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Prepare For Impact
Jan 8, 2018
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In this special bonus episode of the Science of Economic Freedom, we do a general overview of some of the biggest changes brought by the new tax law.
Topics in the podcast include:
- Personal income tax law changes; the new tax brackets, new deductions, new exemptions, new education provisions and the new rules governing the alternative minimum tax, or AMT.
- Estate, gift and generation-skipping tax law changes, including ways to start thinking about strategies to take advantage of the various provisions in the law.
- Business pass-through entities and the new 20% deduction in “qualified business income” or QBI. The new phase-amounts, and whether you should consider reclassifying into a C-corp. to take advantage of the new corporate tax rates.
Everyone will be affected differently by the new tax law, and everyone’s situation needs to be looked at holistically. We highly recommend talking to your advisor before making any decisions.
Plus, who is affected most by this law? Hint, it’s all about where you live, and how much money you make.
Here’s a few “Action Step” takeaways:
1) Take some of your new understanding of the tax law with you into your next meeting with your CPA when preparing your 2017 returns. Now is the time to prepare for next year’s law changes.
2) Download the written guide to understanding the new tax laws at our website.
3) Listen to the first six episodes of the Science of Economic Freedom, or SOEF, right now at www.scienceofeconomicfreedom.com.
Here’s a list of the first six podcasts:
- What is Economic Freedom?
- The Principles of Economic Freedom
- The Formulas of Economic Freedom
- What Does Economic Freedom Mean to You?
- Your Assets for Economic Freedom
- Your Economic Freedom Spending Plan
4) If you need personal attention or would like to speak with me directly about your path to Economic Freedom, then simply contact me for a free, one-hour wealth coaching consultation. Doing so is easy. Just email me at [email protected], and we will begin the process.