2013 Year-End Tax Planning Letter

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1 PLAN AHEAD 2013 Year-End Tax Planning Letter You are receiving this letter because your income tax rates have increased based on 2012 data. Please be sure to talk with your advisor to discuss anticipated impacts on your 2013 tax return. Dear Clients and Friends, In 2013, early federal legislation complicated our tax structure by layering in new tax brackets and income buckets, bringing a multidimensional complication to tax planning this year. As noted in the following pages, the threshold amounts for a higher-income taxpayer vary, depending on the provision. Locally, the changes passed in the Minnesota legislature in spring of 2013 added extra complications relative to income tax rates, gift taxes, and estate taxes. Minnesota has become the second state in the U.S. (joining Connecticut) to impose a state-level gift tax. The top Minnesota income tax rate has increased and the Minnesota alternative minimum tax rate increased both of which apply retroactively to taxable years beginning January 1, Minnesota also did not adopt all of the federal provisions that may have been extended, causing several non-conformity issues. Over the next few pages, we ve highlighted the most common provisions impacting our clients. Pages 2 and 3 discuss the Minnesota changes, with the remaining pages discussing the federal provisions. Your tax advisors will be in touch in the next few weeks for tax planning conversations. As always, please contact us first to maximize any planning opportunities for your specific circumstances. For a full version of this letter organized by planning technique, click here or visit Sincerely, Cummings, Keegan & Co., P.L.L.P.

2 Minnesota Tax Provisions New changes for Minnesota affect income tax rates, gift and estate taxes, as summarized by the Minnesota Department of Revenue. Some significant changes include the following: Taxable Income over $250,000 (MFJ) $150,000 (Single) Minnesota has added a fourth tier to individual income tax rates. The new rate is 9.85%. The previous top tax rate was 7.85%. This income tax applies retroactive to tax years beginning January 1, Taxable income above these listed thresholds is subject to the fourth-tier rate: Married Filing Jointly $250,000 Married Filing Separately $125,000 Head of Household $200,000 Single $150,000 Minnesota AMT Tax Rate Increase Beginning January 1, 2013 the AMT tax rate for Minnesota increased from 6.4 to 6.75%. The AMT credit increased by the same amount. Taxpayers pay Minnesota AMT if they pay federal AMT, or if they have a lot of deductions that are allowed for federal AMT purposes but not for Minnesota AMT purposes (as an example, gambling losses). Minnesota Gift Tax of 10% Effective for gifts made after June 30, 2013 Minnesota will impose a 10% gift tax on the amount of taxable gifts made by an individual during their lifetime. An individual receives a $100,000 lifetime credit, equivalent to a $1 million exemption. The tax only applies to the transfer of property located in Minnesota, not to out-of-state gifts. Gifts below the federal annual exemption amount are excluded. Gifts to charities, spouses, and certain transfers for educational or medical expenses are also excluded. Three-Year Lookback on Taxable Gifts in Estates Any adjusted taxable gifts made in the 3 years prior to a decedent s death must now be added to the decedent s federal gross estate for estate tax purposes. If the total amount meets or exceeds $1 million, a Minnesota estate tax return must be filed. Previously, the gifts were excluded. The change applies retroactive to decedents dying after December 31, 2012.

3 Minnesota Tax Provisions (continued) Pass-Through Entities for Non-Residents If a non-resident decedent holds interest in a pass-through entity, their share of the entity s real or personal tangible property located in Minnesota is assigned to Minnesota as if the pass-through entity did not exist, for estate tax purposes. Pass-through entities include S-corporations, LLCs, trusts, and partnerships. The Minnesota Estate Tax is reduced if an estate or inheritance tax is paid to another state for that property. This change is effective retroactive to decedents dying after December 31, Federal Provisions that Minnesota did not Adopt The American Taxpayer Relief Act of 2012 extended numerous federal tax provisions that had expired or were soon to expire. The Minnesota Omnibus Tax Bill (HF 677) included a provision to conform to ATRA only for tax year 2012 and NOT for 2013 or beyond. Many provisions have expired for Minnesota tax purposes. Some changed provisions include the following: Personal and Dependent Exemption Phase-out For Minnesota purposes, taxpayers must calculate the phase-out based on their Minnesota AGI. They must use the state s phase-out thresholds, which are lower than the federal thresholds. Employer-Provided Education Assistance, Adoption Benefits, and Transit Assistance ATRA extended various provisions in which Minnesota did not. Therefore, the value of these benefits is subject to state income tax. Debt-forgiveness (Discharge of Indebtedness) on Principal Residence For Minnesota purposes, taxpayers must add to their income the amount of discharged debt that was excluded from the federal income under IRC, section 108(a)(1)(E). Mortgage Insurance Premiums Taxpayers whose income is below certain limits are eligible to deduct the cost of mortgage insurance premiums on their qualified principal residence. For Minnesota purposes, taxpayers must reduce their itemized deductions by the amount of their federal deduction for mortgage insurance premiums. Business Minnesota Minimum Fees The 2013 Legislature has increased these fee amounts. The fees will also be adjusted annually for inflation. R&D Credit Effective for taxable years beginning January 1, 2013, the research and development credit is nonrefundable.

4 Federal Tax Provisions The following taxpayers should consider how the noted federal provisions can impact tax liability: Ordinary Income over $400,000 Single $450,000 MFJ $225,000 MFS The 39.6% tax bracket returns after a long hiatus. The previous top rate was 35%. Modified AGI over $200,000 Single $250,000 MFJ $125,000 MFS A new 3.8% income tax applies to most Net Investment Income (NII)*. An additional 0.9% Medicare payroll tax is levied on wages and self-employed earnings in excess of the noted thresholds. *The NII includes dividends, rents, interest, passive activity income, capital gains, annuities and royalties. Passive pass-through income will be subject to this new tax, but non-passive will not. Self-employment income, income from an active trade or business and portions of the gain on the sale of an active interest in a partnership or S corporation with investment assets, as well as IRA or qualified plan distributions, are not subject to the NII tax. AGI over $250,000 Single $300,000 MFJ $150,000 MFS The phase-out of certain itemized deductions is back after a 3-year hiatus. The phase-out of personal exemption ($3,900 amount) is also reinstated and begins at the noted thresholds. Long-term Capital Gains and Qualified Dividends The income of choice is long-term capital gain income, thanks to the favorable tax rates available. Complex netting rules provide an opportunity to manage the net gain or loss subject to taxation, making it prudent to review whether additional transactions prior to year-end may improve your tax outlook. May Be Subject to Underpayment Penalty Consider increasing your withholding between now and the end of the year to reduce or eliminate the penalty. Withholding, even if done on the last day of the tax year, is deemed withheld ratable throughout the tax year.

5 Federal Tax Provisions (continued) Have Some Control Over Timing of Income Receipt Consider accelerating deductible expenses into 2013 and/or deferring income to 2014 or later years as a strategy to permanently reduce tax liability. Click here or visit and read the full version letter to see how each of these strategies could impact your tax planning: Cash salaries and bonuses Self-employment income Retirement plan distributions IRA distributions to charity Capital gains US Treasury bill interest Worthless securities and bad debts Subject to the AMT in 2013 Consider deferring payment of the following expenses into These expenses are not deductible for AMT purposes and could give rise to an increased tax liability in a year the AMT is applicable. The expenses include: State and local income taxes Real estate taxes (except rental property) Miscellaneous itemized deductions such as investment expenses and employee business expenses Residents of states with high-income and property taxes, like California, Minnesota, New Jersey, New York, and Oregon are more likely to be subject to the AMT because these state taxes are not deductible when computing AMT income. May Be Exposed to Losses From Pass-Through Business Entities If you anticipate a net loss from business activities in which you do not materially participate, consider disposing of the loss activity by Dec. 31, Assuming sufficient basis exists, all suspended losses become deductible when you dispose of the activity. Even if there is a gain on the disposition, you may still benefit from having the long-term capital gain taxed at 23.8 percent (inclusive of the NII tax) with the previously suspended losses offsetting other ordinary income.

6 Federal Tax Provisions (continued) Working From a Home Office Starting in 2013, taxpayers who use their home for business are allowed to compute their deduction using a simplified method. In lieu of actual expenses such as electricity, depreciation, etc., they may compute their qualifying home office deduction at $5 per square foot, up to $1,500 annually. Income Exceeds Threshold for Contributing to Roth IRA Consider contributing to a traditional IRA for 2013 and convert the IRA to a Roth IRA in Be sure to inquire about the tax consequences of the conversion, especially if you have funds in other traditional IRAs. Cash-method Taxpayers Expenses can be deducted when you pay them or charge them to your credit card. Expenses commonly prepaid in connection with year-end tax planning include: Charitable contributions State and local income taxes Real estate taxes Mortgage interest May Purchase Business Equipment in 1-2 Years Consider accelerating your order so the assets are delivered and placed into service by Dec. 31, 2013 to take advantage of bonus depreciation and Section 179 expensing rules. Unless Congress acts, the dollar limitation will drop to $25,000 in With Employee Stock Options Consider reviewing these prior to year-end to determine whether they should be exercised this year.

7 Federal Tax Provisions (continued) Legally-married Same-sex Couples Beginning in 2013, these couples must file a joint or married filing separately (MFS) return. The ruling does not extend to cover domestic partnerships. The ruling is retroactive, opening up a refund opportunity in certain circumstances for those who were previously prohibited from joint filing. Consider amending past returns for potential refunds. Important Tax Breaks Set to Expire These tax breaks are currently set to expire after 2013: Claiming State and Local General Sales Tax Deduction Consider accelerating big ticket purchases into 2013 in order to assure a deduction for sales taxes on the purchases if you will elect to claim a state and local general sales tax deduction instead of a state and local income tax deduction. Above-the-Line Education Deduction The up-to-$4000, above-the-line deduction for qualified higher education expenses will not be available after 2013, unless Congress extends it. Thus, consider prepaying eligible expenses if doing so will increase your deduction for qualified higher education expenses. Generally, the deduction is allowed for qualified education expenses paid in 2013 in connection with enrollment at an institution of higher education during 2013, or for an academic period beginning in 2013 or the first three months of Tax-Free Distributions From an IRA If you are over age 70 ½, you can make a tax-free distribution of up to $100,000 from your IRA to a qualified charity before December 31, Under current law, this opportunity will not be available for Note that this opportunity is doubly powerful during In addition to prior tax benefits, now the IRA is not included in your MAGI, and thus this strategy may reduce exposure to the new 3.8 percent NII tax. The changes initiated during 2013 added layers of complexity to an already difficult tax system. With a purposeful, informed plan in place, taxpayers can still reap significant benefits. Please let us know how we can best support you in building your plan for 2013 and beyond. The technical information in this newsletter is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation. Please be advised that, based on current IRS rules and standards, the information contained herein is not intended to be used, nor can it be used, for the avoidance of any tax penalty assessed by the IRS CPAmerica International

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