Are you worried about the new tax laws? Worry not! Ted Bauman, the editor of the Bauman Letter at Banyan Hill Publishing, has some advice for you that can save you thousands of dollars. The first thing that you may be worrying about is the limit on how much you can deduct from your federal taxes based on what you paid on income taxes to your local and state government, as well as on your property. This can affect people who live in states where such taxes are high, such as in New York. However, Ted Bauman says that in many states, legislators are looking for ways to help out people like you. That is why you should start reading the parts of your newspaper that deal with these issues. Another problem can be if you have a home office, whether you work remotely for a company as an employee or you own your own business. The miscellaneous deductions have been eliminated, which means that you will no longer be able to deduct these things. It is likely that you will see a tax increase if you have always been deducting your home business expenses. Read more about Ted Bauman at Bloomberg
However, Ted Bauman suggests that you find out if your local legislators are looking into ways to turn the taxes you pay to your local government into a tax form that would be deductible for federal tax purposes. If they are not doing that yet, make sure that your voice is heard and tell them that they should start doing it. The same thing applies if you were deducting your home business expenses, says Ted Bauman. It is possible that you can work things out so that you can deduct those things under other sections. Work with a professional who can help you out with that information.
Ted Bauman is the editor of The Banyan Letter and the Plan B Club. The Bauman Letter is published by Banyan Hill Publishing, which was called The Sovereign Society when Ted Bauman joined back in 2013. Ted Bauman’s publication is the largest that is put out by Banyan Hill Publishing. In fact, it has well over one hundred thousand loyal readers who all look towards Ted Bauman for advice and updates on recent financial news. Ted Bauman is an economist by training. He also writes for Alpha Stock Alert.