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Where Do You Want to Go? Where Do You Want to Go? WHEREWHERE AREARE YOU?YOU? WHEREWHERE DODO YOUYOU WANTWANT TOTO GO?GO? CHECK OUT OUR 2015 ONLINE TAX GUIDE AT LET’SLET’S GETGET TAXTAX PLANNINGPLANNING –– 20152015 www.perkinsaccounting.com MATURITY PASSING DOWN WEALTH Tax Consulting & Compliance Charitable Legacy Exit Strategies Gifting Strategies ESOP Estate & Wealth Planning PROSPERITY / EXPANSION GOLDEN YEARS Tax Consulting & Compliance Retirement Planning Merger/Acquisition Diversification of Investments Expansion Planning College Education Funding Audit & Appeals Assistance SURVIVAL / GROWTH WORKING YEARS Tax Consulting & Compliance Stock Option Planning Employee Benefit Options Active Tax Minimization Strategies Capital Investment Second Home Purchase Planning Cost Segregation College Education Funding START-UP / EMERGING SETTING A FOUNDATION BUSINESS Tax Consulting & Compliance Maximizing Retirement Plan Contributions PERSONAL Entity Selection Planning for First Home Capitalization & Financing Mortgage Refinancing Research Credits 503-221-0336 perkinsaccounting.com @PerkinsCo [email protected] [email protected] @PerkinsCo perkinsaccounting.com 503-221-0336 Research Credits Capitalization & Financing Mortgage Refinancing Entity Selection Planning for First Home PERSONAL Tax Consulting & Compliance Maximizing Retirement Plan Contributions START-UP / EMERGING SETTING A FOUNDATION BUSINESS College Education Funding Cost Segregation Capital Investment Second Home Purchase Planning Employee Benefit Options Active Tax Minimization Strategies Tax Consulting & Compliance Stock Option Planning SURVIVAL / GROWTH WORKING YEARS Audit & Appeals Assistance College Education Funding Expansion Planning Diversification of Investments Merger/Acquisition Retirement Planning Tax Consulting & Compliance GOLDEN YEARS PROSPERITY / EXPANSION Estate & Wealth Planning ESOP Gifting Strategies Exit Strategies Tax Consulting & Compliance Charitable Legacy MATURITY PASSING DOWN WEALTH www.perkinsaccounting.com www.perkinsaccounting.com LET’S GET TAX PLANNING – 2015 CHECK OUT OUR 2015 ONLINE TAX GUIDE AT LET’S GET TAX PLANNING – 2015 CHECK OUT OUR 2015 ONLINE TAX GUIDE AT WHERE DO YOU WANT TO GO? WHERE DO YOU WANT TO GO? WHERE ARE YOU? WHERE ARE YOU? DEAR CLIENTS AND FRIENDS, As the end of the year approaches, we like to help our clients assess their tax planning options and make decisions with known out- comes. That’s not too much to expect, is it? We don’t think so, but lately our efforts have been complicated by the annual Congressio- nal dance around the 50+ tax provisions, collectively referred to as “Tax Extenders,” which will expire unless Congress renews them. The Senate Finance Committee passed a two-year extension this past July, but nothing further has happened, or seems particularly likely to happen until November or even December of 2015. (As for more comprehensive tax reform, we don’t think we’ll see any meaningful changes until after the 2016 elections.) Some of the Tax Extenders are relatively narrow in scope, affecting relatively few clients. However, other provisions apply to nearly everyone. The most broadly applicable are those affecting the rate at which a business can deduct capital improvements. One of our most common year-end questions is “If I buy $X of equipment, how much will I save in taxes this year?” And we can’t answer that question right now, because there are major Tax Extenders that change the answer dramatically. And we mean dramatically: from “14% of cost” to “57% of cost,” or from “$25,000” to “$500,000.” So, once again, we leave you this year-end with a chart showing what you can expect, depending on whether the Tax Extenders are renewed this year. Tax Provision If Tax Extenders Are Renewed Without Renewal for 2015 Section 179 expensing limit for business assets, including qualified real At least $250,000, possibly as high $25,000, and not available for real property as $500,000 property Bonus depreciation At least 50% None Depreciable life for qualified leasehold, retail and restaurant 15 years 39 years improvements R&D Tax Credit Available Not available Various tax favorable S corporation provisions, including lower basis adjust- Continue, with built-in gains Discontinued, with built-in gains Business Tax Provisions Business Tax ments for charitable contribution of appreciated property, higher deduction recognition period of 5 or 7 years recognition period of 10 years for donating food inventory, shorter built-in gains recognition period Itemized deduction for state and local sales taxes in lieu of Available Not available deduction for state income tax Forgiveness of qualifying principal home mortgage is not taxed Continues Discontinued Provisions Distribution from IRA to a charity is not taxed Continues Discontinued Indvidual Tax Indvidual Tax WHAT WE DO KNOW: Health Care Reform Last year, for the first time, most individuals were required to have health insurance coverage under healthcare reform or be subject to a penalty. For 2015, the penalty increases to the greater of $695 (up from $95) or 2.5% (up from 1%) of gross income above $10,150 (single) or $20,300 (married filing jointly). The penalty is capped at the cost of coverage through the applicable government exchange. In 2015, businesses with more than 50 full time employees were, for the first time, required to offer affordable health insurance cov- erage to their full-time employees or pay a penalty. Planning for compliance with these rules can be complex, and involves tracking employee hours in new ways. Even if you are providing health insurance to all employees, you will need to report information to the IRS under the Affordable Care Act (ACA). By now, your large business should be planning for this reporting. If you haven’t started this process yet, we recommend you contact your payroll processor or benefits consultant right away! And a reminder: for all employers, healthcare reform eliminated some types of health reimbursement arrangements and prohibits employers from deducting as an employee benefit the cost of reimbursing employees for an individual policy (http://bit.ly/2015YETP). WHAT WE DO KNOW: Tax rates Individual and corporate tax rates are unchanged for 2015 and 2016 from recent levels. This includes the net investment income tax, first imposed in 2013 on the investment income of individual taxpayers with gross income of $200,000 (single)/$250,000 (married filing jointly). Maximum individual rates remain 39.6%, with a maximum capital gains rate of 20%. Tack on another 3.8% of net in- vestment income if you earn more than the thresholds listed above. What can you do before year end? Consider making charitable contributions, especially donations of appreciated securities, and consider pre-paying state income taxes, particularly if you have an unusually high level of investment income in 2015 compared to your “normal” year. The maximum corporate rate remains 35% for 2015 and likely for 2016 as well. What can you do before year end? If Tax Extend- ers have been passed, or if you want to gamble that they will be, consider putting equipment or other capital improvements in ser- vice before December 31st. After all, the last time bonus depreciation wasn’t extended was tax year 2007. Do you think Congress will fail to extend this year, as we ramp up the election cycle? What’s on your mind? As ever, our best advice is to talk the specifics of your situation over with your Perkins & Co advisor. We may not know what’s going to happen in 2016, but we can help define the possible paths, and make it easier for you to step forward into an uncertain future. Sincerely, PERKINS & CO 2015 Tax Planning Guide TABLE OF CONTENTS Recent tax reform has provided significant savings to Real Estate ......................................................................................................15 individuals, families, investors, and businesses. But, many of the Low-Income Housing Credit .......................................................................15 Like-Kind Exchanges ...................................................................................15 opportunities are temporary. To help you make the most of the Investing in Small Businesses ........................................................................15 current tax breaks, our tax guide offers tips for minimizing your tax liabilities and maximizing your potential savings. TAX PLANNING FOR BUSINESS In addition to year-round pointers, we offer suggestions Choosing a Business Structure .......................................................................16 for incorporating tax-efficient strategies into your long-term C Corporations ............................................................................................16 S Corporations ............................................................................................16 plans. By coordinating your tax strategies with your financial Partnerships ................................................................................................16 strategies, you may accomplish a variety of goals, like growing LLCs & LLPs.................................................................................................16 your business, funding your retirement, and saving for a child’s Sole Proprietorships ...................................................................................16 education. Employer-Provided Benefits ............................................................................17 Together, we can create a plan specifically
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