More importantly, will it cost YOU more tax?
The answer is simple.
While the media debated the merits of the Trump Tax Plan for low income versus rich or middle class versus rich, they overlook the real secret.
It’s not how MUCH you make. It’s HOW you make your money.
Business owners are the winners in the Trump Tax Plan. Here are 5 things to do right now before it’s too late.
(1) Start a business if you don’t already have one.
(2) Follow the 8 principles for running a business (making sure it’s an IRS-friendly business, keep good records, know what’s deductible, the right business structure and the like)
(3) Find out what itemized deductions you’re going to lose and strategize how to turn those into legit deductions under the Trump Tax Plan.
(4) Take advantage of the 20% income reduction for pass-through entities. (There is a complicated formula; make sure you qualify by reviewing the rules.
(5) Use a C Corporation as appropriate. New rules make C Corporations even more accessible for everyone. Flat rate tax, no more issues with certain classes of corporations.
There’s too much to cover in one blog post. In fact, it took a little over 200 pages and 95 strategies to cover what you can do RIGHT NOW to brace yourself for this Tax Act.
Invest in your own copy of First Look! Taxmageddon and put your personal plan in place before it’s too late.