The Financial Management Blog for Surprise, Arizona

2018 1st Global National Conference

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

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.

6 Tax Planning Strategies for Doctors to Consider

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.

  1. Bunching Charitable Donations

While the new tax reform does not eliminate charitable deductions, it does

Treasury, IRS Issue Proposed Regulations on Charitable Contributions and State and Local Tax Credits

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.

Changes to Fringe Benefits, Entertainment Expenses

Changes to Fringe Benefits, Entertainment Expenses

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, the elimination of a business-related deduction used for entertainment, amusement or recreation expenses, will make it costlier for business owners to entertain clients.

Navigating the New Qualified Business Income Deduction

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.

Local Financial Advisor, David Monheit, Leads Vital Efforts on Capitol Hill

Local Financial Advisor, David Monheit, Leads Vital Efforts on Capitol Hill

Surprise, Arizona – David Monheit, CPA PFS travelled to Capitol Hill recently to participate in promoting the message about the importance of access to affordable, honest financial advice and protection for investors. As part of the Financial Services Institute (FSI) team, David met with members of Congress and their staff members on June 6 in Washington, D.C.

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