Tax Traps

In this week’s Hidden Wealth Review, I teach about four tax traps and how to avoid them. Here is the problem, taxes and future tax rate risk. Now is the time, from a shifting and timing perspective, to learn how to save tax and avoid the Baby Boomer quadruple tax traps. Some of these tax traps have been around for a while, some are being proposed and more will likely be created in the future.

Here are the four quadruple tax traps to avoid:

  • Income Tax and Future tax increases. If you are a high income earner or a business
    owner, the Tax Cuts and Jobs Act provides several tax-savings benefits. These tax-
    savings benefits allow you to reduce taxable income and, in some cases, even zero out your taxable income. Just a reminder, the outcome of the coming election or the 2025 sunset date will cause the tax savings incentives to be gone, probably for good.
  • Growth tax. There is a serious proposal out there that should have many people
    concerned. If your equity accounts gain in value over the year, the government wants to
    tax you on that growth, even if you didn’t actualize the growth by selling your
    positions with a reflected gain.
  • Capital gains tax. If you have highly appreciated real estate or if you are looking to
    sell a business, be warned. If you’re afraid of the tax exposure under current tax
    rules, you need to be careful. Democratic presidential hopeful, Joe Biden, wants a
    capital gains tax rate of 40%! It’s clear that taxes are only going to be higher in
    the future.
  • Inheritance tax. You’ve worked hard and you’ve saved hard. Now, your children and
    grandchildren will be exposed to being taxed hard. This is because the likely passing
    of the proposed Secure Act (which has already passed the House) will force a non-
    spouse who inherits a retirement account to no longer be allowed to spread the
    distribution of that account over their lifetime. Instead, they must liquidate that
    account within five to 10 years. This provision would include Roth IRAs. Many
    Democratic candidates are also pushing for an end to the favorable tax treatment known
    as step-up-in basis. This treatment is where the asset’s value on death is stepped-up.
    This is done so that, if your heirs sell the asset, they can avoid a hefty capital
    gain tax.
  • At The Hidden Wealth Solution, we teach clients several proven, IRS approved solutions that they can use to legally, ethically and morally avoid tax on their retirement income, tax on their growth, taxes on gains and taxes on the transfer of their money when they pass. Before the holiday season begins is an ideal time to get things in place for your 2019 tax savings. But, you must implement your tax savings plan in the year in which you wish to save tax. So now’s the time to save tax!

    This coming Tuesday, I will be teaching my Wealth Protection Webinar. During this no-cost, no-obligation educational event, I will be teaching one strategy that keeps you from becoming what I call the perfect government taxpayer. This unique strategy also removes the risk of stock market losses using special indexing techniques.

    To register, go to www.RetirementProtected.com, enter your information and submit the registration. Once you’ve registered, you’ll receive an email containing a personal link to join Tuesday’s event. Let me teach you how to legally pay the least amount of tax. But, you must act now in order to save tax in 2019!

    I encourage you to register for your preferred webinar time now, because these events fill up fast. Those who attend this event will receive an e-copy of my latest book, The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.

    -Spouses are encouraged to attend this event together-

    www.RetirementProtected.com

    Or Call
    (855) No Tax 2 U
    (855) 668-2928

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    Here’s to your Hidden Wealth,
    Chuck Oliver
    Best-Selling Author

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