Entrepreneur

2019 Annual Inflation Adjustments

 
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Now that the 2018 tax filing season is over, here are some 2019 tax numbers that may be of interest.

  • Standard Deduction:

    • $24,400 for Married Filing Jointly (increased $400)

    • $12,200 for Single (increased $200)

  • Adoption Credit: $14,080 (increased $270)

  • Qualified Business Income Threshold:

    • $321,400 for Married Filing Jointly (increased $6,400)

    • $160,700 for Single (increased $3,200)

  • Unified Credit against the Estate Tax: $11,400,000 (increased $220,000)

  • Annual Gift Tax Exclusion: $15,000 (no change)

  • Refundable portion of Child Tax Credit: $1,400 (no change)

  • Federal Income Tax Brackets: See tables below.

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Want more details and more numbers? Read the IRS’s Revenue Procedure 2018-57.

Redesigned 2018 Form 1040

The IRS released the redesigned 2018 Form 1040. Curious where you will report your self-employment income for 2018? Here’s a brief overview.

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Want to view the actual redesigned forms? Here are links to the forms.

Book Review: YBYE

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Book Title: Your Best Year Ever: A 5-Step Plan for Achieving Your Most Important Goals

Author: Michael Hyatt

Publication Date: 2018

In November 2017, my eye caught an online advertisement, and I bought something. Crazy! I know. It caught my eye because it was a planner that looked like a hard-covered journal. Even though my business processes are 100 percent cloud based (meaning, everything is online), I like to write out—with a pencil—lists and project details. The Full Focus Planner has been a wonderful investment and strategy to help in my entrepreneurship journey.

Your Best Year Ever (YBYE) complements the planner. But you don’t have to use the planner to get something out of the book. The author outlines five steps to goal achievement. I write highlights from each of the steps.

  1. Don’t think the impossible. What past failures or obstacles do I think have held me back? What thinking do I need to change to accomplish goals? What old thoughts “limit” my current actions? I need to recognize my “limiting beliefs,” and then reorient and revise my thinking.
     
  2. Remember from where I came. What goals have I achieved or failed to achieve? What disappointments did I face? What were my proudest moments? What lessons have I learned from my past experiences? Is there something I regret? I need to learn from my past performance and make necessary changes.
     
  3. Define your goals. Have I set goals that are too “comfortable”? Have I “downgraded” my goals because they didn’t seem achievable? Am I ready to take on more risk in my goal setting? I need to set goals in my “Discomfort Zone.” The goals shouldn’t be delusional, but they should be challenging, risky, and rewarding. Don’t let fear control.
     
  4. Don’t quit. Have I lost focus? Do I feel like giving up? Why am I doing what I am doing? I need to remember that it takes perseverance and persistence to achieve my goals. Learn to enjoy the journey.    
     
  5. Take action. How am I planning to meet my goals? Have I been procrastinating? I need to take the next step.  

Who should read this book?

  • An entrepreneur who needs a new or revised goal setting system,
  • An entrepreneur who feels they are failing, and
  • Someone who has already read the book should re-read it!

As my key take-away, I will quote the author: “The most important aspect of making it happen is practicing the art of the start. You don’t have to see the end from the beginning…. All you have to see is the next step. Any goal is manageable one action at a time” (pg. 195).

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