The Good Life Report - New Year's Edition 1/2/2020
End of Year Tax Tips for Small Business Owners
If you're a small-business owner, there are a few tax planning strategies you can implement at the end of the year to save money. Here are just a few:
- Claim 100% bonus depreciation for asset additions - If you have new or used property, you may be eligible for a first-year bonus depreciation. In other words, you may be eligible to write off some of your 2019 asset additions. The same rule may also be applicable for heavy SUV, pickup, or van purchases.
- Time your business income for tax savings - If you conduct your business using a pass-through entity, your share of your business's income is passed through to you. This means that deferring income into next year makes sense if you expect to be in the same or lower tax bracket next year. The qualified business income from pass-through entities deduction can also help because deductions can be up to 20% of a pass-through entity owner's qualified business income.
Tip adapted from Market Watch[1]
New Year's Resolutions For Golfers
The new year means New Year's resolutions. Instead of making general resolutions this year, make ones specifically focused on your game. Some fun and tactical examples include:- Smile more. After all, you're out there to have fun (even if you do shank the ball)!
- Visualize your name on your club's Honor Board.
- Focus on your short game.
- Don't lose your temper as easily.
- Lower your handicap.
- Improve your fitness. A well-played game happens on and off the course.
- Play more golf. This one's simple.
- Take some lessons. Even the best golfers can benefit from some pro tips.
- Visit a new course. Bonus points if it's in a totally different state or country.
- Golf with a new group of buddies.
- Increase your drive length.
- Nail your chip shots.
- Teach someone else how to play. We all started somewhere.
Tip adapted from Golf Monthly[2]
Intentions Vs. Resolutions
As the new year rolls in, we hear a lot of talk about New Year's resolutions. But resolutions might not be best for everyone. Instead, it might be beneficial to shift your thinking and view these opportunities as intentions.
But what's the difference between resolutions and intentions? To some people, resolutions feel a bit judgmental. Your goal is to change some aspect of yourself, and there's a lot of pressure to stick to resolutions, even if they turn out to not be the right fit.
In contrast, intentions are mindful decisions you can make to be the best version of yourself. For example, instead of setting a resolution to lose 15 pounds, set an intention to eat more real food and move your body a few times a week. Your intention is to live healthier and are a low-pressure commitment to yourself this new year.
Tip adapted from Nutritious Life[3]
Make A Green New Year's Resolution
There are countless goals you can set for the new year, from losing a few pounds to spending more quality time with friends. If you want to make a resolution to be more environmentally friendly, here are some green New Year's resolutions to start with:- Bring your own reusable shopping bags everywhere you go. Many states ban or charge for disposable plastic bags, so this resolution will save you money as well. In our office, Margie and Becky are always on top of this one!
- Cook from scratch more. Prepared food, either from the grocery store or from restaurants, usually requires a lot of plastic. Plus, it takes a lot of natural resources to get those prepared meals from the farm to the factory to your dining table. Cook from scratch more to reduce your carbon footprint (even better if the groceries are sourced locally).
- Avoid fast fashion. Mass-produced fashion in big-box stores might be affordable to the end consumer, but a lot had to go into those deals. In addition, a lot of these "fast fashion" pieces are made with harmful dyes, synthetic fabrics, and use a lot of resources to produce. Instead, buy second-hand and only invest in pieces you'll love for a long time. Lauren, our head of marketing, committed to doing this in 2019 and has plenty of tips she'd love to share.
These are the views of Platinum Advisor Strategies, LLC, and not necessarily those of the named representative,
Broker dealer or Investment Advisor and should not be construed as investment advice. Neither the named representative nor the named Broker dealer or Investment Advisor gives tax or legal advice. All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. Please consult your financial advisor for further information.
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[1] www.marketwatch.com/story/7-year-end-tax-planning-strategies-for-small-business-owners-2018-10-22
[2] www.golf-monthly.co.uk/features/the-game/8-new-years-resolutions-for-golfers-83534
[3] nutritiouslife.com/live-consciously/intention-vs-resolution/
[4] www.smallfootprintfamily.com/10-green-new-years-resolutions
