2018 Tax Plan Nathan Bennett The Basics Partner Jay Gilson - - PowerPoint PPT Presentation

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Apr 13, 2023 127 likes •222 views

2018 Tax Plan Nathan Bennett The Basics Partner Jay Gilson Senior Director Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your

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2018 Tax Plan

The Basics

Nathan Bennett
Partner
Jay Gilson
Senior Director

Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Securities and investments advisory services offered through Securian Financial Services, Inc. Member FINRA/SIPC. Summit Financial Group, LLC is independently owned and operated. Nathan and Jay are Registered Representatives and Investment Advisor Representatives of Securian Financial Services, Inc. TR# 1978438 DOFU 12/17

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The “Big Rocks” in the Tax Plan

 Corporate Tax Rate reduced to 21%  Pass-Through Entities (S-Corps, LLCs, and Partnerships) receive a deduction for some of their income*

* Subject to phaseouts, and not available to all industries!!!

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Benefits from the New Plan

 Lowered Individual Rates (and higher income per rate level)  Increased Standard Deduction to $12,000 per individual ($24,000 couple)  Section 529 Plans can be used for k-12 school up to $10,000 annually per child  AMT impact may be reduced dramatically!  Estate Tax Exemption increased to ~$11 Million per person

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Tax Increases

 Personal Exemptions Eliminated  Combined State and Property Tax deduction capped at $10,000 annually  Mortgage interest deduction capped at $750,000 of debt

Existing loans are grandfathered
No deduction for Home Equity Loans

 Alimony no longer deductible

For agreements signed after 12/31/18

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Observations

What’s Likely for 2018 and Beyond?

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STEPS TO CONSIDER NOW

Talk with your tax advisor

Run the Numbers

All tax advice is situation specific. Ask your CPA to run projections to chart your course

Pay 2nd Installment of Property Tax

2 $10,000

Is the maximum deduction for State and Property Tax Deductions next year. If you are not in AMT, consider paying that now!

Pay State Income Taxes

Before 12/31/2017

State taxes are still deductible for 2017. Check with your CPA to determine if paying them now can save you money.

Charitable Deductions

More valuable in 2017?

If you won’t be itemizing deductions in 2018,

r your suspect lower taxation – charitable

deductions might be more useful in 2017

This is a summary of a few of the provisions that are likely to impact individuals and is not meant to be a complete summary of all provisions of the law.

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THANK YOU!

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2018 Tax Plan

What’s Likely for 2018 and Beyond?

THANK YOU!

Q&A