Press Release Summary: Program designed to generate income tax deductions for tenants.
Press Release Body: How Apartment Dwellers Can Get A Tax Break
Trenton, NJ - May 2, 2008 - A tax benefit most tenants do not enjoy is getting income tax deductions and filing an "itemized" tax return. Tenants normally not have sufficient deductions to beat the IRS "Standard Deduction". Homeowners can beat it due to the mortgage interest and property taxes that can be deducted.
Phoenix Financial Consulting (PCEI) is offering working tenants with an average credit score a way to get a big income break WITHOUT ITEMIZING. PCEI will set up a bona fide business for the tenant that will perform three crucial tasks. It will show a deductible tax loss the first three years of operation - it will generate a profit at least two out of five years AND it will have a bona fide, legitimate business purpose. Accomplishing these will keep the Internal Revenue Service from disallowing the losses.
According to Wm McGill, Business Manager for PCEI, the business can be operated by the tenant from his dwelling. It will require a minimum of the tenant's time. Practically all of the effort of establishing the business will be handled by PCEI.
The tenant becomes a real estate investor by acting as a buyer for properties in danger of foreclosure. A consulting company will negotiate with a mortgagee to get a discounted price on a property facing foreclosure. The mortgagee will often accept a much lower price from a qualified third party. The tenant is the "qualified third party". Once the property is acquired, the consulting company leases it to a qualified person. The lease payment from the lessor covers the buyer's debt service (mortgage/tax/insurance) payments and generates profit for the buyer. All accounting is handed by PCEI.
The costs of setting up this business involves a franchise fee and establishing a Limited Liability Company - all of which is done by PCEI. This will practically guarantee a first year loss for the enrollee.
For details email PCEI at treymanda@yahoo.com 609-893-0619 Fax: 609-482-4209 www.taxfixcenter.com
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