posts by Anne Zavaglia - 2/3 - Beacon Hill Investment Advisory, LLC

Qualified Business Deduction for Real Estate

Business owners will be able to deduct 20 percent of their qualified business income on their 2018 federal income tax return. The 20% pass through deduction applies to businesses that qualify as a Section 162 trade or business. The IRS has issued further guidance for those wondering if income from rentals will qualify as Section …

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Will the Shutdown Affect Tax Season?

We are currently experiencing the longest shutdown in since the Congressional Budget Office was created. A number of departments and agencies have been shutdown including the IRS. IRS offices have been closed, and almost ninety percent of its workers were furloughed when the shutdown began last month. The small percentage of employees that have been …

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Women face challenges when planning for retirement.

Women generally earn less over the course of their lifetimes than men which is often due to family care giving responsibilities. Statistically, women live longer than men1 which means women will need to stretch their retirement savings and benefits over a longer period of time. Women and men may start out on relatively equal financial …

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Ohio 529 Plan Tax Deductions

You have until December 31 to make contributions to an Ohio 529 Plan.  Contributions up to $4,000, per beneficiary, are deductible on your Ohio state income tax return- up from $2,000 in previous years. Contributions can be made to one or more beneficiaries, and the deductions are not capped.  For Example, if you have 3 …

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Business Owners: What’s Your Plan for Retirement?

Business owners often put their heart, soul, and nearly all of their money into their business. When it comes to retirement planning, business owners should not rely on selling their business as their only means of a nest egg for retirement. Many things can happen along the way, an owner may become ill and have …

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