The Financial Management Blog for Surprise, Arizona
1st Global held their National Conference in Louisville, Kentucky on November 11-13, 2018. Every year the 1st Global National Conference gives opportunities to be inspired by industry speakers, who are motivated by 1st Global leaders and an opportunity to connect with advisors and wealth management assistants from some of the top firms in the nation. This year, David Monheit was presented with the Founder’s Award.
Navigating the New Qualified Business Income Deduction
The tax reform legislation that Congress signed into law on December 22, 2017, was the largest change to the tax system in over 3 decades. The new tax code contains many provisions that will affect individual, estate, and corporate taxpayers. One of those changes includes the Qualified Business Income Deduction, a new tax benefit allowing entrepreneurs, self-employed individuals and investors to deduct 20 percent of their business income. It is an important factor to consider when deciding whether the structure of your business will be a pass-through entity or a C Corporation.
In this article, we will explain how the deduction works, examine the fine print and discuss how healthcare practices and physician owners can take advantage.
The Tax Cuts and Jobs Act (TCJA) was the largest change to the tax system in over 3 decades. The new tax code contains many provisions that will affect individual, estate, and corporate taxpayers, including hard-working physicians like yourself. Although the new tax law closes many loopholes, there are still tax breaks and strategies that offer ways for physicians to reduce their taxable income. Below we have highlighted 6 tax strategies physicians should consider for 2018.
- Bunching Charitable Donations
While the new tax reform does not eliminate charitable deductions, it does
A proposed amendment released by the U.S. Treasury Department and IRS on August 23rd could limit charitable donations and state tax credits. Previous charitable donations that qualified for an Arizona dollar for dollar tax credit would receive a state tax credit and a federal charitable deduction. The new proposed rule change states that donations to tax credit organizations will no longer be deductible on federal returns. This proposed rule will be set to apply to contributions made after August 27th – You might consider making your charitable donations now. Any donation made thereafter will still qualify for the Arizona tax credit but will no longer receive a federal charitable deduction. We will provide further updates as they become available.
Contact us to discuss how this ruling may affect your individual tax situation.
Will You Really Be Able to Work Longer?
You may assume you will. That assumption could be a retirement planning risk.
Will You Be Prepared When the Market Cools Off?
Markets have cycles, and at some point, the major indices will descend.