What Are We Covering Today?
|
|
- Scot Owens
- 5 years ago
- Views:
Transcription
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/
Individual & Business Tax Planning Update
Individual & Business Tax Planning Update November 14, 2012 HMWC CPAs & Business Advisors Presented by: Curtis Campbell Janet Anderson The agenda Washington Report Healthcare Reform Tax Planning 2 1 WASHINGTON
More informationIndividual & Business Tax Planning Update
Individual & Business Tax Planning Update November 14, 2013 HMWC CPAs & Business Advisors Presented by: Curtis Campbell Janet Anderson Joel Jorrisch DID YOU KNOW? 2 1 2013 MARKS THE 100 TH ANNIVERSARY
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 informationTax Planning Guide Year-round strategies to make the tax laws work for you
2010 2011 Tax Planning Guide Year-round strategies to make the tax laws work for you For tax planning, the only certainty is uncertainty As our country starts to recover from the recession, we re confronted
More informationTAX PLANNING GUIDE
2012-2013 TAX PLANNING GUIDE Year-round strategies to make the tax laws work for you Dear Clients and Friends, I wish I could tell you exactly what s going to happen in the coming months with the economy,
More informationTAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
2017-2018 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU Possible tax law changes on the horizon Depending on what happens in Congress, we could have some dramatic changes in
More informationDeLeon & Stang, CPAs and Advisors
Dear Clients and Friends: This year-end tax planning letter is intended only to serve as a general guideline. Of course, your personal circumstances may require in-depth examination. We would be glad to
More informationTax Law Changes Make Planning Both Complicated and Critical. Presented by: Jennifer F. Flinchum, CPA, CFP Partner
2013 Planning Opportunities Tax Law Changes Make Planning Both Complicated and Critical Presented by: Jennifer F. Flinchum, CPA, CFP Partner IRS Circular 230 Disclosure: To ensure compliance with requirements
More informationTax Planning Guide
2015-2016 Tax Planning Guide Year-round strategies to make the tax laws work for you JAMES D. MILLER & CO. LLP CERTIFIED PUBLIC ACCOUNTANTS 350 FIFTH AVENUE SUITE 4601 NEW YORK, NEW YORK 10118-4601 TELEPHONE:
More informationTax Planning Guide. Year-round strategies to make the tax laws work for you
2016-2017 Tax Planning Guide Year-round strategies to make the tax laws work for you For tax planning, the only certainty is uncertainty Last December, many valuable tax breaks were made permanent by the
More informationSpott, Lucey & Wall, Inc.
2017-2018 TAX PLANNING GUIDE Year-round strategies to make the tax laws work for you Spott, Lucey & Wall, Inc. CERTIFIED PUBLIC ACCOUNTANTS 601 Montgomery Street Suite 1400 San Francisco, CA 94111 www.spottluceywall-cpas.com
More information2017 YEAR-END. tax planning INDIVIDUALS. guide for
2017 YEAR-END tax planning INDIVIDUALS guide for year in review 2017 is unlike any previous tax year. Major congressional tax reform proposals that generally would go into effect in 2018 if signed into
More informationTax Planning Guide. Year-round strategies to make the tax laws work for you
2011-2012 Tax Planning Guide Year-round strategies to make the tax laws work for you Neither U.S. Bank nor its representatives may provide tax or legal advice. Any tax information provided reflects opinion
More informationTAX PLANNING GUIDE
2017-2018 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU DAVID A. REUMONT CPA, PC www.reumontcpa.com 1-866-TAX-6191 Possible tax law changes on the horizon With Donald Trump
More informationTax Planning Guide Year-round strategies to make the tax laws work for you
2015-2016 Tax Planning Guide Year-round strategies to make the tax laws work for you Be ready to revise your individual or business tax plan quickly in 2015 When it comes to tax law, uncertain remains
More informationTax planning is as essential as ever
2 014-2 015 TAX PLANNING GUIDE Year-round strategies to make the tax laws work for you Tax planning is as essential as ever At the beginning of 2013, many tax rates and breaks were made permanent. The
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 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 informationTAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
2018 2019 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU It s a new day for tax planning On Dec. 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986
More informationTAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
2014-2015 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU Tax planning challenging but crucial for higher-income taxpayers At the beginning of 2013, many tax rates and breaks
More informationTax Planning Guide. 310 Commercial Drive, Suite 100 Savannah, GA office fax
2018 2019 Tax Planning Guide Year-round strategies to make the tax laws work for you 310 Commercial Drive, Suite 100 Savannah, GA 31406 www.cordascocpa.com 912.353.7800 office 912.353.7801 fax Although
More informationTax Planning Strategies
Tax Planning Strategies 2012-2013 YEAR-TO-DATE REVIEW 2 EXECUTIVE COMPENSATION 6 INVESTING 8 REAL ESTATE 12 BUSINESS OWNERSHIP 14 CHARITABLE GIVING 16 FAMILY & EDUCATION 18 RETIREMENT 20 ESTATE PLANNING
More informationIt s a new day for tax planning
It s a new day for tax planning On Dec. 22, 2017, the most sweeping tax legislation since the Tax Reform Act of 1986 was signed into law. The Tax Cuts and Jobs Act (TCJA) makes small reductions to income
More information2017 year-end tax guide Possible tax law changes on the horizon
2017 year-end tax guide Possible tax law changes on the horizon With Donald Trump in the White House and Republicans maintaining a majority in Congress comes the possibility of some dramatic changes in
More informationArthur Lander C.P.A., P.C. A professional corporation
A Arthur Lander C.P.A., P.C. A professional corporation 300 N. Washington St. #104 Alexandria, Virginia 22314 phone: (703) 486-0700 fax: (703) 527-7207 YEAR-END TAX PLANNING FOR INDIVIDUALS Once again,
More informationDavis & associates, p.a. Certified Public Accountants and Consultants
209 FEDERAL TAX RATES Davis & Associates, p.a. Certified Public Accountants and Consultants 97 Washingtonian Boulevard, Suite 550 Gaithersburg, Maryland 20878 Phone: 30.963.6696 Fax: 30.963.6693 www.daviscpas.com
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 information2015 PATH Act: What all Taxpayers Need to Know
2015 PATH Act: What all Taxpayers Need to Know AUTHORS Loree Dubois, CPA Laura H. Yalanis, CPA,MST Loree is the Chair of the Firm s Corporate Tax Group and Co-Chair of the Firms Healthcare Services Group.
More informationYEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS UPDATED NOVEMBER 1, 2007 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION Time again to begin formulating your year-end tax strategies. As in the past,
More information(married filing jointly) indexed for inflation in future years.
2 AMERICAN TAXPAYER RELIEF ACT OF 2012 excess of the applicable threshold. These thresholds will be indexed for inflation in future years. Because the tax rates are permanent, for 2013 you can employ the
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 information2017 YEAR-END CHECKLIST. YEO & YEO CPAs & BUSINESS CONSULTANTS YEO & YEO. yeoandyeo.com
2017 YEAR-END YEO & YEO TAX CPAs & BUSINESS PLANNING CONSULTANTS CHECKLIST YEO & YEO CPAs & BUSINESS CONSULTANTS yeoandyeo.com As the end of the year approaches, it is a good time to think of planning
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 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 informationTAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
2017-2018 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU Possible tax law changes on the horizon With Donald Trump in the White House and Republicans maintaining a majority
More information2011 Tax Guide. What You Need to Know About the New Rules
2011 Tax Guide What You Need to Know About the New Rules Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You
More informationTAX 2017 PLANNING GUIDE. ABC Company 123 Main Street Anywhere, USA
TAX 2017 PLANNING GUIDE Your promotional imprint here and/or back cover. ABC Company 123 Main Street Anywhere, USA 12345 www.sampleabccompany.com 800.123.4567 TAXES FOR INDIVIDUALS The Big Picture 3 Adjustments,
More information2018 year-end tax guide
2018 year-end tax guide It s a new day for tax planning CONTENTS Year-to-date review 2 Executive compensation 8 Investing 11 Real estate 17 Business ownership 21 Charitable giving 24 Family and education
More informationTAX GUIDE PLANNING YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU
2018 2019 TAX PLANNING GUIDE YEAR-ROUND STRATEGIES TO MAKE THE TAX LAWS WORK FOR YOU It s a new day for tax planning On December 22, 2017, the most sweeping tax legislation since the Tax Reform Act of
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 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 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 information2004 Tax-smart strategies guide. Keep more of what you earn
2004 Tax-smart strategies guide Keep more of what you earn 2004 Tax-smart strategies guide Keep more of what you earn As a taxpayer, you currently have some of the largest tax cuts in history working
More informationFinancial Intelligence
Financial Intelligence Volume 14 Issue 1 Tax Changes and Planning Considerations in 2018 and Beyond by Brent Yanagida, CFP, EA On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs
More informationBefore we get to specific suggestions, here are two important considerations to keep in mind.
To Our Clients and Friends As we get closer to the end of yet another year, it s time to tie up the loose ends and implement tax saving strategies. With the fate of many of the long favored tax breaks
More information2013 Tax Planning Guide Year-round strategies to make the tax laws work for you
2013 Tax Planning Guide Year-round strategies to make the tax laws work for you 2032 Caribou Drive, Suite 200 Fort Collins, CO 80525 970.223.2727 www.soukupbush.com Dear Clients and Friends, We wish we
More informationIndividual Taxation and Planning
Individual Taxation and Planning Brandy Bradley, CPA May 19, 2016 Tax Bracket Comparison 2016 & 2012 2016 MARRIED FILING JOINT 10% - up to $18,550 15% - $18,551 - $75,300 25% - $75,301 - $151,900 28% -
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 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 informationYear-End Tax Planning Newsletter 2012
Year-End Tax Planning Newsletter 2012 Dear Client: Year-end planning is a bigger challenge this year than in past years because, unless Congress acts, tax rates will go up next year, many more individuals
More informationTax Update for the N.E. ACA Conference. Jeff Solomon, Managing Partner, KN+S
Tax Update for the N.E. ACA Conference Jeff Solomon, Managing Partner, KN+S Katz Nannis + Solomon, PC Boutique, regional CPA firm focused on entrepreneurial companies with an emphasis on technology Much
More informationYear-end Year-Round Tax Planning Guide
Year-end Year-Round Tax Planning Guide 2014 Individual Taxes What you need to know 2 2014 Business Taxes Another set of considerations 12 Are you confident you are doing everything you can to minimize
More informationYear End Tax Planning, 2013
Fall, 2013 Year End Tax Planning, 2013 Introduction points that might put you in a higher tax bracket or limit your deductions. Tax planning to reduce income and/or consolidate deductions may avoid various
More informationHighlights of the Senate Tax Cuts and Jobs Act
WEALTH SOLUTIONS GROUP Highlights of the Senate Tax Cuts and Jobs Act The Senate passed a bill with the same name as the House, but with plenty of other differences The Senate version of a tax reform proposal
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 informationYEAR-END TAX PLANNING
2010 YEAR-END TAX PLANNING 2010 YEAR-END TAX PLANNING PERSONAL INCOME & TAXES YOUR INVESTMENTS PERSONAL DEDUCTIONS & CREDITS TAX-ADVANTAGED PLANS BUSINESS INCOME & TAXES BUSINESS DEDUCTIONS & CREDITS Copyright
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 informationProposed changes to businesses would:
Proposed changes to businesses would: For 2017, we have essentially the same tax rules and rates that we have seen since the last tax reform in 1986. For 2017, the top federal income tax rate is 39.6%.
More information10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 28% 91, ,650 24% 82, ,500
INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 Single 28% 91,901 191,650 24% 82,501 157,500 33%
More informationTAX PLANNING LETTER 2017 YEAR-END TAX PLANNING FOR INDIVIDUALS CONTENTS
2017 www.bdo.com TAX PLANNING LETTER CONTENTS 2017 YEAR-END TAX PLANNING FOR INDIVIDUALS Individual income taxes, whether paid through employer withholding or quarterly estimates, are probably one of your
More information2017 Year-End Tax Planning
2017 Year-End Tax Planning If you've been following the news out of Washington, you probably know that for the first time in decades, tax reform is a real possibility. Given that both the House and 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 information2014 YEAR-END TAX PLANNING
Page 1 of 5 2014 YEAR-END TAX PLANNING Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks which expired at the end of 2013. Some of these
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 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 information2017 Year-End Tax Reminders
2017 Year-End Tax Reminders INCOME TAX Wealth Planning Income Tax Rates 1. The following federal tax rates now apply to most types of capital gains for taxpayers in the highest tax brackets: 39.6% (short-term),
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 tax planning with checklists
Year-end tax planning with checklists 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.
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 informationYear-end tax planning for 2017 Things to consider
Year-end tax planning for 2017 Things to consider Case Sabatini Contact information: 470 Streets Run Road Pittsburgh, PA 15236 412.881.4411 1 CaseSabatini.com Reminder about due dates March 15 (Extend
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 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 informationTax Planning Guide. Year-round strategies to make the tax laws work for you
2018 2019 Tax Planning Guide Year-round strategies to make the tax laws work for you Dear Clients and Friends, Commitment influences behavior, and behavior determines results. That s a phrase from Even
More informationYear-end Tax Moves for 2017
Year-end Tax Moves for 2017 Holloway Wealth Management One of our main goals as holistic financial advisors is to help our clients recognize tax reducing opportunities within their investment portfolios
More informationYear-End Tax Planning Letter
Year-End Tax Planning Letter 2014 The country s taxpayers are facing more uncertainty than usual as they approach the 2014 tax season. They may feel trapped in limbo while Congress is preoccupied with
More informationTOOLS AND TECHNIQUES OF INCOME TAX PLANNING 3 RD EDITION
TOOLS AND TECHNIQUES OF INCOME TAX PLANNING 3 RD EDITION 2012 Supplement Chapter 2 p. 11 In 2012 the income threshold for married person filing jointly is $19,500 (if one spouse is blind or elderly 20,650;
More informationYear-End Planning 2017
Wealth Management Year-End Planning Executive Summary As we approach the end of, it is time to review traditional year-end planning decisions. We are aware of the significant changes in the tax code currently
More information2018 Year-End Tax Reminders
2018 Year-End Tax Reminders Family Office Resources Income Tax Beginning in 2018, the standard deduction for single filers is $12,000 (up from $6,500 in 2017) and $24,000 for married taxpayers who file
More informationLooking Back on 2018
Year-end Planning 2018 Looking Back on 2018 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 year-end planning
More informationTAX PLANNING. Edward E. Pratesi, CPA/ABV, ASA, CM&AA, CVA. John T. Salemi, Jr., CPA, MST 2015 YEAR-END TAX GUIDE: TAX PLANNING MOVES FOR INDIVIDUALS
TAX PLANNING 2015 YEAR-END TAX GUIDE: TAX PLANNING MOVES FOR INDIVIDUALS Edward E. Pratesi, CPA/ABV, ASA, CM&AA, CVA EdP@psc-cpa.com John T. Salemi, Jr., CPA, MST JohnS@psc-cpa.com 18 North Main Street,
More informationTax-cutting time is ticking away. Review options for accelerating income. Dear Clients and Friends,
Dear Clients and Friends, Taxes are going to be a major issue for the rest of 2012 and for much of 2013. On January 1, 2013, the country faces what Federal Reserve Chairman Ben Bernanke has called a fiscal
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 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 informationGMS SURGENT 2014 YEAR-END TAX SAVING TIPS
GMS SURGENT 2014 YEAR-END TAX SAVING TIPS As the days on the calendar grow short and the holiday season gets into full swing, we at GMS Surgent would like to provide you with some valuable ideas to reduce
More informationTax Update: Legislative Developments and Tax Planning for Law Firms and Attorneys
Tax Update: Legislative Developments and Tax Planning for Law Firms and Attorneys Presented by Kristin Bettorf, CPA FM24 5/4/2018 4:15 PM The handout(s) and presentation(s) attached are copyright and trademark
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 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 informationSAVE 2018 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP
SAVE 2018 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 informationPresident Obama's 2016 Federal Budget Proposal
President Obama's 2016 Federal Budget Proposal March 10, 2015 by Tim Steffen On the heels of his first State of the Union address to the nation after the mid-term elections, President Obama released his
More informationTaylor Financial Group s Monthly Planning Letter
Taylor Financial Group s Monthly Planning Letter December 017 Year-End Planning December is Year-End Planning Month at Taylor Financial Group We have prepared this short newsletter to provide you with
More informationNOW ON TO TAX PLANNING. THERE IS A LOT HERE, SO HAPPY READING.
To Our Valued Clients, Tis the season of holidays and tax planning. We are excited about the upcoming tax season and wanted to update everyone on some year-end planning tips. Before we jump into the tax
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 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 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 information2018 year-end planning ideas
The new tax environment creates even more reasons to start your planning early. 2018 year-end planning ideas When it comes to tax planning, procrastination can be costly; the deadline for implementing
More informationYear-End Investment Moves JHS CPAS, LLP
THOMAS N. HENLE, CPA MICHAEL R. HUHN, CPA JAMES F. KEPKE, CPA CRAIG A. CLEVELAND, CPA December 2016 To Our Clients and Friends: As we get closer to the end of yet another year, it s time to tie up the
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 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 informationY E A R E N D N E W S L E T T E R
704-636-1040 www.dgcpa.com Y E A R E N D 2 0 1 6 N E W S L E T T E R About Us - Davis Group, PA, Certified Public Accountants was founded with the idea of providing big firm expertise with the care and
More information