December 2018 E-Newsletter



Year-End Tax Planning Ideas
At the end of every year, Americans rush to make money moves that can reduce their tax liabilities. As 2018 comes to a close, consider these moves to reduce your tax bill and put more money in your pocket.

All in the Family
Running a business is tough enough without the challenge of working with loved ones, but that is what family businesses deal with every day. If you are a family business owner, how do you keep the business and personal sides of your life separate while also grooming family members to succeed you? Start by communicating with your work/life partners.

Educational Gift Ideas
As the holiday season approaches, you could buy your children a cell phone or video game controller. Or you can celebrate the season while teaching loved ones the value of a dollar by giving them a financial gift that lasts for years and helps establish good money habits.

A Trust For Disabled Individuals
A special needs trust, also known as a supplemental trust, is a legal document created by the family or guardians for the benefit of a disabled person who cannot manage their own finances. These trusts are designed to provide assets for the health and welfare of disabled individuals, often without jeopardizing government assistance such as Supplemental Security Income (SSI), Medicaid and other programs.

A Flexible Line of Credit
Need to manage cash flow or inventory levels? Cover an unexpected repair? Then a business line of credit probably makes sense. If you're looking to open your first business line of credit, you should understand what it is and your choices.


  • Income Tax Preparation for all types of businesses and individuals
  • IRS, State and Local Audit Representation
  • Trust, Estate and Gift Compliance
  • QuickBooks setup, support and training
  • Business startup services
  • Monthly bookkeeping
  • Financial statements
  • Family Office
  • Nonprofit Administration

Additional Updated Information

November 2018 E-Newsletter

October 2018 E-Newsletter

December 2018 Q & A

Q: What's your top tip for end-of-year business tax planning?

A: Wow, that's an expansive question in a year with so many federal tax changes. You can cover all your bases by making an appointment to see your tax pro and going in as prepared as possible, bringing with you the documents needed to accurately complete your tax return. Include receipts for equipment you expense, taxes paid and business auto costs, and let them know whether you used the standard or actual mileage expense formula. Don't forget to include business travel receipts with the dates and business purposes of the travel.

Q: My wife died earlier this year and I'm not sure if I'm responsible for paying taxes on her income for 2018. What should I do?

A: We're sorry for your loss. Work with your tax professional and your wife's personal representative, if she had one, to identify and file a tax return that includes any earned or unearned income of your wife during the year. And yes, you or the estate is responsible for paying her taxes. You can file a joint tax return during the year of her death and for two years afterward if you have a dependent child. Don't forget to notify the Social Security Administration of her death, or have the funeral director do it for you.



Employees in their 20s have more target-date funds (TDFs) and other balanced types of mutual funds than older employees do. For many younger investors, the last recession was their introduction to investing. The Investment Company Institute (ICI) and the Employee Benefit Research Institute (EBRI) found that at the end of 2016, 64% of retirement plan participants in their 20s owned a TDF, while 45% of participants in their 60s had one. Younger investors have the most to gain by investing for growth and relying on time to smooth out market volatility.


PlanSponsor's NewsDash asked readers whether it is better to pay off debt or save for retirement first. Three quarters chose paying off debt and saving for retirement at the same time. Even if you need to pay off high-interest debt, consider at least matching your employer match to your company-sponsored retirement plan.


Americans are increasingly enamored of fixed indexed annuities as a way to provide some financial certainty in retirement. According to the LIMRA Secure Retirement Institute, this annuity type accounted for $17.6 billion in sales during the second quarter of 2018 - a record - and $32.1 billion for the first half of the year. Sales for all of 2018 are also projected to break a record.


The good news continued for the business sector through the second quarter of 2018. The Department of Labor's Bureau of Labor Statistics reported a revised 2.9% non-farm productivity rate for the second quarter of 2018, while unit labor costs decreased 1.0% in seasonally adjusted annual rates.

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