Tax Planning for the New Tax Law: Part 2

Sandy Botkin
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Tax Planning for the New Tax Law: Part 2

Reclassifying as a contractor: Instead of being a highly paid employee, simply quit and get treated as a contractor. There are some legal hoops to go through, but this could be possible. This will allow you to use the 20% pass through deduction. Essentially, this will allow you to be taxed on 80% of your net earnings from your “contractor business” instead of being taxed on 100% of your wages as an employee.

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