Tags: big | tax | deductions | trump | cut | april 15

As April 15 Nears, Scoop Up Big Tax Deductions

As April 15 Nears, Scoop Up Big Tax Deductions

By    |   Tuesday, 09 April 2019 11:19 AM

With tax time here and April 15, the deadline for individual returns, fast approaching, Americans are facing the full reality of President Donald Trump’s new tax law.

The law, better known as the Tax Cuts and Jobs Act, was signed into law by Trump on Dec. 22, 2017, and is estimated to cut taxes during the next 10 years by $5 trillion. Key parts of the law went into effect in 2018, but almost all parts become fully effective in 2019.

One guide Americans are turning to is “The Trump Tax Cut: Your Personal Guide to the New Tax Law,” by Eva Rosenberg. Rosenberg is a renowned tax expert and founder of the popular financial blog TaxMama.com.

Already, “The Trump Tax Cut,” from Humanix Books, has shot to the No. 1 best-seller status on Amazon while joining many other best-seller lists.

“The Trump Tax Cut" delivers the straight dope on hundreds of deductions, write-offs and legal loopholes that you can use right now to save tens of thousands of dollars in taxes.

As “The Trump Tax Cut” reveals, if you’re an independent contractor or small-business person, there’s a special deduction of 20 percent of your income that makes your effective rate just 29 percent – a tax perk almost anybody can be eligible for.

There are qualifications and the book explains them. It reveals how even the highest income-earners can see their tax rate drop to a shockingly low 29 percent.

Newsmax hails “The Trump Tax Cut” as “more than a guidebook, it’s your pass to great wealth.”

The easy-to-follow guidebook offers dozens of ways to increase your tax refund and find hidden deductions, including:

  • Medical Deductions: Learn how to reduce your medical costs by up to 25 percent. And see how you legally deduct for cosmetic surgery costs.
  • Education Benefits: Take advantage of the federal and private programs that pay off your student loans in exchange for a few years of your time. And learn how to give your grandchildren money for college without paying a dime in gift taxes.
  • Small-Business Benefits: Learn how independent contractors and small-business persons can reap, a special deduction of 20 percent of their income making the effective rate just 29 percent.
  • Mortgage Deductions: Find out how you can deduct the mortgage interest on two homes.

Those are just a few of the easy-to-use tax breaks you’ll learn about in “The Trump Tax Cut.”

The book also reveals the five best states in America to live in under the new tax law.

In addition, “The Trump Tax Cut” shows you how to:

  • Borrow up to $50,000 from your pension plan without any tax consequences or withdrawal penalties.
  • Buy a new car for up to $40,000 and write it off immediately.
  • Get the government to help pay your energy bill.
  • Put away money for retirement you can take out without paying taxes.
  • Collect rent payments the IRS doesn’t count as income.
  • Get the IRS to waive penalties for mistakes you made on your taxes.
  • Have more time to pay back 401K loans if you’ve been fired from your job.

As Rosenberg writes in this do-it-yourself, money-saving guide, “The impact of the Trump tax plan if nothing short of breathtaking,’’ for individuals and businesses.

She describes how under the plan, your home is not only a great place to live, but also can provide you with a wealth of credits – if you know how to go after them.

How impactful is the Trump tax cut to Americans? “I polled tax pros all over the country to get an idea of how their clients are affected,” Rosenberg says. “The general consensus is that people who have jobs with a modest income, and children, and who don’t normally itemize their deduction – these people are ending up with a lower tax liability.”

The new tax regulations will also require record-keeping and documentation “more stringent than ever,” Rosenberg says.

“There are penalties for not taking advantage of some benefits – for instance, the 100% bonus deduction – unless you include a specific election with your tax return that you are opting out of that benefit," Rosenberg says.

"With the new personal tax rates and the abolishment of the alternative minimum taxes for a corporation, it’s worth exploring all the different entity options for a business. And the considerations are totally different if they plan to go public, or just maintain a solid healthy living,” Rosenberg says.

“My best advice for businesses?” she says. “Do your best to run your business with an eye to growth and profits.”

With April 15 right around the corner, there’s not much time left to get all of the financial benefits available under Trump’s new tax law. “The Trump Tax Cut" explains how to get them.

For more details on these tips and additional advice, pick up a copy of “The Trump Tax Cut: Your Personal Guide to the New Tax Law.”

Note: "The Trump Tax Cut" is the #1 Amazon best-selling tax guide revealing hundreds of deductions, loopholes and strategies for the new tax law. Check out the FREE Offer – Go Here Now

© 2019 Newsmax Finance. All rights reserved.

   
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With April 15 right around the corner, there’s not much time left to get all of the financial benefits available under President Trump’s new tax law. “The Trump Tax Cut: Your Personal Guide to the New Tax Law” explains how to get them.
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Tuesday, 09 April 2019 11:19 AM
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