How the New Tax Law Affects High Income, Self-employed Taxpayers

19th Oct 2018

The Tax Cuts and Jobs Act (TCJA), which was passed last year, made several significant changes to the tax code. The new law includes several aspects that affect high income self employed and small business owners.

If you typically itemize deductions on your tax return, the loss of many popular deductions may have you looking for new ways to lower tax liability. The new tax law potentially triples the value of high contribution retirement plans such as Defined Benefit and Cash Balance plans. The large contributions allowed in these retirement plans are tax deductible and may help qualify taxpayers for the new Section 199A 20% pass-through deduction and may lower their tax bracket even more.

Our white paper, “Making the New Tax Law Work with High Contribution Retirement Plans”, highlights three aspects of the tax law and how they affect tax and retirement planning for taxpayers with pass-through income.

Our white paper examines these three items:

  • Tax Bracket Changes
  • Deductions Eliminated
  • The New Section 199A  20% Deduction for Qualified Taxpayers

 

 

Dedicated DB@ DedicatedDB

Financial Planning Lessons Regular Folks Can Learn from Professional Athletes via @kiplinger #financialplanninghttps://t.co/AP4p3oWV0N

8:50 PM 16 April 2021

Dedicated DB@ DedicatedDB

Coinbase co-founders met on Reddit and launched the company out of a 2-bedroom apartment when a bitcoin was worth $… https://t.co/krHPvlI8R3

7:43 PM 16 April 2021

Dedicated DB@ DedicatedDB

Are you a high-income, small business owner and need tax savings? See how much you can save with our do-it-yourself… https://t.co/xx9W5LNUOd

6:43 PM 16 April 2021

Dedicated DB@ DedicatedDB

4 Ways For The Self-Employed To Save For Retirement and Minimize Taxes via @forbes #retirementplanning #taxsavingshttps://t.co/X1Cz3dpQNl

5:23 PM 16 April 2021

Dedicated DB@ DedicatedDB

70% of Americans want a side hustle: Here’s where to start via @CNBCMakeIt #sidehustle #gigeconomyhttps://t.co/Wgkq9YrymE

5:33 PM 15 April 2021

Dedicated DB@ DedicatedDB

Thinking about opening a Defined Benefit retirement plan? Here’s how to get started #definedbenefitplanhttps://t.co/X5gl4K6uT0

9:32 PM 14 April 2021

Estimate contribution and deduction with our DB calculator Try it now

Send this to a friend