By Michelle Key
and Morgan Bryce
A monthly meeting of the International Association of Accredited Investors was held Jan. 31 at Opelika’s Saugahatchee Country Club.
Before the meeting, BigHouse co-founder Micah Melnick spoke on the mission of her Opelika-based nonprofit and how it seeks to help and connect foster parents to local resources.
With tax season looming, local investment adviser John Letts of Letts Financial Group and Alan Craft of Auburn’s Pivotal Finance discussed some of the less known changes and overall impact of the “Tax Cuts and Jobs Act of 2017” signed into law by President Donald Trump and how people can use it to maximize their returns in 2019.
Some of the topics discussed were:
• section 199A which is related to the new “qualified business income” deduction which could provide up to a 20 percent deduction
• opportunity zones
• changes in depreciation for businesses
• increases allowance for charitable contributions
• the removal of unreimbursed business expenses
• the increased child tax credit
• the removal of the personal exemptions
• cost basis of inheirited assets
• tips on reducing business income through strategic planning
Letts who graduated with a degree in accounting and finance, spoke of the importance of helping the group understand how the changes in the tax laws can help not only those that were present, but also their family memebers. “Take some of this information home to your adult children because we’re going to talk about a number of things that can help regardless of age,” Letts said.
Based in Lagrange, Georgia, the IAAI seeks to “provide the highest quality educational opportunities for AI members to explore the many choices they may have to accomplish for their financial goals. It is our goal to put the world at every accredited investor’s fingertips.”
For more information or to inquire about attending one of their meetings, contact Letts by calling 630-968-2323 or sending an email to jletts@lettsgroup.com.
