News Round-up for Week of January 7
8th Jan 2019
Traditional Pensions May Help Businesses Qualify For Pass-Through Deduction
Tax reform and its 20-percent pass-through deduction for qualified business income (QBI) has created a new use for an old retirement tool: the defined benefit pension plan for small business. Defined benefit plans can benefit doctors, law partners and wealth managers who want to whittle taxable income to qualify for the QBI deduction.
Via Financial Advisor Magazine
Women Can Close the Gender Wealth Gap by Investing
Women are paid less than men, but outperform men in long-term investing. However, women invest less than men creating a self-fulfilling prophecy of lower wealth: Less income and their income in turn earns lower returns from their conservative investing style.
Via US News
Tax Deductions That Went Away This Year
Taxpayers will no longer be able to rely on exemptions that have saved them money in the past because of the Tax Cuts and Jobs Act (TCJA). By nearly doubling the standard deduction and limiting many itemized deductions, the tax law has made it more likely that many people who used to itemize on Schedule A will now take the standard deduction instead.
How To Better Attract Your Ideal Clients By Crafting A Specific Client Persona To Market To
Advisors seeking ideal clients should market to a specific persona. It’s easier to market to the right prospective clients than try to market to everyone. The first step to effectively marketing your practice for growth is to narrow your focus and pick which specific prospective clients you want to target.
Via Michael Kitces
10 Year-End Tips to Cut Clients’ Tax Bills
Although the advantages of the new tax laws come with some complexity, your clients can reap opportunities and not get stuck in the details. Here are 10 tips for advisors that can help your clients save money.
Via Think Advisor