TheTaxMasterClass - 2018 Tax Planning Strategy

Classify income into ordinary income, capital gains, and portfolio income, and learn tax implications. Explore short-term versus long-term gains, standard and itemized deductions, and how losses offset income and gains.

Explore how partnerships, corporations, and LLCs shape taxation, including flow-through income, K-1 reporting, limited vs general partners, and the double taxation of C corporations.

Learn how to calculate taxable income from gross income using above-the-line deductions. Compare standard and itemized deductions, and understand adjusted gross income, filing status, and tax rates shaping your liability.

Explore standard vs itemized deductions, learn how to maximize deductions through timing strategies, and apply medical, tax, charitable, travel, and business expense rules to reduce taxable income.

Explain how tax credits differ from deductions and reduce tax liability dollar-for-dollar, summarizing common credits such as child tax credits, education credits, retirement savers credit, and foreign tax credits.

Master tax planning fundamentals, including tax rates, deductions, taxable income, and deferral. Explore tax-friendly investment vehicles and timing strategies that let money work for you.

Explore how real estate acts as a tax shelter, offering mortgage interest and property tax deductions, depreciation, and personal residence versus rental rules, including the capital gains exclusion on sale.

Examine how stocks, bonds, and mutual funds affect capital gains, losses, dividends, and tax planning for risk-aware retirement strategies.

Explore retirement accounts like traditional and Roth IRAs and 401(k)s, compare tax-deferred growth to tax-free growth, and learn about contributions, limits, and early withdrawal penalties.

Explore how starting a small business unlocks payroll tax deductions, offsets income, and lowers taxes through LLC, partnership, or corporate structures, with strategies like 179 election and SEP-IRA planning.

Tax reform simplifies the tax code and promotes domestic investment to grow American businesses. It tackles high tax rates and the worldwide versus territorial system to spur entrepreneurship and jobs.

Explains the 2018 tax reform for individuals, including lower brackets, doubled standard deduction, 20% pass-through deduction, mortgage interest and salt caps, and child tax credit increase.

Tax reform lowers the corporate rate to 21%, repeals the AMT, expands 100% expensing through 2023, and shifts to territorial taxation with a toll on foreign earnings.

Master long-term tax planning as a marathon, not a sprint, and start conversations about tax policies and investment strategy. Read textbooks, seek professional guidance, and identify opportunities for your wealth.