Ted Bauman Provides Tips On Dealing With The New Federal Tax Law

Ted Bauman is a financial expert who spent much of his career in South Africa. He is a graduate of Cape Town University and holds two bachelors degrees; one in economics and the other in history. While in South Africa he worked in the nonprofit sector where he served as a fund manager. One of his biggest accomplishments was helping to establish Slum Dwellers International. This organization helped build affordable housing in 35 nations around the world.

It was in 2013 that Ted Bauman returned to the United States. He became an editor at Banyan Hill Publishing and has three monthly financial newsletters. These are Plan B Club, Alpa Stock Alert, and The Bauman Letter. He writes about how to conservatively invest, protect your assets, how to maintain your privacy, and how people and markets are affected by international migration.

Ted Bauman recently shared his top 10 tax tips. He wants to help people benefit from the current tax laws before the recently passed federal changes go into effect. One of the biggest changes is that the standard deduction will be increasing significantly which in particular helps those with lower incomes. Most people won’t be itemizing anymore because of this increase he says.

His tips included prepaying 2018’s property taxes and mortgage interest before 2017 expires. This will help them under the current rules because after the new law takes effect in 2018 homeowners won’t be able to deduct as much. He also says that if you have any medical services planned have them in December so you can deduct them in April.

Another tip Ted Bauman gave was if you are planning on buying a car do so before the end of 2017 so that you can take advantage of deducting the state sales tax. For those who are independent contractors, he said they should contact their clients and convince them to get paid before the end of the year. Another tip was to request your bonus be paid before the end of the year in order to take advantage of the current tax code.

2018 will be a good year to establish limited liability companies, Ted Bauman says. Many business owners can dramatically reduce their federal taxes by making this switch. They are then no longer employees and instead independent contractors which resulted in less income being charged by the IRS. More info can be found at https://tedbaumanguru.com/