What “They” Are Not Telling You About the Trump Tax Plan
Depending on who you ask, you may hear widly divergent assessments of the new Trump tax plan.
- Anti-Trump Pundits: the tax plan is a “disaster.” It “only helps the rich.”
- Pro-Trump Pundits: the tax plan is the second coming of the business messiah. It will sprinkle benefits on rich and poor alike.
Neither of them can justify their statements. I’ll prove it. Keep reading …
What We Actually Know
The easily verifiable truth: not even the IRS knows the full story yet. The folks speaking authoritatively about the full implications of the new tax code are relying on:
- our laziness
- confirmation bias
They obviously know what they’re doing because no one seems to be digging. I mean, you don’t have to dig much to discover all of their claims are unjustifiable. Here it is right from the IRS website itself …
“… as it becomes available.”
Translation: the full guidance is not yet available.
Until we have the full code, it’s not possible to make a full determination. And since the TCJA was signed, the IRS has issued 31 updates revealing new information! A single one of these updates could change your personal tax situation entirely.
But there is one thing the experts I’ve talked to (actual accountants and lawyers – not paid propagandists) agree on: businesses are likely to benefit more than individuals on the new plan.
Where does that leave us?
And Now … the Sunshine
Let’s make sure you’re set up to take full advantage of what’s about to happen, shall we?
1. If you’re already a business owner, let’s make sure you have the right structure in place to maximize your returns. (Hint: you probably don’t.)
2. If you’re not a business … you might be able to turn yourself into one and rake in some dough. “Bigly.”
3. There are some moves you can make right now that can give you huge write-offs regardless of what the final new tax code actually looks like.
For Example, Did You Know …
… some business owners can hire their children and write-off their “allowance”?
… some business owners can take an interest-free home loan from their business?
… some business owners can …
You see where I’m going. There are metric tons of this kind of low-hanging fruit ready to be plucked from the tax tree.
But … Your Business Must Be Set Up Properly
Should you be an LLC, a Sole Proprietor, or a Corporation?
Should you file as an S or a C? (Did you know you can change it easily by notifying the IRS? It has nothing to do with your business structure, despite the common misconception.)
Should you establish your business in another state? (Get this right and enjoy HUGE savings. Get this wrong and get zapped by the IRS. Hard.)
FREE: The Simpleology Tax Minimization Kit
FREE: Simpleology Tax Minimization Kit
(get it now – while it’s still FREE)
I believe in the dictum “a rising tide lifts all boats.”
So, we decided to make this whole kit free for everyone.
What’s inside?
Step 1. Take the Quiz
Which Business Structure Will Save You the Most? Answer 21 simple questions and we’ll remove all of the mystery. You’ll know what state. You’ll know what structure. You’ll know how to file.
Step 2 Read the Cartoon Guide.
This little cartoon guide makes understanding all of this stuff Simpleology-easy.
Step 3. Inc Yourself
Why pay thousands of dollars to incorporate your business? This Simpleology Project will walk you through all of the steps required to set up your LLC or Corporation. And we’ll show you how to file/change your status as S or C with the IRS. Absolutely clear step-by-step instructions that make it all easy as pie. (And save thousands on the cost of incorporation alone. No telling how much you’ll save at tax time!)
Step 4. Ice Your Cake
We put together a little bonus report called How to Take Cash Out of Your Business Without Paying the IRS. Let’s be clear: this is not a guide on “how to break the law.” You can’t enjoy your tax savings in jail. But there’s absolutely nothing wrong with -legally- squeezing every last penny out of your return.
