Here’s my Dirty Dozen list of tax steps you can undertake before December 31 to wring the maximum amount away from Uncle Sam before the law changes in 2018.#taxes #IncomeTax #WealthManagement #investing #TaxReform #BanyanHillhttps://t.co/OewfnRsTxM
— Ted Bauman Guru (@Ted_B_Guru) December 18, 2017
The Republican tax bill is set to take effect in the beginning of 2018. For those who want to take advantage of the tax bill, there are many ways to do so, as long as you do it before 2018. Ted Bauman explains the top ways to take advantage of the tax plan. Keep in mind that all of these are perfectly legal. Visit Ted Bauman at medium.com to know more
First of all, you should know that the tax plan cuts taxes for 7 tax brackets. However, it really makes a difference when it comes to corporate taxes. Corporate taxes are now down to 21%. In addition, those who hold an LLC can deduct up to 20% of their profits from their personal income taxes. In addition, the deduction will be doubled. However, itemized deductions will be capped for things like property taxes and state taxes. This means that many households will now stick with standard deductions and skip itemized deductions.
There are many ways to take advantage of the tax bill and lower your taxes. First, you can donate the money you want to donate to charity before 2018. You can also prepay your student loans and your property taxes. In addition, you could prepay your mortgage interest. Buying a car before 2018 would have put the car on the 2017 tax year. Read more at banyanhill.com to know more on Ted Bauman
However, the tax plan will cause some people to lose money. People who are earning a certain amount of money will lose out, especially if they live in states with high property taxes and state taxes. Remember that these kinds of taxes are capped at 10,000 dollars in regards to their deductions. If someone pays a lot of taxes to their state, then they will not be able to deduct them on the federal level. This affects people who live in states like California and New York, which have high property taxes. Many people in those states are extremely dissatisfied with the tax bill as it is being presented right now. They feel it is not fair.
Ted Bauman is the editor of the Bauman Letter at Banyan Hill Publishing. He is an experienced financial journalist.