• CONNECT WITH A FINANCIAL PLANNER   »   CONTACT US   |   CALL: 1-323-905-4380  |
  • In The News:
    Share This:
     

    Los Angeles What the GOP TAX Bill Means For You ABC 7 News Video

    GOP tax bill scam Los Angeles

    There are a slew or reason the GOP Tax Reform bill is so unpopular.  Most people think their tax bills will actually go up under the new plan, and many of them are right.   Check out this video from ABC 7 Eyewitness News Los Angeles where Tax expert David Rae is live in studio with Ellen Leyva and Jovana Lara.

     

     

     

    By David Rae Certified Financial Planner™, Accredited Investment Fiduciary™

     

    Who will be the hardest hit by the GOP Tax Bill Scam Los Angeles?

    -Californian who itemized deduction- especially those with taxable incomes between $100,000 and $500,000

    -Homeowners near the coasts or other expensive areas. By the coast I mean all of Los Angeles County.  Have you looked at what it takes to afford a home here?

    -Entertainment industry employees who have unreimbursed business expenses. Think actors, reporters, other cameramen – the list goes on.

    -People who buy insurance through the affordable care act.  Trump is trying to destabilize the marketplace which will likely cause premiums to increase.

     

    Who will benefit the most from the GOP Tax Bill Scam Los Angeles?

    -An estimated 80% of the benefits will end up going to the 1% by the time this plan plays out.

    -Owners of Golf Courses and Private Planes. Generally also part of the 1% above.

    Self-Employed People who have an Partnership or S-Corp or LLC.

    -People with Lots of Children- the child tax credit is going up.

    -People who don’t keep receipts of track their deductions.   The Standard deduction is nearly doubling. Don’t be fooled by this math you are losing your personal exemption. So really this is only a $2200 tax deduction for a married couple.  Likely saving you between $300 and $814 depending on your income.

    This tax bill is extremely complicated and convoluted.  This is not by mistakes, the more complicated the more opportunities their are to use tax loopholes to your advantage.  Sit down with your Fiduciary Financial Planner and make sure you are minimizing your tax liabilities.

    Live For Today Plan For Tomorrow!

    DAVID RAE, CFP®, AIF® is a Los Angeles retirement planning specialist with DRM Wealth Management.  He has been helping friends of the LGBT community reach their financial goals for over a decade. Nightline has called him a “Tax Wizard in an Expensive Suit”  He is a regular contributor to the Advocate Magazine, Investopedia and Huffington Post as well as the author of the Financial Planner Los Angeles Blog.  Follow him on Facebook or via his website www.davidraefp.com

     

    If you liked GOP Tax Bill Scam Los Angeles you may also Like:

    How Rough is the GOP TAX Plan for Los Angeles Homeowners

     

     

     

    Connect With David Rae, Financial Planner LA

    David Rae, CFP® AIF®

    President / Founder DRM Wealth Management LLC

    1(323) 905-4380

    david.rae@financialplannerla.com

    "Los Angeles What the GOP TAX Bill Means For You ABC 7 News Video"

    © Copyright 2018

     

    Comments 1

    Show Comments

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    © 2018 Financial Planner Los Angeles

    Disclaimers:

    This site has been published for residents of California (Insurance License # OE10562), Arizona, Ohio, Florida, and Colorado. All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security investment or instrument or to participate in any particular trading strategy. Securities and investment advisory services offered through DRM Wealth Management LLC a Registered Investment Adviser. The videos, articles and other content maintained on this site as well as the opinions voiced in this material are resources for educational and general informational purposes only and are not intended to provide specific advice or recommendations for any individual. No information on this site constitutes financial advice and should not take the place of consulting with a certified financial planner and tax, legal or other financial advisor. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing.