Top 10 Tax Mistakes Video Series Overview

Top 10 Tax Mistakes Video Series Overview

Here is a new video by Jake Birnberg that can help you understand your tax position. There is more information at www.deductiondetectvies.com Check it now for more updates.

Possible Effects of Proposed Tax Changes for Business

The Possible Effects of New Tax Proposals on Business Owners

Our new president has proposed a reduction in business taxes to 15% from the current top tier of corporation taxes at 35% and for sole proprietor, partnership and S-corporation taxes at 39.6%.  Whether all business entities would enjoy the lower rates or not remains to be seen but Trump would like to see it flow to them all. The complexity of actually making that work is quite substantial as it raises the differential between business and non-business income substantially. This would be a windfall for most business owners in business taxes. There are many other changes proposed as well, but these are the ones most relevant to this article. Other Trump proposed changes will be discussed in future articles.

What does this mean to you if you are a business owner paying business taxes?

Well if you are a business owner and you are accustomed to putting as much away as possible into a retirement plan such as a 401K or a SEP in order to reduce your taxable income, you’re going to need to think again. Where now you might save 25-39.6%, depending on what your income level is, with a business tax rate of 15% it may no longer make sense because you’d only save 15%.  This could cause you to end up in a 25% bracket later on when you are retired and taking the money out. That is quite likely because not only will the withdrawal be taxed, it may have the negative side effect of causing your as much as 85% of your social security income to be taxed as well.

As a result its worthwhile taking a look at alternative types of retirement arrangements, such as a Synthetic Roth plan, where there are no income limits to qualify and you can get a partial business deduction now without having to pay taxes upon withdrawals later. This also reduces the chances that your Social Security will be taxed.


If you are worried about what might happen to your taxes under President Trump, feel free to call us for a free Tax Analysis. We’ll tell you where your opportunities lie, and work with you to take maximum advantage of any new rules!

For more information visit: http://deductiondetectives.com

Speaking Out for Success Optimism Is Business

Life isn't perfect; ergo, blessed be the resilient for they shall endure. Optimism is a personal psychological freedom.

Ask Martin Seligman, a psychologist at the University of Pennsylvania. Or better, ask Metropolitan Life. Met Life revamped its hiring program based on Seligman's predictors of success. Optimists only need apply.

Seligman began developing his theory about successful attitudes back in the 1960's after a series of experiments in which groups of rats in a controlled situation were repeatedly subjected to painful and inescapable electric shocks. At first the rats tried to escape the shocks, but after they learned they had no control, they gave up and took the shocks without resistance. They learned helplessness.

When these conditioned rats were then put in a different situation where they could avoid the shocks if they wanted to, they didn't even try. They had stopped assessing the situation and acted as if they were helpless even when they were not.

In a companion study, the element of control was the key. When unconditioned rats were given a warning before the shock occurred, the rats did better. They were less stressed and rested better in between shocks. As you might imagine, the group which was allowed ways to avoid the shock altogether showed the least frustration, aging and behavior change.

Seligman then asked himself. If animals can learn helplessness, can they learn hopefulness? If so, how much like rats are people in this respect?

Seligman (with others) went on to develop cognitive therapy, a process by which insights and self-discovery lead to a reshaping of a person's attitudes. Clinically depressed patients were taught how to look at situations in a different light, how to identify the control they did have over various situations and reframe their actions and responses. A major cause of depression is that people feel they have no control over their lives.

Original Article can be viewed here: Speaking Out for Success Optimism Is Business

Watch a YouTube Video here about "Change Your Life with the Power of Positive Thinking".