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.
Description: Where we stand on a series of potential tax law changes – including the end to the so-called “Bush era tax cuts”, as well as new taxes that were enacted as part of the health care reform legislation.
Description: Where we stand on a series of potential tax law changes – including the end to the so-called “Bush era tax cuts”, as well as new taxes that were enacted as part of the health care reform legislation.
What Is The Federal Estate Tax Marital DeductionMark Eghrari
When you are planning your estate, you should be aware of of the existence of the federal estate tax which can significantly erode assets that you are passing on to your loved ones. Learn more about federal estate tax in this presentation.
Penalty for not having health insuranceDerlandBahr
http://derlandbahrcpa.com/can-i-get-fined-for-not-having-health-insurance/ "Can I get fined for not having health insurance?" is a common (and valid) question these days. The “shared responsibility payment” also known as penalties for not having health insurance kicks in this year for 2014.
At the 2012 CUPE division conventions, National President Paul Moist and Sr. Economist Toby Sanger hosted a series of economic literacy breakfasts to talk with CUPE members about less often discussed economic issues, and why they matter to Canadian workers.
Their presentation helps starts a new discussion on the economy - one where we talk less about what’s in the interests of banks and corporations, and more about what’s best for Canadian workers, their families, and their communities.
CUPE members need to change the channel of the economy.
This is an overview of the model I use to evaluate financial decisions. It\'s unique to the industry and not owned by any financial institution. I don\'t see how anyone could work without it.
With the elimination of the personal exemption in 2018, some large families could experience increased state-level taxes. In states where families trend to larger sizes, such as Utah, the State Tax Commission anticipates tens-of-millions in surplus revenues as a result of the personal exemption elimination.
What Is The Federal Estate Tax Marital DeductionMark Eghrari
When you are planning your estate, you should be aware of of the existence of the federal estate tax which can significantly erode assets that you are passing on to your loved ones. Learn more about federal estate tax in this presentation.
Penalty for not having health insuranceDerlandBahr
http://derlandbahrcpa.com/can-i-get-fined-for-not-having-health-insurance/ "Can I get fined for not having health insurance?" is a common (and valid) question these days. The “shared responsibility payment” also known as penalties for not having health insurance kicks in this year for 2014.
At the 2012 CUPE division conventions, National President Paul Moist and Sr. Economist Toby Sanger hosted a series of economic literacy breakfasts to talk with CUPE members about less often discussed economic issues, and why they matter to Canadian workers.
Their presentation helps starts a new discussion on the economy - one where we talk less about what’s in the interests of banks and corporations, and more about what’s best for Canadian workers, their families, and their communities.
CUPE members need to change the channel of the economy.
This is an overview of the model I use to evaluate financial decisions. It\'s unique to the industry and not owned by any financial institution. I don\'t see how anyone could work without it.
With the elimination of the personal exemption in 2018, some large families could experience increased state-level taxes. In states where families trend to larger sizes, such as Utah, the State Tax Commission anticipates tens-of-millions in surplus revenues as a result of the personal exemption elimination.
"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
2013 Changes in Tax Law and Year End Tax Planning Opportunities
Individuals
o 2013 tax rates
o Tax on investment income
o Other changes in tax law affecting individuals
o Year end planning opportunities
Businesses
o Employment tax
o Depreciation
o Pass-through entities
Estate and Gift Tax
o Exemption amounts
o Tax rates
o Gifting strategies
o Valuation discounts
o Grantor trusts
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.
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
Keep this handy Individual Income Tax chart to help quickly discover the changes from 2012 to 2013 as a result of "The American Taxpayer Relief Act of 2012." You have to love how Congress names their legislation.
The 2011 Tax Guide provides you with a summary of the 2010 Tax Relief Act, and guidelines on:
Tax rates
Payroll taxes
Retirement
Dividends and capital gains
AMT
Estate and gift taxes
Education tax breaks
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.
GAMABrief: Preparing for the Capital Gains Tax Hike
The 2012 Fiscal Cliff
1. Tax Law Changes
and the
Fiscal Cliff
Wray Rives CPA CGMA
Rives CPA PLLC
2. Big Picture if Nothing Changes
• Average taxpayer will pay $3,500 more in
income and payroll tax
• Average after tax income would drop 6.2%
• Mandatory spending cuts will compel federal
agencies to cut 2.14 million jobs
• Significant cloud of uncertainty which the
markets and businesses hate
• More of a steep hill than a cliff
3. Accelerated Depreciation
It was fun while it lasted
Sec 179 Limit Phase Out
2011 $500,000 $2,000,000
2012 $139,000 $560,000
2013 $25,000 $200,000
Bonus Depreciation Percentage
2011 100%
2012 50%
2013 0%
4. Tax Rates
It was fun while it lasted
Income Tax Lowest Highest
2011-2012 10% 35%
2013 15% 39.6%
Capital Gains Tax Lowest Highest
2011-2012 0% 15%
2013 10% 23.8%
Qualified Lowest Highest
Dividends
2011-2012 0% 15%
2013 15% 39.6%
5. Tax Rates
It was fun while it lasted
Payroll Tax Self-Employed FICA Limit
2012 13.3% $106,800
2013 15.3% $110,100
AMT Rate Exemption
2012 26% Up to $175K $74,450
28% Above
2013 Same rates $45,000
4M taxpayers paid AMT in 2011
Est. 31M would pay in 2013
6. Credits and Deductions
It was fun while it lasted
Self-Employed Health Not deductible from SE Income in 2013
Insurance
Child Tax Credit Drops from $1,000 to $500 in 2013
15 year Depreciation on Back to 39.5 Years
Restaurant and Retail
Improvements
R&D Credit, Work Opportunity Credit, Gone in 2013
Energy Efficiency Credits, Deduction for
State and Local Sales Tax, Qualified Small
Business Gain Exclusion
Tuition and Education Deductions, Rollover Gone in 2013
from FSA to HSA, Mortgage Insurance
Premium Deduction, Educator Expense
Deduction, Charitable Deduction for IRA
Distributions
7.
8. New Up and Coming Taxes
Healthcare Tax Rate Exemption
2013 0.9% Income over
$200,000 or
$250,00 if married
2013 3.8% All Investment
Income (Including
S-Corp
Distributions)
9. New Up and Coming Changes
Medical Expense 2012 > 7.5% of AGI 2013 > 10% of AGI
Deduction
FSA Cap 2012-Up to Employer 2013-$2,500
Healthcare mandate 2014 $285 or 1% of income
2015 $975 or 2%
2016 $2,085 or 2.5%
11. Tax Revenue from Expiring Provisions
Tax Provision Revenue in Millions
Extend Tax Rates for everyone $94,006
Extend Tax Rates for those $62,872
below $200,000/$250,000
12. Tax Provision Revenue in Millions
AMT $132,240
Deduction for teacher expense $462
Residence Debt Exclusion $1,3227
Sales Tax Deduction $4,359
R&D Credit $14,324
15 Year Depreciation on $3,717
restaurant and retail improv.
Sec 179 Expense $2,352
American Opportunity Credit $13,123
Limit on Itemized Deductions $10,892
Child Tax Credit $35,632
Reduced Cap Gain Tax Rate $10,123
Cap Gain rate on Dividends $15,731
Exemption for active Financing $11,225