2018 Tax Plan Nathan Bennett The Basics Partner Jay Gilson - PowerPoint PPT Presentation

2018 Tax Plan  Nathan Bennett The Basics Partner   Jay Gilson Senior Director  Financial Advisors do not provide specific tax/legal advice and this information should not be considered as such. You should always consult your tax/legal advisor regarding your own specific tax/legal situation. Securities and investments advisory services offered through Securian Financial Services, Inc. Member FINRA/SIPC. Summit Financial Group, LLC is independently owned and operated. Nathan and Jay are Registered Representatives and Investment Advisor Representatives of Securian Financial Services, Inc. TR# 1978438 DOFU 12/17

The “Big Rocks” in the Tax Plan  Corporate Tax Rate reduced to 21%  Pass-Through Entities (S-Corps, LLCs, and Partnerships) receive a deduction for some of their income* * Subject to phaseouts, and not available to all industries!!!

Benefits from the New Plan Lowered Individual Rates (and higher income  per rate level) Increased Standard Deduction to $12,000 per  individual ($24,000 couple) Section 529 Plans can be used for k-12 school  up to $10,000 annually per child AMT impact may be reduced dramatically!  Estate Tax Exemption increased to ~$11  Million per person

Tax Increases  Personal Exemptions Eliminated  Combined State and Property Tax deduction capped at $10,000 annually  Mortgage interest deduction capped at $750,000 of debt Existing loans are grandfathered • No deduction for Home Equity Loans •  Alimony no longer deductible For agreements signed after 12/31/18 •

Observations What’s Likely for 2018 and Beyond?

STEPS TO CONSIDER NOW 1 2 Pay 2 nd Installment of Property Tax Talk with your tax advisor $10,000 Is the maximum deduction for State and Run the Numbers Property Tax Deductions next year. All tax advice is situation specific. Ask your CPA to run projections to chart your course If you are not in AMT, consider paying that now! 3 4 Pay State Income Taxes Charitable Deductions Before State taxes are still deductible for 2017. More valuable If you won’t be itemizing deductions in 2018, Check with your CPA to determine if paying 12/31/2017 in 2017? or your suspect lower taxation – charitable them now can save you money. deductions might be more useful in 2017 This is a summary of a few of the provisions that are likely to impact individuals and is not meant to be a complete summary of all provisions of the law.

THANK YOU!

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