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My View on Tax Planning in a New Era Under President Trump

By Tax Wealth -

My role as a tax planner is to be proactive, find for my clients missed planning opportunities, identify taxes that are wastefully being paid and pinpoint ways by which they can legitimately keep those dollars for themselves instead of surrendering them to Uncle Sam.  If, for example, you are self-employed earning $150,000 annually and file a Schedule C, you are likely overpaying in taxes at least $10,000 a year.  What can you do with an extra $10,000?

The tax code is full of opportunity to save taxes; unfortunately, most taxpayers are blind to them. They do not know about the sections in the Code that allow taxes to be eliminated, reduced or deferred. Nor are they aware of the methods to implement them.  But these laws are indeed there, and they need to be brought into the light, injected into the tax planning process and be applied rightly and fruitfully for each client to help meet his or her financial challenges.  Doing so can bring great reward. wedding-horizontal.jpg
Perhaps your daughter is getting married.  Wouldn’t you prefer paying a portion or all of that very special day using tax savings?  Or maybe you are struggling in saving for your children’s education.  There is no better way to save for your childrens’ future than through saving taxes!

President Trump has already sent very strong signals that regulations and mandates that are not taxpayer-friendly will be greatly scrutinized and many of them will likely be rolled back or eliminated. By implication, that means sections of the tax code that benefit tax-paying citizens will likely stay in place. In fact, if my hunch turns out to be right, surprising benefits to increase tax savings may appear.

Under Trump, I expect most current tax benefits to be extended, which means my clients have at least four years of leeway to make their plans to capture a manifold amount of tax savings to enjoy and have for better use.  That goes as well for capital gain tax-deferring strategies like coupling a monetization loan with an installment sale  for those who are selling real estate, a business or most any capital asset.  This is equally true if you want to lower your personal income taxes.  

I find it interesting that some of the more obscure tax benefits I find were put on the books for wrong reasons. Congressmen and Congresswomen have through the years passed into law benefits to favor a specific class of taxpayers. But laws must be written to benefit all who qualify, not just a specific constituency. So, once the law is embedded in the tax code, it sits there waiting for anyone who qualifies to take advantage of it.

And this is a very good reason why getting a Second Opinion Tax Diagnosis makes so much sense to do.  Your financial health may depend on it.  Wouldn’t you agree that paying more in taxes than tax law really requires is a serious threat to your financial health?  

Time is always of the essence, however. To take full advantage of these laws requires you to begin now, create your own tailor-made plan, set it into action and capture the benefits that are rightfully yours. In fact, if you haven’t yet filed your taxes for last year, many tax planning stratagems are still in play that can be legally and ethically used to capture more tax savings on your 2016 income.

My job is to explore each option in detail and identify what can be done to best benefit you. Your job, though, is to first make the time for us to have a conversation, to explore together your current situation and the goals you want to achieve. That includes a full review of your last 3 years’ tax returns and the asset management moves you have made.

I am looking forward to a new boon in saving taxes for my clients over the next four years. But, time does pass by quickly! Give me a call and let’s get started on making the most of the time we have available for you.



About the Author…

Bruce Jones - Tax Planner

Bruce Jones got his start in financial services in 1970 and has taught the subjects of tax management and financial strategy planning since 1974.  He is President and CEO of TaxWealth®, a tax analysis and solutions research firm which provides comprehensive income, capital gains and estate tax remedies for owners of real estate, privately-owned businesses and other capital assets. He also supports CPAs, attorneys, financial advisors and real estate and business brokerage professionals, helping to solve their clients’ tax problems. 

TaxWealth works with clients and professional partners nationally from its home office in Newport Beach, California. Visit their web site at  or call Mr. Jones toll-free at (800) 300-4723 to discuss your tax concerns.


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