Surprising Facts of Roth IRAs: You are never too old to contribute. If you have earned income and your modified adjusted gross income is below an annually adjusted threshold ($135,000 for single filers and $199,000 for married filing jointly for 2018 )
Retirement Plan Selection for Small Business Owners: elf-employed business owners wear many hats and juggle multiple responsibilities. One aspect that should not be neglected is saving for retirement through tax efficient vehicles, such as the SEP IRA, Solo 401(k), SIMPLE IRA or a defined benefit (pension) plan (the subject of a future alert).
Can’t Deduct Vacation Home Property Taxes? Consider Renting It: The recently enacted Tax Cuts and Jobs Act of 2017 imposed harsh limitations on the federal deductibility of state and local taxes. Beginning in 2018, the aggregate maximum amount of state and local taxes that may be deducted in any year (other than such taxes attributable to a business or real estate rented more than 14 days) is $10,000.
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, ushering in the most comprehensive tax law changes in thirty-one years.
A significant benefit afforded to business owners is new §199A which provides a 20% qualified business income (QBI) deduction and has the potential to effectively reduce the highest income tax rate from 37% to 29.6%.
Income Tax Reduction Strategies: Depending on your specific situation, this report will educate you on a few strategies which can potentially help you reduce income taxes, multiply your ability to accumulate wealth, retire sooner, and spend more time doing the things you love with the people you love.