Benoist Wealth Strategies,Inc.Blaise Benoist, AIF®Managing Partner, BWSBranch Manager, RJFS390 N. Orange Ave. Ste. 2300Orlando, FL 32801407-900-2185blaise.benoist@benoistws.comwww.benoistws.com

4th Quarter 2018Ten Year-End Tax Tips for 2018

Tax Benefits of Homeownership After TaxReform

What's so great about a college net pricecalculator?

How can I safely shop online this holidayseason?

Financial Insight QuarterlyYour Source for Financial Well-Being

The Tech Sector Could Be Dominating Your Portfolio

See disclaimer on final page

The biggest names intechnology powered stockmarket gains and bouts ofvolatility in 2017, and thetrend continued into 2018.The S&P InformationTechnology sector indexposted a 13.19% totalreturn from January

through July 2018, compared with 6.47% forthe broader S&P 500 index.1

Wall Street analysts and the business mediaoften refer to well-known technology companiesFacebook, Apple, Amazon, Netflix, and Google(now officially Alphabet) collectively with theacronym FAANG. Others use FAAMG, whichsubstitutes Microsoft for Netflix. Apple,Microsoft, Amazon, and Facebook,respectively, are the four most valuablecompanies by market capitalization in the S&P500 index; Alphabet is ranked eighth and ninth(based on two different share classes).2

These tech giants are household namesbecause they already play a huge role ineveryday life, but they are also bold innovatorswith lots of cash on hand. They aim to expandtheir influence further by developing newproducts (such as self-driving cars and virtualreality) and disrupting established industries.3

The problem with popularityMany benchmark indexes are weighted bymarket capitalization (the value of a company'soutstanding shares), which gives largercompanies an outsized role in indexperformance. The same large-cap tech stocksdominate the index mutual funds andexchange-traded funds (ETFs) that track theseindexes, and can also be found among thelargest holdings of many actively managedfunds.

Spreading investments among the 11 differentsectors is a common way to diversify stockholdings. However, investors holding a mix ofdifferent funds for the sake of diversification

could be surprised by the heavy concentrationof popular technology stocks if they eventuallyfall out of favor and prices fall.

Asset allocation and diversification are methodsused to help manage risk; they do notguarantee a profit or protect against investmentloss.

Mind your sector exposureOver time, a core portfolio of diversified equityfunds can become overweighted in a sectorthat has been outperforming the broadermarket. Some investors with large positions intechnology stocks may not be aware of theconcentration level in their portfolios. Otherscould be ignoring the risk, possibly becausethey are overly optimistic about the sector'sfuture prospects.

Each business cycle is unique, which makes itdifficult to predict which sectors stand to benefitin the months ahead. Although there's little youcan do about the returns delivered by thefinancial markets, you can control thecomposition of your portfolio. For this reason,you may want to review the sector allocationand risk profile of your investment portfolio, ifyou have not done so lately.

All investments are subject to marketfluctuation, risk, and loss of principal. Shares,when sold, may be worth more or less thantheir original cost. Investments seeking toachieve a higher return may involve greaterrisk. Sector funds tend to be more volatile thanthe market in general and may carry additionalrisks.

Mutual funds and ETFs are sold by prospectus.Please consider the investment objectives,risks, charges, and expenses carefully beforeinvesting. The prospectus, which contains thisand other information about the investmentcompany, can be obtained from your financialprofessional. Be sure to read the prospectuscarefully before deciding whether to invest.1–2 S&P Dow Jones Indices, 2018

3 The Economist, June 2, 2018

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Ten Year-End Tax Tips for 2018Here are 10 things to consider as you weighpotential tax moves between now and the endof the year.

1. Set aside time to planEffective planning requires that you have agood understanding of your current taxsituation, as well as a reasonable estimate ofhow your circumstances might change nextyear. There's a real opportunity for tax savingsif you'll be paying taxes at a lower rate in oneyear than in the other. However, the window formost tax-saving moves closes on December31, so don't procrastinate.

2. Defer income to next yearConsider opportunities to defer income to 2019,particularly if you think you may be in a lowertax bracket then. For example, you may be ableto defer a year-end bonus or delay thecollection of business debts, rents, andpayments for services. Doing so may enableyou to postpone payment of tax on the incomeuntil next year.

3. Accelerate deductionsYou might also look for opportunities toaccelerate deductions into the current tax year.If you itemize deductions, making payments fordeductible expenses such as medicalexpenses, qualifying interest, and state taxesbefore the end of the year, instead of payingthem in early 2019, could make a difference onyour 2018 return.

4. Factor in the AMTIf you're subject to the alternative minimum tax(AMT), traditional year-end maneuvers such asdeferring income and accelerating deductionscan have a negative effect. Essentially aseparate federal income tax system with itsown rates and rules, the AMT effectivelydisallows a number of itemized deductions. Forexample, if you're subject to the AMT in 2018,prepaying 2019 state and local taxes probablywon't help your 2018 tax situation, but couldhurt your 2019 bottom line. Taking the time todetermine whether you may be subject to theAMT before you make any year-end movescould help save you from making a costlymistake.

5. Bump up withholding to cover a taxshortfallIf it looks as though you're going to owe federalincome tax for the year, especially if you thinkyou may be subject to an estimated tax penalty,consider asking your employer (via Form W-4)to increase your withholding for the remainderof the year to cover the shortfall. The biggest

advantage in doing so is that withholding isconsidered as having been paid evenly throughthe year instead of when the dollars are actuallytaken from your paycheck. This strategy canalso be used to make up for low or missingquarterly estimated tax payments. With all therecent tax changes, it may be especiallyimportant to review your withholding in 2018.

6. Maximize retirement savingsDeductible contributions to a traditional IRA andpre-tax contributions to an employer-sponsoredretirement plan such as a 401(k) can reduceyour 2018 taxable income. If you haven'talready contributed up to the maximum amountallowed, consider doing so by year-end.

7. Take any required distributionsOnce you reach age 70½, you generally muststart taking required minimum distributions(RMDs) from traditional IRAs andemployer-sponsored retirement plans (anexception may apply if you're still working forthe employer sponsoring the plan). Take anydistributions by the date required — the end ofthe year for most individuals. The penalty forfailing to do so is substantial: 50% of anyamount that you failed to distribute as required.

8. Weigh year-end investment movesYou shouldn't let tax considerations drive yourinvestment decisions. However, it's worthconsidering the tax implications of any year-endinvestment moves that you make. For example,if you have realized net capital gains fromselling securities at a profit, you might avoidbeing taxed on some or all of those gains byselling losing positions. Any losses over andabove the amount of your gains can be used tooffset up to $3,000 of ordinary income ($1,500if your filing status is married filing separately)or carried forward to reduce your taxes in futureyears.

9. Beware the net investment incometaxDon't forget to account for the 3.8% netinvestment income tax. This additional tax mayapply to some or all of your net investmentincome if your modified adjusted gross income(AGI) exceeds $200,000 ($250,000 if marriedfiling jointly, $125,000 if married filingseparately, $200,000 if head of household).

10. Get help if you need itThere's a lot to think about when it comes to taxplanning. That's why it often makes sense totalk to a tax professional who is able toevaluate your situation and help you determineif any year-end moves make sense for you.

Timing of itemizeddeductions and theincreased standarddeduction

The Tax Cuts and Jobs Act,signed into law in December2017, substantially increasedthe standard deductionamounts and made significantchanges to itemizeddeductions, generally startingin 2018. (After 2025, theseprovisions revert to pre-2018law.) It may now be especiallyuseful to bunch itemizeddeductions in certain years; forexample, when they wouldexceed the standard deduction.

IRA and retirement plancontributions

For 2018, you can contributeup to $18,500 to a 401(k) plan($24,500 if you're age 50 orolder) and up to $5,500 to atraditional or Roth IRA ($6,500if you're age 50 or older). Thewindow to make 2018contributions to an employerplan generally closes at theend of the year, while youtypically have until the due dateof your federal income taxreturn (not includingextensions) to make 2018 IRAcontributions.

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Tax Benefits of Homeownership After Tax ReformBuying a home can be a major expenditure.Fortunately, federal tax benefits are stillavailable, even after recent tax reformlegislation, to help make homeownership moreaffordable. There may also be tax benefitsunder state law.

Mortgage interest deductionOne of the most important tax benefits ofowning a home is that you may be able todeduct the mortgage interest you pay. If youitemize deductions on your federal income taxreturn, you can deduct the interest on a loansecured by your home and used to buy, build,or substantially improve your home. For loansincurred before December 16, 2017, up to $1million of such "home acquisition debt"($500,000 if married filing separately) qualifiesfor the interest deduction. For loans incurredafter December 15, 2017, the limit is $750,000($375,000 if married filing separately).

This interest deduction is also still available forhome equity loans or lines of credit used to buy,build, or substantially improve your home. [Priorto 2018, a separate deduction was available forinterest on home equity loans or lines of creditof up to $100,000 ($50,000 if married filingseparately) used for any other purpose.]

Deduction for real estate property taxesIf you itemize deductions on your federalincome tax return, you can generally deductreal estate taxes you pay on property that youown. However, for 2018 to 2025, you candeduct a total of only $10,000 ($5,000 ifmarried filing separately) of your state and localtaxes each year (including income taxes andreal estate taxes). For alternative minimum taxpurposes, however, no deduction is allowed forstate and local taxes, including property taxes.

Points and closing costsWhen you take out a loan to buy a home, orwhen you refinance an existing loan on yourhome, you'll probably be charged closing costs.These may include points, as well as attorney'sfees, recording fees, title search fees, appraisalfees, and loan or document preparation andprocessing fees. Points are typically charged toreduce the interest rate for the loan.

When you buy your main home, you may beable to deduct points in full in the year you paythem if you itemize deductions and meet certainrequirements. You may even be able to deductpoints that the seller pays for you.

Refinanced loans are treated differently.Generally, points that you pay on a refinancedloan are not deductible in full in the year youpay them. Instead, they're deducted ratably

over the life of the loan. In other words, you candeduct a certain portion of the points each year.If the loan is used to make improvements toyour principal residence, however, you may beable to deduct the points in full in the year paid.

Otherwise, closing costs are nondeductible. Butthey can increase the tax basis of your home,which in turn can lower your taxable gain whenyou sell the property.

Home improvementsHome improvements (unless medicallyrequired) are nondeductible. Improvements,though, can increase the tax basis of yourhome, which in turn can lower your taxable gainwhen you sell the property.

Capital gain exclusionIf you sell your principal residence at a loss,you can't deduct the loss on your tax return. Ifyou sell your principal residence at a gain, youmay be able to exclude some or all of the gainfrom federal income tax.

Capital gain (or loss) on the sale of yourprincipal residence equals the sale price of yourhome minus your adjusted basis in theproperty. Your adjusted basis is typically thecost of the property (i.e., what you paid for itinitially) plus amounts paid for capitalimprovements.

If you meet all requirements, you can excludefrom federal income tax up to $250,000($500,000 if you're married and file a jointreturn) of any capital gain that results from thesale of your principal residence. Anything overthose limits may be subject to tax (at favorablelong-term capital gains tax rates). In general,this exclusion can be used only once every twoyears. To qualify for the exclusion, you musthave owned and used the home as yourprincipal residence for a total of two out of thefive years before the sale.

What if you fail to meet the two-out-of-five-yearrule or you used the capital gain exclusionwithin the past two years with respect to adifferent principal residence? You may still beable to exclude part of your gain if your homesale was due to a change in place ofemployment, health reasons, or certain otherunforeseen circumstances. In such a case,exclusion of the gain may be prorated.

Other considerationsIt's important to note that special rules apply ina number of circumstances, including situationsin which you maintain a home office for taxpurposes or otherwise use your home forbusiness or rental purposes.

Recent tax reform legislationmay have reduced the taxbenefits of homeownershipfor some by (1) substantiallyincreasing the standarddeduction, (2) lowering theamount of mortgage debt onwhich interest is deductible,and (3) limiting the amountof state and local taxes thatcan be deducted. On theother hand, the tax benefitsof homeownership may haveincreased for some becausethe overall limit on itemizeddeductions based onadjusted gross income hasbeen suspended. Yougenerally can choosebetween claiming thestandard deduction oritemizing certain deductions(including the deductionsfor mortgage interest andstate and local taxes). Thesechanges are generallyeffective for 2018 to 2025.

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Benoist WealthStrategies, Inc.Blaise Benoist, AIF®Managing Partner, BWSBranch Manager, RJFS390 N. Orange Ave. Ste. 2300Orlando, FL 32801407-900-2185blaise.benoist@benoistws.comwww.benoistws.com

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018

This information, developed by anindependent third party, has been obtainedfrom sources considered to be reliable, butRaymond James Financial Services, Inc.does not guarantee that the foregoingmaterial is accurate or complete. Thisinformation is not a complete summary orstatement of all available data necessary formaking an investment decision and does notconstitute a recommendation. Theinformation contained in this report does notpurport to be a complete description of thesecurities, markets, or developments referredto in this material. This information is notintended as a solicitation or an offer to buy orsell any security referred to herein.Investments mentioned may not be suitablefor all investors. The material is general innature. Past performance may not beindicative of future results. Raymond JamesFinancial Services, Inc. does not provideadvice on tax, legal or mortgage issues.These matters should be discussed with theappropriate professional.

Benoist Wealth Strategies, Inc. is not aregistered broker/dealer and is independentof Raymond James Financial Services, Inc.,member FINRA/SIPC. Securities offeredthrough Raymond James Financial Services,Inc., member FINRA/SIPC. Investmentadvisory services offered through RaymondJames Financial Services Advisors, Inc.

How can I safely shop online this holiday season?Shopping online is especiallypopular during the holidayseason, when many peopleprefer to avoid the crowds andpurchase gifts with a few clicks

of a mouse. However, with this conveniencecomes the danger of having your personal andfinancial information stolen by computerhackers.

Before you click, you might consider thefollowing tips for a safer online shoppingexperience.

Pay by credit instead of debit. Credit cardpayments can be withheld if there is a dispute,but debit cards are typically debited quickly. Inaddition, credit cards generally have betterprotection than debit cards against fraudulentcharges.

Maintain strong passwords. When you orderthrough an online account, you should create astrong password. A strong password should beat least eight characters long, using acombination of lower-case letters, upper-caseletters, numbers, and symbols or a randomphrase. Avoid dictionary words and personalinformation such as your name and address.Also create a separate and unique password

for each account or website you use, and try tochange passwords frequently. To keep track ofall your password information, consider usingpassword management software, whichgenerates strong, unique passwords that youcontrol through a single master password.

Beware of scam websites. Typing one wordinto a search engine to reach a particularretailer's website may be easy, but it sometimeswon't bring you to the site you are actuallylooking for. Scam websites may contain URLsthat look like misspelled brand or store namesto trick online shoppers. To help you determinewhether an online retailer is reputable, researchsites before you shop and read reviews fromprevious customers. Look for https:// in the URLand not just http://, since the "s" indicates asecure connection.

Watch out for fake phishing and deliveryemails. Beware of emails that contain links orask for personal information. Legitimateshopping websites will never email you andrandomly ask for your personal information. Inaddition, be aware of fake emails disguised aspackage delivery emails. Make sure that alldelivery emails are from reputable deliverycompanies you recognize.

What's so great about a college net price calculator?If you're saving for a child'scollege education, at somepoint you'll want to familiarizeyourself with a college netprice calculator, which is an

invaluable tool for estimating financial aid andmeasuring a college's affordability. Available onevery college website, a net price calculatorgives families an estimate of how much grantaid a student might expect at a particularcollege based on his or her personal financialand academic profile and the college's specificcriteria for awarding grant aid. A college'ssticker price minus grant aid equals a family's"net" price, hence the name.

The idea behind a net price calculator is to givefamilies who are researching colleges a moreaccurate picture of what their out-of-pocketcosts are likely to be, rather than having themrely on a college's published sticker price. Thefigures quoted by a net price calculator aren'tguarantees of grant aid, but the estimates aremeant to be close, so running the numbers isan excellent way for parents to see what theirnet price might be at different colleges.

Keep in mind that each college has a differentsticker price and formula for determining how

much grant aid it distributes, so every calculatorresult will be different. For example, afterentering identical financial and familyinformation on three separate net pricecalculators, you might find that College A has anet price of $25,000 per year, College B has anet price of $30,000, and College C is $40,000.

A net price calculator typically asks for thefollowing information: parent income andassets, student income and assets, and thenumber of children in the family, including howmany will be in college at the same time.(Generally, the more children in college at thesame time, the more grant aid.) It may also askmore detailed questions, such as a student'sclass rank and/or test scores, how much moneyparents have saved in employer retirementplans in the most recent tax year, current homeequity, and how much parents expect to pay inhealth-care costs in the coming year.

A net price calculator typically takes about10-15 minutes to complete and is time wellspent. Typing "net price calculator" in thesearch bar of a college's website should directyou to it.

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