MAKING THE MISSION POSSIBLE: UNCOVERING THE LATEST YEAR-END TAX PLANNING STRATEGIES MARTIN S. FINN, CPA, JD, LL.M. LAVELLE & FINN, LLP

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Presentation transcript:

MAKING THE MISSION POSSIBLE: UNCOVERING THE LATEST YEAR-END TAX PLANNING STRATEGIES MARTIN S. FINN, CPA, JD, LL.M. LAVELLE & FINN, LLP COPYRIGHT 2015 © LAVELLE & FINN, LLP

TAX RATES FOR 2015 Top Ordinary Income Tax Rate – 39.6% Capital Gains/Dividends Rate – 0% (10% and 15% brackets), 15% (25%, 28%, 33% and 35% brackets) or 20% Alternative Minimum Tax Rate (“AMT”) – 26%/28% Medicare Surcharge – Net Investment Income Tax (“NIIT”) – 3.8% Additional Medicare Wage Surcharge – 0.9% COPYRIGHT 2015 © LAVELLE & FINN, LLP

“HIGHWAY TRUST FUND” ACT – 7/31/15 Mortgage reporting requirements 6-year Statute of Limitations Tax return due dates Basis consistency COPYRIGHT 2015 © LAVELLE & FINN, LLP

SAME SEX MARRIAGES Windsor and Obergefell Legally married for tax filing purposes COPYRIGHT 2015 © LAVELLE & FINN, LLP

TAX EXTENDERS BILL Nothing yet “Extenders” at risk Sales tax deduction Educator’s expenses Charitable contribution of IRA Expanded Section 179 deduction Special “bonus” depreciation COPYRIGHT 2015 © LAVELLE & FINN, LLP

NYS FY BUDGET No major income tax changes Extends charitable deduction limitation for 2 years Estate tax technical corrections COPYRIGHT 2015 © LAVELLE & FINN, LLP

YEAR END PLANNING IDEAS Basic Concepts Know Your Tax Bracket – 2015 & 2016 Time Value of Money Income Character AMT COPYRIGHT 2015 © LAVELLE & FINN, LLP

TRADITIONAL YEAR END PLANNING Defer (Accelerate?) Income Year end bonuses Retirement plan distributions Delay Roth conversions Defer billings and collections Postpone sale of appreciated assets Postpone US Savings bonds redemptions COPYRIGHT 2015 © LAVELLE & FINN, LLP

ACCELERATE (DEFER?) DEDUCTIONS Prepay bills Bunch itemized deductions Charitable deductions Harvest capital losses before year end COPYRIGHT 2015 © LAVELLE & FINN, LLP

NIIT PLANNING Monitor and document time spent on “business” activities Consider investment alternatives Make estate/trust distributions before year end COPYRIGHT 2015 © LAVELLE & FINN, LLP

RETIREMENT PLANS Maximize current year tax-deferred contributions Consider Roth conversion “Back door” Roth IRA Adopt new retirement plan for 2016 before year end COPYRIGHT 2015 © LAVELLE & FINN, LLP

BUSINESS PLANNING Equipment purchases Tangible property rules Cost segregation study Year end business meetings COPYRIGHT 2015 © LAVELLE & FINN, LLP

MISCELLANEOUS PLANNING Health Savings Account - “HSA” Flexible Spending Account - “FSA” Income tax payment planning Planning with kids COPYRIGHT 2015 © LAVELLE & FINN, LLP

YEAR END ESTATE TAX REDUCTION PLANNING Annual exclusion gifts Stepped-up basis v. estate tax reduction Valuation discounts COPYRIGHT 2015 © LAVELLE & FINN, LLP

Copyright 2015 © Lavelle & Finn, LLP Martin S. Finn, CPA, JD, LL.M. 29 British American Boulevard Latham, NY ; Fax: Church Street Saratoga Springs, NY ; Fax: