May News: Latest version of TOTAL features the new Qualified Business Income (QBI) Deduction, special offer to get started with Silver
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May 2018 News

Planning Notes | Software | Events | Tech Tip  

QBI Deduction for Pass-Through Income in TOTAL

Tax Reform in TOTAL - Qualified Business Income Deduction

TOTAL now includes the Qualified Business Income (QBI) deduction available to pass-through entities. The new provision introduced in the recent tax reform allows a deduction of up to 20% of qualified business income from sole proprietorships, limited liability companies (LLCs), S corporations, partnerships, real estate investments, trusts, and estates. 

At the most basic level, the deduction amounts to 20% of the taxpayer's qualified business income. The full calculation surrounding deduction is anything but basic, which may reduce or eliminate the potential deduction.  Limits to the deduction include a cap of 20% of the household's taxable income, phaseouts for high-income taxpayers engaged in a specified service trade or business, and additional limits based on W-2 wages and qualified property. 

The tax section of TOTAL's planning data offers a new item, Qualified Business Income Deduction, to capture the amount of deduction available to clients. TOTAL will not attempt to calculate the deduction amount due to the complex rules surrounding the deduction.  Instead, TOTAL will solely capture the deduction amount for tax purposes, reducing the client's federal taxable income.  

Tax Rates

Additional Features in TOTAL's Latest Release


TOTAL - Additional New Features 

In addition to the QBI deduction, the latest version of TOTAL includes the ability to apply increase rates to the Tax Data items and allows for joint ownership of Miscellaneous Insurance Policies. Learn more about the new features and get the latest version of TOTAL now. 

Special Offer to Get Started Planning with Silver


Silver - Special Offer to Get Started 

Interested in starting deeper financial conversations with your clients? Now is a perfect time. Money Tree is offering Silver for $371 (regularly $495) through June 30th. Engage clients with big-picture financial planning in minutes, not hours. Already plan with Silver? Share this offer with a friend to help them get started. 

Future Changes - Amounts and Increase Rates

Tech Tip

TOTAL - Increase Rates with Future Changes

TOTAL's flexible planning data allows future changes at any age for dollar amounts and increase rates. The amounts are designed to be entered in today's dollars and grown using the associated increase rate. Learn how increase rates are applied to future change table entries in TOTAL and walk through an example in this month's tech tip. 

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