How to Increase Your Income with the New Tax Law 2018-2025 New deductions that can make you wealthier—if you know how to implement them  J.D. from Georgetown University Law Center, Taught law in San Francisco bay area Former Assistant Attorney General for New Mexico, Counsel for the New Mexico Real Estate Commission Over 14 years presenting tax strategies to self-employed audiences throughout the U.S.

2017 vs. 2018 Federal Income Tax Brackets

2017 vs. 2019 Federal Income tax Brackets

Vehicles (Course Section 24!) IRS Mileage Method 2019 58 cents/mile Add; Interest for Financing, Parking and Tolls Actual Expense Method Gas Oil Licensing Fees Repairs Tires Depreciation (buy) or Rent (lease pmnt) *BONUS Depreciation Insurance Car Washes Plus - Interest for Financing, Parking and Tolls

Updates NEW Depreciation increases 2018 to 2026: 2017 1st year: $3,060 2nd year: $5,100 3rd year: $3,050 4th year thru full depreciation; $1,875 1st year: $10,000 2nd year: $16,000 3rd year: $9,600 4th year thru full depreciation; $5,760 $8,000 BONUS depreciation added WHEN: We BUY, not lease New OR used! We use the Actual expense method!

GVWR 6001+ Use the Actual Expense Method! G.V.W.R. 6001 lbs Use over 50% for business First year “bonus depreciation” is….. 100%! New OR used!

2018 – The Math TOTALS 15.3% 22% 4.9% 42.2% 24% 44.2% 32% 35% 3.8% = + Self-Employment Tax + Federal Income Tax State Income Tax 2014 Added 3.8% = TOTALS 15.3% 22% 4.9%   42.2%  24% 44.2%  32% 3.8% 35% NEW 20% Deduction for Business Income (Basic): If Single – Qualified with $157,500 or Less If Married – Qualified with $315,000 or Less Applicable to Sole Proprietorship (1099), Partnership or S-Corp.

“My Accountant takes care of my Taxes.” Myth: “My Accountant takes care of my Taxes.” ….is like saying “My Dentist takes care of my teeth”. They DO NOT have Super-Human Powers: Osmosis? Mindreading? Time-travel? No, No and No!

What’s covered? All Qualified Medical

Documentation Required: Proprietary and Included with course! Not Retroactive Set-up NOW for 2018

Where does this information come from? Open up your brochure... 3 4 1 2

Confirming the Savings Using the 2018 Business Tax Deductions Reference Book, Pg 62

TRAVEL? Do you? Travel throughout the North Americas International Travel Rules Cruise Ship rules (IRS allows you to use the ship for transportation!) YES / NO Flowchart SHOWING you how to make your trips deductible EVERYTHING footnoted to IRS Codes!

We deduct it all, Tax Return Cuts it in half – 2017 Entertainment Documentation Required: WHO, What, When, Where, Why Receipts $75 or more. (Under, write it down) Includes Dutch Treat We deduct it all, Tax Return Cuts it in half – we get 50%

Entertainment 2018 - 2026 Make it deductible! Prospect, referral source, source of future business or future business knowledge, customer, co-worker, even your neighbors… YES! Deduct; Theater, Sporting events, Golf, Tennis, Skiing, Dinner, Lunch, Movies… YES! Can we go Dutch Treat and still deduct it? YES!!!

2. We deduct it all, our tax return cuts it in half…. The good news? we can still deduct Client and Prospect food and beverage under the new law! Here’s how… 1. Documentation Required: Who, What, When, Where, WHY (Business Purpose)! Receipts - $75 and above 2. We deduct it all, our tax return cuts it in half…. we get 50%

Presentation Expense 100% NOT Entertainment Presentation Expense 100% Documentation Required: WHO, What, When, Where, Why Receipts ALWAYS 100% “Show and tell and try to sell”

Home Office NOT a Red Flag 1997 Tax Reform Act allowed more than 20 million tax payers to qualify Available January 1, 1999 Antiquated and Moot – behind the times! (Outdated and still causing confusion for those that do not know current rules) Commissioner v. Soliman Supreme Court of the United States Argued October 5, 1992 / Decided January 12, 1993 Commissioner of Internal Revenue v. Soliman

Confirming the Savings Using the 2018 Business Tax Deductions Reference Book, Pg 57 3

Confirming the Savings Using the 2018 Business Tax Deductions Reference Book, Pg 62

Home Office Commuting = ZERO business miles Commuting KILLS vehicle deductions

Administrative Office SOLUTION Admin Office in Home Office Administrative Office Eliminates Commuting

New 20% Deduction Lesser of IRC Section 199A. Proprietorships, partnerships, S corporations, and more. Easy-peasy when taxable income is equal to or less than New 20% Deduction $315,000 if married, filing jointly, or $157,500 if filing as other than married. With this taxable income and no REIT dividends or publicly traded partnership income, the following is the ONLY calculation that applies to the Section 199A deduction: Lesser of 20% of qualified business income or 20% of taxable income less net capital gains

199A Deduction Calculator To find the calculator online, Google “199A Calculator.”

Guaranteed! 90-Day Money Back! 3 1 2 3 4 Kelly Clark (415) 845-3559

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