Taxes are the biggest expenses for people and they can take a significant bite out of an individual’s or a family’s income. In a recent article, investment expert Ted Bauman offers some profitable tax advice in light of the new tax reforms passed by Congress in late 2017.
The first piece of investment advice offered by Ted Bauman is to give more to charity before the end of the tax year 2017. Secondly, Mr. Bauman suggests that people pre-pay their 2018 property taxes in full. Also suggested is that people pre-pay their mortgage interest, outstanding student loans, medical expenses and, sales tax on automobile purchases. These actions will allow the taxpayer to increase their deductions for the following year.
While much of the tax advice offered by Mr. Bauman is focused on pre-payments, the financial expert also advises that people try to boost certain incomes before the end of the year in order to increase the amount itemized deductions. For instance, Mr. Bauman suggests that people ask to be paid any year-end bonuses before December 31. Also, it is suggested that consultants on a retainer ask their clients to pay them before the end of the year to boost annual earnings. Read more at ezinearticles.com about Ted Bauman
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
Finally, Mr. Bauman suggests that people convert themselves into a limited liability company. By doing so, people can potentially double the number of tax breaks leading to huge savings on their tax liability.
Ted Bauman suggests that all these tips are reviewed by a professional tax advisor before filing any tax forms. A professionally prepared and reviewed tax return will help greatly reduce the chance of an audit.
Ted Bauman has been writing about financing for over two decades. In that time, Mr. Bauman has covered a variety of subjects from finance, investing, housing and urban planning. During his career, Mr. Bauman has visited over 75 countries and has worked with clients on multiple continents around the world.
Ted Bauman’s global experience has allowed the financial expert to comment on a number of issues related to finance and investment. All of Mr. Bauman’s commentaries are now available from Banyan Hill Publishing. Today, Mr. Bauman is the Editor of The Bauman Letter, Alpha Stock Alert, and Plan B Club. Mr. Bauman also authors a free weekly investment newsletter, The Sovereign Investor Daily. He is also the son of former United States Congressman, Robert Bauman.
Read this link:https://plus.google.com/+TedBaumanGuru