A prosperous new year begins with plans and goals. In the midst of this holiday season is a good time to take stock. After looking back at 2018 consider what you would like to spend your time working on in the new year? Are you planning that marvelous vacation, buying a new car or home, or spending more time with family and friends? Setting the goal is the first step. People are more likely to achieve their dreams when they can visualize what they want to do.
With the end in mind, outline the steps to get there. You might want to think about the final step and work backward. Or you might plan forward. In any case, seeing the path to the goal is essential. Remembering what you want to do daily also helps. The third ingredient in successfully achieving your objective is to measure your progress.
Another important consideration is determining the resources you will need. Do you have to save money? Do you need to establish time to enjoy the objective? Do you have to organize an event and get others to make time as well? Arriving at your goal may require that you answer and act on these types of questions.
The staff at Les Merritt, CFP, CPA hope that you will realize your dreams. We are here to help you with financial and tax planning to aid you on your journey to a prosperous new year. Call us today at (919) 269-8553 to set an appointment to prepare for a bright new year. We have been assisting businesses, individuals and families for over three decades. Make your preparations soon so that a year from now you can look back and see how you have achieved your goals. Be safe and secure going into 2019.
The tax changes for 2018 impact meals and entertainment. You may want to get help to steer through the tax maze. Although some details are still unclear, many are well-defined. You will want to check with a professional to be sure. You might want to review a few of the guidelines for the new laws:
- Charitable events tickets are no longer deductible.
- Business entertainment is no longer deductible. If you take a client to a concert, a basketball game or a movie, you cannot take the cost as a deduction. However, if you purchase food as part of the outing and it is itemized in your receipt, that is still 50% deductible.
- Meals within your company for employees at meetings or for the convenience of the employer are still deductible at 50%. So are business league meals
- Employee travel meals are also still deductible at the same percentage.
- Holiday parties and other social activities are 100% deductible.
The leaves are beginning to change and fall from the trees. There’s a nip in the air and the sweltering days of summer appear to be behind us. With these changes it may be time to look at your investments. That might include making adjustments to avoid the hidden tax obstacles in your portfolio. We are now in the fourth quarter, and this may be a good time to begin activities to leverage your tax obligations for the year. Have you spoken to your financial planner recently? How will your investments affect your tax obligations and can you do anything to offset that? Now is the time to look at your situation so you can take action early. With the holidays around the corner, we are entering a busy time. Many people ignore taxes until the new year. That might be too late to make necessary adjustment to reduce your tax liability. One of the advantages of using the same person for your taxes and your investing is that he or she can see your whole fiscal landscape. There may be subtle connections between these two aspects of your financial status. Les Merritt, CPA and Certified Financial Planner (CFP), has been helping clients on both fronts. He and his staff can help make any needed adjustments before the end of the year. Even if you have a different CFP, Les knows the impact of investments and can direct you or your planner to take actions before the end of the year. Before the holidays get into full swing, contact Les at (919) 269-8553 to get ready for 2019. Don’t let tax obstacles in your portfolio surprise you next year.
We have now arrived in the tax maze and you may need help finding your way through it. Since we are halfway through the year, business owners should be planning for the changes. The Tax Cuts and Jobs Act, passed last year, brought about many. One of the changes to tax deductions in 2018 can benefit small business owners. Pass-through owners who qualify may be able to deduct up to 20% of their net business income from their income taxes. Businesses must meet a number of requirements to qualify for these deductions. The new regulation can be more complex for some businesses. Pass-through businesses include sole proprietorships, partnerships, S corporations, limited liability companies (LLCs) and limited liability partnerships (LLPs). Your company could be taxed on only 80% of its income and that’s a savings worth knowing about. This is where a Certified Public Accountant (CPA) can help you. Understanding these new rules and their implications on your business is what a good tax preparer studies and why his or her help has great value. This is just one of a multitude of changes in how taxes will be calculated for this year. To navigate through this new tax maze, consider hiring a CPA. Les Merritt is a CPA and Certified Financial Planner (CFP). His company has been helping clients take advantage of the latest tax deductions for decades. He and his knowledgeable staff are trusted throughout central North Carolina. Les Merritt is also a Dave Ramsey Endorsed Local Provider (ELP). The ELP designation is not easy to earn. Dave Ramsey only endorses the most skilled and caring professionals and then they are held to a higher standard of excellence. Contact Les Merritt today to prepare for the 2018 tax maze. Call (919) 269-8553 today to set an appointment.