As we approach the end of the year and focus ahead on 2019 financial planning needs, we wanted to remind you of an important planning tool which will soon be phased out.

The underused and not well-known social security planning technique has to do with filing a restricted application to receive spousal benefits while allowing your benefit to grow until age 70.

The 2017 Tax Cuts and Jobs Act established for 2018 a new flat 21% federal income tax rate for C corporations (“C Corps”). This 21% rate is significantly lower than the 2017 top C Corp. rate of 35% and the new 2018 individual tax rate of 37% which would apply to ordinary income from pass-through entities such as partnerships or S corporations (“S Corp”).

So, shouldn’t all companies now opt to be taxed as C Corps? Not so fast.

Do you know how the Tax Cuts and Jobs Act of 2017 changed the tax picture for business owners like yourself? Whether your company is incorporated or closely held, you must recognize how the recent adjustments to the Internal Revenue Code can potentially affect you and your employees.