Reducing Taxes through Prudent Investment and Wealth Management
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This document discusses strategies for managing taxes on investments. It outlines how to control deductible expenses and rebalancing to reduce taxes, and provides examples. It also discusses converting tax-deferred accounts to tax-exempt Roth IRAs when markets are down, to offset taxes, or using tax credits to do conversions with no tax liability. The key is controlling what you can with taxes through expenses, rebalancing efficiently, and tactically converting accounts when it makes financial sense.
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Problem 1:
Oregon Surplus Inc. qualifies to use the installment-sales method for tax purposes and sold an investment on an installment basis. The total gain of $75000 was reported for financial reporting purposes in the period of sale. The installment period is 3 years; one-third of the sale price is collected in 2014 and the rest in 2015 and 2016. The tax rate was 35% in 2014, 30% in 2015, and 30% in 2016. The enacted tax rates of 2015 and 2016 are not known until 2015.
The accounting and tax data are shown below.
Financial Accounting
Tax Return
2014 (35% tax rate)
Income before temporary difference
$
175,000
$
175,000
Temporary difference
$
75,000
$
25,000
Income
$
250,000
$
200,000
2015 (30% tax rate)
Income before temporary difference
$
200,000
$
200,000
Temporary difference
$
-
$
25,000
Income
$
200,000
$
225,000
2016 (30% tax rate)
Income before temporary difference
$
180,000
$
180,000
Temporary difference
$
-
$
25,000
Income
$
180,000
$
205,000
Required:
1)
Prepare the journal entries to record the income tax expense, deferred income taxes, and the income taxes payable for 2014, 2015, and 2016. No deferred income taxes existed at the beginning of 2012.
2)
Explain how the deferred taxes will appear on the balance sheet at the end of each year. (Assume Installment Accounts Receivable is classified as a current asset.)
3)
Show the income tax expense section of the income statement for each year, beginning with “Income before income taxes.”
Problem 2:
Philadelphia Co. incurred a net operating loss of $850,000 in 2014. Combined income of 2012 and 2013 was $650,000. The tax rate for all years is 30%. Trenton elects the carry back option.
Required:
a.
Prepare the journal entries to record the benefit of loss carry back and loss carry forward option.
b.
Assuming that it is more likely than not that the entire net operating loss carry forward will not be realized in future years, prepare all the journal entries necessary at the end of 2014.
.
1.This is a group discussion, to be completed in a group discussio.docx
1.This is a group discussion, to be completed in a group discussion forum.
Prompt:
Answer the following question:
Describe LIFO as an Inventory Method. Discuss the differences in accounting for LIFO under:
· U.S. GAAP
· IFRS
· IRS
Compose an initial response that is one or two paragraphs long. In your response, please indicate where you found the relevant information by citing the appropriate sections or pages in the textbook.
2.Analyzing Transactions Using the Financial Statement Effects Template
Hanlon Advertising Company began the current month with the following balance sheet.
Cash
$ 80,000
Liabilities
$ 70,000
Noncash assets
135,000
Contributed capital
110,000
Earned capital
35,000
Total assets
$215,000
Total liabilities and equity
$215,000
Following are summary transactions that occurred during the current month.
1. The company purchased supplies for $10,000 cash; none were used this month.
2. Services of $5,000 were performed this month on credit.
3. Services were performed for $20,000 cash this month.
4. The company purchased advertising for $16,000 cash; the ads will run next month.
5. The company received $2,400 cash as partial payment on accounts receivable from transaction 2.
6. The company paid $6,800 cash toward the accounts payable from the prior month.
7. Paid $6,200 cash toward this month's wages expenses.
8. The company declared and paid dividends of $1,000 cash.
(a) Record the effects of each transaction using the financial statement effects template.
Balance Sheet
Transaction
Cash Asset
+
Noncash Assets
=
Liabilities
+
Contributed Capital
+
Earned Capital
Beginning bal.
Answer
Answer
Answer
Answer
Answer
1
Answer
Answer
Answer
Answer
Answer
2
Answer
Answer
Answer
Answer
Answer
3
Answer
Answer
Answer
Answer
Answer
4
Answer
Answer
Answer
Answer
Answer
5
Answer
Answer
Answer
Answer
Answer
6
Answer
Answer
Answer
Answer
Answer
7
Answer
Answer
Answer
Answer
Answer
8
Answer
Answer
Answer
Answer
Answer
Ending balance
Answer
Answer
Answer
Answer
Answer
Income Statement
Revenue
-
Expenses
=
Net Income
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
Answer
(b) Prepare the income statement for this month and the balance sheet as of month-end.
Hanlon Advertising Company
Income Statement
Sales revenue
$Answer
Total expenses
(enter as a positive)
Answer
Net income
$Answer
Hanlon Advertising Company
Retained Earnings Reconciliation
Common Stock
Retained earnings. beginning of month
$Answer
Net income
Answer
Dividends
(enter as a negative)
Answer
Retained earnings. end of month
$Answer
Hanlon Advertising Company
Balance Sheet
Cash
$Answer
Noncash assets
Answer
Total assets
$Answer
Liabilities
$Answer
Contributed capital
Answer
Retained earnings
Answer
Total equity
Answe.
Key Financial Data 2017
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
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