DENTON
December 2018
Business
CHRONICLE
www.dentonbusinesschronicle.com
Now playing:
Grand openings, sad closures
Reviewing year’s biggest local business stories
D
By Jenna Duncan
ABOVE — Alamo Drafthouse Cinema opened in June at Rayzor Ranch Town Center — just two miles from Movie Tavern Denton.
enton’s business landscape continued to change in 2018, with a surge of new construction and businesses, but other hometown favorites were forced to close their doors forever. Here are some of the biggest and most-talked-about business openings and closures of 2018:
Downtown changes
While the heart of the Square remains marked by the December 2017 fire, the bulk of the business changes happened in other parts of downtown, not on the blocks immediately sur-
LEFT — Staff members of Armadillo Ale Works and Cryptozoology pose for a portrait at the brewery on South Bell Avenue.
rounding the courthouse lawn. Armadillo Ale Works finally opened its brewery and tap room at 221 S. Bell Ave. With the opening came a new coffee shop inside the space, Cryptozoology, and a new venue for live music and events downtown. The homegrown brewery
Jeff Woo/ DRC file photos
2018 | CONTINUED ON PAGE 3
These 2 timely moves can cut your tax bill By Tina Orem | NerdWallet Saving for retirement is a good idea, of course, but if you time things right and do your homework, some of your nest egg could also do double duty as a tax shield. Here are two simple savings maneuvers that tax pros say could also lower your tax bill — if you make them in time.
Maneuver 1: Dump money into a 401(K)
By Jenna Duncan | Staff Writer Downtown Denton has a new retailer: Common Wealth. Located at 118 Cedar St., the shop features local company Oddbird Co.’s robes, towels
and pillows alongside a cozy collection of curated products like locally crafted mugs, apothecary items and Dude, Sweet Chocolate. DUNCAN | CONTINUED ON PAGE 2
If your employer offers a 401(k) plan and you’re not enrolled or not contributing much, you could be paying more than you have to in taxes. Why? The IRS doesn’t make you pay income tax now on earnings that go directly from your paycheck to a traditional 401(k) plan (typically you pay the taxes when you withdraw the money). In 2018, the contribution limit for a traditional 401(k) is $18,500 ($24,500 if you’re 50
Mark Lennihan/AP file photo
Setting money aside for the future is important, but where you store that money can make a huge difference in your tax bill. or older), meaning you could potentially shield that much of your pay from income taxes this year. If your employer matches your contributions, you might also get some free money. When to make your move: Get that money into your 401(k) plan by Dec. 31, says Angela Freyman, a tax preparer at Freyman CPA in St. Johns, Florida. Visit your 401(k) administrator’s website, or contact your com-
pany’s payroll or HR department, to increase your contributions for the end of the year if you can. “Some employers might move slower, so I would always say do it as early as you can. Don’t wait until the last minute, because you might ask them to set it up, but they won’t do it in time,” she says. TAXES | CONTINUED ON PAGE 4