Ted Bauman wrote an article recently enlisting over a dozen ways one can save some money before the new tax laws take effect. The first and most obvious move is to donate to charity both in cash and in company stocks preferably the stocks that have highly appreciated over the year as they attract some of the largest charitable deductions.
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
Paying all of next year’s property taxes, paying the interest on all of your mortgages that is likely to accrue next year, paying all of your outstanding loans you took as a student, and even paying for the anticipated medical expenses that you are likely to incur in 2018 for instance scheduled medical procedures before the end of the year can help you reduce your 2017 federal income tax bill hence benefiting from itemized tax deductions for the last time.
If you are planning to buy a car and you happen to be living in one of those states that are known for charging sales tax on automobile purchases beforehand, you can consider doing this before December 31st of 2017 if possible so that you can add the tax charged as one of your 2017 itemized deductions.
Another move you can consider pulling as an individual depending on your income level is to convert into a limited liability company and this move alone is likely to increase your tax savings up to two times. You can do this by resigning your job now and return the following as a paid consultant. As a consultant or if you are on retainer, you can try to ask some of your clients to pay some of their 2018 invoices beforehand in a deliberate effort of increasing this years’ earnings. For those expecting to be paid this year’s bonuses next year, they can request for their monies to be paid before the end of December this year. Learn more at Seeking Alpha about Ted Bauman
About Ted Bauman
Ted Bauman is an asset protection expert who is also well experienced in low-risk investment. He is also well versed in contemporary privacy matters and international migration. As an avid investor, Ted has been working with Banyan Hill Publishing as an editorial director and editor of The Bauman Letter, Plan B Club and Alpha Stock newsletters wherein he gives sound and well informed financial and investment advice as a deliberate and conscious effort of helping everyday people grow their wealth to live a decent life that is free from corporate greed and governmental oversight.