Save Money on Taxes with this Trick

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Let me give an example. So let’s just say you made 200,000 bucks in 2019, you’ve used all your deductions and you’re stuck. One of the problems is you don’t get to take advantage of that 20% deduction that Congress gave everybody a couple years ago. And the only way you can do that is if you make under 157,000. So one thing we can do now is we can set up an EQ RP make it effective December 31, you can contribute 50,000 bucks, and now your income is 150. Well, if it’s 150, then you qualify for that deduction, you get to take another 20% off. So your actual income on the books, your adjusted gross income is like 120,000. That basically means that you’re by doing this strategy, you’re gonna save about $20,000 in taxes instantly, just because Congress changed the rules. So this is a really big deal. When you’ve made too much money and you forgot to do this before the end of the year, Congress gave you a big gimme. And a lot of our guys like the doctors in our group, they’re making about 350 and above like 400. So that’s kind of another example. Maybe put 50 grand into your Q RP to get you from 400 down to 350. I know about 350 you get absolutely killed above that. It’s brutal.

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