Ted Bauman’s Tips On How To Pay A Lesser Amount Of Tax

Did you know governments own no money? A government may print currency and control its circulation, but the truth is, the taxpayers and citizens of the country own the money.

However, governments need to deliver services to their citizens on a daily basis. This requires funds. So how does the government get this money? The government receives funds from taxing its citizens. Tax is acquired in many forms, such as customs, value-added tax, and individual income tax.

To raise money, governments make it mandatory for citizens to pay taxes. Individuals must arrange to file their tax returns at least once per year.

We need to understand the laws that govern taxation in America. The tax bill offers relief to taxpayers for several years, starting 2018. The new rules will see business owners get larger deductions when paying their individual taxes. However, the overall standard deduction will rise significantly.

Did you know you can reduce the amount of tax you pay without breaking the law? Ted Bauman offers the ultimate tips and tricks.

  • Prepay your mortgage interest.

The new limits and increased deductions will prevent you from doing this.

  • Pay for your medical services and deduct them when filing returns.
  • Make your donations before the year ends.

Use these receipts to claim deductions.

  • Split your businesses into parts.
  • If you are self-employed, pay yourself as little as possible.

This will leave a bigger portion of profits, which can be deducted free of tax.

  • Work from home.

Home office expenses have been eliminated from the miscellaneous deductions list.

Ted Bauman schooled at The State University of New York and graduated with a degree in Business Administration in 1993. He has an MBA in finance.

Ted Bauman worked for 25 years in South Africa. He worked as an executive in many non-profit organizations. The most notable position was that of a fund manager for low-cost housing.

He has spent most of his life helping people use their resources to lead quality lives. He helped found Slum Dwellers International. This charity organization helps people acquire homes at affordable rates.

Ted is the editor of The Bauman Letter and Smart Money Alert. His articles specialize in asset protection, international migration, and low-risk investment strategies. Read:http://thesovereigninvestor.com/precisionprofits/ted-bauman/