Professional Remodelers Organization. Top Tax Topics

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1 Professional Remodelers Organization Top Tax Topics

2 INTRODUCTION Weber O Brien Ltd. Toledo, Ohio Certified Public Accountants 5580 Monroe Street Sylvania, OH Telephone: 419/ Facsimile: 419/

3 R. David O Brien, CPA, Member INTRODUCTION SPEAKERS Dave is a graduate of California State University at Chico, California. He is a founding member of Weber O'Brien Ltd. His primary focus is in the construction industry. He has an extensive background in assurance and accounting with emphasis in real estate and construction contractors. In order to deliver cutting edge solutions to his clients, Dave draws upon an arsenal of knowledge, experience and educational certifications. Dave is a CPA and a member of the American Institute of Certified Public Accountants (AICPA), Nevada Society of Certified Public Accountants (NSCPA), and the Ohio Society of Certified Public Accountants (OSCPA). Dave is a member of the National Association of Home Builders (NAHB), Ohio Contractors Association, and Home Builders Association (HBA) Toledo Chapter. Dave is also a member of Construction Industry CPA s Consultants Association (CICPAC), and the Construction Financial Management Association (CFMA). He has chaired as Treasurer for the Construction Financial Management Association and has served on the Board of Ohio Society of CPA s Contractor Committee, and Home Builders Association of Toledo Investment Committee and Education Committee. Dave speaks nationally for the National Association of Home Builders and the National Electrical Contracting Association and locally for the Home Builders Association as well as other 3 organizations in Northwest Ohio.

4 Mike Hunter, CPA, Manager INTRODUCTION SPEAKERS Michael has been with Weber O Brien, Ltd. for eight years and has over sixteen years of experience working with closely held businesses and nonprofit organizations. Michael was born and raised in the Detroit, Michigan area and is a graduate of Central Michigan University with a Bachelor of Science in Business Administration. Michael worked for various CPA firms in Michigan before joining Weber O Brien. As the result of working with various CPA firms, Michael has gained extensive training, knowledge and experience in a variety of tax, accounting and consulting services. Michael serves as a director on the board of BeInstrumental Foundation, a 501(c)3 organization public charity dedicated to harnessing the power of the arts by providing aspiring musician s programs with educational opportunities, mentoring and the financial resources to pursue their music ambitions. Michael is a member of the American Institute of CPA s, Ohio Society of CPA s, Michigan Society of CPA s, Toledo Chamber of Commerce and the Professional Remodelers Organization. 4

5 INTRODUCTION FIRM BACKGROUND AND STRUCTURE Founded in 1986, Weber O'Brien Ltd. provides Auditing, Accounting, Tax, and Management Consulting to a wide variety of clients nationwide. Located in Toledo, Ohio, our staff of nearly 40 professionals allows us to provide focused, personalized, and comprehensive client services. We have over 25 years of experience servicing middlemarket companies in a variety of industries. Weber O Brien is an independent member of the BDO Seidman Alliance. 5

6 STATEMENT OF RESPONSIBILITY Statements made by Weber O Brien Ltd. are opinions based on our experience. Make sure you consult with your attorney, CPA and other professional advisors before implementing any of our recommendations. 6

7 2013 Tax Changes for Individuals Higher personal income tax rates for certain taxpayers. Higher tax rates on dividend income-only those in top tax bracket. Higher tax rates on capital gains- mostly only those in top tax bracket. AGI based reduction on certain itemized deductions and phase out of personal exemptions Single $250,000 Married Filing Joint $300,000 7

8 Tax Deductions and Credits Extended State and local sales tax deduction American Opportunity Tax Credit extended through Maximum education tax credit of $2,500 per student. Child tax credit up to $1,000 for qualifying child under age 17. Teacher education expense up to $250 Mortgage insurance premiums Research tax credit extended through 2013 Work Opportunity Tax Credit extended through

9 Overview of 3.8% Medicare Tax New tax resulting from the 2010 Patient Protection and Affordable Care Act Effective Beginning in 2013 Tax on Net Investment Income (NII) for certain taxpayers with excess MAGI over base: Married Taxpayer filing jointly MAGI > $250,000 (base) Married Taxpayer filing separately MAGI > $125,000 All other individual Taxpayer MAGI > $200,000 (base) MAGI is Adjusted Gross Income plus net foreign earned income exclusion plus/minus certain items of foreign income Taxable amount limited to the lesser of Actual NII or MAGI in excess of base 9

10 Overview of 3.8% Medicare Tax Net Investment Income (NII) includes Taxable Interest Dividends Capital Gains (Investment or Personal Assets Only) Annuities (non tax sheltered) Passive Rents Passive Royalties Passive Activity Income (partnership and S corporation) 10

11 Overview of 3.8% Medicare Tax Net Investment Income (NII) DOES NOT include Wages Tax-exempt Interest Capital Gains from sale of active trade or business IRA Distributions ( includes RMD s) 401(k) Distributions Pensions Tax Sheltered Annuities Ex. School 403(b) plans Active Royalties Active Trade or Business Income Social Security Taxable Income 11

12 Additional 0.9% Medicare Tax Wages and earned income received in excess of $200,000 ($250,000 for married filing joint) will be subject to a 2.35% Medicare tax rate instead of 1.45% currently. Includes income of active LLC members Does not include S-corporation earnings Must be withheld on wages paid in excess of $200,000 12

13 Retirement Plan Limits IRA Contribution Limit $5,500 $5,500 IRA Catch Up Contributions* $1,000 $1, k Deferrals $17,500 $17, k Catch Up Contributions* $5,500 $5,500 Simple IRA Contribution $12,000 $12,000 Simple IRA Catch Up Contributions* $2,500 $2,500 SEP IRA (25% of Compensation) $51,000 $52,000 * Age 50 or older 13

14 Bonus Depreciation & Qualified Leasehold Improvements For 2013, the 50% bonus depreciation still applies on purchases of new equipment. For 2014, 50% bonus depreciation is not available at this time. For 2013, 15 year depreciation life for qualified leasehold improvements, qualified retail improvement and qualified restaurant property. 14

15 Code Section 179 Expensing Year Amount Ceiling 2011 $500,000 $2,000, $500,000 $2,000, $500,000 $2,000, * $25,000 $200,000 Vehicles with a 6,000 gross vehicle weight or higher are eligible for Section 179 deduction up to $25,000 * Based on current information available 15

16 Small Business Health Care Tax Credit Applies for Small Employers : Fewer than 25 full-time equivalent employees Average wage of less than $50,000/year (excludes owners) Pay at least 50% of employee health insurance premiums Maximum credit is 35% of premiums paid for 2013 and 50% in Credit is refundable! 16

17 Individual Health Insurance Mandate Starting in 2014, all applicable individuals that do not have health insurance coverage will be penalized until they acquire the necessary coverage. The penalty is the greater amount of either a flat rate or a calculation based on a percentage of household income. The flat rates are $95 in 2014, $325 in 2015 and $695 in Per uninsured household member Household member under age 18, the penalty is cut in half Household max is 3 times the flat dollar amount 17

18 Individual Health Insurance Mandate The percentage used to figure the penalty are 1% in 2014, 2% in 2015 and 2.5% in The penalty cannot exceed the annual premiums that a bronze level insurance plan in the health exchange would offer. The penalty is calculated on a monthly basis. The penalty is paid on 2014 tax return. The penalty can be taken out of a tax refund If you owe there is no consequence for not paying the penalty. 18

19 Ohio Individual Taxes House Bill 59 Increase Tax Rate Reductions Reduce personal tax rates by 8.5% in 2013 Additional reduction of.5% in 2014 Updated tax tables to adjust withholdings for employees 19

20 Ohio Small Business Income Deduction New 50% Small Business Income Deduction Applies to years beginning on or after January 1, 2013 Deduction equal to 50% of taxpayer s Ohio small business income of up to $250,000 per taxpayer Net business income will include Schedule C and Schedule E (rent) along with pass through entities such as S-Corp and LLC s Applies to both passive and active income 20

21 THANK YOU! Questions? 21

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