Adventures in Tax Planning
Mike Alves was quoted in this article, published in the Journal of Financial Planning.
Some clients were favorable to the tax law, especially business owners who were able to take advantage of the new 20 percent qualified business income (QBI) deduction, said Mike Alves, CFP®, managing director and founder of Vida Private Wealth in Pasadena, Calif.
Those clients “were actually saving money on taxes, decreasing their tax burden, and saving for retirement by putting a big chunk in a defined benefit plan, a profit-sharing 401(k), or a combination of those,” Alves said.
Overall, Freeman’s clients felt positive about tax reform, especially because of the disappearance of the alternative minimum tax.