Three Year-End Tax Planning Tips for 2018

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1.       Qualify for the Pass-Through Deduction: If you are a business owner and qualify for the Section 199A (pass-through deduction), focus on keeping your taxable income under the thresholds to receive the deduction. If you are a single tax payer, the phase out begins at $157,500, whereas if you file married filing joint, the phase out begins at $315,000.

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Does buying a starter home still provide tax benefits?

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Does this mean that married couples should no longer purchase starter homes?  Of course not. Homes typically increase in value over time, when you buy you aren’t subject to yearly rent increases, equity is built in your home with each payment, and the satisfaction of owning your home can’t be understated. The tax benefits may just not be the factor they once were when making a home purchasing decision.

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