June 2019 E-Newsletter



You Know You Need Tax Planning If...
Effective tax planning helps you make smart decisions now to get the future outcome you desire — but you need to make sure you don't miss anything. Forget to account for one of these situations and your tax plans will go off the rails in a hurry:

Al Capone, Aunt Becky, Tax Fraud and You!
How you can learn from high–profile tax scandals
The recent college admission scandal involving Lori Loughlin (who played Aunt Becky in the Full House TV series) and others is shedding light on just one way people allegedly cheat on their taxes.

4 Key Elements of Great Business Books
Your bookkeeping system is the financial heart and lifeblood of your business. When set up and operating properly, your books help you make smart decisions and seamlessly turn your financial data into useful information. Here are four key characteristics to build and maintain a healthy bookkeeping system:

Pieces To The Retirement Puzzle
Individuals may have singular needs, but past history and a few surveys show many retirees have a few common ones, too. Here's a look at two of them.


  • 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

May 2019 E-Newsletter

April 2019 E-Newsletter

June 2019 Q & A

Q: My income last year was too high to take the full qualified business deduction. What can I do to come closer to getting the full deduction next year?

A: The qualified business deduction (QBI), also known as a Section 199(a) deduction, is available to owners of businesses whose tax structures are pass–through entities. This deduction was subject to limits for couples filing taxes jointly with taxable income over $315,000 and for all others with taxable income over $157,500 in 2018

If your business income fluctuates and you're close to the threshold, you might push sales into next year to lower this year's income. You might also open a SEP–IRA, SIMPLE plan or 401(k) plan, where contributions are made pre–tax, lowering your taxable income.

Q: With all of the new tax rules, can I still deduct the interest I pay on student loans?

A: It depends on the amount of your interest payments and your income. Beginning in 2019, you can deduct up to 2,500 in qualified student loan interest if you meet income requirements. Take the full deduction if you are single or head of a household and have a modified adjusted gross income (MAGI) under $70,000, or if you are married and filing taxes jointly with a combined MAGI of less than $140,000. You can take a partial deduction up to $85,000 and $170,000, respectively.



The Conference Board Consumer Confidence Index® jumped to 131.4 in February, up from 121.7 in January. Both numbers, indicating that consumers expect the economy to keep expanding, are relatively high. In other Conference Board surveys, the organization found that consumers' assessment of current business and labor market conditions and their short-term outlook for income, business and labor market conditions also improved.


Americans are getting more education. According to the U.S. Census Bureau's Current Population Survey, the number of people at least age 25 with a Master's as their highest degree doubled to 21 million from 2000 to 2018. The number of doctoral degree holders also more than doubled to 4.5 million during the same period. In 2018, 13.1% of aults held advanced degrees.


The U.S. may be near full employment, but employee tenure remains tenuous. The Employee Benefit Research Institute's analysis of U.S. Census Bureau data from the Current Population Survey (CPS) found that the median tenure of all wage and salary workers aged 25 or older stayed at about five years. Men's tenure, however, slipped, while women increased their median tenure, according to the EBRI analysis.


The Consumer Financial Protection Bureau released a report showing a dramatic increase in financial crimes against the elderly. According to the Bureau, reported incidents of elder financial exploitation exploded to more than 180,000 cases from 2013 to 2017, totaling $6 billion. The Bureau notes that many more incidents are likely not reported. Adults from age 70 to 79 had the highest average monetary loss - $45,300.

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