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

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

19th Oct 2018

2018 1040 tax form

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

Looking for some year-end tax savings for your clients? There's still time to open a Cash Balance retirement plan.… https://t.co/ZMjpZLaurj

9:39 PM 14 December 2019

Dedicated DB@ DedicatedDB

Are you self-employed, earn high income and need tax savings? See how much you can save with our do-it-yourself onl… https://t.co/etTF0AaYyE

5:32 PM 14 December 2019

Dedicated DB@ DedicatedDB

Here are top tips for female entrepreneurs via @Forbes #entrepreneurship #womeninbusiness https://t.co/iP5M1tvit8

3:30 PM 14 December 2019

Dedicated DB@ DedicatedDB

3 Ways to Get From $100,000 to $1 Million in Retirement Savings via @motleyfool #retirementsavingshttps://t.co/a22TsIQazs

10:03 PM 13 December 2019

Dedicated DB@ DedicatedDB

Looking for some year-end tax savings for your clients? There's still time to open a Cash Balance retirement plan.… https://t.co/OpxslmYQjb

9:45 PM 13 December 2019

Dedicated DB@ DedicatedDB

Free tax filing is available to 70% of US taxpayers. Here's how it works. via @businessinsider #taxfilinghttps://t.co/reWJwxIXxD

8:45 PM 13 December 2019

Estimate contribution and deduction with our DB calculator Try it now