Individual Taxation and Planning
|
|
- Jeffrey May
- 6 years ago
- Views:
Transcription
1 Individual Taxation and Planning Brandy Bradley, CPA May 19, 2016 Tax Bracket Comparison 2016 & MARRIED FILING JOINT 10% - up to $18,550 15% - $18,551 - $75,300 25% - $75,301 - $151,900 28% - $151,901 - $231,450 33% - $231,451 - $413,350 35% - $413,351 - $466, % - $466,951 or more 2012 MARRIED FILING JOINT 10% - up to $17,400 15% - $17,401 - $70,700 25% - $70,701 $142,700 28% - $142,701 - $217,450 33% - $217,451 - $388,350 35% - $388,351 or more 1
2 Long-Term Capital Gain Rates 2016 MARRIED FILING JOINT For taxpayers in 15% bracket or lower, longterm capital gain rates are 0% 15% for most everyone else except those in the highest bracket 20% for long term capital gains included in the 39.6% bracket Applies to qualified dividends 2012 MARRIED FILING JOINT For taxpayers in 15% bracket or lower, longterm capital gain rates are 0% 15% for all other tax brackets Applies to qualified dividends Taxability of Social Security Benefits Taxpayers may have to include up to 85% of social security benefits in taxable income. The amount of benefits includable in income depends on the taxpayer s provisional income. Provisional income is AGI plus half the social security benefits. None of the benefits are included in income if provisional income is less than the base amounts: $25,000 for single $32,000 for married filing joint Up to 85% of benefits are included if provisional income exceeds the adjusted base amounts below: $34,000 for single $44,000 for married filing joint 2
3 Pease Limitations Originally introduced in 1990 to raise revenue by limiting popular and common itemized deductions among high-income earners Reduces the value of itemized deductions once AGI reaches a certain point Reduced by lesser of: 3% of the excess over the applicable threshold amount or 80% of the total amount of otherwise allowable itemized deductions Applicable threshold amounts for 2016: $311,300 for MFJ $259,400 for Single Applies to charitable contributions, mortgage interest, taxes paid (state, local, and property), and miscellaneous itemized deductions See Example 3
4 Personal Exemption Phase-out Personal exemptions for 2016 are $4,050, up from $4,000 in Phase-out of exemption is a 2% cut for every $2,500 of AGI over: $259,400 for single filers and $311,300 for married filing joint Totally disappear once AGI exceeds $381,900 for singles and $433,800 for married 4
5 Additional Medicare Tax The Additional Medicare Tax is an additional 0.9% Medicare tax on earned income for single individuals in excess of $200,000 and for married filing joint individuals in excess of $250,000. The employer is required to withhold the additional 0.9% Medicare tax on wages in excess of $200,000 from an individual. The tax is calculated on the individual tax return at the end of the year and netted against any withholdings. Additional Medicare Tax Example John and Amy are married. John's salary is $180,000, and Amy's wages are $150,000. Their total combined wage income is $330,000 ($180,000 + $150,000). Since this amount is over $250,000, they owe the additional 0.9% Medicare tax on $80,000 ($330,000 $250,000). The additional tax due is $720 ($80, ). Neither John nor Amy's employer is liable for withholding and remitting the additional tax because neither of them met the $200,000 wage threshold. 5
6 Net Investment Income Tax (NIIT) The Net Investment Income Tax (NIIT) can apply to individuals, trusts, and estates. NIIT is a 3.8% tax on Net Investment Income(NII). For an individual, the tax is imposed on the lesser of: Net investment income or The excess of Modified Adjusted Gross Income (MAGI) over a specific threshold amount. $250,000 for married filing joint $125,000 for married filing separately $200,000 for all other cases Net Investment Income Tax (NIIT) NII is sum of the following 3 categories of income: Gross income from interest, dividends, annuities, royalties, and rents not derived in the ordinary course of an active trade or business Gross income from a trade or business that is a passive activity or a trade or business of trading in financial instruments or commodities Net gains from the disposition of nonbusiness property and property held in a passive business activity. Capital losses can offset other NII to the extent allowed for regular income tax purposes. 6
7 Net Investment Income Tax (NIIT) Example Wesley, a single taxpayer, has NII of $110,000 and MAGI of $400,000. Because his MAGI exceeds the $200,000 threshold amount by more than his NII ($200,000 versus $110,000), he will pay 3.8% NIIT on his full $110,000 of NII. Wesley's 3.8% NIIT will be $4,180 ($110, %). Affordable Care Act (ACA) Increases for 2016 Individual fine increases in 2016 to the greater of two amounts: Basic fine - $695 ($325 in 2015) per adult, $ ($ in 2015) per child with a family ceiling of $2,085 ($975 in 2015) Income-based 2.5% (2.0% in 2015) of the excess of household income over the tax return filing threshold Income levels to qualify for health premium credit increase in Available to filers with household income ranging from 100% to 400% of the 2015 federal poverty level Singles - $11,770 to $47,080 Family of four - $24,250 to $97,000 Does not apply to those eligible for Medicaid, other federal insurance, or those who can get affordable insurance through employer 7
8 ACA Example Allen and Jill are married with two children under age 18. They do not have minimum essential coverage or exemptions for any family members. Their household income is $70,000, and their filing threshold is $20,700. Amount based on household income: ($70,000 - $20,700) x 2.5% = $1, Flat dollar amount: ($695 x 2) + ($ x 2) = $2, Greater of line 1 or 2: $2, Repair Regulations A Quick Review Regulations exceed 200 pages Basically gives some black and white to whether a cost has to be capitalized or can be expensed. Determination of what constitutes a UOP (Unit of Property) Determination if an improvement has been made to the UOP by using three main criteria: Does the cost create a Betterment to the UOP? Does the cost rise to the level of Restoration to the UOP? Does the cost create an Adaptation of the UOP to a new or different use? The regulations are full of examples but still allow subjectivity. 8
9 Tangible Property Expensing Former de minimis safe harbor for non-applicable financial statement taxpayers (non-afs) was $500. Amount increased to $2,500 as of January 1, 2016 Applies to amounts spent to acquire, produce, or improve tangible property that would normally qualify as a capital asset Applies to purchases of up to $2,500 per invoice, or per item as substantiated by the invoice Taxpayers may consider updating their accounting policies to reflect the change. The de minimis safe harbor for applicable financial statement taxpayers remains at $5,000. Asset Depreciation Rules Bonus depreciation Sec. 179 deduction Applies to new tangible personal property Applies to some new real property Has been available on and off since % bonus depreciation has been extended through 2017 Bonus will decrease to 40% in 2018 and 30% in 2019 All businesses can benefit, not just small business Applies to all tangible personal property Has been around for many years Stimulus to increase began in 2001 $500,000 Section 179 maximum deduction Now indexed to inflation in increment of $10,000 for future tax years Mainly a small business benefit due to the acquisition phase-out rules 9
10 Legislative Items First Effective in 2016 Form 1098-T required to claim education credit or deduction Form 1098 additional information requirements Amount of outstanding mortgage principal as of beginning of calendar year Mortgage origination date Address of the property which secures the mortgage Protecting Americans from Tax Hikes Act of 2015 (PATH Act) Passed late December 2015 Extends/enhances typical tax extenders Makes over 20 key tax provisions permanent Affects both individual and business returns 10
11 PATH Act - Individual Permanent Extensions State and Local Sales Tax Deduction Election to claim an itemized deduction for state and local general sales taxes, in lieu of deducting state and local income taxes. American Opportunity Tax Credit Makes original AOTC permanent. Rewards qualified taxpayers with a tax credit of 100% of the first $2,000 of qualified tuition and related expenses and 25% of the next $2,000, for a total maximum credit of $2,500 per eligible student. Child Tax Credit Provision for the ability of the credit to be refundable to the extent of 15 percent of the taxpayer s earned income in excess of $3,000. Charitable Distributions from IRAs Provision for individuals age 70 ½ and older to make tax-free distributions from IRAs to a qualified charitable organization. Continues to be capped at a maximum of $100,000 per taxpayer each year. Other Permanent Extensions for Individuals Teachers Classroom Expense deduction up to $250, Qualified Conservation Contributions, Transit Benefits Parity. PATH Act - Individual Two-Year Extensions Qualified Tuition/Related Expenses The above-the-line deduction for qualified tuition and fees for post-secondary education has been extended through Mortgage Debt Exclusion Up to $2 million can be excluded from income on a cancellation of mortgage debt on a principal residence. Mortgage Insurance Premium Deduction Mortgage insurance premiums are treated as deductible interest that is qualified residence interest subject to AGI phase-out. The Act extends this through Energy Extenders Code Sec. 25C The Act extends through 2016 the Code Sec. 25C residential energy property credit. Code Sec. 25C property includes adding insulation, energy efficient exterior windows, and energy efficient heating and air conditioning systems. The credit is up to 10% of qualifying expenses with a cap of $500. Solar Incentives The Act extends the solar investment tax credit for qualified residential solar property but subjects the credits to phase-down. 11
12 PATH Act - Business Permanent Extensions Section 179 The expensing limit has now been permanently set at $500,000 with a $2 million overall investment limit. Research Tax Credit This credit is now permanent and has been increased from 14% to 20%. 100-Percent Gain Exclusion on Qualified Small Business Stock held for more than 5 years has been made permanent. Reduced recognition period for S corporation Built-In Gains Tax 15-year straight-line cost recovery for qualified leasehold improvements, restaurant property and retail improvements Employer wage credit for employees who are active duty members of the uniformed services Charitable deductions for the contribution of food inventory PATH Act - Business Five-Year Extensions Bonus Depreciation Following phase-outs: 50% for , 40% in 2018; and 30% in 2019 Work Opportunity Credit Extended through The PATH Act also enhances the WOTC for employers that hire long-term unemployed individuals. Two-Year Extensions Indian employment credit/accelerated depreciation Railroad track maintenance credit Film/Television Expensing Empowerment Zones Incentives Three-year recovery period for certain race horses Seven-year recovery period for motorsports entertainment complexes 12
13 The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (Stopgap) Primarily designed as 3-month extension of Highway Trust Fund Changes due dates for partnerships and C corporation returns Revises extended due dates for many returns Provides consistency between estate tax value and income tax basis for assets received from decedent Executor of any estate required to file an estate tax return must furnish a statement identifying the value of each interest as reported on the estate tax return to the IRS and to each person acquiring any interest in property from the estate IRS delayed the reporting requirements until February 29, 2016 STOPGAP DUE DATE CHANGES Type Year Current Due Date Changed Due Date beginning 12/31/15 Partnership Calendar year or 3 1/2 months after close or 2 1/2 months after close S corp Calendar year or 2 1/2 months after close or 2 1/2 months after close C corp or 2 1/2 months after close or 3 1/2 months after close C corp or 2 1/2 months after close or 2 1/2 months after close** C corp Other FY or 2 1/2 months after close or 3 1/2 months after close FBAR 06/30 04/15 **Until 2025, when the due date will change to 04/15 or 3 1/2 months after close 13
14 STOPGAP EXTENSION DATE CHANGES Type Year Current extension date New extension date Partnership Calendar year (5 months) (6 months) S corp Calendar year (6 months) (6 months) C corp (6 months) (5 months) C corp Other FY 6 months 6 months C corp (6 months) (7 months) Trust/estate Calendar year (5 months) (5 1/2 months) Achieving a Better Life Experience Act of 2014 (ABLE) Signed by Obama on 12/19/2014 Adds new Code Section 529A, which provides for a new type of tax-advantaged savings program to help meet the financial needs of certain disabled individuals ABLE program must be established by state (TN) One ABLE account per beneficiary Account Administration Contributions are nondeductible and are treated as gift; limited to annual gift tax exclusion Distributions for qualified disability expenses of beneficiary are not included in gross income Earnings portion of distribution in excess of expenses is included in gross income and may be subject to 10% penalty 14
15 Tennessee Hall Income Tax Enacted in 1929, the tax is named after the senator who sponsored the legislation. Tax is 6% on taxable dividend and interest income. Exemption for $1,250 for single or entity filer and $2,500 for married filing joint Taxable dividend and interest income include: Dividends from stock in corporations Capital gain distributions from mutual funds S-Corp distributions Corporate bonds interest Non-TN municipal bond interest Tennessee Hall Income Tax - Exemptions Age exemption for those 65 or older If total annual income is below the limits of $37,000 (single filer) or $68,000 (joint filers), the taxpayer(s) are exempt from Hall tax. Any and all sources, including Social Security Regardless of whether income is taxable for federal purposes Not adjusted for any losses Legal blindness Quadriplegic 15
16 Retirement Contribution Dates IRA contributions must be made by the original due date of the return. Coverdell education accounts contributions must be made by the original due date of the return. Keogh contributions can be made until the extended due date of the return. Plan must have been established before 1/1/2016. SEP contributions can be made until the extended due date of the return. May consider SEP if Keogh was not opened in time. See IRS Publication 3998 for comparisons between SEPs, SIMPLEs, payroll deduction IRAs, profit-sharing plans, 401Ks, and defined benefit plans. MyRAs are not covered in this guide. Retirement Plan Contribution Limits IRA Traditional and Roth 2016 limit is $5,500 and $6,500 if 50 or over. Roth IRA income limitation range for $117,000 to $132,000 for single filers and $184,000 to $194,000 for MFJ. 401(K) and 403(B) 2016 employee deferral maximum is $18,000 and $24,000 if 50 or over. SEP IRA 2016 contribution maximum is $53,000. Simple IRA 2016 contribution maximum is $12,500 and $15,500 if 50 or over. 16
17 Roth IRA Conversion Traditional IRAs can be converted without penalty to a Roth IRA. This can be advantageous for individuals who exceed the AGI limitations to be able to contribute directly to a Roth. Tax Consequences of a Roth conversion Full amount of the distribution is taxable just as if traditional IRA distribution. Basis in N/D contributions are taken into consideration. Be aware of potential unintended tax consequence when there is more than one IRA, i.e. a N/D IRA and also a traditional IRA (with no basis). Tax Benefits of a Roth IRA Nontaxable distributions. Contributions can continue past 70 ½. No 70 ½ minimum distribution rules. Tax Planning If over the AGI limitations, contribute to a N/D IRA and then convert to a Roth. Charitable Donations from an IRA Individuals age 70 1/2 and older can distribute otherwise taxable traditional and Roth IRA amounts directly to certain tax-exempt charities. These distributions are called qualified charitable distributions. They are federal income tax-free to the donor. No charitable deduction is allowed on Form Up to $100,000 per individual can be distributed each year. The distributions count towards an individual s Required Minimum Distribution (RMD). Benefits include: Treated as 100% above the line deduction, no impact on 50% limit of AGI for contributions. Since the distribution is not included in AGI, it can prevent unfavorable phase-outs and other limitations based on AGI. 17
18 My Retirement Account (myra) A New Way to Save Developed by United States Department of Treasury for: People without access to employer-sponsored retirement savings plans People looking for a simple, safe, affordable way to start saving for retirement Specific type of Roth IRA that invests in a new interestbearing short-term Treasury retirement savings bond Tax-free rollover to Roth IRA once an account s balance reaches $15,000 Annual contributions limited to $5,500 ($6,500 if over age 50), and yearly income cap contributions apply Benefits: no cost or fees, no complicated investment options, no risk of losing money Contact Information Brandy Bradley, CPA bbradley@bcscpa.com
Individual Tax Planning 2015 & Beyond
Individual Tax Planning 2015 & Beyond Tax Bracket Comparison 2015 & 2012 2015 MARRIED FILING JOINT 2012 MARRIED FILING JOINT 10% - up to $18,450 10% - up to $17,400 15% - $18,451 - $74,900 15% - $17,401
More informationYour Comprehensive Guide to 2013 Year-End Tax Planning
Your Comprehensive Guide to 2013 Year-End Tax Planning Early in 2013, the 2012 Taxpayer Relief Act was enacted and the Bush-era tax cuts, which were scheduled to sunset at the end of 2012, were permanently
More informationYear End Tax Planning for Individuals
Year End Tax Planning for Individuals December 2015 To Our Clients and Friends: Every individual can develop a year-end tax planning strategy that reflects his or her situation. Our office can help you
More informationYear-End Tax Planning Summary December 2015
Year-End Tax Planning Summary December 2015 Overview Thanks to the continued political gridlock in Washington, 2015 did not see comprehensive tax reform. However, on December 18th, Congress passed the
More information2018 Year-End Tax Planning for Individuals
2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for
More informationINCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS
INCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS Following are income tax items that could affect your return for 2014. Please review and make sure you have alerted your tax consultant for all of
More information2016 Year-End Tax Planning Letter
9NOV2016 2016 Year-End Tax Planning Letter Dear Vista Wealth Clients and Friends, As 2016 draws to a close, you should give consideration to year-end tax planning strategies. This letter highlights some
More informationIMPACT OF THE ELECTION President-Elect Trump proposes significant changes to the tax law including:
December 2016 To Our Clients and Friends: While many of you are making plans for year-end holidays, what should not be overlooked this time of year is year-end tax planning, especially considering the
More informationTax Changes for 2016: A Checklist
Tax Changes for 2016: A Checklist Welcome, 2016! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts
More information2017 Year-End Tax Planning for Individuals
2017 Year-End Tax Planning for Individuals As 2017 draws to a close, there is still time to reduce your 2017 tax bill and plan ahead for 2018. This letter highlights several potential tax-saving opportunities
More information2013 NEW DEVELOPMENTS LETTER
2013 NEW DEVELOPMENTS LETTER INTRODUCTION We have witnessed more tax changes and developments in 2013 than in any year in recent memory, and these changes impact virtually every individual and business
More information2017 INCOME AND PAYROLL TAX RATES
2017-2018 Tax Tables A quick reference for income, estate and gift tax information QUICK LINKS: 2017 Income and Payroll Tax Rates 2018 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum
More informationFamily and Individual Tax Breaks
Dear Client and Friends: This year, the last minute extender legislation passed as part of the Consolidated Appropriations Act, 2016 (the Act) contains good news for just about everyone. It makes many
More informatione-pocket TAX TABLES 2017 and 2018 Quick Links: 2017 Income and Payroll Tax Rates 2018 Income and Payroll Tax Rates Corporate Tax Rates
e-pocket TAX TABLES 2017 and 2018 Quick Links: 2017 Income and Payroll Tax Rates 2018 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum Tax Kiddie Tax Income Taxation of Social Security
More informationLAST CHANCE 2017 INCOME TAX MINIMIZATION TIPS
LAST CHANCE 2017 INCOME TAX MINIMIZATION TIPS Presented by: James J. Holtzman, CFP Wealth Advisor and Shareholder with Legend Financial Advisors, Inc. JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is
More informationIntegrity Accounting
Integrity Accounting Tax Reform Special Report Updated 8/15/2018 On Friday, December 22, 2017, the "Tax Cuts and Jobs Act" (H.R. 1) was signed into law by President Trump. Almost all of these provisions
More informationTAX UPDATE TAX CUTS & JOBS ACT (2018) Add l Elderly & Blind Joint & Surviving Spouse: $1,300
TAX UPDATE 2019 This table compares the predominate changes made by the Tax Cuts and Jobs Act of 2019 to the tax law as it was during 2017 for individuals and small businesses. Exemptions 2017 TAX CUTS
More informationDear Client: Basic Numbers You Need to Know
Dear Client: As 2013 draws to a close, there is still time to reduce your 2013 tax bill and plan ahead for 2014. This letter highlights several potential tax-saving opportunities for you to consider. I
More informationCongress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences
Congress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences Page 1 of 8 In the early morning hours of January 1, 2013, the Senate passed the American Taxpayer Relief Act (the 2012
More informationClient Newsletter. 551 West 78th Street, Ste. 204, P.O. Box 254 Chanhassen, MN Office: Fax:
Client Newsletter 2015 TAX HIGHLIGHTS WITH COMPLIMENTS FROM: RODENZ ACCOUNTING & TAX SERVICE LLC Accounting Business Consulting Tax Preparation Payroll Services Darrell E. Rodenz Certified Public Accountant
More informationTHE AGENDA YEAR END TAX PLANNING
YEAR END TAX PLANNING TUESDAY, DECEMBER 8, 2015 PRESENTED BY: JOE CAWLEY, CPA, PRINCIPAL-JOECAWLEY@BSSF.COM JOHN WEIDMAN, CPA, PRINCIPAL-JOHNWEIDMAN@BSSF.COM PHONE NUMBER-(717)761-7171 1 THE AGENDA Part
More information2017 Income Tax Developments
2017 Income Tax Developments Presented To: Delaware Tax Institute Presented by: Karly A. Laughlin, CPA Manager Tax & Small Business www.belfint.com Researched & Compiled by: Michael D. Kelly, CPA 302.573.3955
More informationIn a flurry of year-end activity, Congress
Tax Increase Prevention Act of 2014/ ABLE Act/Omnibus Funding Agreement December 22, 2014 CCH Special Report HIGHLIGHTS Over 50 Extenders More Than 500 Code Changes Extended Mortgage Debt Forgiveness Exclusion
More informationTAX CUTS AND JOBS ACT OF 2017
Scott Varon, CFP svaron@wealthmd.com 404.926.1312 www.wealthmd.com TAX CUTS AND JOBS ACT OF 2017 This table compares the predominate changes made by the Tax Cuts and Jobs Act of 2017 to the tax law as
More informationWhat s New That Affects You? A Snapshot of Tax Law for Your Return
What s New That Affects You? A Snapshot of Tax Law for Your Return As is typical for an election year, no big tax changes that will affect 2016 tax returns came out of Washington. However, there has been
More informationSDK s Annual Tax Update
Welcome SDK s Annual Tax Update Welcome from your host Dennis Bidwell dbidwell@sdkcpa.com Agenda Tax Rate Changes (Jennifer Stavish) New 3.8% Medicare Tax (Ryan Churness) Repair Regulations (Laurie Waterman)
More information2018 Tax Planning & Reference Guide
2018 Tax Planning & Reference Guide The 2018 Tax Planning & Reference Guide is designed to be a reference only and is not intended to provide tax advice. Please consult your professional tax advisor prior
More informationIndividual Year-End Tax Planning for 2016
Individual Year-End Tax Planning for 2016 It is getting to be that time of year where we should meet to review your tax situation for 2016. Proper year-end planning can help alleviate any unnecessary tax
More informatione-pocket TAX TABLES 2014 and 2015 Quick Links:
e-pocket TAX TABLES 2014 and 2015 Quick Links: 2014 Income and Payroll Tax Rates 2015 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum Tax Kiddie Tax Income Taxation of Social Security
More information2018 Year-End Tax Planning Introduction to Planning
Introduction to Planning Dear Client and Business Professionals: As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for 2019. This letter highlights several potential
More informationWHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro
WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro Here is the inflation-adjusted and COLA numbers for tax year 2016. Many items have not changed from 2015 - THE STANDARD
More informationClient Newsletter 2018 TAX HIGHLIGHTS WITH COMPLIMENTS FROM:
Client Newsletter 2018 TAX HIGHLIGHTS WITH COMPLIMENTS FROM: A publication of the Minnesota Association of Public Accountants The Minnesota Association of Public Accountants has prepared this newsletter.
More informationLAST CHANCE TO REDUCE 2018 INCOME TAXES
LAST CHANCE TO REDUCE 2018 INCOME TAXES Presented by: James J. Holtzman, CFP Wealth Advisor and Shareholder with Legend Financial Advisors, Inc. JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is a Wealth
More information2016 Federal Income Tax Planning
Weller Group LLC Timothy Weller, CFP CERTIFIED FINANCIAL PLANNER 6206 Slocum Road Ontario, NY 14519 315-524-8000 tim@wellergroupllc.com www.wellergroupllc.com 2016 Federal Income Tax Planning March 06,
More informationTHE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now
THE NEW YEAR S DAY TAX BILL: What Contractors Need to Know Right Now Rich Shavell, CPA, CVA, CCIFP Shavell & Company, P.A. info@shavell.net www.shavell.net 1 THE DISCLAIMER Information provided herein
More informationWhat the New Tax Laws Mean to You
What the New Tax Laws Mean to You The American Taxpayer Relief Act of 2012 and other 2013 tax provisions January 2013 White Paper AN OVERVIEW OF THE AMERICAN TAXPAYER RELIEF ACT OF 2012 AND OTHER 2013
More informationRobert A Cowen Certified Public Accountant year end Tax planning for individuals
Robert A Cowen Certified Public Accountant 2017 year end Tax planning for individuals The end of the year is just a month away. It is good time to start to think about year-end planning. If you have been
More informationHASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS
HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2014 Dear Client: As 2014 draws to a close, there is still time to reduce your 2014 tax bill and
More information901 East Cary Street, Suite 1100, Richmond, VA
2017 Tax Planning & Reference Guide The 2017 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor
More informatione-pocket TAX TABLES Quick Links: 2017 Income and Payroll Tax Rates 2018 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum Tax
e-pocket TAX TABLES Quick Links: 2017 Income and Payroll Tax Rates 2018 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum Tax Kiddie Tax Income Taxation of Social Security Benefits Personal
More informationHASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS
HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2015 Dear Client: As 2015 draws to a close, there is still time to reduce your 2015 tax bill and
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2016 www.cordascocpa.com INTRODUCTION 2016 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS It s that time of year again.
More information2016 Tax Planning Tables
2016 Tax Planning Tables 2016 Important Deadlines Last day to January 15 Pay fourth-quarter 2015 federal individual estimated income tax January 26 Buy in to close a short-against-the-box position (regular-way
More information2018 tax planning guide
Advanced Planning 2018 tax planning guide We are committed to helping you confirm that your current and future tax strategy supports your larger financial goals. Advice. Beyond investing. Your financial
More informationTAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University Tax Planning
1 TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2014 - Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively uniform
More information2018 TAX AND FINANCIAL PLANNING TABLES
2018 TAX AND FINANCIAL PLANNING TABLES An overview of important changes, rates, rules and deadlines to assist your 2018 tax planning What you will see in this brochure Important Deadlines 2018 Income Tax
More informatione-pocket TAX TABLES 2016 and 2017 Quick Links: 2016 Income and Payroll Tax Rates 2017 Income and Payroll Tax Rates
e-pocket TAX TABLES 2016 and 2017 Quick Links: 2016 Income and Payroll Tax Rates 2017 Income and Payroll Tax Rates Corporate Tax Rates Alternative Minimum Tax Kiddie Tax Income Taxation of Social Security
More informationTangible Property Regulations and Tax Update for the Oil and Gas Industry
and Tax Update for the Oil and Gas Industry Laura Roman, CPA, CMAP Partner, Tax and Strategic Business Services 0 Repair Regulations Affect almost all taxpayers Govern capitalizing and deducting expenditures
More information2016 Year-End Tax Planning for Individuals
FRIEDMAN, LEAVITT & ASSOC., INC. CERTIFIED PUBLIC ACCOUNTANTS 2193 SO. GREEN ROAD CLEVELAND, OHIO 44121 (216) 382-6400 FAX: (216) 382-5118 WWW.FLFINANCIAL.COM 2016 Year-End Tax Planning for Individuals
More information2016 Year End Tax Planning For Individuals
Dear Client, Hard as it is to believe, another year is rapidly drawing to a close. Therefore, now is a good time to review possible steps to take to minimize your 2016 potential tax liability. December
More information2011 tax planning tables
2011 tax planning tables 2011 important deadlines Last day to Jan. 18 Pay fourth-quarter 2010 federal individual estimated income tax Jan. 25 Buy in to close a short-against-the-box position (regular-way
More informationHere is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Over
January 11, 2013 To Our Clients and Friends: The American Taxpayer Relief Act of 2012 (better known as the fiscal cliff legislation) became law on 1/2/13. Due to the expiration of the so-called payroll
More information2017 Tax Planning Tables
2017 Tax Planning Tables 2017 Important Deadlines Last day to January 17 Pay fourth-quarter 2016 federal individual estimated income tax January 25 Buy in to close a short-against-the-box position (regular-way
More informationLAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR Presented by: James J. Holtzman, CFP, CPA
LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR 2015 Presented by: James J. Holtzman, CFP, CPA JAMES J. HOLTZMAN, CFP, CPA James J. Holtzman, CFP, CPA is a Wealth Advisor and Shareholder with Legend Financial
More informationJeffrey G. Vesely CPA An Accountancy Corporation Phone and Fax (800)
Jeffrey G. Vesely CPA An Accountancy Corporation Phone and Fax (800) 330-3662 Year-End Tax Planning for 2016 PERSONAL Well, we waited for another end of year, last minute, tax law change but due to the
More informationInternational Tax Consultants
International Tax Consultants Dear Tax Client: Enclosed you will find your new Tax Organizer for 2017. Please make sure your organizer is complete and all requested material is provided. Only complete
More informationYear-End Tax Planning Letter
2013 Year-End Tax Planning Letter 54 North Country Road Miller Place, NY 11764 (877) 474-3747 or (631) 474-9400 www.ceschinipllc.com Introduction Tax planning is inherently complex, with the most powerful
More informationYou may wish to carefully examine your records to determine if you may be missing any of these deductions.
2018 tax planning and tax changes Re: Planning 2018: Tax Consequences for Self-Employed Individuals Dear Client: Owning your own business can be very rewarding, both personally and financially. Being the
More information2017 INDIVIDUAL TAX PLANNING
2017 INDIVIDUAL TAX PLANNING We hope that you are looking forward to the Holiday Season. It is hard to believe that it is mid-december and this year is quickly ending. If you ve been following the news
More informationCertified Public Accountants and Consultants. Dear Client:
Dear Client: As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge
More informationRe: 2012 Year-End Tax Planning for Individuals
Re: 2012 Year-End Tax Planning for Individuals To Our Valued Clients and Friends: Year-end tax planning is always complicated by the uncertainty that the following year may bring and 2012 is no exception.
More informationNATIONAL SOCIETY OF TAX PROFESSIONALS TAX CUTS AND JOBS ACT H.R.1 COMPARISON OF HOUSE AND SENATE BILLS AS OF DECEMBER 6, 2017
NATIONAL SOCIETY OF TAX PROFESSIONALS TAX CUTS AND JOBS ACT H.R.1 COMPARISON OF HOUSE AND SENATE BILLS AS OF DECEMBER 6, 2017 PROVISION: HOUSE BILL SENATE BILL 1. Individual Tax Rates 12%, 25%, 35%, 39.6%.
More informationPersonal Income Tax Update. AGA Winter Seminar 2013 Nathan Abbott, CISA, CFE, EA
Personal Income Tax Update AGA Winter Seminar 2013 Nathan Abbott, CISA, CFE, EA The Easy Stuff Inflation Adjustments Inflation Adjustments Inflation Adjustments Inflation Adjustments Social Security Maximum
More informationMidyear Tax Planning Letter
Midyear Tax Planning Letter 2015 Introduction Tax planning for 2015 is a venture in uncertainty. Last December, Congress passed legislation extending a number of expired tax provisions. Unfortunately,
More information2017 Federal Income Tax Planning
ABC Financial Planning Michael A. Licciardi Professional Planner 77 Gilcreast Rd Suite 2004 603-965-3065 x106 Mike@apsusa.com www.myabcplan.com 2017 Federal Income Tax Planning March 21, 2017 Page 1 of
More informationWhat Are We Covering Today?
Individual & Business Tax Planning Update November 9, 2011 HMWC CPAs & Business Advisors What Are We Covering Today? 2011 Legislation Update Individuals Business Tax Planning Strategies Individuals Business
More information2013 TAX AND FINANCIAL PLANNING TABLES. An overview of important changes, rates, rules and deadlines to assist your 2013 tax planning.
2013 TAX AND FINANCIAL PLANNING TABLES An overview of important changes, rates, rules and deadlines to assist your 2013 tax planning. WHAT YOU WILL SEE IN THIS BROCHURE 2013 Income Tax Changes Tax Rates
More informationCongress Passes Fiscal Cliff Act
Congress Passes Fiscal Cliff Act Pulling back from the fiscal cliff at the 13th hour, Congress preserved most of the George W. Bush-era tax cuts and extended many other lapsed tax provisions. The Senate
More informationTax Update for 2018 and 2019
Tax Update for 2018 and 2019 Individual Tax Changes Business Tax Changes Depreciation Changes Inflation Adjustments IRS Mileage Rates Affordable Care Act Partnership Audit Rules The following is a summary
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format
2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2017 www.cordascocpa.com 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this
More informationSAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP
SAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS Presented by: James J. Holtzman, CFP JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is a Wealth Advisor and Shareholder with Legend Financial Advisors,
More informationSECTION-BY-SECTION SUMMARY OF H.R. 5771, THE TAX INCREASE PREVENTION ACT OF 2014
1 SECTION-BY-SECTION SUMMARY OF H.R. 5771, THE TAX INCREASE PREVENTION ACT OF 2014 H.R. 5771 would extend, for one year (generally through the end of 2014), a number of tax relief provisions that expired
More informationClient Letter: Year-End Tax Planning for 2018 (Individuals)
Client Letter: Year-End Tax Planning for 2018 (Individuals) Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2018 tax bill. Unlike
More informationThe American Taxpayer Relief Act of 2012
The American Taxpayer Relief Act of 2012 January 2013 kpmg.com The American Taxpayer Relief Act of 2012 President Obama on January 2, 2013, signed the American Tax Relief Act of 2012 (Act) averting the
More information2017 Tax Considerations
2017 Tax Considerations Tax Laws Enacted During 2017 Individual Income Tax Provisions Education Trust, Estate & Descendent Income Tax Estate, Gift & Generation-Skipping Transfer Taxes Pension & IRA Provisions
More informationTime is running out to make important planning moves before the year s end, so don t delay.
2015 Year-end tax planning Time is running out to make important planning moves before the year s end, so don t delay. The changes in various tax provisions brought about with the 2012 Tax Act continue
More informationSummary of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Summary of Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 Cross References HR 4853 Update Overview The President signed into law the Tax Relief, Unemployment Insurance,
More informationExecutive Compensation
Executive Compensation Bulletin IRS Issues Two Final Rules With Implications for High-Income Taxpayers Russ Hall and Steve Seelig, Towers Watson January 13, 2014 Recently, the Internal Revenue Service
More information2018 Year-End Tax Planning Introduction to Planning
Introduction to Planning Dear Client and Business Professionals: As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for 2019. This letter highlights several potential
More informationGovernment Affairs. The White Papers TAX REFORM.
Government Affairs The White Papers TAX REFORM www.independentagent.com January 3, 2018 Below is a summary of the provisions of the new tax reform law that are most likely to impact Big I members. This
More informationCHANGES IN TAX LAWS AND SPECIAL TAX ISSUES THAT MAY AFFECT YOU
CHANGES IN TAX LAWS AND SPECIAL TAX ISSUES THAT MAY AFFECT YOU 12/31/17 Recent changes in federal tax laws will impact many federal tax returns prepared in 2018 in one way or another. FILING REQUIRMENTS
More information*Brackets adjusted for inflation in future years Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationYOUR GUIDE TO IDENTIFYING YOUR TAX RETURN OPPORTUNITIES
YOUR GUIDE TO IDENTIFYING YOUR TAX RETURN OPPORTUNITIES 2 At Transamerica, we re committed to providing you with the tools and information you need to make the right financial decisions. IRS Form 1040
More information2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
INTRODUCTION 2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS As the end of 2013 approaches, it s time to consider planning moves that could reduce your 2013 taxes. Year-end planning is particularly important
More informationTax Cuts and Jobs Act of 2017 (TCJA) Key Individual Tax Provisions
Income Tax Rates and Exemptions Tax Rates and Brackets (TCJA) Key Individual Tax Provisions 1(j) 2018 2025 The following seven tax brackets apply for individuals: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
More informationAmerican Taxpayer Relief Act of 2012 Workshop
American Taxpayer Relief Act of 2012 Workshop John Kilroy, CPA, CFP May 14, 2013 Agenda Estate, Gift and GST provisions Individual Income Tax provisions Trust and Estate Income Tax provisions Business
More information2016 Year-End Tax-Planning Letter
Dear Clients and Friends: With a new administration taking shape in our nation s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near
More informationKEY PROVISIONS OF THE TAX CUTS AND JOBS ACT (TCJA) OF 2017
KEY PROVISIONS OF THE TAX CUTS AND JOBS ACT (TCJA) OF 2017 New tax laws resulting from the TCJA represent the most significant changes in our tax structure in more than 30 years. Most provisions for individuals
More informationTax Genius. limiting total contribution deductions to 50% of AGI was increased to 60%, allowing a slightly larger deduction in some cases.
Tax Genius 2018 Pocket Tax Guide Online Edition It has been a busy time for tax-related news and upcoming changes. We have compiled many of the tax changes, deductions and tax rates for easy reference
More informationplanning tables Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value
2019 tax planning tables Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value 2019 important deadlines Last day to January 15 Pay fourth-quarter 2018 federal individual
More informationATA CPA GROUP, LLC 1918 Route 27, Edison, NJ TEL. (732) FAX. (888)
January 18, 2016 Dear Client, 2016 individual income tax filing season opens Jan. 19, 2016 by IRS Happy New Year! This is the 23rd year that we welcome you back to our professional accounting and tax services.
More informationIndividual Tax Projection & Tax Reduction W&A Rev
Individual Tax Projection & Tax Reduction Guide @ W&A 256R North Washington Street Falls Church, VA 22046-3435 Telephone: 703 356-5005 Fax: 703 356-5955 Email: Pete@lowtaxsolutions.com www.lowtaxsolutions.com
More information*Brackets adjusted for inflation in future years.
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationExpiring Tax Provisions
Expiring Tax Provisions The term Bush-era tax cuts or Bush tax cuts is often used to describe the tax related reductions that were contained in legislation enacted by Congress in 2001 and 2003, the Economic
More informationThe Tax Cuts and Jobs Act of 2017
The Tax Cuts and Jobs Act of 2017 is the most comprehensive revision to the Internal Revenue Code Since 1986. This new Tax Act reduces tax rates for individuals and corporations, repeals exemptions, eliminates
More informationTax Planning Letter
2014-2015 Tax Planning Letter Dear Valued Client: Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks that expired at the end of 2013. Some
More information2017 Year-End Income Tax Planning for Individuals December 2017
2017 Year-End Income Tax Planning for Individuals December 2017 9605 S. Kingston Ct., Suite 200 Englewood, CO 80112 T: 303 721 6131 www.richeymay.com Introduction With year-end approaching, this is the
More informationYEAR-END TAX PLANNING LETTER
YEAR-END TAX PLANNING LETTER SUBMITTED BY Huntsville I Pensacola www.anglincpa.com Dear Clients and Friends, As 2018 draws to a close, there is still time to reduce your 2018 tax bill and plan ahead for
More informationbusiness owner issues and depreciation deductions
business owner issues and depreciation deductions Individuals who are owners of a business, whether as sole proprietors or through a partnership, limited liability company or S corporation, have specific
More informationOVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013
OVERVIEW OF THE FEDERAL TAX SYSTEM AS IN EFFECT FOR 2013 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION January 8, 2013 JCX-2-13 CONTENTS Page INTRODUCTION... 1 I. SUMMARY OF PRESENT-LAW FEDERAL
More information