Jan 24

IRS Provides Penalty Relief to Farmers

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The IRS announced last week that it will issue guidance to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing returns.

Teh delay stems from enactment of the American Taxpayer Relief Act (ATRA) earlier this year. Under the ATRA, many form changes were needed and testing of the IRS system and release of the forms has delayed taxpayers’ ability to file.

They also help the beneficiaries levitra on line get transfer of all the legal assets. If you experience the symptoms of ED, seek wouroud.com order cialis online for a treatment to enjoy bliss of their love-life. It’s been shown that the ingredients of many penis enhancement pills actually tadalafil sales decrease blood pressure, lower cholesterol and deter irregular heartbeats. Some doctors don’t believe sale cialis fibro is a real condition. Normally farmers who choose not to make quarterly estimated tax payments are not subject to a penalty if they file returns and pay the full amount due by March 1. Under the proposed guidance, farmers who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15. A taxpayer qualifies as a farmer if at least two-thirds of his gross income was from farming in either 2011 or 2012.

As always, check back here and I, your southwest Oklahoma estate planning attorney, will keep you up to date on tax developments affecting farmers.

Jan 14

Tax item changes for 2013

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From the IRS press release regarding the fiscal cliff deal.

The tax items for 2013 of greatest interest to most taxpayers include the following changes.

  • Beginning in tax year 2013 (generally for tax returns filed in 2014), a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return). The other marginal rates — 10, 15, 25, 28, 33 and 35 percent — remain the same as in prior years. The guidance contains the taxable income thresholds for each of the marginal rates.
  • The standard deduction rises to $6,100 ($12,200 for married couples filing jointly), up from $5,950 ($11,900 for married couples filing jointly) for tax year 2012.
  • The American Taxpayer Relief Act of 2012 added a limitation for itemized deductions claimed on 2013 returns of individuals with incomes of $250,000 or more ($300,000 for married couples filing jointly).
  • The personal exemption rises to $3,900, up from the 2012 exemption of $3,800. However beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)
  • The Alternative Minimum Tax exemption amount for tax year 2013 is $51,900 ($80,800, for married couples filing jointly), set by the American Taxpayer Relief Act of 2012, which indexes future amounts for inflation. The 2012 exemption amount was $50,600 ($78,750 for married couples filing jointly).
  • The maximum Earned Income Credit amount is $6,044 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $5,891 for tax year 2012.
  • Estates of decedents who die during 2013 have a basic exclusion amount of $5,250,000, up from a total of $5,120,000 for estates of decedents who died in 2012.
  • For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place).

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Jan 10

Tax Code May Be the Most Progressive Since 1979

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With the recent increases in income tax rates, Medicare and Obamacare surtaxes, and the Alternative Minimum Tax, the New York Times has released a study that America’s highest earners are facing the largest tax burden since Jimmy Carter (the First) was President.

As most people chase after the American dream, the tax increases for those making the hottest pursuit will make it more likely that the dream will be unattainable. For the wealthiest Americans (e.g., Bill Gates and Warren Buffett), income taxation has no meaning. If they need money, they can take a tax-free loan against their holdings or sell a tax-neutral property. These tax rates will prevent “working generations” of people from increasing their standard of living from what their parents had.
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That all being said, most people do feel a sense of patriotic duty to contribute their tax dollars to the greater good. However, the “greater good” from Washington seems to be helping those who choose not to help themselves and want to rely on handouts.

Jan 07

Newest Tax Increases More Regressive

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The results are finally coming out on the newest tax deal, the so-called fiscal cliff aversion, and although the promises were that only the richest Americans would see a rate hike, the true effect is actually showing much different.

Because the tax deal allowed the Payroll Tax Holiday to lapse, the average American is seeing a 2% decrease in his/her take-home pay. Most of the richest Americans, who will only be subject to taxation on higher earnings, have yet to pass the tax rate increases. So, as we approach the first pay day of the new year, working Americans will see less in their accounts.

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From a planning perspective, the tax that is affecting most Americans is supposedly going to fund Social Security and Medicare (although this “trust fund” is really just IOUs from the government), so true income taxes have only been raised on the “rich”. However, if you  hear someone from the government saying that they want to help, and you believe them, I have ocean front property in Arizona I would like to sell you.

Jan 02

Fiscal Cliff Deal

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As of this posting, a deal has been reached on the fiscal cliff. From my cursory overview of the the plan, which was originally proposed by the Senate and then approved by the House, most of the tax rates will be very similar to the ones for the last two years. A few of the significant changes:

The Payroll Tax Holiday has finally lapsed. This was the provision enacted in 2011 that had employees’ contributions to their Social Security reduced. The cut resulted in contributions to the FICA taxes being dropped from 6.2% of earnings to only 4.2%. The Holiday lasted for two years and was mainly used as a spur to economic growth, but with the recent “recovery” is debateable whether it helped at all. You can expect less take-home pay as a result of this lapse.

Estate tax rates are increasing to 40% instead of the recent 35%. The exemption will return to $5,000,000 (it was $5,120,000 in 2012) and will be indexed for inflation. Portability remains in place and the gift tax and estate tax remain unified. All of these provisions are made permanent law.

Captial gain and dividend tax rates will stay the same for married couples earning less than $450,000 ($400,000 for single, $225,000 for married filing separately). For tax filers above the threshold, the rates will increase to 23.8%. The 23.8% will also apply to trusts and estates who have more than $7,500 in taxable income.
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The EITC and Child  Tax Credits will be extended for another five years. The Earned Income Tax Credit (EITC) is a refundable tax credit and applies to low-income workers who have wages and otherwise qualify. The Child Tax Credit is a $1,000 credit for each qualifying child.

Many of the business tax breaks have been extended (and some expanded) for two more years. These include the Section 179 expensing. The 179 rate will be allowed for up to $500,000 in new purchases. In addition, there is language for 50% accelerated depreciation on other qualifying purchases made and placed in service prior to the end of 2013.

As more information becomes available, I will try to keep everyone informed.