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Taxed Enough Already: Episode 9

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How to get a 6-Figure Tax Deduction & 20% Break on Earned Income with Tom Bacharach


In this episode Dan Nuwash huddles up with a returning guest, and one of our resident experts over a multitude of tax and high finance plans we use, Tom Bacharach, CLU, ChFC, CPCU.

 

Tom gives phenomenal insight into how business owners, that qualify, can implement a strategy(s) which may potentially provide a 6-figure tax deduction AND allow them to deduct up to 20% of their qualified business income (QBI). And yes, there is still time to implement this deduction for 2023 tax filing(s).



Dan Nuwash is the Founder and Managing Partner of Finance For Thought and can be reached through our website.

 

Tom Bacharach is the Vice President of Marketing and Sales for RMC Group and can be reached here.

 

Watch Taxed Enough Already here, on Rumble, YouTube, and listen to it on Apple PodcastsSpotify, or anywhere you listen to your podcasts.

 

If you're interested in obtaining more information you can schedule a quick introductory virtual meeting with one of our partners using the button below or contact our office.


Disclosures:
TAX- To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.


TAXES- This material is for informational purposes only. Neither Finance For Thought, FFT nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.



Sources:

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

www.IRS.gov

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-a-comparison-for-businesses

https://www.irs.gov/retirement-plans/choosing-a-retirement-plan-defined-benefit-plan

https://www.irs.gov/retirement-plans/ep-examination-projects-learn-educate-self-correct-and-enforce-lese-projects-lese-project-number-3-invalid-business-codes

https://www.irs.gov/retirement-plans/defined-benefit-plan

https://www.irs.gov/newsroom/tax-cuts-and-jobs-act-provision-11011-section-199a-qualified-business-income-deduction-faqs

https://www.planadviser.com/412e3-plans-for-small-business-clients/

https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=26-USC-1329705970-273803357&term_occur=1&term_src=title:26:subtitle:A:chapter:1:subchapter:B:part:VI:section:199A

https://www.irs.gov/businesses/small-businesses-self-employed/deducting-business-expenses