The Tips of Ted Bauman to Save Tax in Smarter Ways

The renowned editor of the Banyan Hill Publishing, Ted Bauman, recently talked about the smarter ways to save the tax. While the days are set for the IRS filings since 2018 is just at the doorstep, he provided ways to save maximum before the law changes next year. All of the tips he provided were legal and incorporated into the GOP’s federal income tax regulations. LLCs, S corporations, and partnerships are now allowed to deduct 20% of the profits from their personal taxes, which is slightly up from current 17% – a smarter way for people who are running such kind of businesses. Read more about Ted Bauman at Bloomberg

Bauman continued that people who are opting for prepaying some of the expenses in 2018 would help themselves to save their money from the hands of the government. This is especially useful to pay the property tax in advance and get the relief, however, this is not applicable in the case of local income tax or state tax. Donating more to charity before the deadline, December 31, is another option to save the funds. People who are transferring stocks to charity should transfer the most appreciated stocks get the highest tax claims. The taxpayers can also look for the options of paying any outstanding student loans as well as prepaying mortgage interest for next year.

Ted Bauman also thinks that prepaying any medical expenses, like scheduled procedure, which are due to be incurred in 2018. Taxpayers who are living in states that are charging sales tax in advance on vehicle purchases can buy it before 2017 ends and get it into the itemized deductions of 2017 tax filing. Similarly, people who live in California or New York can move some of their future earning to the current year considering there is a cap of $10,000 SALT tax from next year. People who are expecting an annual bonus in the initial months of 2018 can request the employers to pay it in December. Taxpayers who are retainers or consultants can request their clients make some prepay for future invoices to improve 2017 earnings. Check this article at ezinearticles.com about Ted Bauman

Since Ted Bauman started collaborating with Banyan Hill in 2013, he is the editor of his own investment advisory newsletter called The Bauman Letter. Apart from that, he is also the editor of Alpha Stock Alert, a newsletter that advises the best stocks in the market, as well as Plan B Club. Bauman is credited with helping people to live a sovereign life through quality investments by avoiding corporate greed as well as governmental oversight.

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