Ted Bauman Clears Up Some Of The Confusion About The New Tax Plan That Got Rolled Out In January Of 2018

Ted Bauman has always worked to help connect people with the financing and resources they need in order to live a better life. He studied at the State University of New York where he received a Bachelor of Science Degree in Business Administration, and he also attended Georgia State University where he graduated with a Master of Business in Administration in Finance. He teamed up with Banyan Hill Publishing in 2013 and is now the editor of The Bauman Letter, Alpha Stock Alert, and Plan B Club. Ted was born in the United States but emigrated to South Africa when he was a young adult, and while there, he served as a fund manager for a spread of non-profit charitable organizations.

Ted Bauman wants to help people better understand the new tax plan that has been rolled out. To do this, he needed to, first, let people know that business entities who do not pay taxes are called “pass-throughs,” and that the losses or gains these businesses accrue are “passed-through” the owners of the business. The new tax plan allows pass-through owners to not pay federal income taxes on 20% of the profits their businesses make. This is a good thing for pass-through owners, because they will be able to save a lot of money. Private practices like the kind that doctors, lawyers, or other professionals have can be broken up into smaller parts, which can lead to savings of thousands of dollars.

Ted Bauman has also pointed out that more money can be figured as tax-free and a company can make more profit if their owners take as little as possible out for their salary. He also indicated that employees might benefit by becoming consultants. While the new tax bill doesn’t make the tax code any easier, it does lower tax rates for the next seven years. A lot of people may be seeing an increase in their taxes due to the fact that the tax law makes it so that local, state, income, and property tax can now only deduct $10,000 from a person’s federal income taxes. On top of this, people who work from home will no longer be able to deduct home office expenses from their taxes, which will surely effect many.

Ted Bauman advises that people who are earning the right amount to set themselves up for retirement should consider opening a Roth IRA and to continue reading the Bauman Letter for more about how to cut down on taxes that hit retirement earnings.

Check: http://thesovereigninvestor.com/precisionprofits/ted-bauman/

 

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