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1 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 2 Planning Seminar 11/9/2011 1

2 New Legislation Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Dec. 17, 2010) Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (April 11, 2011) 3 Highlights of 2010 Tax Relief Act Extend the Individual Tax Rates of 10, 15, 25, 28, 33, and 35 through December 31, 2012 Capital Gains and Qualified Dividends taxed at maximum rate of 15% through December 31, 2012 Extends $1,000 Child Tax Credit through December 31, 2012 (subject to AGI limitations) 4 Planning Seminar 11/9/2011 2

3 Enhanced Dependent Care Credit through December 31, 2012 Enhanced and Extended Several Education-Related Credits & Deductions Provided for an Alternative Minimum Tax Patch for 2010 and 2011 Reduced the Employee share of Social Security Tax from 6.2% to 4.2% ( Payroll Tax Holiday ) for % Bonus Depreciation for assets placed in Service September 9, 2010 to December 21, Reverts to 50% Bonus for $500,000 Section 179 allowed New and Improved 2010 Research and Development credit. Exclusion for gains on Small Business Stock 6 Planning Seminar 11/9/2011 3

4 Highlights of 1099 Taxpayer Protection Act Repeal of Form 1099 requirement for annual purchases of $600 or more to a single vendor. Reporting would have started in 2013 for 2012 purchases. Repeal of Form 1099 requirement for landlords for certain rental property expense payments of $600 or more. 7 Increase in Tax Rates - MFJ 2011 & % ,001 15% 17,500 15% 69,001 25% 59,300 28% 139,351 28% 143,350 31% 212,301 33% 218,450 36% 379,151 35% 390, % 8 Planning Seminar 11/9/2011 4

5 What is Brewing in Washington? American Jobs Act? Deficit Reduction Plan? ObamaCare? Year-End Legislation? 9 American Jobs Act Proposals Continue Payroll Tax Holiday for employees Institute Payroll Tax cuts for employers to encourage hiring 100% Bonus Depreciation through 2012 Payroll Increase Credit Tax Carried Interest of Fund Managers as Ordinary Income instead of Capital Gain Income Eliminate Favorable Depreciation for corporate jets 28% cap on Itemized Deductions 10 Planning Seminar 11/9/2011 5

6 Deficit Reduction Plan Proposals Reduce Corporate Tax Rates Make Research & Development credit permanent Focus on Worker Classification Increase Tax Obligations of Higher-Income Taxpayers starting in 2013 Single > $200,000 MFJ > $250,000 Buffett Rule Taxpayers with > $1,000,000 in Taxable Income to be subject to another level of tax. 11 ObamaCare Timeline Starting in 2013 Revenue Raisers! Maximum Salary Reduction Under FSA Plan is $2500 Threshold for medical expense itemized deduction is raised from 7.5% to 10% of adjusted gross income 38% 3.8% Medicare Tax on Unearned Income.9% Hospital Insurance Tax on Earned Income 12 Planning Seminar 11/9/2011 6

7 Presidential Comparisons Case 1 Herman Cain Plan Rick Perry Flat Tax Cut-Balance & Grow Barack Obama As Is + H/C & 5.6% Surcharge Ordinary Wage Income Family of Four 100, , ,000 Exemption (22,000) (14,800) (14,800) Itemized Deductions (13,500) (13,500) Taxable Income 78,000 71,700 71,700 Income Tax 7,020 14,340 10,175 Child Care Credit (1,200) (1,200) Child Tax Credit (2,000) (2,000) Net Income Tax 7,020 11,140 6,975 Sales Tax Assume 50,000 * 9% 4,500 Total Taxes 11,520 11,140 6, Case 2 Herman Cain Plan Rick Perry Flat Tax Cut-Balance & Grow Barack Obama As Is + H/C & 5.6% Surcharge Ordinary Wage Income Family of Four 1,500,000 1,500,000 1,500,000 Exemption Itemized Deductions - (50,086) Taxable Income 1,500, ,500, ,449, Income Tax Credit 135, , ,227 Child Care Credit - (1,200) Child Tax Credit - - Net Income Tax 135, , ,027 High Income Hosp Ins Tax 11,250 Surcharge 500,000 * 5.6% 28,000 Sales Tax Assume 50,000 * 9% 18,000 Total Taxes 153, , , Planning Seminar 11/9/2011 7

8 Fun Facts on Income Tax Burden Statistics (2009 Tax Year) Top 1% of filers paid 36.7% of all Federal income taxes AGI of at least $343,922 Top 5% of filers paid 58.7% of total Federal income taxes AGI of at least $154,643 Top 10% of filers paid 70.5% of total tax burden AGI of at least $112,124 Bottom 50% of filers pay 2.25% of total Federal tax bill, mainly due to credits. 15 Shouldn t be just a INDIVIDUAL TAX PLANNING Shouldn t be just a year end activity! Planning Seminar 11/9/2011 8

9 Timing of Income and Expenses is Key Smart timing can reduce your tax liability Poor timing can unnecessarily increase it TIP: If you don t expect to fall victim to the AMT this year or next, consider deferring income to 2012 and accelerating deductible expenses into Know Which Items to Time On the income side Bonuses and self-employment income U.S. Treasury bill income Real estate or other non-publicly traded property sales Retirement plan distributions, if not required On the expense side State and local income taxes Real estate taxes Mortgage or margin interest Charitable contributions Keep in mind: Higher-income taxpayers may have an opportunity for some larger deductions through Planning Seminar 11/9/2011 9

10 Using Unrealized Losses to Absorb Gains Appreciating investments that don t generate current income aren t taxed until sold Defer tax Possibly allow you to time sale to your advantage If you ve cashed in big gains Look for unrealized losses in your portfolio Sell them to offset gains 19 Loss Carryovers Capital losses are netted against capital gains to determine capital gains tax liability Deduct up to $3,000 of losses per year against ordinary income Carry forward excess losses to future years Determine if you have excess losses Time sales of other investments t before year end to achieve your tax-planning goals 20 Planning Seminar 11/9/

11 The 0% Rate Through 2012, long-term capital gains rate is 0% for gain that would be taxed at 10% or 15% based on your ordinary-income rate TIP: If you have adult children in one of these tax brackets, consider transferring appreciated or dividend-producing assets to them so they can enjoy the 0% rate 21 Small Business Stock Enjoy preferential tax treatment Convert capital losses to ordinary losses Defer tax on gain Exclude up to 50% of gain (must hold the stock for at least five years) Depending on acquisition date, exclusion may be 75% or 100% 22 Planning Seminar 11/9/

12 Home-Related Tax Breaks Property Tax Deduction Pay tax when it s most beneficial Property tax isn t deductible for AMT purposes Mortgage Interest Deduction Up to combined total of $1 million of mortgage debt Home equity debt interest deduction Energy efficiency and conservation tax breaks 23 Home Sales When selling principal residence, you can exclude up to $250, ($500, for joint filers) of gain To support tax basis, keep thorough records Exclusion may be limited Losses on principal residence aren t deductible Second homes are ineligible for gain exclusion Convert to rental use before selling 24 Planning Seminar 11/9/

13 25 Tax-Deferral Strategies for Investment Property Installment Sale Defer gains by spreading over several years as you receive the proceeds Ordinary gain is recognized in year of sale, even if no cash is received Section 1031 Exchange Allows you to defer paying tax on gain until you sell replacement property Restrictions and significant risks apply Saving for Retirement Employer-Sponsored Plans 401(k)s, 403(b)s, 457s, SARSEPs and SIMPLEs Pretax contributions reduce taxable income Plan assets grow tax-deferred Possible employer matching SIMPLEs require employer contributions Traditional IRAs Contributions may be deductible Plan assets grow tax-deferred 2011 contributions can be made up to April 16, Planning Seminar 11/9/

14 How Much Can You Contribute in 2011? 27 Roth IRAs Qualified distributions are tax-free, but aren t required during your life Contributions don t reduce current-year taxable income Roth conversions Tax on conversion Tax-free distributions Estate planning opportunities AGI limit on conversion eliminated 28 Planning Seminar 11/9/

15 Required Minimum Distributions RMDs must generally be taken after age 70½ Penalty equal to 50% of amount you should have withdrawn Avoid RMD rule for Roth 401(k), Roth 403(b) or Roth 457 by rolling funds into Roth IRA Distributions from inherited retirement plans Talk with your tax advisor 29 The Kiddie Tax Applies to children under age 19, and full-time students under age 24 g Unearned income beyond $1,900 (for 2011) is taxed at parents marginal rate Keep this in mind before you transfer any assets to them 30 Planning Seminar 11/9/

16 Roth IRAs for Teens 2011 Contribution Limit Lesser of $5,000 or 100% of earned income, reduced by any traditional IRA contributions Contributions Aren t Deductible If child earns no more than $5,800 in 2011 and has no unearned income, he or she will pay zero federal income tax Plan Pluses and Minuses PROS: 529s offer higher contribution limits (determined by sponsoring state) No income-based limit for contributing No beneficiary age limit for contributions or distributions You can make tax-free rollovers to another 529 plan every 12 months Under prepaid tuition program, tuition is locked in CONS: No direct control over investment decisions Investment options can be changed only once per year or when beneficiaries change 32 Planning Seminar 11/9/

17 Jumpstarting a 529 Plan To avoid gift taxes, limit contributions to $13,000 annual exclusion amount or use part of your lifetime gift tax exemption Front-load five years worth of annual exclusion gifts in one year per beneficiary 33 Education Credits and Deductions 34 American Opportunity credit Covers 100% of first $2,000 of tuition and related expenses; 25% of next $2,000 of expenses Maximum credit is $2,500 per year for first four years of college Extended through 2012 Lifetime Learning credit Up to $2,000 per tax return for college expenses beyond first four years Tuition and fees deduction Up to $4,000 Student loan interest deduction Up to $2,500 of interest per tax return Planning Seminar 11/9/

18 Cash Donations Gifts of Cash Under $250: gift supported by canceled check, credit card receipt or written communication from charity $250 or over: gift substantiated by the charity Deductions for cash gifts can t exceed 50% of AGI (30% for nonoperating private foundations); excess can be carried forward five years Keep in mind: Charitable contributions are allowed for AMT purposes, but your tax savings may be less 35 Stock Donations Donating publicly traded stock held more than one year No tax on gain from selling the assets Can deduct current fair market value Deduction limit is 30% of AGI for gifts to charities (20% for non-operating private foundations) In certain situations, it may be better to deduct tax basis rather than fair market value TIP: Don t donate stock worth less than your basis; sell it and donate the proceeds 36 Planning Seminar 11/9/

19 Other Types of Donations 37 Distribute IRA Funds to Charity Distribute up to $100,000 from IRA directly to charity Must be age 70½ or older No charitable deduction allowed for amounts that would have been taxable You save the tax you would otherwise have owed Donation from traditional IRA can help satisfy your required minimum distribution 38 Planning Seminar 11/9/

20 Charitable Remainder Trusts Enjoy income from a CRT Benefits a charity while ensuring your financial future For a given term, it pays an amount to you (some of which may be taxable) At term s end, remaining assets pass to one or more charities You receive a deduction for the present value of amount going to charity Property is removed from your estate 39 What Other Strategies Should Be Considered? Save for Health Care HSA contribution limit is $3,050 for yourself only and $6,150 for your family ($1,000 more for both if age 55 or older) FSA. Employer determines contribution limit Avoid Penalties Estimated payments or withholding should equal at least 90% of 2011 tax liability or 110% of 2010 tax (100% if 2010 AGI was $150,000 or less) 40 Planning Seminar 11/9/

21 Foreign Reporting Do you have a bank account or securities account in a foreign country? Are you a signer on a foreign account? Do you own real property in a foreign country? 41 Foreign Reporting Form TD F Report of Foreign Bank and Financial Accounts Applies to foreign financial i accounts with $10, or more Due June 30 for the previous calendar year Form Statement of Specified Foreign Financial Assets Required when foreign assets exceed $50,000 File with Form 1040 Additional reporting for ownership of foreign corporations, partnerships and trusts. Consult your tax advisor. 42 Planning Seminar 11/9/

22 BUSINESS Taking advantage of new, extended d and long-standing tax breaks Business Structure 44 Planning Seminar 11/9/

23 Cash or Accrual? Method of Accounting Is Key! 45 Cash Basis Taxpayers Tax Planning Strategies Delay Billing to Delay Receipt Beware of Constructive Receipt Prepay Expenses Credit Card Charges Count! 46 Planning Seminar 11/9/

24 Accrual Basis Taxpayers Tax Planning Begins with the Balance Sheet Write off Bad Accounts Receivable Write off Obsolete Inventory (WIP) Review Accruals Fixed Assets vs. Repairs 47 Are You Appreciating Depreciation? MACRS Generally more advantageous than straight-line method Larger dd deduction in early years of asset s life Bonus Depreciation 50% bonus depreciation for qualified assets placed in service from Jan. 1, 2008, through Sept. 8, % bonus depreciation for assets placed in service from Sept. 9, 2010, through Dec. 31, % bonus depreciation for assets placed in service from Jan. 1, 2012, through Dec. 31, 2012 No Bonus Depreciation after Dec. 31, Planning Seminar 11/9/

25 Section 179 Expensing Election Allows you to write off rather than depreciate asset purchases Deduct up to $500,000 of purchases Deduction phases out dollar-for-dollar when 2011 asset purchases exceed $2 million Limits are scheduled to go down in 2012 Only Section 179 expensing can be applied to used assets 49 Depreciation-Related Tax Breaks for Real Estate Bonus Depreciation Available for new qualified leasehold-improvement property First-year depreciation i allowance increased to 100% For property acquired and placed in service after Sept. 8, 2010, and before Jan. 1, 2012 For property placed in service in 2012, bonus depreciation is scheduled to return to 50% (it expires after 2012) Section 179 Expensing For 2011, you can expense up to $250,000 of: Qualified leasehold-improvement property and Restaurant and retail-improvement property 50 Planning Seminar 11/9/

26 Cost Segregation Study Identifies property components and related costs that can be depreciated faster Increases your current deductions Qualifying assets include: Decorative fixtures Security equipment Parking lots Landscaping Architectural fees allocated to qualifying property 51 Plans for Business Owners Profit-Sharing Plan Defined contribution plan allows discretionary employer contributions Simplified Employee Pension (SEP) Defined contribution plan provides benefits similar to profit-sharing plan Defined Benefit Plan Sets future pension benefit and sets contributions needed to attain benefit Warning! With defined benefit plans, employer contributions are generally required and must be paid quarterly if there was a shortfall in funding for the prior year 52 Planning Seminar 11/9/

27 Profit Sharing Plan vs. SEP Profit Sharing Plan Make 2011 contributions as late as due date for your 2011 tax return (including extensions) Plan must exist on Dec. 31, 2011 Flexibility in plan design SEP Can set up in 2012 and still make 2011 contributions up to due date of 2011 income tax return (including extensions) Easy to administer Downside: Maximum allowable contribution may be less and more stringent employee coverage may be required 53 How Do They Stack Up for 2011? Plan Profit Sharing SEP Defined Benefit Maximum Contribution $49,000 (or $54,500) $49,000 Actuarially Determined 54 Planning Seminar 11/9/

28 Employing Your Children Business owners can hire their kids and deduct their pay Children can earn $5,800 in 2011 and pay zero federal income tax Children can earn an additional $5,000 without paying tax if they contribute it to a traditional IRA Keep in mind: Children must perform actual work and be paid in line with what you d pay nonfamily employees 55 Have You Checked Out These Tax Breaks? Manufacturers Deduction For 2011, deductible amount is 9% of the lesser of qualified production activities income or taxable income, limited by W-2 wages paid Auto-Related Tax Breaks Deduct mileage or out-of-pocket expenses Deduct up to $11,060 for new auto qualifying for bonus depreciation Deduct up to $25,000 on new SUV or truck under Sec Planning Seminar 11/9/

29 Deducting Meals & Entertainment Must be ordinary and necessary and not lavish Must be directly related to or associated with active business and must be substantiated Generally only 50% deductible Distinguish between travel and lodging expenses 57 Credits More Valuable than Deductions! 58 Federal and California Research & Development Low Income Housing Federal Only Work Opportunity Credit Hire Act Retention Credit Health Care Credit California Only New Job s Credit Enterprise Zone Hiring & Sale or Use Tax Credit Planning Seminar 11/9/

30 One Final Strategy! Captive Insurance Company What is it? How does it work? Pays Premiums Company Provides Insurance Captive Insurance Company 59 Captive Insurance Company Licensed insurance company Special rules apply pp y Premiums paid by Company are deductible expenses (IRC 162) Premiums received by Captive up to $1.2 million are tax free (IRC 831(b)) Captive pays expenses and claims, if any; retains the differences between premiums received and expenses paid as profit. 60 Planning Seminar 11/9/

31 Tax Planning One Size Does Not Fit All 61 Thank you for attending HMWC CPAs & Business Advisors Planning Seminar 11/9/

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