Endorsed by Curators:
CRUCIAL THINGS INSURANCE AGENTS NEED TO KNOW ABOUT THE NEW TAX LAW
Before Christmas, Congress passed the most significant changes to the tax law in over 30 years. These changes will have profound effects on all taxpayers individuals and especially in the business arena. The change in C corporation rates to a flat 21% rate completely changes the existing tax strategy for those entities and may, in some cases, make them feasible in certain specific instances. This is definitely not an area to make an uninformed decision though, or listen to what people are saying on the internet.
In addition, the new Qualified Business Income (QBI) deduction may allow pass-through entities to claim up to 20% of business income as a deduction. What they dont tell you is that it is subject to several potential pitfalls that may erode or completely eliminate your deduction W-2 wages, capital assets, your industry and your overall taxable income may affect it. What they dont tell you is that this is quite a complex calculation which may require you to rethink reasonable compensation in your business to maximize that deduction.
There are definitely pitfalls in the law take for instance, there are changes to the rules for entertainment that you need to start doing right now to make sure you dont get caught short next year. While there are bad things, there are also several positive things - like the changes to the business deductibility of cars which can be maximized when done correctly.
I cant possibly start to list all of the changes here. We specialize in helping insurance agents legally minimize their taxes so they can maximize their wealth. Since we work with so many agents, we have developed a special seminar to address their specific needs things that you need to know now so that they dont miss out on the many benefits or get hit with the traps!
Our special 90-minute program is specifically tailored around the opportunities and pitfalls that the new law will have on State Farm Agents. It also includes specific advice to help you take advantage of opportunities you may be overlooking! The cost is just $50, and if you dont feel you have gotten your moneys worth, we will refund your money no questions asked! Space is very limited and is available on a first-come, first-served basis.