Ted Bauman is a finance and investing writer who provides articles for several different publications. His flagship column is The Bauman Letter where Ted Bauman provides current investing advice with a focus on assisting individuals and small business owners. In 2013, Ted Bauman started working for Banyan Hill Publishing. His other columns include Alpha Stock Alert and Plan B Club. View Ted Bauman’s profile on LinkedIn
In a recent article of The Bauman Letter, Ted Bauman discusses twelve different ways investors can benefit by the tax overhaul. The first tip is to understand how the tax plan will affect the tax rate both in the short term and the long term. Ted Bauman shows that most people will see lower taxes over the next couple of years. He also shows how small business owners can deduct business profits from their individual taxes. Ted Bauman recommends that investors take advantage of these fair tidings by trying to gain as much money as possible in the short term.
Ted Bauman then discusses eleven different ways that investors can avoid negative aspects of the tax overhaul. The tax overhaul ends a number of deductions many people take advantage on a yearly basis. For example, the tax overhaul will soon end deductions for paying interest on student loans, paying a mortgage, buying a car, and paying medical bills. Ted Bauman recommends that investors prepay as much as they can on debts while looking into buying a car or new insurance before the end of the year. This will allow people to take advantage of these deductions before they end. These financial moves also mean that individuals will likely not have to pay student loan or mortgage payments for a while. This will help to reduce an individual’s overall monthly payments. Visit Ted Bauman at thesovereigninvestor.com to know more.
Ted Bauman also recommends that investors attempt to get persons who owe them money to pay before the tax plan goes into effect. For example, a consultant can avoid taxes by having their clients pay their retainer before the end of the year. This move will save money for both the consultant and the client. Ted Bauman also recommends that individuals consider the possibility of converting their job into a LLC. This will allow them to switch from working as a paid employee to a consultant. This move can allow for an individual to use twenty percent of their income as a business deduction that will result in greatly lower taxes.
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