The Tax Cuts and Jobs Act

The tax cuts and jobs act which was put into effect in 2017 and ushered in some amendments to a bunch of laws. What American taxpayers need to look out for when filing taxes in 2019 is a series to give you insight on the 2019 tax season.[bctt tweet=”Follow the 7-Part blog series: What American taxpayers need to look out for when filing taxes in 2019? Written by Jean-Désir Fils” username=”magnitax”] My job with this seven-part series is to make sure American taxpayers are prepared for the 2019 tax season. As I will always mention, this is not tax-advice and if you want to get in touch with a tax advisor; Shngli has a directory full of them. 

Tax Planning for 2019

Although it is already 2019, you probably feel like you’ve missed the ability to do tax planning. As I will break down in the retirement section, you are late but not out of luck. Tax planning can be a daunting task with everything going on around you but simple strategies are in front of you and most of the time an advisor need not apply. Executive and the challenges during tax season Our clients who are executives for their respective companies need to pay attention to this series as well. As many of you have read some of the tax deductions are changing; such as now you can only deduct 50% of those dinners to entertain new clientele. No worries you will have some new opportunities to put money back into your businesses bottom line.

Small Business owners should pay attention to their tax advisors advice more

I’m a Miami based founder, our city ranked 24th in terms of entrepreneurial growth activity according to a 2017 Kaufman Study.

Small-Business-owners-should-pay-attention-to-their-tax-advisors-advice-more

(Photo by Tom Szczerbowski/Getty Images)

When it comes to economic incentives and more, small Business owners should pay attention to their tax advisors advice more often. Furthermore, advisors should sit down with clients more often to not only gauge present but future needs as well. Many states and municipalities provide tax incentives to business owners that could change and the city’s economic and social climate.

Retirement planning for you and your family

Retirement has become multi-faceted for a number of years because we now have so many different generations of retirees. Phased Retirement is here, according to The New Rules of Retirements by Robert C. Carlson, a managing member of Carlson Wealth Advisors, L.L.C., he coined the phrase, phased retirement. Phased retirement is where a person in his or her sixties leaves an employer after working for 10 plus years.[bctt tweet=”Phased retirement is where a person in his or her sixties leaves an employer after working for 10 plus years.” username=”Magnitax”] This person takes about six months to a year of relaxing or taking on new extracurricular activities before figuring out how they will live the remainder of their lives.

Real Estate for 2019 and beyond

Whether you are in the real estate market as a buyer or investor, 2019 will be a year to focus on many facets of the industry. From the Federal Reserve raising rates to your local market, here are a few things to keep in mind because of increased interest rates in terms of real estate:

  • Fewer houses on the market
  • Difficulty in financing for less qualified buyers
  • More, just pick up a simple economics book for a refresher

Data in the real estate industry

“There is relatively little rigorous, economics-based focus on commercial real estate development: the actual process of capital formation, where and how financial capital is converted into the physical capital that greatly impacts cities, society, the environment, and the economy.

A very exciting frontier is to link the economic and financial perspective of real estate development to the physical perspective of the architects and urban designers. We could use the development of both theory and empirics.” David Geltner Professor at MIT

The future of Magnitax and our involvement with taxes

Magnitax.com has partnered with Shngli.comto assemble a group of tax advisors to work with business owners in all industries. From tax-preparation, auditing and representation in front of the Internal Revenue Service (IRS), we plan to be there for our clients. If you have any questions, please do not hesitate to reach out to us.

 

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