Ted Bauman Writes About How To Prepare For The New Federal Tax Law

Ted Bauman is an editor for Banyan Hill Publishing. The publications he is responsible for are Plan B Club, Alpha Stock Alert, and The Bauman Letter. His focus is on investment strategies that are low-risk, asset protection, and how international migration affects markets. For a number of years he was a consultant who provided information to his clients which included, among others, the South African government, the World Bank, and the United Nations.

Writing about the recently passed federal tax bill, Ted Bauman says that there are moves to make now order to maximize your benefit and limits your riks. The law changes how much is charged for each tax brackets, decreases how much you can deduct as a homeowner, limits SALT deductions (State and Local Taxes), and makes other changes that people need to be aware of. He says that at first most taxpayers should see the amount they have to pay decrease but over time it will creep back up to where federal taxes are now. Learn more at Crunchbase about Ted Bauman

One way to prepare, he says, is to prepay your 2018 property taxes before the end of 2017. This will get you the maximum amount of benefit property tax deductions get you before the new law takes effect for 2018. Ted Bauman also recommends doing the same on your mortgage interest for the same reasons. As the student loans deduction is also being decreased he says a prudent move would be to also prepay any student loans you still have.

The new cap on SALT deductions will be $10,000. Ted Bauman says that those who live in states that have high taxes should do what they can to move some of their 2018 income back to 2017. As an example, he says that many companies pay bonuses in January of each year. He says you should convince the company you work for to move this up to December to get that income out of 2018.

A lot of people convert their traditional IRA’s to Roth IRA’s. Ted Bauman says that anyone thinking of doing this should run the numbers now, before the end of 2017. He says that you might find that by doing so in 2017 as opposed to 2018 or later you can offset some of the other deduction strategies you are using to decrease your tax liability.

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