{"id":786,"date":"2018-03-27T20:17:27","date_gmt":"2018-03-27T20:17:27","guid":{"rendered":"http:\/\/www.himmelsteinfinancial.com\/?p=786"},"modified":"2018-03-27T20:31:31","modified_gmt":"2018-03-27T20:31:31","slug":"professional-tax-relief-act-of-2018-reap-the-rewards","status":"publish","type":"post","link":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/professional-tax-relief-act-of-2018-reap-the-rewards\/","title":{"rendered":"Professional Tax Relief Act of 2018 Reap the Rewards"},"content":{"rendered":"

\"\"<\/a>These are exciting times because for the first time in years there are tax breaks that a professional can get that they didn\u2019t have available before.\u00a0 The unintended consequences of the recent tax act gave opportunity to the professional person that fits in the category if they wanted to be incorporated like a regular corporation.\u00a0 In the past they had to in the past become a PC.\u00a0 The significance was that from the very first dollar they were taxed at the highest corporate rate. \u00a0\u00a0So many professionals in business either chose to be taxed as a Sub S Corporation LLC partnership or sole proprietorship.\u00a0 Now for the first time in years the top corporate bracket was brought down to 21%.\u00a0 There are other tax breaks as well if one does not change their taxation, but those have their limits as well. \u00a0\u00a0Like all planning it may not be best to be all or none but rather use parts of the ideas.<\/p>\n

Some of these professionals might also have spouses who are also professionals and some of these people also own real estate.<\/p>\n

Where is the opportunity?\u00a0 It is being able to get in the door and talk about proactive tax planning that creates more spendable dollars.\u00a0 Those dollars could be used to afford more of our products and services and can convert higher taxed dollars to lower tax dollars and potentially TAX free dollars to the owner or key employee themselves.<\/p>\n

For Federal Tax Brackets before the professional that was making money (if they don\u2019t not make much money this is not for them), to pay $100,000 of premium in the past they could have paid $135,000-$150,000.\u00a0 If it inside a PC or C Corporation for Federal they would have to only raise $121,000.<\/p>\n

In the past when we had professional clients many of us indicated that it would be best not to deduct certain individual coverages such as life insurance, disability income, LTC, or other personal coverages because of the disastrous tax consequences on the benefits.\u00a0 So if you had a pocket of less taxed dollars because you did some proactive tax planning versus their current bracket.<\/p>\n

Proactive Planning in This market could result in more planning and income opportunities on a win-win basis with the client.\u00a0 For a brief video on just one of these benefits Demand and Split dollar please see attached<\/p>\n

MEMPERKS<\/strong><\/p>\n

http:\/\/marketingmedia.lfg.com\/lfg\/DOCS\/lfd\/emailMarketing\/2018\/Video\/5717543375001.html<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

These are exciting times because for the first time in years there are tax breaks that a professional can get that they didn\u2019t have available before.\u00a0 The unintended consequences of the recent tax act gave opportunity to the professional person that fits in the category if they wanted to be incorporated like a regular corporation.\u00a0 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[1],"tags":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pdUwpZ-cG","jetpack-related-posts":[{"id":791,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/tax-leveraging-the-new-tax-law\/","url_meta":{"origin":786,"position":0},"title":"Tax leveraging the new tax law","date":"04\/03\/2018","format":false,"excerpt":"Tax leveraging the new tax law Under the new tax structure, businesses may elect to be taxed at a lower rate than individuals that own them. Many owners and their key people may be personally taxed as much as 37% federally.\u00a0 Even this new rate can be a misnomer because\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/gallery.mailchimp.com\/98ad10abd4ba836a05eaa66a0\/images\/c48dc069-7894-485b-978a-1452acb7403c.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":829,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/tax-leveraged-life-insurance\/","url_meta":{"origin":786,"position":1},"title":"Tax Leveraged Reduced Cost Life Insurance","date":"05\/08\/2018","format":false,"excerpt":"There is an opportunity for your company to pay for Reduced Cost Life Insurance which may be leveraged between different tax brackets, either between your company and yourself and\/or your company and a key employee.\u00a0 At Himmelstein Financial, we design a solution for business members which allows for a transfer\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.himmelsteinfinancial.com\/wp-content\/uploads\/death-benefit-split-dollar-1.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1132,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/2018-professional-corporation-tax-savings-act-presentation\/","url_meta":{"origin":786,"position":2},"title":"2018 Professional Corporation Tax Savings Act Presentation","date":"03\/25\/2019","format":false,"excerpt":"","rel":"","context":"Similar post","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/staging.himmelsteinfinancial.com\/wp-content\/uploads\/0001-4.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":842,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/tax-leveraged-supplemental-retirement-income\/","url_meta":{"origin":786,"position":3},"title":"Tax Leveraged Supplemental Retirement Income","date":"05\/17\/2018","format":false,"excerpt":"There is an opportunity for your company to pay for a Supplemental Retirement plan which may be leveraged between different tax brackets, either between your company and yourself and\/or your company and a key employee.\u00a0 We designed a solution for business members which allows for a transfer of capital from\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":795,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/tax-leveraged-long-term-care-plan\/","url_meta":{"origin":786,"position":4},"title":"Tax Leveraged Long-term Care Plan","date":"04\/06\/2018","format":false,"excerpt":"There is an opportunity for your company to pay for a Long-Term Care policy which may be leveraged between different tax brackets, either between your company and yourself and\/or your company and a key employee.\u00a0 The Himmelstein Financial, in cooperation with Lincoln Financial, designed a solution for business members which\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.himmelsteinfinancial.com\/wp-content\/uploads\/Tax-Leveraged-LTC-SPlit-Dollar-Plan-300x232.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":129,"url":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/advisors\/","url_meta":{"origin":786,"position":5},"title":"25 Items Advisors Need","date":"05\/11\/2016","format":false,"excerpt":"25 Items Advisors Can Find Opportunities with Their Clients and Look like a Hero at the Same Time If you read this and it sparks attention please don\u2019t be afraid to call or email. Waiting or talking RMDs only at retirement. If they hate paying taxes now they will hate\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/posts\/786"}],"collection":[{"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/comments?post=786"}],"version-history":[{"count":2,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/posts\/786\/revisions"}],"predecessor-version":[{"id":789,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/posts\/786\/revisions\/789"}],"wp:attachment":[{"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/media?parent=786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/categories?post=786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.himmelsteinfinancial.com\/index.php\/wp-json\/wp\/v2\/tags?post=786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}