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2018 Personal Tax Guide and Tax Tips for 2017

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2018 Personal Tax Guide and Tax Tips for 2017 2018 personal tax guide and tax tips for 2017 Featuring coverage of the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 EisnerAmper LLP Accountants and Advisors www.eisneramper.com INTRODUCTION: 2018 IS A YEAR OF CHANGE In 2017, we were subject to the tax regime resulting from the before January 1, 2026. All miscellaneous itemized deductions American Taxpayer Relief Act of 2012 (“ATRA”): The top federal that are subject to the 2% AGI limit are repealed for tax years ordinary income tax rate was at 39.6%, the top federal long-term 2018-2025. Home mortgage interest expense is limited to interest capital gains tax was at 20% and the top alternative minimum tax on acquisition debt for tax years 2018-2025, with the maximum rate was at 28%. The top estate and gift tax rate was at 40% and amount that may be treated as acquisition debt reduced to a $5.49 million gift, estate and generation-skipping tax exclusion $750,000 (from $1 million) and applied to any acquisition debt was in effect. incurred after December 15, 2017. The $1 million threshold is reinstated starting in 2026. Interest paid on home equity debt In addition, the enactment of the Protecting Americans from Tax of any qualified residence is not deductible except for loans used Hikes Act of 2015 (“PATH”) extended many of the tax incentives and to buy, build or substantially improve the taxpayer’s home that credits for individuals and businesses—some on a permanent basis. secures the loan. The Patient Protection and Affordable Care Act (“ACA”) continued to impose a 0.9% Health Insurance Tax on earned income for • Charitable deductions remain a viable itemized deduction. The higher income individuals and a 3.8% Medicare Contribution Tax Act increases the percentage of an individual’s AGI limitation that on net investment income. The tax is imposed on the lesser of may be deducted for cash contributions to public charities and (a) net investment income (interest income, dividends, capital other certain other tax-exempt organizations (such as a donor gains and passive income less expenses directly attributable to the advised fund) to 60%, which is up from 50%. As the law is currently production of such income and (b) the excess of modified adjusted written, the 60% threshold applies only to cash contributions. gross income over a specified dollar amount ($250,000 for joint Because of the increase in the standard deduction and the filers or a surviving spouse, $125,000 for married filing separately scaling back of the itemized deductions, many individuals will and $300,000 for other taxpayers). not be itemizing on their tax returns starting in 2018. The Urban- Brookings Tax Policy Center believes that the number of taxpayers On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the filing returns claiming deductions for charitable contributions will “Act”) was signed into law by President Trump. The Act is the most drop from about 37 million to about 16 million in 2018. This is an significant piece of tax legislation since the Tax Reform Act of issue that is concerning many exempt organizations, as there is 1986, more than 30 years ago. The Act has broad impact on all now a disincentive to making charitable contributions. aspects of the American economy and will impact businesses and individuals alike. It also has a substantial impact on multinationals • The Act increases the estate, gift and generation-skipping and international transactions. The Act even impacts not-for-profit transfer tax exclusions from $5 million to $10 million, indexed for organizations. Most of the provisions are effective for tax years inflation. The inflation adjusted exclusion for 2018 is $11.18 million beginning after December 31, 2017. Some of the provisions expire per person, or $22.36 million per married couple. The top estate after December 31, 2025. and gift tax rate remains at 40%. Some of the major provisions are as follows: • The top tax rate for C corporations is now 21%, a decrease from 35% in 2017. • The top individual tax rate is at 37%, down from 39.6% in 2017. The top long-term capital gains tax remains at 20% and there • There is a new qualified business income deduction of up to is no change to the 3.8% Medicare Contribution Tax on net 20% for pass-through entities, such as partnerships, limited investment income, nor the 0.9% Health Insurance Tax on earned liability companies, S corporations and sole proprietors. The income for higher income individuals. deduction is generally limited to the greater of (1) 50% of W-2 wages paid by the business or (2) the sum of 25% of the W-2 • The top rate of 28% for alternative minimum tax for individuals wages paid plus 2.5% of the unadjusted basis of certain property remains the same. the business uses to produce qualified business income. Certain other limitations apply. • For individuals, the standard deduction almost doubles, while itemized deductions are either limited or eliminated. State/local • The alternative minimum tax for corporations has been and property tax deductions are eliminated, except for $10,000 permanently repealed for tax years beginning after December for tax years beginning after December 31, 2017 and ending 31, 2017. On February 9, 2018, President Trump signed the Bipartisan Budget the investigation of Russia over interference with U.S. election Act of 2018 (also known as the Honoring Hometown Heroes Act). proceedings, the continued tension between the U.S. and North The bill is the third in a series that increased spending caps originally Korea, and potential trade wars that may result from the U.S. imposed by the Budget Control Act of 2011; the first two were the imposing tariffs on steel and aluminum imports continue to be Bipartisan Budget Act of 2013 and the Bipartisan Budget Act of significant issues. 2015. This Act funds the government for two years and features some of the largest increases in government ever. Here are some Many families with wealth are very concerned about their children’s of the highlights: and grandchildren’s future, and wonder what can be done to sustain and grow their wealth in these uncertain times. Given the • Spending limits will be raised by about $300 billion over the next impact of new legislation and the current economic and geopolitical two years. conditions, it is extremely important that you pay attention to your • Defense spending will be raised by $80 billion in the current fiscal financial position so that you can achieve your financial objectives. year and $85 billion next year. Specific goals such as retirement planning, managing cash • Domestic spending will increase by $63 billion this year and $68 flow, financing the cost of your children’s college education and billion next year. transferring your family’s wealth to the next generation should be • The debt limit will be suspended through March 2019, putting the top-of-mind in 2018 and beyond. next vote on this issue past the 2018 midterm elections. • $20 billion has been designated for infrastructure programs such We have written this guide to provide you with a tool to identify as surface transportation, rural water and wastewater systems. opportunities to minimize tax exposure, accomplish your financial • $6 billion has been designated to fight the opioid crisis goals and preserve your family’s wealth. This guide includes all • $4 billion has been designated for college affordability programs major law changes through March 15, 2018. The best way to use for teachers, firefighters and police officers. this guide is to identify areas that may be most pertinent to your • $90 billion has been designated for disaster aid for Texas, Florida unique situation and then discuss the matter with your tax advisor. and Puerto Rico. It is especially important that you check in with your tax advisor • There are no funds designated for President Trump’s proposed before proceeding with any tax planning transactions this year. southern border wall. Because the Tax Cuts and Jobs Act was hastily enacted at the end of • There is no legislation addressing Deferred Action for Childhood 2017, we are seeing many areas of the law where further guidance Arrivals (“DACA”). from the IRS or even a Technical Corrections Act are needed to • This Act extends some expiring tax provisions, offering some tax clarify the application of the law. As always, our tax professionals relief for families and individuals, including extension of mortgage will be pleased to discuss any of the ideas in this guide or any insurance premiums treated as qualified residence interest, above- other planning opportunities which might apply to your personal the-line deduction for qualified tuition and related expenses and situation. credits for certain energy production and conservation. • This Act repeals Obamacare’s Independent Payment Advisory Board, which was designed to limit Medicare costs. • This Act extends the Children’s Health Insurance Program for ten years. We have included in our tax guide details on both of these acts and Marie Arrigo, CPA, MBA how they might impact your tax situation. Tax Partner & Co-Leader Family Office Services & The international arena continues to be of great concern to Leader, Not-for-Profit Tax Services many individuals and families. The global threat of terrorism, EisnerAmper LLP Follow us on Facebook, Twitter, LinkedIn, YouTube and Google+. 3 TABLE OF CONTENTS 5 Tax Planning Strategies 87 Estate and Gift Tax Planning state tax issues 14 Tax Rate Overview 97 Tax Credits 20 Estimated Tax Requirements 101 Education
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