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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
This Year
Did you buy a book, attend a conference or enroll in an online seminar to learn about topics relating to your current business? If you did, some of these costs may be deductible. Costs incurred while traveling to a conference or other business function are also tax-deductible. Or buy an ad in a nonprofit’s program and deduct it as an advertising expense.
Other overlooked deductions might include business meals and business entertainment, for which you may deduct half of any reasonable cost. Make sure you keep detailed records, eliminate non-business costs associated with lodging and save receipts for any expense you plan to deduct, as well as details about the business conducted.
If you are a one-person operation and you have a home office used exclusively for business, you can deduct some of the cost of home insurance and utilities. Also deduct health insurance premiums and SEP-IRA contributions. You have until your tax filing deadline in 2018 to make the latter.
Depending on how your business is legally structured, you may be able to deduct the entire cost of business equipment or depreciate the cost over five or more years. If you’re still using pencil-to-ledger accounting, you might want to explore software that can make your recordkeeping easier.
Also take an advance look at how next year’s taxes might look. A bump up in net income might spur you to accelerate deductible purchases or push off income until 2019. This is a good time to work with a financial professional to compare retirement plans. You might find a plan that helps you reduce current taxes while you and any employees put more money away for retirement.
Talk to a tax professional to learn more about your situation.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.