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When creating or updating your strategic plan, you might be tempted to focus on innovative products or services, new geographic locations, or technological upgrades. But, what about your customers? Particularly if you’re a small to midsize business, focusing your strategic planning efforts on them may be the most direct route to a better bottom line. (more…)

What’s inside

Using the 0% tax rate
Working around the new “kiddie tax”
Final regulations clarify IRC Section 199A
Tax calendar

Factoid: Bearing more risk

According to the Centers for Disease Control and Prevention, between 2007 and 2018 the percentage of individuals under age 65 enrolled in high-deductible health plans (with deductibles of at least $1,350 or $2,700 for family coverage in 2018) increased from 17.4% to 46%, a 264% increase.

Did you know?

Home sellers in 2018 realized an average home price gain of $61,000 since purchase, a 12-year high. That average profit represented an average 32.6% return on investment, the highest since 2006. Individual markets with the leading returns were mainly in the west, topped by San Jose (108.8%), San Francisco (78.6%), and Seattle (70.7%).

Source: attomdata.com

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What’s inside

The new math of municipal bonds
Handling qualified charitable distributions
Deducting qualified business income
Tax calendar

Factoid

With 44 million borrowers owing a total of $1.5 trillion, student loan debt now exceeds credit card debt.

Did you know?

Minnesota ranks as the least tax-friendly state for retirees. State income tax rates range from 5.35% to 9.85%. Taxes often are imposed on pensions, retirement plan distributions, and some Social Security benefits. Connecticut, Kansas, and Vermont are next on this high tax list.
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Practice development tip
Use tax returns as a teaching tool

This year’s tax filing season brings the first returns under the Tax Cuts and Jobs Act (TCJA) of 2017. Some features of the TCJA will be new to clients and may be startling. You can use these returns to trigger conversations and generate future tax-planning sessions. For example, many married clients who generally itemize deductions will be taking the standard deduction for 2018, mainly due to the $10,000 cap on state and local tax (SALT) deductions.
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