Ted Bauman lists some legal moves to reduce your federal income tax bill of 2017

Ted Bauman did an article just the other day enumerating a dozen legal ways taxpayers can take advantage of the current tax regime to save some money before the new federal income tax laws kick in next year. According to Ted Bauman’s analysis, the new federal income tax system comes as good news for some and not so good news for others. The good news is, at least for the next ten years lower income earners will be subjected to marginally lower tax rates hence reducing a lot of people’s taxes more or less. The second plus goes to owners of pass-through businesses who got a tax reprieve of up to 3%. This essentially means that the owners of such businesses will now be able to deduct up to twenty percent of their earnings from their personal income taxes up from the current 17%. This basically means that if for example, your Limited Liability Company earns $1,000,000 worth of profits then $200,000 of the profits will not be taxed but the remaining $800,000 plus however much you take home as salary will all be taxable.

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The bad news is that the rest of the people will no longer enjoy personal exemption and deductions for SALT will be capped at $10,000. They also put a limit on mortgage interest deductions which will mean that many households, particularly in states with high taxes, will actually end up paying more in taxes. However, there is a raft of measures one can take between now and the end of the year to reduce your federal income tax bill of 2017. These measures are all aimed at maximizing your itemized deductibles now since you won’t be able to deduct them come 2018 and also these measures assume that you anticipate surpassing the $24,000 in itemized deductions in 2018.

Some of the measures include giving more to charity before December 31, prepaying your 2018 property taxes in full, prepaying next year’s mortgage interest, prepaying any outstanding student loans, and also you could consider prepaying for your next year’s medical expenses including a scheduled procedure that you know you might have next year just to mention a few.

Ted Bauman is an experienced financial expert focusing on asset protection, low-risk investment, and emerging privacy matters. He aims at helping people become wealthy while leading a dignified life. He is also the editor of the Bauman Letter and an Editorial Director at Banyan Hill Publishing.

Learn more:https://www.crunchbase.com/person/ted-bauman

 

Jeff Yastine Consistently Provides Readers With Interesting and Useful Financial Information

Banyan Hill Publishing is a well-respected publisher and research company that consistently provides useful financial information. The editorial director at this Florida-based firm is veteran financial journalist and stock market investor Jeff Yastine.

In addition to his monthly Total Wealth Insider financial newsletter, Jeff Yastine regularly contributes interesting articles to the Medium website. In a fairly recent article, Mr. Yastine tells of future food price increases and how to benefit from them.

Mr. Yastine leads off this medium.com article with a memory flashback to the 1970s when he was a teenager. He recalls seeing multiple price stickers, with each sporting a higher price affixed to the top of various items that he would purchase at grocery stores.

Attributing the regular changing of grocery store price stickers to the double-digit food inflation that was then the norm, Mr. Yastine mentions how inflationary price hikes kept grocery stock clerks busy with their sticker guns in those days.

It may seem unlikely now that double-digit food inflation will occur again soon, especially with large supplies of milk and cheese, and an increase in U.S. beef production. A very large U.S. crop of corn, soybeans and wheat, combined with healthy competition from myriad grocery suppliers create a healthy image of the U.S. food industry.

Even though U.S. food exports are commanding higher prices due to the robust American dollar and less-stable foreign economies, Mr. Yastine feels that there are other signs pointing towards a food inflation trend.

A rise in the prices of retail food this past summer was the first significant increase in almost two years. On an international level, global food prices are also the highest they’ve been for a couple of years.

At any rate, Jeff Yastine gently recommends that investors pursue investment opportunities in the U.S. food industry in the coming months.

An expert on business and economic trends, Jeff Yastine served as a correspondent and anchor on the PBS Nightly Business Report for more than 15 years, and was nominated for a Business Emmy Award in 2007. Mr. Yastine’s writing work at Medium is always informative and a pleasure to read. Jeff Yastine also maintains an impressive presence on social media sites.

Learn more: https://www.investmentu.com/investment-experts/jeff-yastine