A review of significant TCJA provisions impacting individual taxpayers
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income taxes. But it’s smart to begin preparing for filing your 2018 return. Because the TCJA, signed into law at the end of 2017, likely will have a major impact on your 2018 taxes, it’s a good time to review the most significant provisions affecting individual taxpayers. For example, it generally reduces tax rates. And it nearly doubles the standard deduction and expands the child tax credit. But it also reduces or eliminates many breaks. Contact us to review the changes affecting you.
Where Smaller Metros Are Driving Manufacturing’s Revival
Manufacturing continues to boom within the surging U.S. economy and, over the eight years since the Great Recession ended, businesses operating in smaller metropolitan areas are driving the revival.
Cyberattacks Skyrocketed in 2018. Are You Ready for 2019?
We have seen a 350% increase in ransomware attacks, a 250% increase in spoofing or business email compromise (BEC) attacks and a 70% increase in spear-phishing attacks in companies overall.
Business owners: An exit strategy should be part of your tax planning
If you own a business, an exit strategy should be part of your tax planning so that taxes don’t trip you up when you retire or leave the business for some other reason. An exit strategy is a plan for passing on responsibility for running the company, transferring ownership and extracting your money from the business. Common exit options include a buy-sell agreement, succession within the family, a management buyout, an ESOP and a sale to an outsider. Each involves a variety of tax and nontax considerations. Contact us to discuss your exit strategy.
Make sure the price is right with market research
One way to help ensure your company makes the most of the year ahead is to re-evaluate its pricing strategy. Price changes shouldn’t occur in a vacuum; they require market research. Consider approaches such as focus groups, online surveys, social media feedback and free trials. Conduct competitive intelligence, too: There are ethical and effective ways to keep tabs on competitors. With the right data, you can decide whether to cut prices or perhaps charge a premium. We can help you analyze the pertinent factors and make an optimal decision.
You may be able to save more for retirement in 2019
Retirement plan contribution limits are indexed for inflation, and most have increased for 2019. So you may have opportunities to increase your retirement savings. Limits for 401(k)s, SIMPLEs and IRAs increase by $500, to $19,000, $13,000 and $6,000, respectively. Catch-up contributions (for taxpayers age 50 or older) remain unchanged, however. They’re $6,000, $3,000 and $1,000, respectively. Additional factors may affect how much you’re allowed to contribute. For more on how to make the most of tax-advantaged retirement-saving opportunities in 2019, contact us.
Average outpatient visit in U.S. approaching $500, study finds
Between 1990 and 2016, inpatient admissions globally increased by more than two-thirds, while outpatient visits increased by more than half.
Digital transformation demands a whole new level oversight to avoid healthcare fraud
AMA Washington Counsel Paul Westfall says systems need controls, policies and procedures and digital health requires strict technical oversight.
Recession preparation for physicians
Given the current turbulent political and economic state of both the United States and many other key world powers, a variety of financial experts are predicting something ranging from a significant economic slowdown to another full-blown recession. While times may be good now, physicians should examine the lessons many doctors learned the hard way and act now, while they still have the time and resources to prepare. Worst case scenario, those predicting rough seas are wrong, and you’ve merely made your continued success more predictable and better defended.
Smart ways to respond to—and reverse—declining profitability
Few things are more unnerving than realizing your business is less profitable than it once was—or than you counted on.
The instinct to take immediate action is understandable. If you’re a physician, responding quickly to urgent situations is second nature. And after all, if your profit is suddenly on a lower trajectory, you may have reason to be concerned that you’re heading toward a personal financial emergency.