Good and Bad of New Tax Laws

The 1967 film The Dirty Dozen is now shorthand for twelve disreputable though advantageous things that can done. There is a list published by the IRS of tax scams against the IRS and taxpayers every year. The tax laws change in 2018 and there are some tax steps that can be taken to get the maximum from Uncle Sam before then. All of them are legal.

Good and Bad News for Federal Income Tax

The good is that all income brackets were given a lower marginal tax rate until at least 2027 in the tax plan from the GOP. Most taxes will be reduced at first when everything else is equal. Twenty percent of profits for S corporations, partnerships and limited liability companies (LLCs) can be deducted from personal income taxes. That is a three percent increase from the current seventeen percent. Out of one hundred thousand in profits only eighty thousand will be taxable.

The standard deduction has increased from $12,700 to $24,000 for married couples filing a joint return. This will reduce the amount of people who itemize deductions because the standard deduction will be higher. There are several lower income households that will benefit from the new deduction rate.

The Bad

Eliminating the personal exemption, capping tax deductions for property (SALT), local and state at ten thousand dollars and limiting the interest deductions for mortgages will cause households to pay more in taxes, especially where the tax rates are higher. There are simple tax moves to maximize itemized deductions for the year to lower the bill for federal income taxes for 2017 because they won’t be deductible in 2018. Itemizing will not be a benefit if you have less than twenty-four thousand dollars in deductions. Prepaying some of the deductible expenses will allow you to benefit one last time. Learn more at Seeking Alpha about Ted Bauman

Ted Bauman

Ted Bauman joined Banyan Hill Publishing during 2013 and serves as editor for Alpha Stock Alert, Plan B Club and The Bauman Letter. He specializes in strategies for low risk investing, international migration issues, privacy and asset protection. He is constantly looking for safe ways to grow and protect wealth. His mission is to aid you in taking control of your destiny when it comes to finances.

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Ted Bauman makes a massive breakthrough with Bitcoin

Ted Bauman recently broke down the faults of the increasingly popular digital cryptocurrency Bitcoin. In recent years, Bitcoin has soared in popularity. The reason for attracting users is the opportunity to be financially independent from any government interference and manipulation. They also are given privacy and security, when they make transactions. While users enjoy the privacy and security, they do encounter a major flaw with transactions. A single transaction can take several minutes, one user reported it taking over 10 minutes. In today’s world, speed is everything and that eliminates the usefulness of Bitcoin. Ted Bauman compares Bitcoin’s speed to Visa, which can process nearly 1,700 transactions every second, while having the ability to process upwards of 24,000 transactions every second. As people continue to buy into Bitcoin, processing time will become longer, leading to a longer waiting time. Learn more at Crunchbase about Ted Bauman

People have begun looking for alternatives that can provide a faster transaction speed. They discovered Bitcoin Cash, which then tanked Bitcoin’s value. The people who were interested in Bitcoin Cash, did not realize that every Bitcoin made before was included in the new Bitcoin Cash. Ted Bauman believes buying Bitcoin now, will allow his followers to earn a large sum without the need for a large investment. He says this is because he believes there will be something wrong with Bitcoin Cash. When the problem surfaces, those who own the original currency, will have stock in the new cryptocurrency.

Ted Bauman has spent several years now as the editor and author of Banyan Hill Publishing. Ted publishes financial resources that help his readers navigate the financial world correctly. Ted Bauman has found a way to provide his insight to readers in a interesting way. Ted Bauman is the editor for The Bauman Letter, Plan B Club, and Alpha Stock Alert. His specialties include asset protection, privacy concerns, global migration and low-risk investing.

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Ted Bauman is originally from the Washington D.C. metro area, but later emigrated to South Africa. In South Africa, he attended the University of Cape Town, where he graduated with multiple postgraduate degrees in economics and history. During his time in South Africa, Ted Bauman spent 25 years in executive roles with several nonprofit organizations. Ted Bauman now dedicates his life to help people live their lives free from government interference and corporate greed. Ted Bauman now lives in Atlanta, Georgia with his family. Ted continues to work with those who are in need of financial advice.

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