The total U.S. market continued to move higher, while the international markets were negative for the quarter, minimizing overall portfolio returns. For more specific details on the overall market performance view our quarterly report here.
As we near the end of the year, we want everyone to remember that the new tax reform bill went into affect in January. As a result, you may want to consider taking a look at your situation to see how you have been impacted. The tax reform bill enacted some significant changes, such as: eliminated personal exemptions, limited state and local income tax deductions to $10,000, including property taxes, and increased the standard deduction and child tax credit. In addition, the new tax reform bill offers a 20-percent deduction for qualified business income from pass-through entities, which include S corporations and limited liability companies. Further, C corps benefit from a flat income tax rate of 21-percent regardless of business income amount.
If you have questions or would like us to review your situation, we are here to help.