By: Michael Shelby, CPA, MST

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1 By: Michael Shelby, CPA, MST

2 Introduction Michael K. Shelby, CPA, MST Principal of Michael K. Shelby, CPA, LLC Main office in Lanham, Satellite office in Annapolis Currently staff of 5, need to add at least 2 more Over 25 years of experience in public accounting CPA Master s degree in taxation We provide accounting and tax services to individuals, businesses and non-profit organizations. 2

3 Program Overview BUSINESS - State of the Economy TAXES New Taxes, Depreciation, etc.. HEALTHCARE National Health Care 3

4 Business BUSINESS State of the Economy as of Fall, 2013: Overview Growth is Steady, But Slow Interest Rates Have Increased 4

5 Business GDP GDP Growth Rate YTD = 1.5%. Lower than the 2.2% expected rate at the beginning of the year. Source: 5

6 Business Interest Rates 10 Year SBA Loan: Increased from an average of 3.6% at the beginning of the year to 4.85% currently. About 1.25% increase. 30-year Home Mortgage: Decreased recently to about 4.19% from a high of 4.49% reached in September. Started the year at 3.4%. Source: 6

7 Business Unemployment Currently about 7.2%, according to the Bureau of Labor Statistics. Has been steadily trending downward from a high of 10% reached in

8 Business Kiplinger.com makes the following economic forecast for 2014: GDP Slow increase to 2.6% Interest Rates Short-term rates to remain low in 2014 Business Spending - Increase by 4.5% Housing Sales New Homes up by 16%, Existing up by 4% Unemployment Between 6.9% and 7.2% Inflation Currently at 1.2%, to increase to 2% 8

9 TAXES Taxes Overview Note: The following presentation is a general discussion of various tax rules. It is not meant to be, nor should it be used as, a discussion of ALL requirements that must be met to claim a particular deduction. Appropriate consultation with a competent tax advisor should be obtained before making any tax-motivated decisions. BIG Changes in 2013 to Personal Taxes for High Income Individuals 9

10 Changes Occurring at 2 Main Income Thresholds: $250,000 for Married, Filing Joint (MFJ) and $200,000 for Single $450,000 for MFJ, $400,000 Single Changes apply when above thresholds are exceeded. 10

11 Changes at $250,000/$200,000 Level Changes at this level are part of the Obama Health Care funding legislation. Medicare tax increased from 1.45% to 2.35% (net of.9%) on earned income over $250,000 MFJ, $200,000 Single. Net Investment Income (NII) tax of 3.8%. Applies to the lesser of NII amount OR excess of Modified Adjusted Gross Income (MAGI) over the Threshold Amount ($250,000 MFJ, $200,000 Single). Example: MFJ with MAGI of $275,000 and Net Investment Income of $10,000. Tax of 3.8% will apply to $10,000, not $25,

12 What is Net Investment Income? It includes: Interest, Dividends, Annuities, Royalties, Rents Income from a Passive Activity (i.e., any business activity in which the taxpayer does not materially participate.) Net Gain on disposition of property: stocks, bonds, mutual fund gains and real property that IS NOT from a trade or business in which the taxpayer materially participates. Includes the taxable gain on sale of home, but not the non-taxable portion protected under IRC sec. 121 (i.e., $500,000 exclusion for MFJ, $250,000 for Single) 12

13 What is NOT Net Investment Income?: Wages Business entity flow-through income and Self-Employment income, if materially participating. Social Security Benefits Distributions from qualified retirement plans, such as IRAs, 401(k), 403(b), etc. *Note: IRS has issued about 160 pages of regulations on this issue! So careful study is needed for a proper understanding of these new and complicated rules. 13

14 Ways to Limit Exposure To This Tax Where Income Is Above Threshold: Invest in tax-free municipal bonds. Invest in non-dividend paying stocks, such as growth stocks. Direct more wealth to retirement accounts such as 401(k), IRA, Roth IRA. Direct more wealth to tax-sheltered life insurance policies. Increase participation in passive activities to rise to the level of material participation. 14

15 Changes at the $450,000/$400,000 Level Top personal income tax bracket increases from 35% to 39.6%. Increase in long-term capital gain and qualified dividend tax rates from 15% to 20%. Taxpayers impacted by the above rule will actually pay 23.8% on LT CG and qualified dividends due to the 3.8% Net Investment Income tax that triggers at the $250,000/$200,000 level. 15

16 Other Changes That Trigger at AGI > $300,000 MFJ and $250,000 Single: Phase out of itemized deductions is back after 2 years of reprieve. Generally reduces itemized deductions by 3% of the amount by which AGI exceeds certain threshold amounts. Phase out of personal exemptions also back after 2 year reprieve. Reduction = 2% of 3,900 for each 2,500 in excess of threshold. Personal exemption can be totally eliminated. 16

17 Now, for Some Good News! New Home Office Safe-Harbor Deduction A new simplified, safe-harbor, home office deduction is available, beginning in Instead of calculating and listing actual expenses, taxpayers can now multiply $5 by the business use square footage, up to a maximum of 300 square feet, for a maximum deduction of $1,500. No depreciation is deemed to have been taken and there is no depreciation recapture related to this deduction. The election to use this method is on a year-by-year basis. So, a taxpayer can alternate between the safe-harbor or actual expense method. 17

18 General Rules to Qualify for the Home Office Deduction: The space must be used regularly and exclusively as the principal place of business for the taxpayer s trade or business. IRC sec. 280A. Includes a place of business which is used for administrative or management activities if there is no other fixed location where these activities are substantially conducted. This rule can be used to deduct business use of home even when there is another business location, such as a retail store or hospital. 18

19 Examples, per IRS Pub. 587: A plumber spends most of his time at customer locations installing and repairing plumbing. But he uses a small office in his home (regularly and exclusively) to conduct administrative or management activities, such as calling customers, ordering supplies and keeping his books. o Conclusion: He qualifies for the business use of home deduction. Self-employed anesthesiologist spends most of her time administering anesthesia to patients in hospitals. One of the hospitals provides a small shared office. However, she prefers to conduct his administrative and management duties from a home office that she uses regularly and exclusively as such. o Conclusion: She qualifies for the business use of home deduction. 19

20 Major Advantage to Qualified Business Use of Home: Mileage from the home to any location for business is deductible, even where the taxpayer has a separate business location. Rev. Rul But Be Careful! o Business Use of Home is TOP IRS audit issue. o Review and apply the rules carefully. o See IRS Pub. 587, Business Use of Your Home, for a detailed discussion of the rules. 20

21 BIG Changes in Depreciation Coming 2013 is the last year to take 50% bonus depreciation and high Sec. 179 capital expensing deductions (unless Congress extends these stimulus deductions). 21

22 What is 50% bonus depreciation? For 2013: Write-off 50% of the cost of property as an immediate deduction in one tax year that would otherwise have to be depreciated over number of years. Can only be taken on new (as opposed to used) property purchases that have a depreciable life of 20 or fewer years. o o This includes computer and other business equipment, office furniture and qualified leasehold improvements (including for restaurants and retail establishments) and vehicles (limits apply to luxury autos ). The property must be placed in service within the tax year to qualify. o Deduction can be claimed for cash or financed purchases. This deduction is not available after 2013, unless Congress extends it. 22

23 What is the Sec. 179 Expensing Election Deduction? Taxpayer is allowed to elect immediate year-of-purchase deduction for qualified property that would otherwise have to be depreciated over a number of years. For 2013: up to $500,000 can be expensed for capital purchases of qualifying NEW or USED tangible personal property o Up to $250,000 for qualified leasehold, restaurant or retail improvement property. o The deduction is gradually phased out where capital purchases exceed $2,000,000. o This deduction is scheduled to drop to $25,000 in 2014, with phase out for purchases in excess of $200,

24 Heavy SUV Write-off Options for 2013 Take 50% Bonus Depreciation Deduct up to $25,000 as Sec. 179 Expense Depreciate remaining cost over 5 years, no luxury auto cap. Example: A $60,000 heavy SUV can be written off by $56,000 in 2013 (Bonus, Sec. 179, remaining 5 year depreciation). 24

25 What is a Heavy SUV? Any 4-wheeled vehicle primarily designed to carry passengers over public streets. More than 6,000 pounds Gross Vehicle Weight (weight when fully loaded with passengers/cargo), but less than 14,000 pounds GVW. 25

26 What is a Luxury Auto? A Luxury auto is a 4-wheel vehicle that is used mostly on public roads and has a Gross Vehicle Weight of 6,000 pounds or less. First year depreciation of a luxury auto is limited to $11,160 for 2013, even with bonus depreciation. Total depreciation for the first 4 years cannot exceed $21,185 and $1,875 per year thereafter. Be aware that Maryland requires a first-year add-back for bonus depreciation and sec. 179 deductions in excess of $25,

27 What Are The Chances Bonus Depreciation and High Sec. 179 Expense Election Amounts Will Be Extended for 2014? Bonus Depreciation: Pending House Bill H.R would extend bonus depreciation through 2016 at a rate of 100% Pending Senate Bill S would extend the current bonus depreciation rate for one year. The President s budget does not include an extension of bonus depreciation after

28 Sec. 179 Expensing: Pending House Bill H.R. 408 would repeal all limitations on the use of sec. 179 expensing allowance. Pending Senate Bill S would permanently set the maximum expensing amount to $250,000. The President s budget calls for permanently extending the current $500,000 maximum expensing amount. 28

29 Consider Retirement Plan Options: Depending on the type of pension plan selected, and the amount of taxable compensation or selfemployment income, business owners can contribute-and deduct-up to $56,500 to a qualified pension plan for

30 Consider Retirement Plan Options (cont.): Keep in mind the types of plans that must be setup within the tax year contributions are intended for. Generally, only SEP IRSs and Individual IRA accounts can be setup the year following the tax year contributions will be made for. Consider the complexity of administration and ongoing compliance costs. SEP IRSs are generally simpler, but can be less flexible for maximizing contributions for the business owner (due to matching contribution rules for employees) than a 401(k) plan. 30

31 Consider Retirement Plan Options (cont.): The larger the owner s income and desired amount of contribution, the more one should consider consulting a qualified pension consultant. Refer to the attached materials for more information. 31

32 Carpe Diem! Seize the Moment.for Year-End Tax Planning. While there s still time left in the year, meet with your accountant to review: Your year-to-date financial statements and projection for yearend profit or loss. How will this effect your corporate taxes, if you are a C corporation, or your personal taxes, if you are a sole proprietor, S corp or partnership? S Corp owners: be sure to review whether you have paid yourself a reasonable salary for If not, take action immediately to correct it before year-end. 32

33 Carpe Diem! Seize the Moment.for Year-End Tax Planning (cont.). If you are profitable, consider strategies you can take before year-end to minimize taxes. If you expect a loss, consider how much can be used on the 2013 tax return and whether any limitations will apply, such as basis, at-risk or passive activity limitation. Manage your applicable tax brackets. If you expect to be in the 25% bracket or higher, consider ways to reduce taxes in these higher brackets, such as: o o Maximize pension contributions, Accelerate deductions such as paying trade payables early, purchase needed equipment, pay bonuses to key employees. 33

34 NATIONAL HEALTHCARE NATIONAL HEALTHCARE LAW (aka Obamacare) The Patient Protection and Affordable Care Act made mandatory changes to key health insurance provisions: No annual or lifetime dollar limits Coverage cannot be rescinded unless fraud or material misrepresentation was committed. Extended dependent coverage for dependent children until age 26 unless the plan is grandfathered. No pre-existing condition exclusion allowed. Waiting periods to participate in a group health plan cannot exceed 90 days. 34

35 NATIONAL HEALTHCARE Individual Mandate for Health Coverage Effective January 1, 2014 Penalty for failure to obtain health coverage for 2014 = greater of $95 or 1% of income. The penalty will increase to the greater $325 or 2% for 2015 and $695 or 2.5% of income for 2016 and later years. 35

36 NATIONAL HEALTHCARE Employer Mandate to Offer Health Insurance Coverage Beginning in 2014, applicable large employers (an employer who has employed an average of at least 50 full-time employees on business days the preceding calendar year) must offer health coverage that provides affordable insurance that provides a minimum value or face nondeductible shared responsibility penalties. Businesses with fewer than 50 full-time employees ARE NOT REQUIRED to offer health insurance coverage to their employees. 36

37 NATIONAL HEALTHCARE Employer Mandate to Offer Health Insurance Coverage (cont.) The small business health insurance marketplace sites are called Small Business Health Options Program, or SHOP. The Maryland SHOP site will be available on January 1, The website address is: Plans offered on the marketplace site are separated into various metal categories Bronze, Silver, Gold & Platinum, with Bronze offering the highest amount of insured cost participation and Platinum the least. 37

38 NATIONAL HEALTHCARE Small Employer Health Insurance Tax Credit Effective , up to a 35% tax credit is available to employers who employ less than 25 full-time equivalent employees during the tax year, pay average annual wages of less than $50,000 per employee, and pay at least 50% of the health insurance premiums for their employees. After 2013, small employers who purchase health insurance coverage for their employees through the small business health options program (SHOP) of a state insurance exchange may be eligible for a tax credit of up to 50% of the employer-paid premiums for two years. To be eligible for the tax credit, employers must contribute at least 50% toward the premium cost, employ fewer than 25 fulltime employees and pay an average annual salary of less than $50,000. o Remember:

39 Contact Information Michael K. Shelby, CPA, MST Lanham Office 4200 Forbes Blvd. Suite 126 Lanham, MD Office: (301) Fax: (301) Annapolis Towne Center 1910 Towne Centre Blvd. Suite 250 Annapolis, MD Office: (410) Website: For addition copies of this presentation feel free to contact us! 39

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