This document outlines 10 expensive tax mistakes that business owners commonly make, including failing to do tax planning, having "audit paranoia", choosing the wrong business entity, selecting the wrong retirement plan, missing opportunities for family employment deductions, failing to take advantage of medical benefits, neglecting a home office deduction, missing car and truck expense deductions, failing to deduct meals and entertainment expenses, and not using a tax coaching service.
10 Most Expensive Tax Mistakes That Cost Business Owners ThousandsJASWANTSGILLCPA
1. Failing to properly plan taxes can result in paying thousands more than necessary each year. Proper tax planning allows business owners to legally reduce their tax burden.
2. Choosing the wrong business entity, retirement plan, or failing to claim available deductions like a home office or vehicle expenses can cost business owners thousands each year.
3. Sole proprietorships, S-corporations, partnerships, and C-corporations each have their own tax implications that business owners should understand to minimize their taxes. Choosing the right structure is important.
This document provides an overview of tax planning strategies for the 2010-2011 tax year. It discusses various deductions that taxpayers can take advantage of, including deductions related to homes such as mortgage interest, property taxes, and home equity loans. It also discusses the alternative minimum tax and how it limits some common deductions. The document provides tips and strategies for family and education tax planning, investing, running a business, retirement planning, and estate planning. It aims to help taxpayers minimize their tax liability during a period of uncertainty in tax laws.
This document provides an overview of tax planning strategies for 2010-2011, with a focus on maximizing deductions, credits, and other tax breaks. It discusses various strategies related to deductions and the alternative minimum tax, family and education expenses, investing, business expenses, retirement planning, estate planning, and income tax rates. Key points include tax breaks for homeownership, medical expenses, charitable donations, education savings, and employing children. The document also cautions that many tax rates and breaks could change after 2010.
Minimising Your Personal Tax Liability - November 2012nevillebeckhurst
Active practice updates its clients on personal tax planning strategies in November 2012. Some key strategies discussed include: (1) allocating income and savings between family members to maximize personal tax allowances; (2) investing in tax-free vehicles like ISAs and some National Savings products; and (3) considering tax implications when selling shares or rental properties. The document provides an overview of various tax allowances and incentives and encourages reaching out for a full review of available options to minimize personal tax liability.
The document discusses estate planning and transfer taxes. It explains that individuals currently have a $5 million lifetime exemption from estate and gift taxes that can be used during life or at death. It provides an example of how gift taxes work if assets are transferred as a gift during life. It also discusses estate taxes applied to assets transferred at death, as well as the step-up in basis and exceptions for transfers to a spouse.
This document provides an overview of scheduled tax changes for 2012 and 2013, including increases to income, capital gains, and Medicare tax rates. It discusses opportunities for tax planning for individuals and businesses before year-end, and notes some decisions that may be best to wait until after the election due to ongoing presidential tax proposals.
The document summarizes various 2011 federal tax rates and limits including:
1) Federal income tax rates ranging from 10-35% for single, married filing jointly, head of household, and estates/trusts.
2) Standard deduction amounts from $5,800-11,600 depending on filing status.
3) Personal exemption of $3,700 and kiddie tax exemption of $1,900 or $950 standard deduction.
4) Capital gains tax rates of 0% or 15% and 28% for collectibles.
5) IRA and retirement plan contribution limits from $5,000-6,000 and phase out income ranges.
10 Most Expensive Tax Mistakes That Cost Business Owners ThousandsJASWANTSGILLCPA
1. Failing to properly plan taxes can result in paying thousands more than necessary each year. Proper tax planning allows business owners to legally reduce their tax burden.
2. Choosing the wrong business entity, retirement plan, or failing to claim available deductions like a home office or vehicle expenses can cost business owners thousands each year.
3. Sole proprietorships, S-corporations, partnerships, and C-corporations each have their own tax implications that business owners should understand to minimize their taxes. Choosing the right structure is important.
This document provides an overview of tax planning strategies for the 2010-2011 tax year. It discusses various deductions that taxpayers can take advantage of, including deductions related to homes such as mortgage interest, property taxes, and home equity loans. It also discusses the alternative minimum tax and how it limits some common deductions. The document provides tips and strategies for family and education tax planning, investing, running a business, retirement planning, and estate planning. It aims to help taxpayers minimize their tax liability during a period of uncertainty in tax laws.
This document provides an overview of tax planning strategies for 2010-2011, with a focus on maximizing deductions, credits, and other tax breaks. It discusses various strategies related to deductions and the alternative minimum tax, family and education expenses, investing, business expenses, retirement planning, estate planning, and income tax rates. Key points include tax breaks for homeownership, medical expenses, charitable donations, education savings, and employing children. The document also cautions that many tax rates and breaks could change after 2010.
Minimising Your Personal Tax Liability - November 2012nevillebeckhurst
Active practice updates its clients on personal tax planning strategies in November 2012. Some key strategies discussed include: (1) allocating income and savings between family members to maximize personal tax allowances; (2) investing in tax-free vehicles like ISAs and some National Savings products; and (3) considering tax implications when selling shares or rental properties. The document provides an overview of various tax allowances and incentives and encourages reaching out for a full review of available options to minimize personal tax liability.
The document discusses estate planning and transfer taxes. It explains that individuals currently have a $5 million lifetime exemption from estate and gift taxes that can be used during life or at death. It provides an example of how gift taxes work if assets are transferred as a gift during life. It also discusses estate taxes applied to assets transferred at death, as well as the step-up in basis and exceptions for transfers to a spouse.
This document provides an overview of scheduled tax changes for 2012 and 2013, including increases to income, capital gains, and Medicare tax rates. It discusses opportunities for tax planning for individuals and businesses before year-end, and notes some decisions that may be best to wait until after the election due to ongoing presidential tax proposals.
The document summarizes various 2011 federal tax rates and limits including:
1) Federal income tax rates ranging from 10-35% for single, married filing jointly, head of household, and estates/trusts.
2) Standard deduction amounts from $5,800-11,600 depending on filing status.
3) Personal exemption of $3,700 and kiddie tax exemption of $1,900 or $950 standard deduction.
4) Capital gains tax rates of 0% or 15% and 28% for collectibles.
5) IRA and retirement plan contribution limits from $5,000-6,000 and phase out income ranges.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
The document summarizes proposed regulations issued by the IRS regarding the Foreign Account Tax Compliance Act (FATCA). Key points:
1) FATCA requires foreign financial institutions to report information about their U.S. account holders to the IRS or face 30% withholding on U.S.-source payments.
2) The proposed regulations provide guidance on how FATCA applies to non-U.S. private funds, U.S. private funds, and non-financial foreign entities.
3) Foreign financial institutions will be required to report certain account holder information to the IRS annually, with a phase-in of full reporting requirements by 2017.
New York Life - pocket tax tables guide 2015-16Cristi Tenhagen
The document provides information about income tax rates, payroll tax rates, and other tax rules for 2015 and 2016. Specifically, it includes:
- Income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately based on taxable income thresholds.
- Payroll tax rates for Social Security and Medicare.
- Details about alternative minimum tax, kiddie tax, corporate tax rates, taxation of Social Security benefits, personal exemptions, standard deductions, and itemized deductions.
2009 Estimated Income Tax Payments for Individualstaxman taxman
You are required to make estimated Illinois income tax payments if you expect your tax liability to exceed $500 after subtracting withholdings and credits. Payments are due April 15, June 15, September 15, and January 15, unless you file on a fiscal year basis. Failure to make timely estimated payments may result in late payment penalties.
This document discusses myths and realities surrounding annuities. It aims to dispel common misconceptions about annuities by providing factual information. Some myths addressed include that annuities are prohibitively expensive, their gains are taxed at higher rates than other investments, tax deferral is lost if an annuity is owned by a trust, and they are treated the same as other assets when inherited. The document explains that variable annuities can offer valuable benefits that justify their costs, their effective tax rates are often lower than assumed, tax deferral may be retained if the trust beneficiary is a person, and beneficiaries have tax deductions to alleviate double taxation upon inheritance.
1. Inheritance tax is payable on estates valued over £325,000. Recent house price increases have pushed more estates over the threshold.
2. Exemptions and allowances exist to help reduce inheritance tax liability, including the nil-rate band, gifts to spouses, gifts made more than 7 years before death, and regular gifts out of income.
3. Planning ahead, such as making a will, using available exemptions and allowances, and considering life assurance, can help avoid needing to sell assets to pay unexpected inheritance tax bills.
The document discusses the benefits of Roth IRAs according to experts. In 3 sentences: Experts say Roth IRAs offer tax-free growth, are one of the most powerful estate planning tools, and do not require minimum distributions like traditional IRAs, allowing the account to continue growing tax-free for heirs. Roth IRA contributions are made with after-tax dollars but all future growth and withdrawals are tax-free, unlike traditional IRAs where taxes are paid on withdrawals. Current low tax rates make converting traditional IRAs to Roth IRAs appealing if tax rates are expected to rise in the future.
1) A tax-planned will that creates a testamentary trust can help reduce taxes for surviving spouses and children compared to leaving assets directly to beneficiaries.
2) By establishing a testamentary trust, assets can be income split between the trust and beneficiaries, taking advantage of each of their individual tax brackets and credits to lower their overall tax burden.
3) Common candidates for a tax-planned will include those with wealth in non-registered assets like real estate, stocks, bonds and private corporations, as well as life insurance proceeds. Planning is especially beneficial for high income or high net worth individuals.
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
This document summarizes taxation and resource taxation issues for Chinese investors in Australia. It was presented by KPMG Australia and covers an overview of the Australian tax system including the Mineral Resources Rent Tax and Petroleum Resources Rent Tax, state royalties, R&D tax incentives, and KPMG's China practice. The presentation addresses key considerations for Chinese investors including regulatory approvals, investment structures, tax planning, project management, and key Australian regulators.
Top 5 strategies to keep your profits in your pocketTim Miron
The document provides strategies for reducing taxes through effective tax planning, income splitting, and hybrid expenses. The top 5 strategies discussed are: 1) Effective tax planning through incorporation, holding companies, retirement planning, life insurance, and SRED credits. 2) Income splitting using salaries, dividends, property payments, family trusts, and multiple corporations. 3) Hybrid expenses such as home office, automobile, cell phones, and medical expenses. Specific tax savings examples are provided for many of these strategies.
This document provides an overview of various tax considerations for private clients, business owners, UK resident non-domiciliaries, and how the company can help. It covers topics like utilizing tax allowances between couples, inheritance tax planning, business and agricultural property relief, pensions, tax efficient investments, and more. The sections describe key aspects of each topic and considerations around qualifying for various reliefs to minimize tax liability.
The document provides an overview of tax rates, rules, and strategies for the 2009 tax year. Some key points:
1) Tax rates for ordinary income range from 10-35% based on income levels. However, additional hidden taxes can drive effective rates higher.
2) Personal exemptions and many itemized deductions phase out for higher income individuals, increasing their tax burden.
3) The document outlines several tax law changes from stimulus bills passed in 2009, including enhanced education credits, home improvement credits, and sales tax deductions for car purchases.
4) It also notes suspension of required minimum distributions from retirement accounts for 2009 due to market losses and options for business owners from net operating loss carrybacks.
This document provides an overview of tax planning strategies for business owners. It discusses:
1) Corporate and personal tax rates in BC and opportunities for tax savings through integration. Tax can be deferred by retaining earnings in a corporation rather than paying out as salary.
2) Using a corporate freeze structure to split income with a spouse and children through a family trust for income splitting and to minimize taxes upon sale or death. Growth accrues to the trust.
3) Purifying a corporation of passive assets to qualify shares for the $800,000 lifetime capital gains exemption on the sale of qualified small business corporation shares. Purifying sooner allows more time to meet asset tests.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
This document summarizes popular financing and holding schemes for businesses in Ukraine. It outlines how loans, capital contributions, interest payments, dividends, and share sales can be structured through offshore jurisdictions like Cyprus, Panama, Belize and the BVI to minimize or eliminate taxes. Key points include financing via loans from offshore entities that are not taxed as income or expenses, routing dividends and interest payments through Cyprus or other jurisdictions to avoid Ukrainian withholding taxes, and selling shares of Ukrainian companies through offshore holding structures with no capital gains tax.
The document discusses income tax planning strategies for 2012. It notes that income tax rates are scheduled to increase in 2013 when the Bush tax cuts expire. This creates opportunities to harvest capital gains in 2012 by selling appreciated assets and repurchasing similar assets. It also discusses accelerating income into 2012 to take advantage of lower 2012 tax rates and avoiding the new 3.8% Medicare surtax that takes effect in 2013.
The document discusses various tax issues related to self-employment, property rentals, and business incorporation. It addresses questions about using the Approved Mileage Allowance Payment (AMAP) for self-employment and vans. It also covers deducting interest payments and refinancing for buy-to-lets, capital allowances, and using principal private residence rules to reduce capital gains tax on rental properties.
The forensic team investigated the cause of death of a stuffed gator found on 10/24/04, finding massive trauma to its skull and the violent removal of its internal organs. Two suspects, Sadie and Sandy Zucco, were found at the crime scene and are undergoing interrogation, with one suspected of killing a stuffed frog and the other possibly abducting a rubber steak. DNA and paw-print evidence is being analyzed at the lab to determine the guilty party for a expected conviction next week.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
The document summarizes proposed regulations issued by the IRS regarding the Foreign Account Tax Compliance Act (FATCA). Key points:
1) FATCA requires foreign financial institutions to report information about their U.S. account holders to the IRS or face 30% withholding on U.S.-source payments.
2) The proposed regulations provide guidance on how FATCA applies to non-U.S. private funds, U.S. private funds, and non-financial foreign entities.
3) Foreign financial institutions will be required to report certain account holder information to the IRS annually, with a phase-in of full reporting requirements by 2017.
New York Life - pocket tax tables guide 2015-16Cristi Tenhagen
The document provides information about income tax rates, payroll tax rates, and other tax rules for 2015 and 2016. Specifically, it includes:
- Income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately based on taxable income thresholds.
- Payroll tax rates for Social Security and Medicare.
- Details about alternative minimum tax, kiddie tax, corporate tax rates, taxation of Social Security benefits, personal exemptions, standard deductions, and itemized deductions.
2009 Estimated Income Tax Payments for Individualstaxman taxman
You are required to make estimated Illinois income tax payments if you expect your tax liability to exceed $500 after subtracting withholdings and credits. Payments are due April 15, June 15, September 15, and January 15, unless you file on a fiscal year basis. Failure to make timely estimated payments may result in late payment penalties.
This document discusses myths and realities surrounding annuities. It aims to dispel common misconceptions about annuities by providing factual information. Some myths addressed include that annuities are prohibitively expensive, their gains are taxed at higher rates than other investments, tax deferral is lost if an annuity is owned by a trust, and they are treated the same as other assets when inherited. The document explains that variable annuities can offer valuable benefits that justify their costs, their effective tax rates are often lower than assumed, tax deferral may be retained if the trust beneficiary is a person, and beneficiaries have tax deductions to alleviate double taxation upon inheritance.
1. Inheritance tax is payable on estates valued over £325,000. Recent house price increases have pushed more estates over the threshold.
2. Exemptions and allowances exist to help reduce inheritance tax liability, including the nil-rate band, gifts to spouses, gifts made more than 7 years before death, and regular gifts out of income.
3. Planning ahead, such as making a will, using available exemptions and allowances, and considering life assurance, can help avoid needing to sell assets to pay unexpected inheritance tax bills.
The document discusses the benefits of Roth IRAs according to experts. In 3 sentences: Experts say Roth IRAs offer tax-free growth, are one of the most powerful estate planning tools, and do not require minimum distributions like traditional IRAs, allowing the account to continue growing tax-free for heirs. Roth IRA contributions are made with after-tax dollars but all future growth and withdrawals are tax-free, unlike traditional IRAs where taxes are paid on withdrawals. Current low tax rates make converting traditional IRAs to Roth IRAs appealing if tax rates are expected to rise in the future.
1) A tax-planned will that creates a testamentary trust can help reduce taxes for surviving spouses and children compared to leaving assets directly to beneficiaries.
2) By establishing a testamentary trust, assets can be income split between the trust and beneficiaries, taking advantage of each of their individual tax brackets and credits to lower their overall tax burden.
3) Common candidates for a tax-planned will include those with wealth in non-registered assets like real estate, stocks, bonds and private corporations, as well as life insurance proceeds. Planning is especially beneficial for high income or high net worth individuals.
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
This document summarizes taxation and resource taxation issues for Chinese investors in Australia. It was presented by KPMG Australia and covers an overview of the Australian tax system including the Mineral Resources Rent Tax and Petroleum Resources Rent Tax, state royalties, R&D tax incentives, and KPMG's China practice. The presentation addresses key considerations for Chinese investors including regulatory approvals, investment structures, tax planning, project management, and key Australian regulators.
Top 5 strategies to keep your profits in your pocketTim Miron
The document provides strategies for reducing taxes through effective tax planning, income splitting, and hybrid expenses. The top 5 strategies discussed are: 1) Effective tax planning through incorporation, holding companies, retirement planning, life insurance, and SRED credits. 2) Income splitting using salaries, dividends, property payments, family trusts, and multiple corporations. 3) Hybrid expenses such as home office, automobile, cell phones, and medical expenses. Specific tax savings examples are provided for many of these strategies.
This document provides an overview of various tax considerations for private clients, business owners, UK resident non-domiciliaries, and how the company can help. It covers topics like utilizing tax allowances between couples, inheritance tax planning, business and agricultural property relief, pensions, tax efficient investments, and more. The sections describe key aspects of each topic and considerations around qualifying for various reliefs to minimize tax liability.
The document provides an overview of tax rates, rules, and strategies for the 2009 tax year. Some key points:
1) Tax rates for ordinary income range from 10-35% based on income levels. However, additional hidden taxes can drive effective rates higher.
2) Personal exemptions and many itemized deductions phase out for higher income individuals, increasing their tax burden.
3) The document outlines several tax law changes from stimulus bills passed in 2009, including enhanced education credits, home improvement credits, and sales tax deductions for car purchases.
4) It also notes suspension of required minimum distributions from retirement accounts for 2009 due to market losses and options for business owners from net operating loss carrybacks.
This document provides an overview of tax planning strategies for business owners. It discusses:
1) Corporate and personal tax rates in BC and opportunities for tax savings through integration. Tax can be deferred by retaining earnings in a corporation rather than paying out as salary.
2) Using a corporate freeze structure to split income with a spouse and children through a family trust for income splitting and to minimize taxes upon sale or death. Growth accrues to the trust.
3) Purifying a corporation of passive assets to qualify shares for the $800,000 lifetime capital gains exemption on the sale of qualified small business corporation shares. Purifying sooner allows more time to meet asset tests.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
This document summarizes popular financing and holding schemes for businesses in Ukraine. It outlines how loans, capital contributions, interest payments, dividends, and share sales can be structured through offshore jurisdictions like Cyprus, Panama, Belize and the BVI to minimize or eliminate taxes. Key points include financing via loans from offshore entities that are not taxed as income or expenses, routing dividends and interest payments through Cyprus or other jurisdictions to avoid Ukrainian withholding taxes, and selling shares of Ukrainian companies through offshore holding structures with no capital gains tax.
The document discusses income tax planning strategies for 2012. It notes that income tax rates are scheduled to increase in 2013 when the Bush tax cuts expire. This creates opportunities to harvest capital gains in 2012 by selling appreciated assets and repurchasing similar assets. It also discusses accelerating income into 2012 to take advantage of lower 2012 tax rates and avoiding the new 3.8% Medicare surtax that takes effect in 2013.
The document discusses various tax issues related to self-employment, property rentals, and business incorporation. It addresses questions about using the Approved Mileage Allowance Payment (AMAP) for self-employment and vans. It also covers deducting interest payments and refinancing for buy-to-lets, capital allowances, and using principal private residence rules to reduce capital gains tax on rental properties.
The forensic team investigated the cause of death of a stuffed gator found on 10/24/04, finding massive trauma to its skull and the violent removal of its internal organs. Two suspects, Sadie and Sandy Zucco, were found at the crime scene and are undergoing interrogation, with one suspected of killing a stuffed frog and the other possibly abducting a rubber steak. DNA and paw-print evidence is being analyzed at the lab to determine the guilty party for a expected conviction next week.
Griffin's 25 Essential Tips for the Consumer Electronics Show CES 2011 Griffin Technology
Griffin Technology has attended the Consumer Electronics Show for the last few years.
This year I asked our staff what tips they would suggest for first time (and returning) CES attendees and exhibitors.
Here is our list of 25 tips for CES, plus a special treat at the ending just for you.
If you're attending CES this year please be sure to visit us at the Griffin Technology booth. See you!
@griffintech
The document discusses how an accounting firm, BealmanAndAssociates, helps clients with bookkeeping, going paperless, and developing best practices. They do bookkeeping for less than a bookkeeper's salary. They scan all source documents and index them for easy retrieval online. They analyze a client's critical business functions and document workflows and standard operating procedures to improve processes. This creates efficiency and allows the business to be managed from any location.
The forensic team investigated the cause of death of a stuffed gator found on 10/24/04, finding massive trauma to its skull and the violent removal of its internal organs. Two suspects, Sadie and Sandy Zucco, were found at the crime scene and are undergoing interrogation, with one suspected of killing a stuffed frog and the other possibly abducting a rubber steak. DNA and paw-print evidence is being analyzed to determine the guilty party for a expected conviction next week.
Here is a collection of 20 essential tips for first time attendees and veterans of the Consumer Electronics Show.
Did we miss a tip? Please leave a comment with your own.
See you in Vegas!
A deceased stuffed alligator was discovered at a crime scene. The forensics team investigated and found massive trauma to its skull and that its internal organs had been violently removed. Two suspects, Sadie and Sandy Zucco, were found at the scene. Sadie is suspected of killing a stuffed frog and Sandy may have abducted a rubber steak. The suspects are undergoing interrogation while DNA and paw-print evidence is analyzed to determine the guilty party.
Swine flu is a respiratory disease spread between pigs and humans through coughing, sneezing, or direct contact. It can cause symptoms like fever, cough, sore throat, and fatigue. To prevent catching or spreading swine flu, wash hands regularly with soap, avoid contact with infected people, and clean surfaces frequently. The document provides information on swine flu symptoms, transmission, prevention tips, and testing locations in Delhi for those concerned they may have the virus.
This poem expresses how God lifts the speaker up during difficult times. It describes how when the speaker is weary or troubled, God sits with them in silence until they feel strong again. God raises the speaker up so they can overcome challenges, stand confidently, and reach their full potential. The poem repeats that God raises the speaker up to stand on mountains, walk on stormy seas, and become more than the speaker can be on their own.
You know you've asked yourself that question - and the answer isn't as simple as you might think.
Come join Griffin Technology's app development team to hear their input on how the iPad will impact the world of app development, user interface, and social networking – and give your own input in the free-form Q&A to follow.
All level of developers and non-developers welcome.
This poem expresses how God lifts the speaker up during difficult times. It describes how when the speaker is weary or troubled, God sits with them in silence until they feel strong again. God raises the speaker up so they can overcome challenges, stand confidently, and reach their full potential, more than what they could achieve on their own. The poem repeats the refrain of how God raises the speaker up to remind them of His strength and support.
Swine flu is a respiratory disease spread between pigs and humans through coughing, sneezing, or direct contact with pigs. It can also spread between humans. Symptoms include fever, cough, sore throat, and fatigue. To prevent catching or spreading swine flu, wash hands regularly and avoid contact with infected individuals.
Thomas M Walsdorf Professional Experience ResumeTom Walsdorf
Thomas M Walsdorf has over 20 years of experience in IT project management, software implementation, application support, and client training. He has led over 100 successful software implementations and provided support for applications such as CRM, help desk, and financial software. Walsdorf also has expertise in areas such as software testing, data migration, and interface development. He is pursuing a Project Management Professional certification and holds a bachelor's degree in business administration and computer science.
Griffin Technology is proud to present DriveSafe 22 Road Trip Tips.
Whether you're ready to depart today, or you're still in your road trip planning phases, this is a must read presentation.
Have a safe and amazing journey!
1) Failing to properly plan taxes can result in paying thousands more than necessary. Proper tax planning allows business owners to legally reduce their tax burden.
2) Choosing the wrong business entity, retirement plan, or failing to claim available medical and home office deductions are common expensive mistakes.
3) Maximizing deductions for family employment, vehicle expenses, and medical benefits can significantly reduce taxes.
The document discusses the alternative minimum tax (AMT), including its history and structure. It provides examples to illustrate how the AMT calculation differs from the regular tax calculation. Key differences include fewer allowed deductions, no personal exemptions, and lower exemption amounts that are not indexed for inflation. As a result, taxpayers with high incomes but not extremely high incomes are most likely to face the AMT, referred to as the "sweet spot." The document also outlines some common tax planning strategies to minimize AMT liability.
Choosing A Retirement Plan For Your Business427503 CvShane Riley
A defined benefit plan guarantees a set monthly payment in retirement. It requires high annual contributions from the business owner to fund, making it best for older owners with shorter time horizons. Younger owners would need to contribute more annually to fund the same guaranteed benefit. The contributions are tax deductible for the business.
The document discusses how many tax provisions are set to expire or change at the end of 2012, which would result in individuals and families paying substantially more in taxes. It outlines how popular tax deductions, credits, and rates that applied to income, capital gains, dividends, payroll taxes, and estate taxes are scheduled to expire or change. The expiration of these tax provisions could remove up to $3,500 from the average taxpayer's annual income and significantly increase taxes for many individuals, families, and businesses.
Phuong - Taxation in the UK - Chapter 9 - The personal tax computationPhuong Nguyen
Going along with this presentation is the instruction for self-learning, hihi, but in Vietnamese :D
Hope it would be helpful for you in this quite boring subject ^^
(Please read comments from the bottom to the top)
The document discusses the implications of the upcoming "Fiscal Cliff" for financial advisors and their clients. It notes that if Congress fails to act, taxes will rise substantially in 2013 which will negatively impact the economy. Spending cuts will also take effect that will further slow economic growth. Interest rates are expected to remain low to help stimulate the economy. The document provides details on how the higher taxes and spending cuts could impact individuals and families. It also discusses the federal budget situation and debt levels that create incentives to keep interest rates low.
The document provides an overview of S-Corporations, explaining that they allow business owners to split business proceeds into a salary and income portion in order to pay employment taxes only on the salary and avoid self-employment taxes on the income portion. It notes the setup requirements to form an S-Corp and quarterly/annual maintenance requirements, and compares the employment tax savings of an S-Corp to a sole proprietorship.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'...Dinsmore & Shohl LLP
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'," Financial Planning Association of Southwestern Ohio, Election Preview Virtual Conference
Rumors keep surfacing about the 3.8% real estate transfer tax added to the health care bill. The National Association of Realtors has prepared information with scenarios and examples to explain exactly when and how this tax would apply.
This document provides examples to help explain how the new 3.8% tax on investment income resulting from the Affordable Care Act would apply to different real estate transactions and income sources. The tax applies to individuals with adjusted gross income over $200,000 and joint filers over $250,000. It is imposed on unearned income including capital gains, dividends, interest, and net rental income. The examples illustrate how the tax is calculated for various capital gain scenarios, rental properties, and mixed income sources. An additional 0.9% tax also aims to fund Medicare but applies to earned income over the thresholds.
This document provides examples to explain how the new 3.8% tax on investment income passed as part of the Affordable Care Act would apply to different real estate transactions and income sources. The tax applies to individuals making over $200,000 and joint filers making over $250,000. It taxes investment income including capital gains, dividends, interest, and net rental income. The examples illustrate how the tax is calculated based on adjusted gross income and investment income amounts for different scenarios like selling a primary residence or rental properties.
This information provided by the National Association of REALTORS clarifies the truth about the impact the 3.8% Medicare tax will have on home sales.
Hint: only 2-3% of all people will be affected.
This document provides examples to help explain how the new 3.8% tax on investment income introduced by the Affordable Care Act would apply to different real estate scenarios. The tax applies to individuals with adjusted gross income over $200,000 and couples over $250,000. It is assessed on investment income including capital gains, dividends, interest, and net rental income. Six examples illustrate how the tax is calculated for capital gains on a home sale, stock sale, investment portfolio, rental property income, vacation home sale, and sole business rental income. The document aims to clarify misunderstandings around which real estate transactions would be subject to the new tax.
The income statement reports revenues and expenses for a period to calculate profit or loss. It is prepared outside the double-entry system and classifies items as revenues and expenses. Gross profit is calculated by deducting cost of goods sold from net sales and is important because selling goods is typically the main revenue source. Net profit deducts remaining expenses from gross profit and revenues to determine the return to the owner. The sample income statement provided calculates gross profit, other revenues and expenses, and net profit for a business for the year ended June 30, 2004.
The document discusses various retirement planning strategies such as investing in stocks, bonds, mutual funds, IRAs and 401(k)s. It provides details on contribution limits for traditional and Roth IRAs and how much individuals can contribute each year depending on income and age. The effects of starting retirement savings early versus late are shown through hypothetical investment scenarios over 30 years with different annual returns.
The document lists the 10 most expensive tax mistakes that cost business owners thousands each year. These include failing to plan, having "audit paranoia", choosing the wrong business entity, choosing the wrong retirement plan, missing opportunities for family employment, missing medical benefits, missing a home office deduction, missing car/truck expense deductions, missing meals and entertainment deductions, and missing tax coaching services. It encourages scheduling a free mini tax strategy session to review one's specific situation and identify potential tax savings from implementing proven strategies.
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2. #1: Failing to Plan
“There is nothing wrong with a
strategy to avoid the payment of
taxes. The Internal Revenue Code
doesn’t prevent that.”
William H. Rehnquist
Copyright 2009
4. Taxable Income
Earned income
Interest/dividends
Add Taxable Income Capital gains
minus Adjustments to Income Pension/IRA/Annuity
Rent/royalty
minus Deductions
Alimony
times Tax Bracket
Gambling winnings
minus Tax Credits Illegal income
Copyright 2009
5. Adjustments to Income
IRA contributions
Moving expenses
Add Taxable Income ½ SE tax
minus Adjustments to Income SE health insurance
Keogh/SEP
minus Deductions
Alimony
times Tax Bracket
Student loan interest
minus Tax Credits
Copyright 2009
6. Deductions/Exemptions
Medical/dental
State/local taxes
Add Taxable Income Foreign taxes
minus Adjustments to Income Interest
Casualty/theft losses
minus Deductions/Exemptions
Charitable gifts
times Tax Bracket
Miscellaneous itemized
minus Tax Credits deductions
Copyright 2009
7. Tax Brackets
Rate Single HoH Joint
10% 0 0 0
Add Taxable Income
15% 8,351 11,951 16,701
minus Adjustments to Income
25% 33,951 45,501 67,901
minus Deductions
28% 82,251 117,451 137,051
times Tax Bracket
33% 171,551 190,201 208,851
minus Tax Credits
35% 372,951 372,951 372,951
Copyright 2009
8. Tax Credits
Family credits
Education credits
Add Taxable Income Foreign tax
minus Adjustments to Income General business
Low-income housing
minus Deductions
Renovation
times Tax Bracket
minus Tax Credits
Copyright 2009
9. Two Kinds of Dollars
Add Taxable Income
minus Adjustments to Income Pre-Tax Dollars
minus Deductions
times Tax Bracket
minus Tax Credits
After-Tax Dollars
Copyright 2009
10. Keys to Cutting Tax
“You lose every time you spend after-tax
dollars that could have been pre-tax dollars.”
1. Earn nontaxable income
2. Maximize deductions and credits
3. Shift income: later years, lower brackets
Copyright 2009
12. #3: Wrong Business Entity
C-Corp?
S-Corp?
LLC?
Sole Prop?
Copyright 2009
13. Sole Proprietorship
Report net Pay income
income on tax on net
Schedule C income
Pay SE tax up
to 15.3% on
income
Copyright 2009
14. S-Corporation
Split proceeds Pay income
into “salary” tax on salary
and “income” and income
Salary Income
Pay FICA up to Avoid FICA/SE
15.3% on salary tax on income
Copyright 2009
15. Employment Tax Comparison
S-Corp FICA Proprietorship SE
Salary $40,000 Income $80,000
FICA $6,120 SE Tax $11,304
Net $73,880 Net $68,696
S-Corp Saves
$5,184
Copyright 2009
17. Simplified Employee Pension
“Turbocharged” IRA
Contribute up to 25% of 30000
income 25000
Max. contribution: $49,000 20000
Must contribute for all 15000
eligible employees
10000
Contributions directed to
5000
employee IRAs
0
No annual administration 30,000 60,000 90,000 120,000
SEP Contribution
Copyright 2009
18. SIMPLE IRA
Defer 100% of income up to
$11,500 16000
Age 50+ add $2,500 “catch 14000
up” 12000
10000
Business “match” or “PS”
8000
Contribute to IRAs 6000
No annual administration 4000
2000
0
30,000 60,000 90,000 120,000
SIMPLE Contribution
Copyright 2009
19. 401(k)
Defer 100% of income up to
$16,500 45000
Age 50+ add $5,500 “catch 40000
up” 35000
Employer contributes up to 30000
25000
25% of “covered comp”
20000
Max. contribution: $49,000 15000
Loans, hardship withdrawals, 10000
rollovers, etc. 5000
Simplified administration for 0
30,000 60,000 90,000 120,000
“individual” 401(k)
401(k) Contribution
Copyright 2009
20. Defined Benefit Plan
Guarantee up to $185,000
Age Regular 412(i)
Contribute according to
age and salary 45 $80,278 $164,970
Required contributions
“412(i)” insured plan 50 $133,131 $258,019
“Dual” plans
55 $211,448 $395,634
60 $236,910 $450,112
Projections based on retirement at age 62
with $165,000 annual pretax income.
Copyright 2009
21. #5: Missing Family Employment
Children age 7+
First $5,700 tax-free
Next $8,350 taxed at 10%
“Reasonable” wages
Written job description, timesheet, check
Account in child’s name
FICA/FUTA savings
Copyright 2009
22. #5: Missing Family Employment
Children age 7+
First $5,700 tax-free
Next $8,350 taxed at 10%
“Reasonable” wages
Written job description, timesheet, check
Account in child’s name
FICA/FUTA savings
Copyright 2009
23. #6: Missing Medical Benefits
Employee benefit plan
– Married: Hire spouse (no salary necessary)
– Not married: C-corp
Reimburse employee for medical expenses
incurred for self, spouse, and dependents
Works with any insurance
– Use your own insurance
– Supplement spouse’s coverage
Copyright 2009
24. MERP/105 Plan
Major medical, LTC, Medicare, “Medigap”
Co-pays, deductibles, prescriptions
Dental, vision, and chiropractic
Braces, fertility treatments, special schools
Nonprescription medications and supplies
Copyright 2009
25. MERP/105 Plan
Written plan document
No pre-funding required
– Reimburse employee
– Pay provider directly
Bypass 7.5% floor
Minimize self-employment tax
Copyright 2009
26. Health Savings Account
1. “High deductible health plan”
- $2,000+ deductible (individual coverage)
- $4,000+ deductible (family coverage)
Plus
2. Tax-deductible “Health Savings Account”
- Contribute & deduct up to $3,000/$5,950 per year
- Account grows tax-free
- Tax-free withdrawals for qualified expenses
Copyright 2009
27. #7: Missing Home Office
Determine “BUP” of home
– Divide by rooms
– Square footage 1500
– Eliminate “common areas”
100
144
Copyright 2009
28. #7: Missing Home Office
Deduct “BUP” of expenses:
– Mortgage/property taxes
(better than Schedule A)
– Utilities/security/cleaning
– Office furniture/decor
– Depreciation (39 years)
Increase business miles
Copyright 2009
29. #7: Missing Home Office
When you sell:
– Recapture depreciation
– Keep tax-free exclusion
Copyright 2009
30. #8: Missing Car/Truck Expenses
AAA Driving Costs Survey (2008)
Vehicle Cents/Mile
Small Sedan 42.1
Medium Sedan 55.2
Large Sedan 65.1
4WD SUV 69.7
Minivan 57.6
Figures assume 15,000 miles/year; $2,941/gallon gas
Copyright 2009
31. #9: Missing Meals/Entertainment
Bona fide business discussion
– Clients
– Prospects
– Referral Sources
– Business colleagues
50% of most expenses
Home entertainment
Associated entertainment
Copyright 2009