Legacy Financial Strategies, Inc.

Lots of business owners have been contacting us as of late with a similar question: Can I take the new 20% deduction for qualified business income? These questions will help you determine that answer for your business.

The IRS just announced that tax season will open on Monday, January 28th and that refunds WILL still be issued, despite the government shutdown. https://bloom.bg/2Tyt2XG

Lots of 2019 predictions floating around out there right now. But before you get too caught up in what the "experts" think, remember what those same experts said not so very long ago... "I think there is a world market for maybe five computers." -Thomas Watson, chairman of IBM, 1943... "Television won't be able to hold on to any market it captures after the first six months. People will soon get tired of staring at a plywood box every night." -Darryl Zanuck, 20th Century Fox, 1946 "The world potential market for copying machines is 5,000 at most." -IBM executives to the eventual founders of Xerox, 1959 "There is no reason anyone would want a computer in their home." -Ken Olsen, founder of mainframe-producer Digital Equipment Corp., 1977 "No one will need more than 637 kb of memory for a personal computer -- 640K ought to be enough for anybody." -Bill Gates, Microsoft, 1981 "Next Christmas the iPod will be dead, finished, gone, kaput." -Sir Alan Sugar, British entrepreneur, 2005

As leaders, parents, workers and friends -- especially in the optimistic mood that a new year inspires -- we are ALL in the business of moving our ideas forward. And one of the best ways to act on those ideas is by connecting with influencers who are already implementing your idea well and approach them for help. Speaking as those who have been sought out for this type of advice, consider these tips as you first approach another person with a request for his or her time. 1 - ...Know what it is you want to accomplish before you begin. 2 - Start the meeting talking about that person's work. 3 - Be sincere. 4 - When you have established all of this, lay out quickly what it is that you have come for. Even if the person you have come to cannot do the thing for you that you are requesting, chances are he or she will make every effort to help you and get you to the person who can actually assist you in accomplishing your ends. Influencers appreciate sincerity and directness. But they are also "real" people, and should be approached as such. Do it right, and your cause (or even merely your own growth) moves forward.

With the government shutdown still in full effect, here is what the IRS will NOT be doing, until a new budget deal is reached: - No tax refunds issued - No processing of forms 1040X, amended returns - No non-automated collections... - No audit or examinations (some exceptions apply) - No call center during Non-Filing Season However, if you owe the IRS money, for whatever reason, be aware that these activities will continue on as normal: - Processing of returns with payments - Appeals (statutory deadlines will not be changed) - Certain civil and criminal tax cases (statute expiration, bankruptcy, liens and seizures cases) - Active criminal investigations