NAPLESILLUSTRATED.COM | DECEMBER 2018 107
Gift Card
A Holiday Card
they won’t forget.
An indulgent resort stay. A pampering
treatment at The Spa. A day of great golf.
A romantic dinner at HB’s On The Gulf.However they choose to use it,
the Beach Club Gift Card is sure to make
everyone on your list happy.Call 261.2222 or order online at
NaplesBeachHotel.comin Florida, he adds. Because Florida has no state income tax, the full
$10,000 deduction can be applied to property tax.
BUSINESS INCOME
A new provision in the tax code provides a boost to a so-called “pass-
through business.” Known as Section 199 Cap A, it allows a 20-percent
reduction in taxes on qualified business income for a sole proprietor-
ship, limited liability corporation, partnership, or S-corporation. “There
are lots of limitations so you need to consult your tax professional,” says
Hasen. But, if a taxpayer qualifies, it’s pretty significant. The deduction
is only available for business income, not income from wages.
Business deductions and health insurance premium deductions
that were previously taken outside the standard deduction are still in
place, Hasen adds.E S TAT E TA X
Under the former tax law, the federal estate tax exemption was $5
million per individual, indexed for inflation. For 2017, that meant each
individual could exclude $5.49 million of his or her gross estate from
death taxes. Under the new tax law, that amount for 2018 increases to
$11.18 million, adjusted for inflation. “Almost no one will be subject to
this tax,” Hasen notes.
The gift tax is tied to the estate tax and hasn’t really been tinkered
with. For 2018, taxpayers are allowed to give $15,000 to each recipi-
ent without paying gift tax. Any amount over that is deducted from the
estate tax exclusion. But although the rules haven’t changed, Hasen
says, the higher estate tax exclusion means more people can gift high-
er amounts without the concern of exceeding the limit. «