CPA Talks About Donald Trump's Tax Records

RIGHT NOW ON NEWS CHANNEL 8 AT 530.THEY ARE OR NOT THEY ARE? TAX RETURNS REVEALED DONALD TRUMP MAY NOT HAVE PAID FEDERAL INCOME TAX FOR YEARS BUT HARDLY THE ONLY ONE TO TAKE ADVANTAGE OF THE TAX CODE. I'M JENN HOLLOWAY.

I'M KEITH CATE AND THANKS FOR JOINING US.DONALD TRUMP UNDER SCRUTINY OVER HIS TAXES AND THE NEW YORK TIMES PUBLISHED DOCUMENTS  FROM 1995 SHOWING THE BUSINESSMAN WROTE OFF $915 MILLION IN LOSSES AND UNDER THE TAX CODE THAT MEANS HE MIGHT  NOT  HAVE PAID FEDERAL TAXES FOR AS LONG AS 18 YEARS.

THERE ARE MANY WAYS OF GETTING OUT OF FEDERAL INCOMETAX,WHETHER IT'S FAIR OR NOT, THERE ARE LEGAL WAYS TO DO SO.CANDA CE  McGowan JOINS US LIVE AT THEIRS OFFICE  IN TAMPA AND YOU SPOKE WITH AN EXPERT ABOUTTHIS.HOW TO TAKE ADVANTAGE OF THE TAX CODE BECAUSE PEOPLE ARE MAKING IT WORK FOR THEM.

THEY PLAY BY THE RULES WHETHER WE THINK IT'S FAIR OR THEY DEFINITELY ARE. I SPOKE TO A CPA WHO SAID SHE TALKS TO CLIENTS MONTHLY AND I TALKED TO ONE BUSINESS  OWNER WHO OWNS MULTIPLE  BUSINESSES AND HE SAYS HE TALKS TO HIS TAX ATTORNEY  DAILY WHEN MAKING DECISIONS. NOT PAYING FEDERAL INCOME TAXES LEGALLY HAPPENS MORE THAN YOU THINK.OUR BIGGEST  CLIENT WHO IS A MULTI  MILLIONAIRE IS SOMEONE WHO'S HAD YEARS WHERE HE HAS PAID NO TAXES.

 Reporter: RACHEL SAYS PEOPLE LIKE DONALD TRUMP GET THETAX CODE TO WORK FOR THEM.I BET HE HAS A TEAM OF 20 TO 50 PEOPLE FOR WEEKS OR MONTHS TO  PUT THAT TOGETHER FOR HIM.

 Reporter :WHILE  TAXPAYERS HAVE DIFFERENT TAKES ON THIS THERE'S NOTHING SURPRISING ABOUT THIS Reporter IT'S ALL LEGAL  AND SHE TELLS ME HOW IT'S DONE.THEY LOOK FOR DEDUCTIONS AND THINGS THEY CAN WRITE OFF LIKE MORTGAGE  INTEREST.

YOU CAN DO IT ON THE FIRST OR SECOND HOME IN THE SECOND HOME COULD BE A YACHT, A BOAT WITH A KITCHEN OR BATHROOM ON IT OR A MOTOR HOME.

 Reporter:  WHAT TRUMP COULD HAVE DONE AFTER HE LOST $916 MILLION IN 1995, THE TAX CODE ALLOWS YOU TO APPLY LOSSES OVER 18 YEAR PERIOD.

YOU CAN AMEND TO PRIOR YEARS OF RETURNS AND WIPE OUT THE INCOME IN THOSE YEARS IN THEIRS WILL  GIVE YOU A REFUND.WHERE YOU CAN CARRY IT FOR WARD FOR 15 YEARS AND THE 908 TEAM THOUSAND DOLLARS LOSS OFFSETS TAXES IN THE FUTURE YEARS.

THERE IS IN THE EYE OF THE BEHOLDER BUT IT CERTAINLY IN THE TAX CODE TO TAKE ADVANTAGE OF NOW Reporter THERE IS A LONGLIST OF MANY OTHER THINGS PEOPLE CAN DO TO GET OUT OF PAYING.

FEDERAL INCOME TAXES AND THE CPA SAYS ANY BODY IS NOT SMART TO TAKE ADVANTAGE OF THE TAX CODE.BUT WHEN YOU ARE RUNNING FOR PRESIDENT AND THE NUMBERS ARE THIS BIG AND THE SPOTLIGHT IS BRIGHTER AND WE DON'T HAVE DONALD TRUMP'S TAX  RETURNS  FROM 1995.

THIS IS LEAKED INFORMATION OF PEOPLE HAVE QUESTIONS ABOUT WHAT'S REALLY GOING ON WITH DONALD TRUMP Reporter IT'S NOT HIS FAULT TAX RETURN SO WE DON'T KNOW HOW MUCH MONEY HE GAVE TO CHARITY.

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