Latest News

Latest News

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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Smart tax, business and planning ideas from your Trusted Business Advisor SM January 2019

In this issue
1 Double (and triple) IRA season is here
2 Drive cautiously… but carry ample auto insurance
3 IRS says business meal deductions still apply
4 Tax calendar

Double (and triple) IRA season is here

The start of each year might be considered “Double IRA” season. Until mid-April (the 15th, in 2019), you still can make contributions to an IRA for 2018, if you have funds you’d like to save for retirement.Most workers and their spouses may each contribute up to $5,500, or $6,500 for those who were 50 or older at the end of 2018.
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