On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Year-End Tax and Financial Planning by myStockOptions.comBruce Brumberg
This presentation provides a timely overview of year-end financial-planning and tax topics for stock compensation, including points of importance for employee education and for financial advisors. Special attention is given to issues involving tax-rate increases. While each annual edition features planning concerns specific to that year-end, the general ideas presented here are perennially useful.
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
On-demand drivers for ridesharing companies, such as
Uber or Lyft, are not employees and are instead considered
independent contractors for tax purposes. Being an
independent contractor means you are self-employed.
Year-End Tax and Financial Planning by myStockOptions.comBruce Brumberg
This presentation provides a timely overview of year-end financial-planning and tax topics for stock compensation, including points of importance for employee education and for financial advisors. Special attention is given to issues involving tax-rate increases. While each annual edition features planning concerns specific to that year-end, the general ideas presented here are perennially useful.
We acquire many of our customers through referrals from
satisfied clients. Beyond the benefit of being able to expand
our business, there are other reasons why we appreciate referrals.
When a client thinks enough of us to recommend
our services to a family member, friend, or co-worker, we
attain a higher quality clientele than those we acquire from
more random marketing efforts.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
Accountants, are you ready for the US?
In the United States, the fiscal powers of taxation is based on three levels: federal, state and municipal. The federal income tax, in particular, is a pay-as-you-go tax.
From November 7 to 10, the Italian accountants will stay in New York city, on a mission in the US. We went to look around the contents by the IRS (Inland Revenue Service) in the field of “Tax Withholding and Estimated Tax”, for use in 2016.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay-as-you-go: Tax Withholding and Estimated Tax.
2020 Year-End Tax Planning for Law Firms and AttorneysWithum
Tax planning can be a difficult strategic process; this tax planning season is further complicated by the COVID-19 pandemic as well as the uncertainties surrounding the Presidential Election. This session will shed light on a number of significant considerations regarding NJ BAIT, nexus issues related to remote working, and PPP loan forgiveness as it relates to general high net worth planning.
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
Get the very latest on important tax law changes that will impact returns for Tax Year 2013. There are so many changes to keep track of each year. Let us us do the legwork and keep you up to speed on the current status of tax law changes and extenders. Topics will include the Defense of Marriage Act, Post 2013 Affordable Care Act changes and other IRS initiatives.
Act to Transform the Tax System of the Commonwealth of Puerto Rico [P de la C...Alex Baulf
Summary of P de la C 2329 “Act to Transform the Tax System of the Commonwealth of Puerto Rico”
- Income Tax
- Sales and Use Tax – Value Added Tax
For transactions after 12/31/15
General rate is 16% on taxable transactions, except for the following which have a 0% rate:
- goods and services for export
- certain imports by manufacturers (Manufacturing Plant Certificate)
For transactions before 1/1/16, taxable items pursuant to 2011 Code will be subject to 16% (instead of 7%).
- Municipalities may not collect
- Treasury will make the payment to the eligible consumer
Η ζωγραφική των Windows είναι πραγματικά ένας πολύ ισχυρός επεξεργαστής εικόνας.
Στην παρουσίαση θα δείτε κάποιες επιπλέον τεχνικές που ίσως δεν γνωρίζατε.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
Accountants, are you ready for the US?
In the United States, the fiscal powers of taxation is based on three levels: federal, state and municipal. The federal income tax, in particular, is a pay-as-you-go tax.
From November 7 to 10, the Italian accountants will stay in New York city, on a mission in the US. We went to look around the contents by the IRS (Inland Revenue Service) in the field of “Tax Withholding and Estimated Tax”, for use in 2016.
The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay-as-you-go: Tax Withholding and Estimated Tax.
2020 Year-End Tax Planning for Law Firms and AttorneysWithum
Tax planning can be a difficult strategic process; this tax planning season is further complicated by the COVID-19 pandemic as well as the uncertainties surrounding the Presidential Election. This session will shed light on a number of significant considerations regarding NJ BAIT, nexus issues related to remote working, and PPP loan forgiveness as it relates to general high net worth planning.
Tax Planning Update by Tracy Monroe, CPA. Presented at Cohen & Company's Client CPE Day. Covers business as well as individual tax updates.
www.cohencpa.com
Get the very latest on important tax law changes that will impact returns for Tax Year 2013. There are so many changes to keep track of each year. Let us us do the legwork and keep you up to speed on the current status of tax law changes and extenders. Topics will include the Defense of Marriage Act, Post 2013 Affordable Care Act changes and other IRS initiatives.
Act to Transform the Tax System of the Commonwealth of Puerto Rico [P de la C...Alex Baulf
Summary of P de la C 2329 “Act to Transform the Tax System of the Commonwealth of Puerto Rico”
- Income Tax
- Sales and Use Tax – Value Added Tax
For transactions after 12/31/15
General rate is 16% on taxable transactions, except for the following which have a 0% rate:
- goods and services for export
- certain imports by manufacturers (Manufacturing Plant Certificate)
For transactions before 1/1/16, taxable items pursuant to 2011 Code will be subject to 16% (instead of 7%).
- Municipalities may not collect
- Treasury will make the payment to the eligible consumer
Η ζωγραφική των Windows είναι πραγματικά ένας πολύ ισχυρός επεξεργαστής εικόνας.
Στην παρουσίαση θα δείτε κάποιες επιπλέον τεχνικές που ίσως δεν γνωρίζατε.
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Tax Changes 2013 / 2014 and Their ImpactPeter Pfister
Peter Pfister, Parter at The Curchin Group, CPAs, shares insight into the tax changes in 2013 and their future impact on businesses and individuals as well as what is likely to happen in 2014.
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
This presentation discusses the American Taxpayer Relief Act of 2012, better known as the “fiscal cliff” legislation, extended many key tax provisions from the Bush era for both individuals and businesses. Also addressed were the key tax provisions contained in this Act as well as a number of other tax planning issues that you should be aware of this year.
This presentation was part of a CPE webinar. Full details at http://www.macpas.com/webinar-recap-2013-tax-update/.
More info at www.macpas.com
The election is over - now what? We recently held free tax planning and preparation seminars discussing the tax consequences of the 2012 election.
The seminar featured Steven Hartstein, CPA, JD - Partner, and Jenna Staton, EA - Manager, and covered several topics including:
•Year end tax planning for individuals and businesses
•Year end tax planning using the estate and gift tax laws for 2012
•2013 tax law if no changes are made
•What the future holds based upon post-election Congress
If you have questions, please feel free to contact our Tax Planning & Preparation Group at 440-449-6800.
Key Takeaways:
- Payroll Taxes
- Transfer Pricing
- Global Intangible Low Taxed Income
- Controlled Foreign Corporation
- Base Erosion and Anti-Abuse Tax
- Covid Impact and Measures
This presentation includes an overview of tax changes from 2012 and what's new in 2013.
For more information about our tax services, visit www.cbiz.com
M&A and Exit Planning Trends 2021 Webinar | Hosted by Laurie Barkman, SmallDo...Laurie Barkman
As a result of the pandemic, many business owners are accelerating their exit timeline and changing their definition of wealth. This online panel discussion held on February 18, 2021 explored key market dynamics and implications for M&A and exit planning.
2020 Tax Changes and 2021 Perspective: Overview of recent legislation, including COVID stimulus plans, and potential future legislation which will impact your business and future value.
M&A Market: How the pandemic has impacted the current state of the M&A market including valuations, exit strategies, and timing.
Exit Planning Process: Why it’s more important now than ever.
Value Building: How your current growth strategy fuels your transition strategy, and can pay dividends in the short term.
Moderator and Host:
Laurie Barkman, CEO & Strategic Growth Advisor, SmallDotBig
Panelists:
Brian Baum, Managing Director, Interchange Capital Partners
Christopher Brodman, President, Metz Lewis
David Eichenlaub, Managing Director, Confluence Advisors
Mary Richter, Shareholder, Schneider Downs
If you’re thinking about your readiness to exit, and want to take a step forward, you’re invited to get your complimentary Readiness Assessments. Reach out to Laurie Barkman, lbarkman@smalldotbig.com to get the process started.
Canadian Tax Insights: How High Net Worth Investors Should Navigate Today’s T...Nicola Wealth
In this webinar, Nicola Wealth CEO, John Nicola will address timely taxation topics to help you understand the developments in Canadian tax policy in relation to the taxation of homes, wealth, capital gains, and marginal tax rates. John will further prepare you to navigate the current tax environment by reviewing several tax planning options available to you and how these strategies integrate with overall portfolio design.
Choosing a retirement plan for your business 2013giannem1
Discusses various types of retirement plans you may wish to consider for your business. There are a variety of retirement plans available for small businesses, each with their own nuances.
Contact me to discuss which one makes sense for your business.
Our straight talking presenters cut through the complexity to deliver relevant Tax and Superannuation insights contained in the 2018 Federal Budget. In addition, our presenters recap on the Pre Financial Year End initiatives that can be considered during the tax planning season.
Strategic and proactive tax planning is key to saving taxes. The recent US Tax Reform signed into law by Trump creates new opportunities (and preserves some of the old) to plan and maneuver the tax code.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
2. Technical Excellence. Superior Service. 2
What we will cover today
What changed retroactively on December 19,
2014 for the beginning of 2014 and what may be
extended or changed for 2015?
What’s going on in Washington?
What are some planning strategies and
opportunities your clients should be considering
for now and the future with unsure tax law?
3. Technical Excellence. Superior Service. 3
Update from Washington
Living in a state of uncertainty
Congress currently is not able to agree with
administration regarding the pending fiscal cliff that
we have experienced.
We will have major conflicts with President, and
Supreme Court rulings that are pending
4. Update from Washington
Current discussion with the President:
We can expect him to push to extend most of the
technically expired 2015 tax provisions, but not the
tax cuts for higher-income taxpayers
There will be fights with the administration
regarding raising capital gains tax rates and
increasing rates on the highest tax brackets or
decreasing deductions.
Technical Excellence. Superior Service. 4
5. Update from Washington
Looking toward the future
It seems certain that we will be looking at a temporary
extension of some expiring tax provisions
A 12-month extension may be the likeliest scenario
A temporary extension would buy time for Congress to
develop tax reform legislation in 2015 and future years
It’s possible that this won’t be resolved until after the
summer or late fall which causes planning problems for
taxpayers
Technical Excellence. Superior Service. 5
6. Technical Excellence. Superior Service. 6
2014 TAX UPDATE
Expiring Tax Provisions…
• Federal income, dividend, & capital gains tax rates
• Itemized deductions & personal exemption phase-outs
• Charitable contributions via retirement plan distributions
• AMT exemption amounts
• Social Security payroll tax reduction for employees
• Qualified charitable IRA distribution exclusion
• State and local sales tax deduction
• Education credits & deductions eliminated or reduced
• Earned income and child tax credits reduced
• Estate & gift tax exemption amounts
• Portability of estate tax exemption for surviving spousal
Note: The above list of items is not intended to be all
inclusive.
7. Technical Excellence. Superior Service. 7
2014 TAX UPDATE
Ordinary Income and Capital Gain Tax Rates:
• Tax Bracket 10%, 15%, 25%, 33% and 39.6% rates are permanent:
• Thresholds for highest brackets are :
• $457,601 for married-filing-jointly and surviving spouses
• $432,201 for head-of-households
• $406,751 for single “Qualified” dividend rate will rise to match standard
income tax rates on January 1, 2013
• Long-term capital gain rates:
• Two lowest tax brackets pay 0%
• 25% to 35% brackets pay 15%
• Highest tax bracket pay 20%
9. Technical Excellence. Superior Service. 9
Affordable Care Act-The Tax
Impact
Additional Medicare Surcharge:
• Applied to individuals with modified AGI greater than 200K for singles or 250K for married
• Additional .9% of “earned income”
• Employers must withhold the additional tax from wages paid in excess of $200,000, without regard
to person’s filing status
• Net Investment Income surcharge:
Imposed on individuals, trusts and estates for tax years beginning on and after January 31, 2013
Applies to the lesser of:
Net investment income (NII), or
MAGI over an applicable threshold amount (ATA)
Included items
Interest
Dividends
Rents
Annuities
Capital gains
Royalties
Passive activity income
10. Technical Excellence. Superior Service. 10
2014 TAX UPDATE
Health Care Reform…
Health Care Reform (ruled constitutional by the Supreme Court)
In effect now:
• Children can’t be denied coverage because of pre-existing conditions
• Coverage required under parent’s plan for dependent children under age 26
• Insurers can’t impose lifetime caps on coverage and can’t cancel or deny coverage if you are sick
Key provisions effective January 1, 2013:
• Medical expense deduction threshold increases to 10% of adjusted gross income for those under age 65 (from 7.5%)
• Increasing the self-employment tax rate by 0.9% on higher-income individuals (MAGI of $200K single, $250K married)
• New 3.8% tax on some or all of the net investment income of these higher-income individuals
• Interest, dividends, capital gains, royalties, rents, annuities, passive income from partnership/S corporation
• Distributions from qualified retirement plans and IRAs would NOT count
Key provisions effective January 1, 2014: (new forms required in 2014 with individual mandate penalties)
• All Americans must carry health insurance or face a penalty of up to 2.5% of household income
• Employers with more than 50 employees must offer health insurance or be fined per employee
• States must establish an exchange that facilitates the purchase of qualified health plans
• Adults with pre-existing conditions can’t be denied coverage or have their insurance cancelled
• Tax credits will be available to qualifying families
• Doctors and hospitals will receive less compensation from government sources
• Taxes or fees imposed on health insurance providers and drug companies
Note: The above list of items is not intended to be all inclusive.
11. Technical Excellence. Superior Service. 11
Net Investment Income
Items specifically excluded
Self-employment income
Non-resident aliens
Active Trade or business income
Gain on the sale of an active interest in
partnership or S corporation
IRA or qualified plan distributions
Trusts for charity (except Charitable lead trusts)
12. Technical Excellence. Superior Service. 12
Applicable Threshold
Amounts
Married taxpayers filing jointly...........$250,000
Married taxpayers filing separately....$125,000
All other individual taxpayers.............$200,000
13. Phaseouts of
Deductions
Itemized Deduction & Exemption Phaseout:
Applies when AGI exceeds
$305,050 (Married)
$279,650 (Head of Household)
$254,200 (Single)
Technical Excellence. Superior Service. 13
14. 2014 Income tax
planning opportunities
Technical Excellence. Superior Service. 14
Bonus Depreciation & 179 deduction extended:
50% Bonus depreciation is now available for
qualified property
179 deduction was increased back to $500,000
for taxable income
Qualified Leasehold available for was extended
for 15 year life rather than 39 years
15. Technical Excellence. Superior Service. 15
2014 Income Tax Planning
Opportunities
Gain Harvesting
Accelerating expenses and deferring income into
future years
Avoiding the 3.8% Medicare surtax
16. 2014 Income tax
planning opportunities
Other questions you may have
Do I exercise stock options now or later?
Do I deduct charitable gifts now or later?
Do I defer income into future years?
Do I accelerate deductions?
Technical Excellence. Superior Service. 16
17. 2014 Income tax
planning opportunities
Considerations
Higher tax rates provide motivation to plan now
without fence sitting
Rule of thumb: Defer income when you can, and
accelerate deductions and losses
With rates rising, the opposite might be a better
strategy
Should we accelerate income into lower tax years,
and defer deductions and losses into higher rate
years? Technical Excellence. Superior Service. 17
18. 2014 Income tax
planning opportunities
Stock options and charitable deductions
May want to exercise nonqualified stock options
this year, since spread is taxed at ordinary income
rates
Charitable deductions:
Worth more to your client next year than this year
If you have a large carry-forward, may want to
consider using this year (if he has a retirement or
IRA plan and wants to convert it to a Roth)?
Technical Excellence. Superior Service. 18
19. 2014 Income tax
planning opportunities
Two planning strategies to consider
Direct a transfer to a qualified charity if you do not
itemize. (only to the extent of the required minimum distribution)
Defer taking the RMD until late 2015, when there may
be greater clarity extension provisions
If the law is revived, it could follow the same” special rule”
Technical Excellence. Superior Service. 19
20. 2014 Income tax
planning opportunities
Roth IRA conversions
Can convert o a Roth IRA now with the flexibility to
unwind as late as October 15, 2015
Can then make the Roth decision with hindsight, with
respect to not only investment outcomes but also tax
rates
A Roth makes even more sense given the 3.8% surtax
Distributions from a Traditional IRA do count as part of AGI,
which can push one over the threshold for surtax purposes
Technical Excellence. Superior Service. 20
21. Technical Excellence. Superior Service. 21
AMT triggers
2014 exemptions $82,100 married, $52,800 Single
State and local income tax deductions
Real estate and personal property tax deductions
Interest on home equity loan or line of credit not used
to buy, build or improve your principal residence
Miscellaneous itemized deductions subject to
2% of AGI floor
Long-term capital gains and dividend income
Accelerated depreciation adjustments and related
gain or loss differences when assets are sold
Tax-exempt interest on certain private-activity
municipal bonds
Incentive stock option exercises
22. Technical Excellence. Superior Service. 22
Avoiding AMT or reducing
its impact
Planning for AMT will be a challenge
until Congress passes long-term relief
AMT system isn’t regularly adjusted
for inflation
Congress legislates adjustments,
typically as a “patch” which are currently expected
but is not regularly discussed
23. Technical Excellence. Superior Service. 23
Timing of income and
expenses is key
Smart timing can reduce your tax liability
Poor timing can unnecessarily increase it
Tax rates changes are unsure for future
years without major changes in
Washington
24. Technical Excellence. Superior Service. 24
YEAR END PLANNING
Final Thoughts…
PLAN
P---Prepare
L---Layout an entire 3-5 year projection
A---Analyze with a professional
N---Navigate carefully what is happening in
Washington with law changes
25. Thank you
Please contact me with any question:
staylor@pbtk.com
Please visit www.pbtk.com.
Technical Excellence. Superior Service. 25