No one likes to pay taxes. This explains why most people are only comfortable paying the lowest possible tax. Ted Baumann recently demonstrated several strategies that average Americans can use to lower the amount of tax they pay legally. However, the tax regime is about to get a makeover.
Ted Baumann is a finance expert serving as the editorial director of Banyan Hill Publishing. He explains the new tax laws and offers insights into how differently they will affect your income. The prospective law takes effect on income earned, as from 2018. Citizens rightly expect to fork out less to the taxman. Business owners are entitled to deductions based on the business profits from their personal tax bill. This move is aimed at revamping the small business sector.
The new law is being viewed as a mixed bag. For example, some families will end up paying more. Similarly, homeowners are facing new limits on their deductions from property tax. Ted Bauman suggests prepaying 2018’s taxes in 2017. In the same way, prepay for planned medical events and deduct when you file the returns in April. He advises philanthropists to make their donations before 2018 and claim the charitable deductions when filing the tax returns.
According to Ted Bauman, if you do it right, you should expect a substantial refund check next May. The benefits may vary depending on the individual state tax scheme. Companies that swap physical assets will no longer enjoy tax advantages from the capital gains. On the other hand, individuals running limited liability corporations can pay considerably fewer taxes by designating themselves as independent contractors.
You’re losing money every day of 2018 that goes by that you don’t find out about and act on the new opportunities and threats on the tax front. Here’s what you need to know.#TaxCuts #wealth #investing #BanyanHillhttps://t.co/uTuxtW5iwY
— Ted Bauman Guru (@Ted_B_Guru) January 16, 2018
Filing tax returns requires a little bit of thought and planning. Get professional help if you feel overwhelmed. Ted Baumann has extensive experience as a fund manager. He has also worked in financial research, urban housing, and the non-profit sector in South Africa. His world travels have taught him to diversify and find the best possible deals. Ted Baumann writes well-researched and lucrative financial reports for paying subscribers at Banyan Hill.
He excels in wealth protection, migration issues, and targeted investment strategies. He also publishes resourceful finance and investment tips in international journals such as Journal of Microfinance, Cape Times and the Guardian. The Bauman Letter is his flagship publication at Banyan Hill. He provides rare and effective tips that enable readers to achieve financial freedom. He is the co-author of the book ‘Where To Stash Your Cash’.
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