2014 Tax Newsletter HIGHLIGHTS. Potential Tax Reform Income Tax Rates Tax Extenders. Repair Regulations. Affordable Care Act
|
|
- Audrey Osborne
- 8 years ago
- Views:
Transcription
1 5700 Crooks Rd., Ste. 201 Troy, MI Phone: Tax Newsletter Dear Client: 1785 W. Stadium Blvd., Ste. 101 Ann Arbor, MI Phone: Although 2014 was not the year for tax reform that some anticipated, 2014 was an important year, and helped to lay the groundwork for potential tax reform in 2015 or On November 4, Americans learned the composition of the House and Senate in the 114th Congress that will convene in January Republicans increased their majority in the House and captured a majority in the Senate. GOP leaders said that tax reform would be a priority in the new Congress but gave no specifics. President Obama said that tax reform could be an area where he and the GOP could cooperate. Included in this newsletter you will find important 2014 tax developments, as well as general tax-saving reminders and tips. We hope this information is helpful to you. For a more personalized analysis of how items in this newsletter may impact your unique situation, please do not hesitate to contact either of our offices. TAX RATES For 2013 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates under the Bush-era tax cuts, except for the 39.6% for the highest bracket introduced for the 2013 tax year. The additional 0.9% Medicare surtax on earned income, and the 3.8% Medicare surtax on investment income, are still relevant for In fact, other than inflation adjustments, very little changed from 2013 to You can view the income tax rates for ordinary income, as well as the preferential rates for qualified dividends and long-term capital gains, on the second page of this newsletter. TAX EXTENDERS In the recently enacted Tax Increase Prevention Act of 2014, Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as extenders. The extenders are a varied assortment of more than 50 individual and business tax deductions, tax credits, and other tax-saving laws. The new legislation generally extends the tax breaks, most of which expired at the end of 2013, for one year through INDIVIDUAL EXTENDERS OF NOTE HIGHLIGHTS Potential Tax Reform 2014 Tax Rates 2014 Tax Extenders Repair Regulations Affordable Care Act Michigan Update STATE AND LOCAL SALES TAX DEDUCTION: The option to take an itemized deduction for state and local general sales taxes in lieu of state and local income taxes. The election is potentially beneficial to taxpayers in states without an income tax. Taxpayers who make a large purchase, such as a motor vehicle, before year-end could benefit by comparing the deduction for state and local sales taxes against their deduction for state and local income taxes. 1
2 MORTGAGE INSURANCE PREMIUMS: This provision treats mortgage insurance premiums as qualified residence interest allowable as an itemized deduction. CANCELLATION OF DEBT: The Tax Increase Prevention Act of 2014 excludes from income cancellation of mortgage debt on a principal residence of up to $2 million through Without an extension, debt forgiven in 2014 through a foreclosure, short sale or loan modification could have been treated as taxable income. TUITION AND FEES DEDUCTION: Eligible taxpayers can deduct qualified tuition and related expenses paid on behalf of themselves, as well as their spouse and dependents. The deduction is allowed only to the extent the qualified tuition and related expenses are for enrollment at a higher education institution before 2015, except that the deduction is allowed for expenses paid before 2015 if the expenses were in connection with an academic term beginning before 2015 or during the first three months of The tuition and fees deduction may be most beneficial to taxpayers who are ineligible for education-related tax credits, because the credits typically will provide greater tax savings and a taxpayer cannot take both the deduction and education credit. TEACHERS' CLASSROOM EXPENSE DEDUCTION: Eligible primary and secondary education professionals can claim an above-the-line deduction for up to $250 for expenses paid out-of-pocket for classroom supplies, books, computers and equipment, and supplementary materials. CHARITABLE CONTRIBUTION: Individuals age 70 1/2 or older who are required to take IRA distributions may transfer up to $100,000 tax-free to charity. This provision allows retirees to avoid paying income tax on amounts withdrawn and can be used to satisfy required minimum distribution rules. This provision is extended for QUALIFIED SMALL BUSINESS (QSB) STOCK: Gains realized on the sale of QSB stock acquired after September 27, 2010 and before January 1, 2015 are eligible for an exclusion of 100% if the QSB stock has been held for at least five years. A QSB is a domestic C corporation that holds gross assets of no more than $50 million at any time and uses at least 80% of its assets in an active trade or business. The QSB stock gain exclusion has been especially valuable ever since the capital gains tax rate increased for high-income taxpayers. Single Taxable Joint Individual Tax Rates for 2014 Ordinary Capital Gains and Qualified Dividends Earned Medicare Tax Investment $0+ $0+ 10% 0% $9,075+ $18, % $36,900+ $73, % $89,350+ $148, % $186,350+ $226, % 15% $200,000+ (AGI) $250,000+ (AGI) $405,100+ $405, % $406,750+ $457, % 20% 1.45% 0.0% 2.35% 3.8% 2
3 BUSINESS EXTENDERS BONUS DEPRECIATION: 50% additional first-year depreciation allows businesses to recover the costs of depreciable property more quickly for qualified assets. Qualified assets must be depreciable under the Modified Accelerated Cost Recovery System (MACRS) and have a recovery period of 20 years or less. Property must be new and placed in service before January 1, Taxpayers claim bonus depreciation in the tax year that a qualifying asset is placed in service, which may not necessarily be the same tax year that the asset is acquired. Only new property is eligible for bonus depreciation. SECTION 179: Enhanced Section 179 allows taxpayers to immediately deduct, rather than gradually depreciate, the cost of qualified assets. Because of the extension, a business can deduct up to $500,000 in qualified new or used assets. The deduction is subject to a dollar-for-dollar phase-out once the cost of all qualifying property placed in service during the tax year exceeds $2 million, meaning smaller businesses typically receive the greatest benefit. The expensing election can be claimed only to offset net income, not to reduce net income below zero. Absent Congressional action, the dollar limit for Code Sec. 179 expensing was $25,000 for 2014 with an investment limit of $200,000. If a business is eligible for full Section 179 expensing, it might obtain a greater benefit from the expensing election than from bonus depreciation because the expensing can enable the business to deduct 100% of an asset acquisition s cost. Moreover, Sec. 179 expensing is available for both new and used property. QUALIFIED LEASEHOLD PROPERTY: The Extenders package includes the ability to treat qualified leasehold improvement, restaurant, and retail improvement property as Section 179 eligible, as well as application of a shortened recovery period of 15 years (as opposed to 39 years). RESEARCH TAX CREDIT: The research and development tax credit may be claimed for businesses that increase their investments in research. The Tax Increase Prevention Act of 2014 extends the research tax credit through The research credit generally allows taxpayers a 20-percent credit for qualified research expenses or a 14-percent alternative simplified credit. WORK OPPORTUNITY CREDIT: The credit for hiring from certain disadvantaged groups, such as food stamp recipients, ex-felons and veterans who have been unemployed for four weeks or more has been extended through REPAIR REGULATIONS IRS issued final guidance on the following: Repair vs. Capitalization: Definition of when a repair is required to be capitalized has been updated to be more taxpayer friendly, and as such, there may be items capitalized in prior years that can be written off in the current year. Treatment of Materials and Supplies: Under the new regulations, a taxpayer may expense materials and supplies in the year paid or incurred under a de minimis rule. Disposition of MACRS Property: For assets that have been disposed of, but never written off because they were part of a larger asset, the new regulations allow a taxpayer to elect to immediately take the deduction for the disposal. Nearly every business will be affected, and will be required to file at least one application for change in accounting method Form 3115 to comply with the new regulations. 3
4 RETIREMENT PLANNING A number of changes have been made during 2014 affecting IRAs and other qualified plans. It is permitted to direct the taxable and non-taxable portions of a distribution from an employer sponsored plan (401(k), 403(b), 457(b)) to separate accounts. This provision does not apply to IRA's. A taxpayer is now limited to one 60-day rollover per year for all IRA accounts (rather than the previous law that allowed for one 60-day rollover per year per account). In a Supreme Court decision, inherited IRA accounts were not found to be retirement assets, and therefore not subject to creditor protection under the Bankruptcy Code. ABLE ACT The Achieving a Better Life Experience (ABLE) Act was passed along with the Tax Extenders. It offers a new savings program for people with disabilities. The ABLE Act authorizes states to establish a tax-exempt ABLE program to help people with disabilities build accounts to help pay qualified disability expenses. ABLE accounts are very similar to Section 529 savings plans. Distributions from an ABLE account (including earnings) that are used for qualified expenses (those expenses directly related to the individual's disability (e.g., health, transportation, housing)) would not be subject to tax. Anyone can make contributions to ABLE accounts, but the contributions are not tax deductible. Relatives or friends can make annual contributions to an ABLE account up to the maximum federal tax-free gift limit ($14,000 for 2015). $100,000 limit for SSI benefits, and no impact on Medicaid eligibility. AFFORDABLE CARE ACT Effective January 1, 2014, individuals were required to carry minimum essential health insurance coverage, or be required to pay a penalty known as the individual shared responsibility payment. For 2014, the penalty is the greater of $95 or 1% of household income. The penalty is pro-rated based on the number of months the individual was uninsured, and will increase in 2015 and Taxpayers that did not maintain the required health insurance coverage may qualify for an exemption from the penalty. Some of the common exemptions include: The lowest priced coverage was greater than 8% of household income Have a gap in coverage for less than 3 consecutive months Hardships, such as unpaid medical expenses Taxpayers who purchased health insurance though the Marketplace may have been eligible to receive a government subsidy in the form of a premium assistance tax credit. The amount of the tax credit is based on the taxpayer's estimate of 2014 household income, and could be applied to paying insurance premiums throughout the year. Whether or not the tax credit was received as an assistance to paying for insurance premiums, taxpayers are required to reconcile the credit on the Form If household income was either over- or under-estimated when the application for the subsidy was completed, the taxpayer will either receive the remainder of the subsidy in the form of a refundable tax credit, or will be required to re-pay the subsidy. If you If you purchased purchased health health insurance insurance through the through Marketplace, the Marketplace, a form 1095-A a form will be issued 1095-A which will be will issued show to the you details which of will the insurance, show the amount details of the of your premium, coverage, and the advance amount premium of the tax premium, credit paid. and the advance premium tax credit. 4
5 MICHIGAN PENSION AND RETIREMENT BENEFITS TAXATION Beginning on January 1, 2012, pension and retirement benefits became subject to Michigan income tax for many recipients. Below please find a chart to help you determine whether your retirement benefits are subject to Michigan tax on your 2014 income tax return. Born before 1946 Born 1946 to 1952 (under age 67) Born 1946 to 1952 (age 67+) Born after 1952 Private Pension Public Pension $49,027 (single) or $98,054 (joint) Michigan tax-free Exempt $20,000 (single) or $40,000 (joint) Michigan tax-free Pension subtraction replaced by income exemption Entire pension is subject to Michigan tax Social Security Exempt Exempt Exempt Exempt Exemption N/A N/A Sr. Citizen Investment Subtraction $10,767 (single) or $21,534 (joint) $20,000 (single) or $40,000 (joint) subtraction against all income Eligible after age 67 Not eligible Not eligible Not eligible MICHIGAN PERSONAL PROPERTY TAX REFORM In an attempt to make Michigan more attractive for business to grow, the State has decided to phase out its Personal Property Tax. The reform will reduce compliance, administrative, and tax costs for most businesses. If property owned by a business within a taxing jurisdiction is worth a total of $80,000 or less, then the personal property is 100% exempt. Form 5076 Affidavit needs to be filed by the assessor by February 10, 2015 to qualify for this exemption. Starting in 2016, all manufacturing personal property that was purchased in 2013 or later will no longer be subject to the PPT. In addition, all manufacturing personal property that has been in use for 10 or more years will also be exempt. Businesses claiming this manufacturing exemption will be subject to a new assessment starting in 2016: the Statewide Essential Services Assessment (SESA). CONTACT US At Schlaupitz & Madhavan, PLLC, we are dedicated to provide our clients with an unparalleled level of commitment to their tax and accounting needs. We value each and every client and will continue to provide each client with individualized attention. Please contact us at or to schedule an appointment. Sincerely, Schlaupitz & Madhavan, PLLC In accordance with U.S. Treasury regulations, this newsletter is not a formal legal opinion and may not be used by any person for the avoidance of Federal tax or penalties 5
Bunting, Tripp IngleyLLP
Dear Clients and Friends, As the end of 2011 approaches, now is a good time to start year-end tax planning to minimize your individual and business tax burden. Generally, year-end tax planning involves
More informationMCCLANAHAN & EATON, LLC CERTIFIED PUBLIC ACCOUNTANTS
, LLC CERTIFIED PUBLIC ACCOUNTANTS It's that time of year where we should think about preparing an estimate of your current year tax liability and see if we can reduce that liability. There are several
More informationYear End Tax Extenders?
STRAIGHT VERSION STRAIGHT VERSION DOLLARS ARCH 1C LOGO WITH TAG (KNOCKOUT) SENSE YEAR END TAX PLANNING SUMMARY FOR INDIVIDUALS ROXIMATELY WIDTH OF CIRCLE & ON ALL SIDES ARCH 1C LOGO WITH TAG (KNOCKOUT)
More informationBill Draft 2015-SVxz-2D: IRC Update.
2015-2016 General Assembly Bill Draft 2015-SVxz-2D: IRC Update. Committee: Revenue Laws Study Committee Date: January 13, 2015 Introduced by: Prepared by: Trina Griffin Analysis of: 2015-SVxz-2D Committee
More information2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager
WINTER 2014-2015 2014-2015 Tax Update: Another Year For Tax Breaks By Kurt J. Kilwein, CPA, CFP, Partner and Olga Zarney, CPA, MBT, Manager Individual Taxation Many of the tax breaks which expired at the
More informationLIFE INSURANCE DIVISION
TAX LAW SUMMARY American Taxpayer Relief Act MKTG-OC-1053A LIFE INSURANCE DIVISION TAX LAW SUMMARY American Taxpayer Relief Act INDIVIDUAL TAX PROVISIONS...3 Individual Tax Rates...3 Marriage Penalty Relief...4
More information2015 Individual Tax Planning Letter
2015 Individual Tax Planning Letter Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2015 tax bill. While year-end legislation extending
More informationHighlights of the 2010 Tax Relief Act
On December 7, 200, President Barack Obama signed into law H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 200 (the 200 Tax Relief Act). This massive bill affects
More informationPost Election Focus: Stars, Stripes & Taxes
Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December 6, 2012 Click HERE to listen to webinar. Post Election Focus: Stars, Stripes & Taxes Presented By: Margo Cook, CPA December
More informationThe 2010 Tax Relief Act What you need to know
The 2010 Tax Relief Act What you need to know The extension of the lower income and capital gains tax rates set to expire Dec. 31, along with significant reductions to the estate tax, has probably received
More informationCrunch or Crucible? Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College
Upcoming Changes in the Federal Tax Law A Special Edition Tax Guide for Friends and Alumni of Pomona College Pomona College, Office of Trusts & Estates, 550 N. College Ave., Claremont, CA 91711 www.pomona.planyourlegacy.org
More informationEXECUTIVE SUMMARY American Taxpayer Relief Act of 2012
TAX LEGISLATION January 2013 EXECUTIVE SUMMARY American Taxpayer Relief Act of 2012 Late in the night, on January 1, 2013, Congress completed work on the tax piece of the so-called fiscal cliff negotiations.
More informationIncome, Gift, and Estate Tax Update
Income, Gift, and Estate Tax Update Individual Income Tax Rates p. 1 Phil Harris Department of Agricultural and Applied Economics University of Wisconsin-Madison Marriage Penalty Relief p. 1 Capital Gains
More informationPATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS
PATRICK J. RUBEY & COMPANY, LTD. CERTIFIED PUBLIC ACCOUNTANTS American Taxpayer Relief Act January 1, 2013 Here are the act s main tax features: Individual tax rates All the individual marginal tax rates
More informationMost of ATRA s provisions benefit individual taxpayers through extensions of lower tax rates, certain deductions 10% 10% 15% 15% 25% 25% 28% 28%
TAX ACT OVERVIEW American Taxpayer Relief Act saves taxes for many, boosts them for some On Jan. 1, Congress passed the American Taxpayer Relief Act of 2012 (ATRA) to address the fiscal cliff a combination
More information2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012
THE UNIVERSITY OF TENNESSEE 2013 SINGLETON B. WOLFE MEMORIAL TAX CONFERENCE OCTOBER 31, 2013 2013 Federal Income Tax Update with The American Taxpayer Relief Act of 2012 JOHN D. HOUSTON, CPA Certified
More informationNews Release Date: 1/8/13
News Release Date: 1/8/13 American Taxpayer Relief Act of 2012 Cross References H.R. 8, the American Taxpayer Relief Act of 2012 TheTaxBook, 2012 Tax Year, 1040 Edition/Deluxe Edition, pages 1-6 and 1-7.
More informationClient Letter: Individual Tax Provisions of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
Source: Tax Legislation > 111th Congress (2009-2010) > Enacted > Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312) > Practice Tools > Client Letter: Individual
More informationObama Tax Compromise APPROVED by Congress
December 17, 2010 Obama Tax Compromise APPROVED by Congress on Thursday, December 16, 2010 The $858 billion tax deal negotiated by President Obama and Republican leadership was overwhelmingly approved
More information2014 Year-End Tax Planning Client Letter
2014 Year-End Tax Planning Client Letter Year-end tax planning is especially challenging this year because Congress has yet to act on several tax breaks that expired at the end of 2013. Some of these tax
More informationCongress passes 2012 Taxpayer Relief Act and averts fiscal cliff tax consequences
We will continue to expand on the provisions of the taxpayer relief act as more information becomes available. If you have any questions please feel free to contact us. Congress passes 2012 Taxpayer Relief
More information2015 YEAR-END INDIVIDUAL TAX PLANNING LETTER
2015 YEAR-END INDIVIDUAL TAX PLANNING LETTER Dear Reliance Accounting Clients, At this point in 2015, with the end of the year and the income tax filing deadline on the horizon, tax planning presents more
More informationOn behalf of our team at GJC, Happy Holidays and Cheers to a New Start in the New Year! Dear Clients and Friends,
Return to GJC Homepage Dear Clients and Friends, Perhaps the one issue on which there is agreement in Washington is the need for comprehensive tax reform. However, getting started on this task is put off
More informationTAX RELIEF ACT UPDATED DECEMBER 29, 2010
2010 TAX RELIEF ACT UPDATED DECEMBER 29, 2010 TAX RELIEF, UNEMPLOYMENT INSURANCE RE-AUTHORIZATION, AND JOB CREATION ACT OF 2010 INTRODUCTION On December 17, 2010, President Obama signed the much-anticipated
More informationHere is a quick summary of most-important tax changes starting with those that affect individuals. Payroll Tax Holiday Is Dead (So Far)
Dear Clients: 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 tax holiday, all workers will
More informationTax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks
Tax Relief Act of 2010 extends Bush-era tax cuts and carries a host of other tax breaks Late on December 9, Senate Majority Leader Harry Reid (D-NV) introduced H.R. 4853, the Tax Relief, Unemployment Insurance
More informationbusiness owner issues and depreciation deductions
business owner issues and depreciation deductions Individuals who are owners of a business, whether as sole proprietors or through a partnership, limited liability company or S corporation, have specific
More informationAn Overview of The Tax Relief Act on 2010
An Overview of The Tax Relief Act on 2010 On December 17, 2010, the President signed a multi-billion dollar tax cut package, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act
More informationTAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013
TAX PROVISIONS IN THE AMERICAN TAXPAYER RELIEF ACT OF 2012 (ATRA) James Nunns and Jeffrey Rohaly Urban-Brookings Tax Policy Center January 9, 2013 ABSTRACT The fiscal cliff debate culminated in the passage
More informationtax planning strategies
tax planning strategies In addition to saving income taxes for the current and future years, effective tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available
More informationIn the Know December 30, 2010
In the Know December 30, 2010 On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 aka the 2010 Tax Relief Act. Below we break
More informationSenate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures
Senate passes 2010 Tax Relief Act, featuring extension of Bush-era tax cuts & other tax breaks, plus stimulus measures On December 15, the Senate passed, today by a vote of 81-19, the Tax Relief, Unemployment
More informationAnswering Questions about Your Family s Income When Applying for Health Insurance
What You Need to Know about Health Insurance Applying for Health Insurance Answering Questions about Your Family s Income When Applying for Health Insurance About this fact sheet You may be able to get
More informationTax Items For Businesses Ohio Tax Law Changes
FRUSH & ASSOCIATES, INC. OVERVIEW Recap of 2013 ACA Act NII Surtax Medicare Wage Surtax Tax Items For Businesses Ohio Tax Law Changes Circular 230 Disclosure Pursuant to the rules of professional conduct
More information*Brackets adjusted for inflation in future years. 2015 Long Term Capital Gains & Dividends Taxable income up to $413,200/$457,600 0% - 15%*
Income Tax Planning Overview The American Taxpayer Relief Act of 2012 extended prior law for certain income tax rates; however, it also increased income tax rates on upper income earners. Specifically,
More informationINTRODUCTION TO THE AMERICAN TAXPAYER RELIEF ACT of 2012
INTRODUCTION TO THE AMERICAN TAXPAYER RELIEF ACT of 2012 OVERVIEW In the early morning hours of Jan. 1, 2013, the Senate, by a vote of 89-8, passed H.R.8, the American Taxpayer Relief Act of 2012 (ATRA).
More information2013 TAX PLANNING TIPS FOR INDIVIDUALS
2013 TAX PLANNING TIPS FOR INDIVIDUALS The 2012 American Taxpayer Relief Act, which was enacted in early January 2013, was a sweeping tax package that included permanent extension of the Bush-era tax cuts
More informationESTIMATED IMPACT ON STATE REVENUES OF CONFORMITY TO THE REVISIONS MADE TO THE INTERNAL REVENUE CODE DURING CALENDAR YEAR 2015
ESTIMATED IMPACT ON STATE REVENUES OF CONFORMITY TO THE REVISIONS MADE TO THE INTERNAL REVENUE CODE DURING CALENDAR YEAR 2015 Prepared by the Arizona Department of Revenue Office of Economic Research and
More information2015 TAX UPDATES. TaxSmarter.com
2015 TAX UPDATES TaxSmarter.com NEW TAX LAWS FOR 2015 Standard Deduction: $12,600 MFJ or QW (increase of $200) $9,250 - Head of Household (increase of $150) $6,300 - Single or MFS (increase of $100) Additional
More information2015 YEAR-END TAX PLANNING NEWSLETTER
2015 YEAR-END TAX PLANNING NEWSLETTER 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 informationWhat s New for the 2009 Income Tax Return and the 2010 Tax Year
LAW OFFICES OF BLOOM, BLOOM & ASSOCIATES, P.C. 31275 NORTHWESTERN HIGHWAY SUITE 145 FARMINGTON HILLS, MI 48334-2531 (248) 932-5200 WWW.BLOOMLAWFIRM.COM E-MAIL INFO@BLOOMLAWFIRM.COM KENNETH J. BLOOM*+ FACSIMILE
More information2014 YEAR-END TAX PLANNING LETTER. Tax Strategies for Individuals
Dear Clients and Friends, 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 the November
More informationClient Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012
Client Letter: Individual Tax Provisions of the American Taxpayer Relief Act of 2012 Dear Client, On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 (the Act) into law.
More informationBy: Michael Shelby, CPA, MST
By: Michael Shelby, CPA, MST 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
More informationHow To Get A Small Business Tax Credit
2010 FOCUS ON BUSINESS December 1, 2010 FEDERAL TAX UPDATE 2010 SMALL BUSINESS JOBS ACT & MISCELLANEOUS TAX PROVISIONS PRESENTED BY: DAVID P. VENISKEY, CPA TAX PARTNER EFP ROTENBERG, LLP TAX RATES Income
More informationINDIVIDUALS. Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act
Vol. 13, Issue 1 Scribner, Cohen and Company, S.C. CPAs and Advisors American Taxpayer Relief Act By: Dawn Wittak, CPA, MST, Tammy Wishowski, CPA, and Jessica Gatzke, CPA, MST After months of proposals
More informationApril 8,2005 JEFFREY KUPFER, EXECUTIVE DIRECTOR PRESIDENT S ADVISORY PANEL ON FEDERAL TAX REFORM
DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 April 8,2005 MEMORANDUM FOR FROM SUBJECT JEFFREY KUPFER, EXECUTIVE DIRECTOR PRESIDENT S ADVISORY PANEL ON FEDERAL TAX REFORM ROBERT CAmoLi& DEPUTY ASSISTANT
More informationRATE SINGLE MARRIED (JOINT) HEAD OF HOUSEHOLD
December 2015 Dear Client: The purpose of tax planning is summed up in the following quote, You must pay taxes. But there s no law that says you gotta leave a tip. As 2015 draws to a close, there is still
More informationINDIVIDUAL TAX STRATEGIES
BY SCOTT HENSLEY SHENSLEY@STANCILCPA.COM DECEMBER 4, 2014 STANCIL & COMPANY CERTIFIED PUBLIC ACCOUNTANTS 4909 WINDY HILL DRIVE RALEIGH, NC 27609 919-872-1260 TOPICS TO BE COVERED TODAY WHAT IS TAX PLANNING
More information2008-2012 $5,000 2013-2015 $5,500 Future years Increased by cost-of-living adjustments (in $500 increments)
Part One of the Disclosure Statement describes the rules applicable to Traditional IRAs. IRAs described in these pages are called Traditional IRAs to distinguish them from the Roth IRAs, which are described
More informationNORTHEAST INVESTORS TRUST. 125 High Street Boston, MA 02110 Telephone: 800-225-6704
NORTHEAST INVESTORS TRUST traditional IRA INVESTOR S KIT 125 High Street Boston, MA 02110 Telephone: 800-225-6704 Table of Contents NORTHEAST INVESTORS TRUST TRADITIONAL IRA DISCLOSURE STATEMENT...1 INTRODUCTION...1
More informationState Street Bank and Trust Company Universal Individual Retirement Account Information Kit
State Street Bank and Trust Company Universal Individual Retirement Account Information Kit The Federated Funds State Street Bank and Trust Company Universal Individual Retirement Custodial Account Instructions
More informationYear-End Financial Planning Letter: Business Edition 2 14
Year-End Financial Planning Letter: Business Edition 2 14 The Patient Protection and Affordable Care Act of 2010 (the PPACA) added several key tax provisions this year for individuals and employers, including
More informationBMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement. Part One: Description of Traditional IRAs
BMO Funds State Street Bank and Trust Company Universal Individual Retirement Account Disclosure Statement Part One: Description of Traditional IRAs Part One of the Disclosure Statement describes the rules
More informationOverview of the tax provisions in the 2012 American Taxpayer Relief Act
Overview of the tax provisions in the 2012 American Taxpayer Relief Act Dear Client, The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items,
More informationMarch 26, 2014 Conference Call and WebEx for Tax Preparers
March 26, 2014 Conference Call and WebEx for Tax Preparers Topic: 2013 Minnesota Individual Income Tax Retroactive law changes Speaker: Terri Steenblock, Assistant Commissioner Individual Income Tax Video:
More informationThe Patient Protection and Affordable Care Act
Private Wealth Management Products & Services March 2010 The Patient Protection and Affordable Care Act Health care act includes variety of tax changes President Obama signed the Patient Protection and
More informationThe Need for Life Insurance
Page 1 of 5 From Jared Adams Condie & Adams, PLLC 603 4th Avenue, Suite 200 Kirkland, WA 98033 4254501040 Volume 2, Issue 2 Planning for the New "Zero Percent" Tax Bracket The Need for Life Insurance Condie
More informationHigher Education Tax Benefits: Brief Overview and Budgetary Effects
Higher Education Tax Benefits: Brief Overview and Budgetary Effects Margot L. Crandall-Hollick Analyst in Public Finance Mark P. Keightley Analyst in Public Finance August 24, 2011 CRS Report for Congress
More informationtax planning strategies
tax planning strategies In addition to saving income taxes for the current and future years, tax planning can reduce eventual estate taxes, maximize the amount of funds you will have available for retirement,
More informationANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY)
ANALYSIS OF AMERICAN TAXPAYER RELIEF ACT OF 2012 (INCLUDING CALIFORNIA CONFORMITY) AMERICAN TAXPAYER RELIEF ACT OF 2012 In the wee hours of New Year s morning, the Senate passed the American Taxpayer Relief
More informationFederal Tax Policy and UNC
Federal Tax Policy and UNC Introduction Federal tax benefits for colleges and universities have become increasingly important to overall higher education policy in the United States over the past 20 years.
More information2013 Year End Tax Planning Seminar
2013 Year End Tax Planning Seminar Walter H. Deyhle, CPA, CFP December 4, 2013 GRF s Tax Team 2 Disclosure This presentation and these materials are designed to provide accurate and authoritative information
More information2014 Filing Season Update. Massachusetts Department of Revenue
Massachusetts Department of Revenue Welcome! This year s filing season update presentation is different from prior years. The new format allows you to quickly learn about new tax law and administrative
More information2016 Tax Planning & Reference Guide
2016 Tax Planning & Reference Guide The 2016 Tax Planning & Reference Guide is designed as a reference and is not intended to function as tax advice. Please consult your professional accounting advisor
More informationComments to the House Ways and Means Committee Tax Reform Working Group on Education and Family Benefits
Office of the President Introduction Comments to the House Ways and Means Committee Tax Reform Working Group on Education and Family Benefits On behalf of the higher education associations listed below,
More informationApril 15. That s the date most taxpayers think of as their federal tax deadline.
Dear Clients and Friends: April 15. That s the date most taxpayers think of as their federal tax deadline. However, the best date for a taxpayer to focus on is December 31. Why? You always can file an
More informationClient Tax Letter. Reducing Uncertainty, Increasing. Complexity. What s Inside. April/May/June 2013
Client Tax Letter Tax Saving and Planning Strategies from your Trusted Business Advisor sm Reducing Uncertainty, Increasing Complexity Each April, most Americans file their income tax returns for the previous
More informationProvisions in the Chairman s Mark: Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act
P a g e 1 Provisions in the Chairman s Mark: Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act Individual Provisions 1. Deduction for expenses of elementary and secondary school teachers
More informationTAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT
DECEMBER 2010 WWW.BDO.COM SUBJECT TAX RELIEF ACT EXTENDS CURRENT TAX RATES, RENEWS EXPIRING PROVISIONS AND PROVIDES NEW INCENTIVES FOR INVESTMENT SUMMARY CONTACT: KEVIN ANDERSON National Tax Services,
More informationRecent tax law changes and some that may come after the national elections are likely to have a significant impact on year-end tax planning in 2014.
33 Century Hill Drive Latham, NY 12110 tel: (518) 783-7200 fax: (518) 783-7385 William Lutz, CPA Edward J. Selig, CPA William A. Zeronda, CPA Richard J. Anastasia, CPA Gregory J. Abbattisti, CPA Paul R.
More informationAchieving a Better Life Experience Act of 2014 $0 ($20) ($50) ($110) ($240)
January 9, 2015 Department of Revenue Analysis of S.F. 50 (Skoe) / H.F. 6 (Davids) INDIVIDUAL INCOME TAX CORPORATE FRANCHISE TAX Federal Update Fund Impact F.Y. 2015 F.Y. 2016 F.Y. 2017 F.Y. 2018 F.Y.
More informationCustodial accounts 3. Kiddie tax 4. Estimated tax payments 4. Retirement plans 6. 2015 individual income tax rates 10. Charitable contributions 12
a b 2015 tax planning guide The confidence to pursue all your life goals begins with a plan. Advice. Beyond investing. Your financial life encompasses much more than the current markets. It includes your
More informationIMPACT. May/June 2013. It s time for mid-year tax planning ATRA offers businesses many opportunities. Follow the rules when you refinance a home
tax May/June 2013 IMPACT It s time for mid-year tax planning ATRA offers businesses many opportunities Follow the rules when you refinance a home Can you afford long-term care? Consider trading in a life
More informationTax-Savvy Planning for College Expenses
3/31/14 Tax-Savvy Planning for College Expenses The American Opportunity Tax Credit Remains Available through 2017 If you are a parent with hopes of future college diplomas for your children, you are likely
More information2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box.
2015 vs. 2016 Key Facts and Figures Note: We highlighted the information that changed between 2015 and 2016 with a box. 2016 Keir Educational Resources Key Facts-1 800-795-5347 Personal Exemption 2015
More informationDeferral Limits for Plans 401(k) $17,000 $17,500 SIMPLE $11,500 $11,500 403(b) $17,000 $17,500 457 $17,000 $17,500
Kathleen E. Sweeney, CPA PO Box 1259, 44 Plymouth Street PO Box 1187 Center Harbor, NH 03226 N. Conway, NH 03860 Phone: (603) 253-4011 603-356-7036 Fax: (603) 253-4051 603-733-5250 E-Mail: ksweeney@metrocast.net
More informationYEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE BUSINESSES
2014 YEAR-END INCOME TAX PLANNING FOR CORPORATE AND NON-CORPORATE BUSINESSES UPDATED November 11, 2014 www.cordascocpa.com INTRODUCTION 2014 YEAR-END INCOME TAX PLANNING FOR BUSINESSES It s that time of
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 informationCRS Report for Congress Received through the CRS Web
CRS Report for Congress Received through the CRS Web Order Code 96-20 EPW Updated January 10, 2001 Summary Individual Retirement Accounts (IRAs): Legislative Issues in the 106 th Congress James R. Storey
More informationTAX SAVINGS IN THE STIMULUS BILL
By Jason Tang and Michael Burzynski, CPA The American Recovery and Reinvestment Act of 2009 was signed into law on February 17, 2009 in an effort to stimulate economic development. This bill is one of
More informationUPDATED January 3, 2013
2012 AMERICAN TAXPAYER RELIEF ACT OF 2012 UPDATED January 3, 2013 TABLE OF CONTENTS Introduction...1 Individual Income Tax Rates...2 Capital Gains/ Dividends Sunsets...4 Permanent AMT Relief...5 Itemized
More informationInformation Organizer for 2014 Income Tax Returns
ACCUTEK SOLUTIONS Financial and Tax Solutions for Individuals and Businesses Information Organizer for 2014 Income Tax Returns It is that time of year again, let us help you! You may have noticed that
More informationUnited States General Accounting Office. Testimony Before the Committee on Finance, United States Senate
GAO United States General Accounting Office Testimony Before the Committee on Finance, United States Senate For Release on Delivery Expected at 10:00 a.m. EST on Thursday March 8, 2001 ALTERNATIVE MINIMUM
More informationPreparing for Your Retirement: An IRA Review
Preparing for Your Retirement: An IRA Review How much of your earning power will be available for your use when you retire? What will happen to your standard of living when your income ceases at retirement?
More informationUnderstanding the Affordable Care Act Premium Tax Credit
Understanding the Affordable Care Act Premium Tax Credit Most Americans are Required to Have Health Care Coverage The Affordable Care Act (ACA), or health care law, requires most U.S. citizens and legal
More informationCOLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION
1. EMPLOYEE INFORMATION (Please print) COLLIERS INTERNATIONAL USA, LLC And Affiliated Employers 401(K) Plan DISTRIBUTION ELECTION Name: Address: Social Security No.: Birth Date: City: State: Zip: Termination
More informationSELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001
SELECTED PROVISIONS OF MAJOR TAX LEGISLATION BY ACT 1981 to 2006 PROVISION ERTA 1981 TRA 1986 OBRA 1989 OBRA 1990 OBRA 1993 TRA 1997 EGTRRA 2001 Tax Rates Reduced marginal tax rates by 23% over 3 years,
More informationNOTICE OF HARDSHIP WITHDRAWAL
NOTICE OF HARDSHIP WITHDRAWAL The current Plan provides that certain amounts may be withdrawn if you have a financial hardship. This hardship distribution is not in addition to your other benefits and
More informationH.R. 5771 Tax Increase Prevention Act/ABLE Act
H.R. 5771 Tax Increase Prevention Act/ABLE Act Division A Title I Certain Expiring Provisions Subtitle A Individual Tax Extenders This subtitle extends for one year (through 2014) certain tax provisions
More informationSmall Business Jobs Act - Revenue Management and Tax Advantages
Provisions to Promote Access to Capital Summary of the Small Business Jobs Act June 29, 2010 100% Exclusion of Small Business Capital Gains. Generally, non-corporate taxpayers may exclude 50 percent of
More informationOf the. Are there any other cities in New York State that impose an income tax?
New York Tax Report 2015 Edition New York Personal Income Tax Although managing your portfolio is primarily an investment decision, tax considerations should also be taken into account. Accordingly, Morgan
More informationTHE IRA CHARITABLE ROLLOVER
THE IRA CHARITABLE ROLLOVER The IRA Charitable Rollover was first added to the Internal Revenue Code of 1986, as amended, under legislation enacted in 2006. It permitted individuals to roll over up to
More informationDESCRIPTION OF THE CHAIRMAN S MARK OF THE EXPIRING PROVISIONS IMPROVEMENT REFORM AND EFFICIENCY (EXPIRE) ACT
DESCRIPTION OF THE CHAIRMAN S MARK OF THE EXPIRING PROVISIONS IMPROVEMENT REFORM AND EFFICIENCY (EXPIRE) ACT Scheduled for Markup Before the SENATE COMMITTEE ON FINANCE on April 3, 2014 Prepared by the
More information1040 Review Guide: MARKETS ADVANCED. Using Your Clients 1040 to Identify Planning Opportunities
1040 Review Guide: Using Your Clients 1040 to Identify Planning Opportunities ADVANCED MARKETS Producers Guide to a 1040 Review At Transamerica, we re committed to providing you and your clients with the
More informationTHE TAX-FREE SAVINGS ACCOUNT
THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income
More informationTAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University. 2015 - Tax Planning
TAX MANAGEMENT TIPS FOR FARMERS L.R. Borton Michigan State University 2015 - Tax Planning 1. The basic management guideline is to avoid wide fluctuations in taxable income because a relatively uniform
More informationIndividual Tax Planning. Business Tax Planning. Financial Tax Planning
33 Century Hill Drive Latham, NY 12110 tel: (518) 783-7200 fax: (518) 783-7385 William Lutz, CPA Edward J. Selig, CPA William A. Zeronda, CPA Richard J. Anastasia, CPA Gregory J. Abbattisti, CPA Paul R.
More informationFederal Tax and Capital Gains: Rates Over Time
Preparing for a World of Higher Taxes Are You Ready? Presented by: Matt Sommer, CFP, CPWA, AIF Director and Senior Retirement Specialist, Retirement Strategy Group C-0610-114 4-30-11 Federal Tax and Capital
More informationYEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2015
YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2015 This memo provides information that is useful in the annual preparation of employment related forms
More information