Obamas’ wasting thousands in unnecessary taxes

President Barack Obama and First Lady Michelle Obama reported over $5 million in 2009 income and paid nearly $1.8 million in federal tax. But the First Couple actually wasted thousands of dollars in taxes they didn’t have to pay. The Obama’s missed several legal opportunities to harness the power of proactive tax planning in ways that would minimize their taxes.

President Obama reported over $5 million in book royalties as a sole proprietor. Structuring the right entity to report that income could have saved him over $100,000 in employment tax alone. The Obama’s also missed opportunities to hire the First Lady to create retirement plan savings, as well as opportunities to hire daughters Sasha and Malia to help subsidize their pricey private school tuition costs.

Most accountants do a fine job putting the right numbers in the right boxes on the right forms. They do a great job recording history. But then they call it a day. The real key to cutting your tax bill, legally, is proactive planning – finding a forward-thinking planner to help write history.

About this Author 

John Beidle is an enrolled agent who specializes in helping entrepreneurs, small business owners and real estate investors pay the least amount of tax as legally possible.

About The Author

John Beidle

John Beidle is an enrolled agent who specializes in helping entrepreneurs, small business owners and real estate investors pay the least amount of tax as legally possible.

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