a priority of public policy to reduce the "tax gap" by more audits and enforcement actions to catch tax cheats and make sure the more successful finally pay their fair share to fund more government spending.
Of course, that is just political speak. They really mean you.
Success Secret # 2: Your mother was correct...again.
An ounce of prevention is worth a pound of cure.
So, with the prevalence of error filled tax returns prepared by leading tax professionals, what are the chances something might be amiss or lacking with your taxes?
How would you really know?
How much is it costing you?
Ever had a second opinion on your taxes?
What are the odds of you coming under increased IRS scrutiny in the near future?
What would an IRS audit reveal?
Why not let YES help you take the Good Life to the next level, GET OFF & STAY OFF the IRS radar, & to really Go Green?
Did you owe any federal tax in 2020 or 2021?
Did you know it may have been unnecessary?
Did your advisors tell you of special pandemic provisions in the tax code whereby it was possible to owe no federal taxes? Regardless of the amount or source of income?
If not, why not?
Are you taking deductions for unprofitable activities?
What else are they not telling you, overlooking or allowing to fall through the cracks?
For how long has this gone on?
What's the cost: over payment of taxes, lost investments and possible legal exposure?
There's 'A Yacht' To Lose By Under And Over Paying Taxes
Unfortunately, the significant over payment of taxes is a common problem. It's the secret few CPA's or public officials want to discuss. The opposite of the tax gap, but just as large a problem, tax payer over payment is called the reverse tax gap.
The IRS reports fewer than 1/2 of 1% of those earning over $200,000 take advantage of all available tax code provisions. Congress has estimated that well over half of all taxpayers overpay their taxes by not taking advantage of available tax provisions. This is especially disturbing because over 89% of taxpayers that overpay their taxes use “professional” fee paid tax preparers such as CPA’s and accountants.
“That’s a real shame.
Congress enacts a tax benefit
with the intention of every
eligible person taking
advantage of that benefit.
I’m very concerned that tens
of thousands of taxpayers
aren’t taking advantage
of the available tax provisions.
Even worse, a lot of paid tax preparers were in the dark. There’s no point in paying somebody to do your taxes if those folks don’t do you any good.”
Charles Grassley U. S Senator
Everyone believes they have good tax advisors, but how do you know? Few ever get a second opinion until it's too late. No one knows everything. A rapidly expanding and ever changing tax code increasingly requires specialization. With more sophisticated business and financial activities it's likely more falls through the cracks. It's not surprising then the wealthiest overpay the most.
Now more than ever, at a time when it seems to many that the powers that be are increasingly encouraging, some may say extorting, compliance with arbitrary and erroneous edicts, YES Yacht Executive Solutions believes now may in fact be the right time before it's too late for everyone, boaters and non boaters alike, to get on board the right vessel to secure their economic and environmental prosperity.
The NEW Net Worth Neutral Yachting Lifestyle:
It's Now Carbon Neutral Too! You can save money, taxes & the planet.
The Democrats' commitment to social and climate justice may be admirable, but certain to make the good life more challenging and expensive via escalating fuel costs, inflation, punitive new taxes with higher tax rates, and increased regulation with the priority of reducing / eliminating CO2 emissions, etc.
Make No Mistake - You're A Likely Target
If you have any doubts or concerns, now's the time to make sure your finances are squared away and your taxes are in shipshape.
Don't be deceived or lulled into complacency believing, "That's too farfetched, they wouldn't do that." As soon as they have the votes, they will be coming for you and your lifestyle - one way or the other.
They have to. For in many ways you are the problem, the enemy. You embody all they are against.
From their perspective, you have more money and resources than they think you should, which you probably obtained illicitly or at the least from white privilege. Your affluent yachting lifestyle and travel, pollutes the planet and poisons poor people of color simply for your profit, passion, and pleasure.
Thus to pay for their social equity and climate justice programs, make sure the wealthy pay their fair share, and as a form of penance for perceived prior "inequities", they demand higher taxes and a significant increase in IRS enforcement, compliance & tax audits.
With plans to target the most successful, much of such burden which will likely fall disproportionately upon many in the boating community - some of whom have in fact been playing fast and loose with many tax code provisions.
Yacht & Jet Charter Or IRS Audit Trap
Yacht & jet charter owners are especially vulnerable. Contrary to what many brokers and charter managers tell prospects to persuade them to buy a boat or jet, to legitimately take deductions for a charter business, requires a substantial after tax net profit 3 out of 5 years. Failure to do so shifts the burden to the tax payer that must prove a legitimate profit motive as the primary motive for the tax payer's jet or boat charter activities and expenses exposing him to significant back taxes and penalties.
Regardless if you're already on the IRS radar or not, YES Yacht Executive Solutions has the answers.
Strategies and real world examples such as YES Yacht Charter Can Be Profitable and How $23,000 Becomes $840,000, not only demonstrate doing our fair share to solve economic inequities in the past, as well as the future, but can also go a long way, when properly applied, in minimizing any tax liabilities; past, present or future.
Will YES still be able to make yachting dreams come true - and keep those dreams from becoming nightmares - when other advisors can't?
Economically & Environmentally Sustainable Boating
Now in addition to Net Worth Neutral Yacht Ownership which makes the yachting lifestyle prudent wealth management, Carbon Neutral Yacht Ownership makes the yachting lifestyle environmentally friendly!
A bigger boat
Programs that pay for it
Producing actual net profits
Preserves & protects net worth
Providing more time on the water
More time to enjoy friends and family
With less cost, expense, worry, and stress
The extra benefit of giving something back
AND protects & preserves the environment
So now, exactly what's preventing you from living your dreams?
No longer just for boat owners and water lovers, but for almost anyone that enjoys the best of the luxury lifestyle OR anyone that is concerned about social justice and environmental equity.
Combining these specialized strategies can make the yachting lifestyle prudent wealth management and environmentally equitable.
The yachting lifestyle is about much more than just big boats.
It's for anyone with the financial resources and desire to enjoy life beyond the survival basics.
It's only natural then, the more one has, the more one consumes.
Unfortunately, there may be societal costs of excessive consumption.
The current demand for climate justice is largely premised on one irrefutable fact.
Unlike the broad spectrum of scientific assumptions, interpretations, conclusions, and predictions from
numerous contradictory climate computer models about:
what level of CO2,
from what sources,
by what date in the future,
to what degree of certainty,
could possibly lead to what range of consequences,
and what if anything should or should not be done,
by whom, and when, at what cost and who will pay,
almost everyone recognizes and agrees - more or less;
ceteris paribus, that above a certain range- the lower the CO2 and greenhouse gas emissions is probably for the better. But regardless of where one is on the climate crisis spectrum, it's largely unquestioned that the lifestyle and financial resources of the world's wealthiest people, in the wealthiest countries, result in more energy consumed, more fossil fuels burned, and the overwhelmingly disproportionate majority of green house gasses emitted.
The one undisputed correlation: the greater the wealth, the more energy consumed & more pollution.
But thus far, that has proven to be easier said than done.
What does it take to be in the global 1%? Who are the 1% that pollute so much? Where do you rank?
According to the Washington Post reporting on the Brookings Institute's income calculator:
"A $50,000 income in the United States has enough buying power to put you in the 99th percentile globally for per-person income. Within the United States, your income falls around the 80th percentile".
Congratulations, as many reading this may not have realized they are in the global 1%!
In the United States, an income of $362,000 is in the 1%, $126,000 is the top 10%. However it can vary by location. Rural Mississippi is not the same as the 1% in New York City.
Regardless of how much of a climate crisis true believer they may be publicly, efforts to persuade most
people to significantly change their lifestyles - give up their comfort and convenience, much less their boats, jets, excessive consumption etc. and reduce their carbon footprint to levels they profess is necessary for society to survive only exposes the corruption and futility.
The climate hypocrisy to date is well documented. Actions certainly do speak louder than words. It's almost as if no one - not even the policy makers - really believe there is a climate emergency.
Fortunately, YES Yacht Executive Solutions by applying it's strategies to make the yachting lifestyle economically and environmentally sustainable can now help many Americans - regardless of their interest in boating - or their private jet travel- many of whom may be some of the wealthiest and greatest polluters - to profitably and substantially reduce their carbon footprint. It's even possible to become carbon neutral.
Most boat owners - and certainly the more affluent- probably already have a trusted team of qualified and highly compensated tax, legal, financial, investment, and yachting experts. Or at least the think they do?
But could your team be over looking something? Could something fall through the cracks?
Could they be more helpful in making the yachting lifestyle more rewarding? Could your team possibly be improved? Can you have more boat for less cost and hassle? Or with less damage to the environment?
Unless your yachting lifestyle is already profitable - with zero net carbon emissions- the answer is probably YES.
As good as your current advisors are, no one knows everything.
That's why every professional discipline requires continuing professional education each year in the hope of helping assure some level of minimal familiarity with all the changes.
Unfortunately, as good as an advisor is in their discipline of tax, law or financial planning, asset or investment management, few CPA's, attorneys, and wealth advisors specialize in this class of alternative investment. They are neither equipped nor trained as to how to make the yachting lifestyle sustainable. They're just not very interested in reducing your carbon footprint.
In fact, many are even prohibited by ethics and rules of professional conduct from even discussing it.
Certainly if your current team of advisors- CPA, attorney, wealth manager, yacht broker, charter manager, etc knew how to make the yachting lifestyle economically and environmentally sustainable: prudent wealth management, and how to reduce or and possibly even effectively eliminate your carbon footprint - they would have already told you by now - wouldn't they?
Precious few that seek to enjoy the best that the yachting lifestyle can offer have anyone on their current team of advisors capable and qualified of stewarding such alternative investments– or an advisor sufficiently confident in their abilities and willing to link their compensation to successful performance and achievement of goals.
If you had a uniquely qualified, competent and experienced advisor – that acted almost like a partner – charged with protecting and preserving your net worth, whose long term interest was tied to yours, whose compensation was largely determined by successfully achieving your objectives, and had a strong monetary incentive to assure that your yachting lifestyle was both economically and environmentally sustainable, what could you accomplish, what could you achieve with another set of eyes from a different perspective?
Learn more about the economically & environmentally sustainable yachting lifestyle. You've nothing to lose but "a yacht to gain."
That if your current advisors knew, surely they'd have told you already- wouldn't they?