QBI Tax Deductions

QBI "Qualified Business Income" Tax Deductions
A significant new tax deduction will take effect in 2018 under the new tax law. It should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship. This income is sometimes referred to as “pass-through” income. This new provision may potentially lower the maximum individual tax rate of 37% on pass-through income to 29.8%, which makes it more comparable to the new C corporation tax rate of 21%.

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Social Security Will Go Broke Faster Than You Think

Social Security Will Go Broke Faster Than You Think, Wharton School Says
The financial state of Social Security is worse than the government says it is, according to the Wharton School of Business at the University of Pennsylvania. The situation is direr than the Social Security Trustees estimate because they are not factoring in how the future increase in the national debt reduces the expected growth of the payroll tax base, Wharton school reported in the Penn Wharton Budget Model.

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Interest Rate Hike

Interest Rate Hike
Federal Reserve officials discussed raising interest rates soon to counter excessive economic strength but also examined how global trade disputes could batter businesses and households.

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2018 Income Tax Brackets and Rates

2018 Income Tax Brackets and Rates
Many tax brackets, thresholds, and rates will change in 2018 due to the passage of the Tax Cuts and Jobs Act (TCJA). Changes include elimination of personal exemptions, elimination of the Pease limitation on itemized deductions and the expansion of the Child Tax Credit.

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IRS issues HSA contribution limits for 2019

IRS issues HSA contribution limits for 2019
For 2019, the annual limit on deductible contributions will increase for both individuals and for those with family coverage. Individuals with self-only coverage, the deductible contribution limit will increase $50 from 2018 to $3,500. The limit will increase $100 for family coverage, to $7,000.

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