When someone asks you to think big, what is your first thought? For some of us, the answer would be, “Yeah, right.” 

But think about this: We don't have to ask kids to think big. It's automatic. They seem to have the carefree lifestyle that allows them all the time they need to think and dream. And, they also have this marvelous sense of self-confidence mixed with a who cares attitude. Blurting out the desire to be an astronaut or a fireman or the most powerful woman on Wall Street seems to come naturally—and frequently! 

Then, somewhere along the way, we age and start adulting. We learn how to fit into the system. How to memorize (versus think) to pass the exam.

On October 4, we won't return to kid-like blurting. However, we will take the time to think big. 

Why? 

Because thinking big can unlock our full potential. 

You will be inspired and walk away with the tools to help you think big. Let’s be honest—some of you are rusty at dreaming about your future. And some of you have developed the bad habit of self-sabotage and standing in your own way. 

Action comes from within. You yourself must do the work, take the next steps, and set yourself free to live your best life. And a little inspiration goes a long way. 

Tap into that inspiration. Spend one day with other powerful individuals at this year’s Professional Women in Building Conference October 4 and intentionally begin that bigger life for yourself on October 5.

I'll see you there!

TheDenise
TheDenise.com

Many businesses will benefit this year from the new 20 percent qualified business income deduction. This deduction applies to "pass-through entities:" partnerships, S-corporations, sole proprietorships, and most LLCs. However, if your taxable income from all sources exceeds $157,500 for an individual or $315,000 for a married couple filing jointly, your 20 percent deduction could be phased out. For these higher-income business owners, the deduction is limited to your share of your most advantageous calculation:

• 50 percent of the W-2 wages your company pays OR
• 2.5 percent of the purchase price of business fixed assets (with some limitations), plus 25 percent of W-2 wages paid.

The above assumes you are not a "Specified Service Trade or Business," but few construction-related companies are.

PRO TIP: If your company files a partnership return, beware the guaranteed income trap. Guaranteed income paid to the partners is not considered pass-through income eligible for the 20 percent deduction. Neither is the S-corp owner's W-2 pay, but at least that counts toward the 50 percent/25 percent W-2 wages in the above calculations, so it can help the owner qualify for the 20 percent deduction.

For more information, consult your CPA. There’s still time for last-minute tax strategies involving owner payroll, paying a spouse, or retroactive S-corp elections, among others.

Brooke Witt is a CPA at Duncan Witt CPA Group PLLC, a Bothell-based accounting firm specializing in tax advice for families and small businesses in Snohomish and King counties looking for someone to trust. For high-quality, comprehensive accounting and tax services, visit their website or reach out to them at 425.501.9000.

By MBAKS Senior Policy Analyst Allison Butcher

Building permit data from the Census Bureau show 8,430 single-family permits and 16,764 multifamily permits issued in the Seattle metro area through November of last year. This represents an 8 percent decline in single-family permits and a 5 percent increase for multifamily permits compared to the same period in 2017. The release of building permit and other housing data was delayed as a result of the federal government shutdown.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management and the Washington State Employment Security Department.

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