— Ted Bauman Guru (@Ted_B_Guru) January 30, 2018
Ted Bauman sat down at the end of last year to offer some tax tips.
“Americans can benefit from many of the tax laws we have now before they change. They can do that without breaking any rules.”
Ted went over a lot of issues in his interview, but for the sake of time I will narrow down his advice to a few main points.
1) You can start by paying your mortgage taxes before 2017 ends. Deduct these expenses when you file this year. Did you forget to do this? Talk to a tax representative to see your options. You need to do this before the higher standards take over because than you are out of luck.
2) Did you make any contributions before January 1st? You can use these a tax deduction and get money back. Keep track of your receipts.
3) Lawmakers decided not to get rid of the student loan deductions, so you can still take advantage of that. When did you pay the interest? Did you know that you get more benefits by paying your deductions by the end of last year? Speak to a tax consultant about this to see how you can save.
4) Are you self-employed? When do your clients pay you? You can increase your savings by getting your clients to pay you before the end of last year. This may not be acceptable for some clients, but try to get as many as possible.
5) Are you getting a bonus? Try to convince your boss to pay you the bonus before the end of the year. Do you pay state taxes? You can get your savings increased by getting your bonus by the beginning of the new year. This may not work now, seeing as how we are close to March. Keep this advice in mind for next year.
6) Do you own your own company? Are you thinking about establishing an LLC? You can save a lot of money doing that. You can also save money by calling yourself an independent contractor. Check :https://stocktwits.com/tedbauman