The Tax Relief Act What You Need to Know. Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD
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1 The Tax Relief Act What You Need to Know Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD
2 The agenda Individuals Investing Charitable giving Estate planning Businesses 2
3 INDIVIDUALS Tax Relief Act extends a variety of tax cuts
4 Individual provisions extended Lower ordinary-income tax rates for all tax brackets extended through 2012 Marriage penalty relief extended through 2012 Elimination of itemized deduction and personal exemption phase-outs extended through 2012 Deduction for state and local sales taxes in lieu of state and local income taxes extended through
5 AMT provisions extended Increased AMT exemptions extended through 2011 Ability to offset AMT liability with certain nonrefundable personal credits extended through
6 Payroll tax cut for 2011 Reduces employee share of OASDI from 6.2% to 4.2% Tax applies to wages earned in 2011 up to $106,800 Self-employed pay combined rate of 10.4% on self-employment income (down from 12.4%) Between the Bush-era tax rates and the payroll tax cut, taxpayers could save up to $2,136 in
7 Children and education provisions extended $1,000 child credit extended through 2012 Higher adoption credit and income exclusion for employer-provided adoption assistance extended through 2012 Higher dependent care credit extended through 2012 American Opportunity education credit extended through 2012 Above-the-line tuition and fees deduction extended through 2011 Income exclusion for employer-provided education assistance extended through 2012 Enhancements to student loan interest deduction extended through 2012 $2,000 ESA contribution limit and other enhancements extended through
8 INVESTING Investors get a break on tax rates
9 Investing provisions extended 15% long-term capital gains rate extended through % qualified dividend tax rate extended through % rate for gain on qualified dividends that would be taxed at 10% or 15% based on the taxpayer s ordinary-income rate extended through % gain exclusion on certain QSB stock gains extended to stock acquired through
10 CHARITABLE GIVING Tax Relief Act offers donors a few presents
11 Charitable giving Ability to exclude from income direct contributions from your IRA to qualified charities extended through 2011 Ability to take larger deduction for donations of long-term capital gains real property for conservation purposes extended through
12 Charitable giving Enhanced charitable deduction for contributions of food inventory extended through 2011 Enhanced charitable deduction for C Corp donations of books to public schools extended through 2011 Basis adjustment to S Corp stock for contributions of property extended through 2011 Enhanced charitable deduction for corporate contributions of computer equipment for educational purposes extended through
13 ESTATE PLANNING Estate tax breaks expanded
14 Estate tax reinstated Estate and generation-skipping transfer (GST) taxes reinstated: $5 million exemptions Estate tax rate of 35%, with option for estates of taxpayers who die in 2010 to follow the pre-tax Relief act regime: Estate tax repeal, but limits on step-up in basis, potentially leaving heirs with significant capital gains tax liability GST tax rate of 0% No changes to gift tax: $1 million exemption 35% top tax rate 14
15 Estate planning Changes for Estate, GST and gift tax exemption of $5 million Top estate, GST and gift tax rate of 35% Portability of estate tax exemption between spouses 15
16 16 Transfer tax exemptions and rates
17 BUSINESSES Tax Act offers investment incentives
18 Bonus depreciation expanded 100% bonus depreciation: Purchased after Sept. 8, 2010, and before Jan. 1, % bonus depreciation: Placed in service after Dec. 31, 2011 and before Jan. 1, 2013 For certain long-lived property and transportation property: 100% expensing Placed in service before Jan. 1,
19 Section 179 expensing limit raised For 2010 and 2011, SBJA set $500,000 expensing limit; $2 million phaseout threshold Tax Relief act establishes new limits for 2012: $125,000 expensing limit $500,000 phaseout threshold Both amounts will be indexed for inflation 19
20 More investment incentives Extension of accelerated depreciation for qualified leasehold-improvement, restaurant and retail-improvement property through 2011 No extension of Sec. 179 expensing for qualified leasehold-improvement, restaurant and retail-improvement property through
21 Tax credits extended through 2011 Research credit Work Opportunity credit 21
22 The Tax Relief Act What You Need to Know Presented by: Postlethwaite & Netterville Bill Potter, CPA, JD Brandon Lagarde, CPA, JD
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