2019 IRS Standard Mileage Rates on the Rise

As you keep records for the 2019 tax year, we want to make sure you are aware of this year’s IRS standard mileage rates. As of January 1, 2019, the standard mileage rates for the use of a vehicle (car, van, pick-up truck, or panel truck) for business, charitable, medical, or moving purposes are:

  • 58 cents for every mile of business travel driven (an increase of 3.5 cents from the 2018 rate)
  • 20 cents per mile driven for medical or moving purposes (an increase of 2 cents from the 2018 rate)
  • 14 cents per mile driven in service of charitable organizations (no change from the 2018 rate)

If you rely on mileage deductions for tax filing, save time and stress by considering the many apps and online mileage trackers we discuss in this blog.

If you have questions about this topic or any of our other business service offerings, please don’t hesitate to call 215-723-4881 or contact us online.

Elm Terrace Gardens Technical Support Request

Computer Recycling Program

In an effort to support our environment, provide our customers with a cost-effective, easy way to dispose of their unused computer equipment and comply with local equipment disposal laws, we are announcing a new computer equipment recycling program. Here’s how it works:

At your request, we will recycle your used computer equipment for you. Computers will have their hard drives rendered inoperable (so that there is no possibility of anyone extracting data from them). We will then transport your equipment to a certified computer equipment recycling center for proper disposal.

To encourage as much participation in this program as possible, we are keeping the fee for this service to a minimum. To have your computers recycled, simply:

  1. Complete the form below, indicating the quantity of each item to be recycled
  2. Drop your equipment off at our office (along with this form), or give your equipment to one of our staff persons when they are at your office for another engagement
  3. We will send you an invoice for the service fee

Computer Equipment Recycling Program (PDF)

Canon Capital Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Services: Let’s Get Started

Accounting

Our team of certified public accountants, certified management accountants, and chartered global management accountants work with you to understand your goals – personal and business.

Payroll

You didn’t start a business to run a payroll company. We stay up-to-date on the latest tax rates and payroll practices so you don’t have to. Our efficient, cost-effective payroll services allow you to continue working on your business goals.

Wealth Management

We work with business owners and personal investors to provide unbiased advice and clear expectations on investment choices.  We work with companies to develop successful retirement plans, such as 401(k) and 403(b) plans, helping employees reach their retirement goals.

Computer Solutions

We take the worry out of your computer system management. From cyber threat management to data back-up, we work with you to address your concerns and make sure your systems are working for you.

Canon Capital Wealth Management Named Ascensus Signature Elite Advisor

We are honored to announce that Canon Capital Wealth Management’s investment advisory team has been named a Signature Elite Advisor in the Ascensus Elite Advisor program for 2019. The Elite Advisor program is an exclusive experience provided to financial advisors with demonstrated, results-oriented experience in the retirement industry.

“As a Signature Elite advisor, our clients will benefit from dedicated access to the Ascensus award-winning retirement plan service team,” states Patty Webb, Canon Capital partner, and Director of Wealth Management Services. “I’m proud that we have been recognized by an organization that helps millions of Americans make the dream of a stress-free retirement a reality, and I look forward to our continued partnership in serving the retirement planning needs of local small business owners and their employees.”

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most: retirement, education, and healthcare. Ascensus partners closely with financial advisors across the nation to ensure that business owners and their employees have the technology and guidance they need to invest for their future retirement.

“We truly value our relationships with these key partners and remain committed to giving them the attention and dedication they deserve,” states Jason Crane, head of retirement sales at Ascensus. “As a result, we want to recognize Canon Capital Wealth Management’s achievement as an outstanding financial advisor with a higher level of service, attention, and opportunity.”

Here at Canon Capital, our Wealth Management investment advisors take the time to learn about your unique financial and investment needs. We then develop a comprehensive service plan that acutely reflects those needs. Our combination of process, service, and client communication provides you with clear expectations and the confidence of knowing that in us, you have a trusted advisor.

For more information on how we might be of service, please contact us or call 215-723-4881.

Tax Cuts and Jobs Act: Opportunities for Tax Beneficial Wealth and Retirement Planning

We continue our blog series recapping our recent presentation on the new tax laws to the Indian Valley Chamber of Commerce. This blog discusses opportunities for tax beneficial wealth and retirement planning.

Tax years 2018 to 2025 (the year many of the changes within the Tax Cuts and Jobs Act are set to expire) brings many changes in the status quo to the individual taxpayer, including:

  • Brackets expanded and tax rates are lowered
  • Capital Gains tax rate changes
  • Standard Deduction increase
  • State and Local Tax limitation (capped at $10,000)
  • Mortgage Interest Deduction limitations (Home Equity interest no longer deductible)
  • Elimination of miscellaneous Itemized Deductions
  • Suspension of Personal Exemptions
  • Child Tax Credit expanded
  • Significant impact on AMT

At first glance, the lowering of the overall tax rate and the increase in the standard deduction looks like good news to most taxpayers. However, not necessarily so when placed alongside the loss of personal exemptions, miscellaneous itemized deductions, home equity interested deductions, and the rest of the negative impact items listed above.

These changes do present four opportunities to create long-term strategies to help build wealth as well as plan for retirement:

“Play” the Tax Brackets and Standard Deduction

For 2018, the standard deduction is now $24,000. If you’re over 65, it is $26,600. One avenue to get the most out of this scenario is to stagger the taxable year of deduction timing given this higher standard deduction.

Let’s look at charitable giving. In years past, your donations would be included amongst your itemized deductions. Now, you might consider frontloading your giving at a higher amount into a Donor Advised Fund. So, if you normally donate $5,000 each year, consider placing $25,000 now into a Donor Advised Fund – this places you above the $24,000 threshold of the standard deduction. Then, over the course of five years, give the annual gift of $5,000 from that Donor Advised Fund. This allows you to get the full advantage of the standard deduction in one tax year, followed by several tax years of maximizing itemized deductions.

Portfolio Rebalancing / Tax Loss Harvesting / Capital Gain Harvesting

Take advantage of stock market downturns and volatility by rebalancing to a formal investment allocation. The more volatile things are, the better the portfolio rebalancing works. Studies show a .75% higher return when rebalancing to a formal investment allocation.

Tax loss harvesting comes into play when the market goes down, allowing you to generate a tax loss. You can still reinvest in a similar fund and enjoy the benefits of that investment.

With historically low Capital Gains rates, take advantage of a zero tax rate Capital Gains situation. It might be an ideal time to sell certain assets, pay zero tax, and reinvest.

Dynamic Asset Location Optimization

Where are you placing your wealth as you go through life?

  • Tax Deferred: IRA, 401(k), 403(b)
  • Taxable: Investment Accounts, Bank Accounts
  • Tax Free: Roth IRA, Roth 401(k)

And, when you retire, from where will you draw this wealth? Think about an asset allocation mix between these three wealth locations.

Roth 401k & IRA

Use this 2018-2025 window of low tax rates to your advantage, with a tax-free Roth 401(k) or IRA. Consider converting 100% of your IRA to a Roth account to allow for “back door” (long-term) Roth IRA contributions in the future or convert smaller amounts over several years.

If you have any questions or concerns about these changes, please call us at 215-723-4881. You may also consult our free online 2018-19 Tax Planning, which can be found here.

To view the portions of his seminar that were broadcast via Facebook Live, please visit our Facebook page.

Client Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Alderfer, Rebecca

Administrative Assistant

Becky joined Canon Capital in 2002.  Prior to Canon Capital, she worked for an auto dealership and computer software company.  She attended Montgomery County Community College for business.  Becky is active in church and teaches Sunday school.  She resides in Tylersport with her husband and has three children and eight grandchildren.  Becky also enjoys making crafts and baking.

Technologies

Canon Capital Technologies has put together a staff of talented, knowledgeable, and experienced technology consultants who pride themselves in providing the very best, yet sensible, solutions available for each business we work with.

Whenever your business needs help with applying technology to improve communications, boost productivity, or increase revenue, just call on our experienced staff of technology consultants.

In today’s fast paced, ever-changing, Internet-connected world, you can turn to us to help your business keep up with it all. You can rely on us to be there for you!