2015 Savvy Year-End Tax Planning Thoughts & Ideas

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1 2015 Savvy Year-End Tax Planning Thoughts & Ideas JONATHAN GASSMAN CFP, CPA/PFS November 11, Tax Rates Ordinary Income Qualified Dividends & Long-Term Capital Gains 10% 15% 25% 28% 2015 Rates 2016 Rates 33% 35% 39.6% Same as % (23.8% if surtax applies) Same as 2015 Interest, ST Dividends & Gains 39.6% Same as 2015 Investment Tax 3.8% Same as 2015 Medicare Tax 0.9% Same as 2015 Various tax benefits increase due to inflation adjustments. GASSMAN & GASSMAN CPA PC 2 1

2 Recent Tax Law Updates IRA Rollover Rules (Only one single rollover in a 12-month period) Inherited IRA FBAR & FACTA extensions applicable now DOMA Real Estate Professional Exemption can apply to certain trusts Year 2 of the Health Insurance Penalty Expanded Mortgage Reporting New Estate Tax Reporting New Tax Filing Deadlines More Time for IRS Assessments GASSMAN & GASSMAN CPA PC 3 Watch for the Tax Extenders 1. Election to deduct state & local sales tax 2. Above the line tuition deduction 3. $250 above the line teacher expenses deductions 4. Tax-free distributions from IRA s for QCD 5. Parity for employers provided mass transit & parking breaks 6. The deduction for mortgage insurance 7. And many many more.. GASSMAN & GASSMAN CPA PC 4 2

3 Tax Advantaged Retirement Plans IRA Contribution Limit $5,500 IRA Catch-Up Contribution $1, K contribution Limit $18, k Catch Up- contribution Limit $6,000 Simple Plan Elective Contributions $12,500 SEP Limit $53,000 Defined Contribution Plan Limit $53,000 Defined Benefit Pension Plan Limit depends NQDC depends Annuities unlimited GASSMAN & GASSMAN CPA PC 5 Adjust Your Withholdings or Estimated Taxes To avoid penalties you must pay at least 90% of your current years tax liability Or one of the following A. If your AGI exceeded $150,000 last year, 110% of the prior years tax B. Otherwise, 100% of the priors years tax liability. Quarterly estimated tax payments are due on April 15, June 15, September 15, January 15. GASSMAN & GASSMAN CPA PC 6 3

4 Protect Yourself from Identity Theft 1. DO NOT provide birthdates 2. DO NOT respond to s from the IRS 3. Be suspicious of unknown source asking for personal information GASSMAN & GASSMAN CPA PC 7 Reconcile your ACA Premium Tax Credit GASSMAN & GASSMAN CPA PC 8 4

5 Tax Loss Harvesting Time & Investment Review Season 1. $3,000 Capital Loss ($1,500 for mfs) 2. Watch out for Wash-Sale Rules 3. Zero % Rate on LT Capital Gains and Dividends 4. Limit the 3.8% Surtax on Net Investment Income (NII) 5. Mutual Fund Purchases at End of the Year May Not Be Wise 6. Donate Appreciated Stock GASSMAN & GASSMAN CPA PC 9 Example: Donating Appreciated Stock: Imagine you own 100 shares of a stock, purchased for $80 a share and now trading at $450. *Donate appreciated property, not depreciated property Sell Securities & Donate the Cash to Charity Current FMV $45,000 $45,000 Long Term Gain Tax (23.8%) $8,806 $0 Charitable Deductions $36,194 $45,000 Contribute Stock to a Charity or D.A.F. GASSMAN & GASSMAN CPA PC 10 5

6 Leverage the Gift & Estate Tax Exemption Effective during 2014 Effective in 2015 Effective in 2016 Applicable exclusion at death $5,340,000 $5,430,000 $5,450,000 Estate and gift tax rates 40% 40% 40% Surtax on estates above $10million None None None Lifetime gift exclusion $5,340,000 $5,430,000 $5,450,000 Generation-skipping tax (GST) exemption $5,340,000 $5,430,000 $5,450,000 Annual gift tax exclusion $14,000 $14,000 $14,000 Portability of unused exclusion to spouse Fully Portable Fully Portable Fully Portable Effect of state death taxes Depends on State Depends on State Depends on State GASSMAN & GASSMAN CPA PC 11 Leverage the Gift Tax Exemptions 1. Annual Gifting $14, Payment of Educational Expenses $Unlimited 3. Payment of Medical Expenses $Unlimited 4. Lifetime Exemption $5,430,000 Be mindful of gift to trusts as well as gift splitting rules GASSMAN & GASSMAN CPA PC 12 6

7 Accelerate or defer income Bunch or Bump Accelerate (Bunching) or defer deductions Consulting income Other self employed income Option exercise Taking IRA distributions Real estate sales Investment (Stock & Bond) sales Medical expenses State & local income taxes Losses on stock sales Real estate taxes Mortgage interest Margin interest Charitable donations Misc. deductions GASSMAN & GASSMAN CPA PC 13 Back Door the Roth IRA Strategies for Rising Income Tax Rates w/ IRA s Converting retirement accounts to ROTH IRA s Why Convert? You earn too much to contribute Avoid Required Minimum Distributions Legacy value Tax free withdrawals Offset new Medicare Tax Hedge against future tax increases GASSMAN & GASSMAN CPA PC 14 7

8 Back Door Roth GASSMAN & GASSMAN CPA PC 15 Strategies for Rising Tax Rates Maximize Tax Deferral Strategies HSA s IRA s ROTH IRA 401(k) and 403 (b) Annuities Deferred Compensation Plans GASSMAN & GASSMAN CPA PC 16 8

9 Are You in the Giving Mood? 1. Give Appreciated Securities Rather Than Cash 2. Consider Establishing a DAF 3. Use Charitable Giving to Offset the Tax Costs of Additional Income 4. Donate the Complex Assets GASSMAN & GASSMAN CPA PC 17 Tax Audits State Tax Filings Bunch & Bump Self employed Health Insurance 1099 Reporting Depreciation Home Office Retirement Plan Solo 401k SEP or Defined Contribution Plan Defined Benefit Pension Self Employed GASSMAN & GASSMAN CPA PC 18 9

10 Home Office Deduction Safe Harbor Your principle place of business Where you meet clients or customers in the normal course of business A separate structure not attached to your home IRS offers Safe Harbor Rule Maximum $1,500 GASSMAN & GASSMAN CPA PC 19 Beware of the AMT Who pays the AMT? Why do you pay AMT? How does it impact you? AMT = A Magic Tax GASSMAN & GASSMAN CPA PC 20 10

11 Alternative Minimum Tax Common Triggers State & local income taxes Real estate taxes Misc. itemized deductions Employee business expenses Interest on Heloc ISO s Certain tax exempt interest income Depreciation adjustments GASSMAN & GASSMAN CPA PC 21 Regular Tax Rates vs. AMT Rates Regular Tax Graduated income tax rates 10%, 15%, 25%, 28%, 33%, 35%, 39.6% Alternative Minimum Tax Flat rates 26% or 28% GASSMAN & GASSMAN CPA PC 22 11

12 History of Tax Rates GASSMAN & GASSMAN CPA PC 23 The 3.8% Net Investment Tax AGI threshold at which the 3.8% tax applies Single (not indexed) $200,000 Joint (not indexed) $250,000 Trust & Estates $12,150 (for 2014) GASSMAN & GASSMAN CPA PC 24 12

13 The 3.8% Net Investment Tax What is Investment Income? Income received from investment assets o Bonds, stocks, mutual finds, loans, and other investments Interests Dividends Capital Gains/Losses Capital Gain Distributions Royalties Rents o Gross Income from Passive Activities o Gain on sale of personal residence What is not Investment Income? Wages, salary, other compensation Income on exercise of compensatory options Qualified retirement distributions Self-employment income Non-passive investments, i.e. real estate if a real estate professional GASSMAN & GASSMAN CPA PC 25 Example Salary & Bonus $225,000 Interest $5,000 Rental Income $10,000 Capital Gain $35,000 Modified AGI $275,000 $25,000 taxable NII x 3.8% tax = $950 GASSMAN & GASSMAN CPA PC 26 13

14 3.8% NII Tax Use Your Deductions Deductions attributed to rent & royalty income Penalties for early withdrawal of retirement accounts Investment expenses Investment advisory fees Investment publications Tax prep fees State, local & foreign taxes Certain fiduciary fees GASSMAN & GASSMAN CPA PC 27 Additional Medicare Tax Imposed on wages in excess of $250,000 for married taxpayers ($125,000 Married Filing Separately/$200,000 Single/Head of Household) Imposed on net self-employment income in excess of threshold. Only imposed on employees. No employer match. Employer required to withhold if wages are in excess of threshold. Employee will pay on tax return if not withheld by employer. Example: Husband salary $200,000, Wife salary $75,000, combined wages of $275,000 None of the 0.9% will be withheld. Additional tax of $225 (0.9% x $25,000) ($275,000-$250,000) will be paid with tax return. GASSMAN & GASSMAN CPA PC 28 14

15 Strategies for Estate & Gift Tax Planning Annual Exclusion Gifts Lifetime Exemption G.R.A.T. s Q.P.R.T. s Front load 529 plans Charitable deductions Direct payments of educational or medical costs Purchase Life Insurance (I.L.I.T.) GASSMAN & GASSMAN CPA PC 29 Retirement Risks GASSMAN & GASSMAN CPA PC 30 15

16 Real Estate Professional Election Opportunity If qualified, could classify real estate activity as being Materially Participating Real Estate Professional Creates Active losses Moves investment income to earned income (loss) & only subject to.9% Medicare Tax NOT the new investment tax of 3.8% GASSMAN & GASSMAN CPA PC 31 Life-Cycle Events Life-cycle events which can affect planning: Change in filing status Marriage, Divorce, Death, Head of household status Birth of a child Child no longer old enough for child credit Child has outgrown the kiddie tax Casualty losses Changes in medical history and expenses Moving/relocation College or tuition expenses Employment changes Retirement Personal bankruptcy Large inheritance Business success or failures GASSMAN & GASSMAN CPA PC 32 16

17 Top Tax Planning Thoughts & Ideas 1. Maximize Personal Gifts 2. Contribute to IRA s & possibly convert to ROTH IRA s 3. Harvesting Capital Gains & Losses 4. Accelerate vs. Deferring Income & or Deductions ½ Retirement Distributions 6. Donate to Charity 7. Plan for the AMT (A Magic Tax) 8. Real Estate Professional Opportunity 9. FSA Use it or Lose it Rules 10. Maximize pretax plans (FSA, Transit check, 401k, HSA, Def Comp) 11. Maximize Self Employed Retirement Plan Deductions 12. Kiddie tax - Gift to kids (No NII if you file separately on From 8615) 13. Increase your withholding rather than paying an estimated tax GASSMAN & GASSMAN CPA PC 33 Our Companies & Affiliations Gassman & Gassman CPA, P.C. G&G Planning Concepts, Inc. Pear Core Solutions, Inc. Strategic Wealth Advisor Networks (SWAN) The Retirement Maven GASSMAN & GASSMAN CPA PC 34 17

18 Questions & Answers For additional information or a Pocket Tax Guide please contact: Jonathan Gassman CFP, CPA/PFS, CAP Telephone: (212) Addresses: GASSMAN & GASSMAN CPA PC 35 18

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