Uncle Sam Needs More Cash – And This Means From You! Recent Tax Law Changes Affecting You and Your Business Chris Nuss 666 Grand Ave, Suite 2000 Des Moines,

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Presentation transcript:

Uncle Sam Needs More Cash – And This Means From You! Recent Tax Law Changes Affecting You and Your Business Chris Nuss 666 Grand Ave, Suite 2000 Des Moines, IA Telephone:

Example of Federal Tax Increase from 2012 to 2013 Assumptions: Married filing jointly (w/o dependents) with mixture of salary ($65K), investment income ($90K), pass-through income from S corporations or LLCs ($400K), and pension/social security ($200K), and itemized deductions and exemptions. Illustrative purposes only.

Example of Federal Tax Increase from 2012 to 2013 (cont.) Increase AGI$825,000 ___ Taxable Income768,000792,000$24,000 Income Tax219,000243,00024,000 FICA/Medicare on W-2 3,7005,0001, % Medicare on NII ___3,500 Total Taxes$222,700$251,500$28,800 (or 12-13%)

Why Increase in Taxes from 2012 to 2013? Earlier phaseout of itemized deductions & loss of exemptions. Increase of top tax rate on dividends & capital gain. Increase in top tax rate on ordinary income. Increase in FICA & Medicare on earnings. New 3.8% Medicare on net investment income.

Planning Points Going Forward Estimated tax payments & wage withholding even more important (to avoid large tax bill in April and underpayment penalty). Defer recognition of income and gain, while accelerating deductions. Section 179 expense & bonus depreciation Equity interests in LLCs/partnerships Other basic deferral mechanisms Material, or even meaningful, participation in pass- through entity.

Planning Points Going Forward Forego dependency exemption on children in college. Gifts and distributions from trusts to family members or others in lower tax brackets. Revise mix of investment assets. Change business entity form (e.g., from S corporation to C corporation)?

Other Tax Planning Considerations IC-DISC for foreign sales: savings = ordinary income tax rate less dividend tax rate x commission Beware of multi-state operations – compliance!! New Iowa business property tax exemption U.S. Supreme Court decided FICA tax withholding on involuntary severance

Possible Future Changes Keep eye on Congress throughout year. No cash basis of accounting for service businesses with gross receipts exceeding $10M.

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