Tax Cuts & Jobs Act 2017

This is a special blog post on the Tax Cuts & Jobs Act 2017.Follow this link if you would like to read the two page summary from December 15, 2017 by the House Ways and Means Committee.

Until next time, enjoy!

The 2 Out of 3 Tax Rule

Key Takeaways

  • There are 3 tax benefits you can take advantage of when considering investments.
  • Most investment assets can take advantage of 2 out of the 3 tax benefits which are tax deductibility, tax deferment, and tax free.
  • Investing in one of these tax benefit type accounts can significantly increase your returns over time versus investing in a taxable asset.

Last-minute Tax Reminders

6 year-end tips to consider

Key Takeaways

  • Before year-end, accelerate your charitable contributions and pay real estate taxes, state income taxes and deductible medical expenses early.
  • Always consult with a trusted advisor before pulling the trigger on any of the year-end tax tips below.
  • Look for capital gains in the 0 to 15 percent tax bracket and take advantage of the $14,000 annual exclusion on gifts to children and grandchildren.
  • If you’re a business owner, accelerate your operating expenses and highly depreciated capital expenditures.

Hidden Benefits in the Sharing Economy

Key Takeaways

  • 34 percent of the workforce is now doing independent, self-employed work—up from 6 percent 20 years ago.
  • The majority of workers in the sharing (gig) economy are NOT taking advantage of all the saving and tax mitigation benefits they’re entitled to.
  • A Solo 401(k)/Profit Sharing Plan can help many sharing economy workers save for retirement and reduce their taxable income.