Uncle Sam knows how to get the most from the taxpayers. If you know how to play the game right, you can use those things to get money from the new 2018 tax laws. Here’s the list of tips for you before 2018 makes those opportunities vanish. The best part is it is legal.
The federal tax system rates for all taxable incomes until 2027. This offers a reduction in taxes for everyone at the beginning. Some people will even get more savings.
– Limited liability companies
– S Corporations
Those groups will be able to take 20% off of the taxes, which is an increase from the 17% before. Those people who have their own businesses will benefit from this immensely. That means a LLC which earns $100,000 will be able to keep 20% of that completely free of taxes. Visit Ted Bauman at medium.com to know more
The IRS made these changes to cut the number of taxes for personal income exceptions which so many taxpayers were number of using before. Now, for those of you that are interested, this means that filing 2017 taxes should include the max deductions now. When 2018 comes, this won’t be possible anymore. You can still take deductions in 2018, but they will be to your disadvantage. You should get it in now, while you can. In 2018 you would need the deductions over $24,000 to make money off of the filing.
Follow Ted Bauman at stocktwits.com
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
What most people are doing to maximize the money saved between now and next year is to take the deductions by going to your favorite charity and donating those stocks now. Here are a few other tips to remember to get the most from your taxes with all the changes coming up.
– Prepay 2018’s federal taxes now.
– Prepay the interest for 2018 now as well.
– Pay all student loans before it’s too late.
– Prepay for any large medical procedures now.
– Prepay all big bonuses in this calendar year.
– If you are a consultant, ask for clients to prepay invoices in 2017 now.
These strategies and a few others will allow you to maximize your savings when the changes come next year. While some aspects will be beneficial for those with a LLC or partnership, personal deductions will be better taken on this year’s taxes.