Financial Education Seminar Series Presents:
A Workshop on becoming “Fiscally Fit”.
Tax Literacy and Education
Kevin Lawson CPA
Lawson & Company CPAs
Since 1988
Preparation
January – April
Refund or Pay ?
After the fact –You are stuck
Planning
PANIC !!!
Proactive
Reduce Taxes – Avoidance
(Not Evasion)
Year Round
Strategic changes throughout
the year
Income Mis-Matching (1099, 1099K)
Social Security Number
Too Aggressive with Deductions
Late Filing
Payroll Filings
New Tax Rates
Capital Gains Rates
20% or 15 % or 0 % Capital Gains Rate
(20% rate if over $450,000)
High Income Rates
39.6% if over $457k MFJ or $406 Single
New Tax Rates
Net Investment Income Tax
3.8 % Investment Income (over $250k family Income)
(over $200,000 Single)
Any Unearned Income
Passive Activities (Rental Properties)
Annuities
Retirement
New Tax Rates
Earned Income Tax
0.9 % Earned Income (over $250k family Income)
(over $200,000 Single)
Any earned Income
W2 Income
Schedule C Net Income
NOT S – Corp income
Don’t let the tax tail
wag the dog
Schedule C or F (Sole Proprietor)
Mileage
Cell Phone
Business Meals and Entertainment
Licensing Fees
Travel
Business Use of Home
Legal and Professional Expenses
Office supplies
Love it !!!
IRA: $5,500 ($6,500 over 50)
(Must have earned Income)
Roth IRA
$5,500 ($6,500 over 50) (no deduction)
SEP IRA
20% (25%) of net income
Simple IRA
$12,500 ($15,500 over 50)
Corporation
C – Corp
S-Corp
Partnership
LLC (PLLC)
Professional Association
Sole Proprietorship
Bonus Depreciation
0%
50% ???
Section 179 Depreciation
$ 25,000
$ 500,000 ???
Patient Protection and Affordable Care Act
Signed into law: March 23, 2010
Health Care and Education Reconciliation Act of
2010
Signed into law: March 30, 2010
Health Insurance
Must I offer Health Insurance to employees?
(Maybe)
More than 50 FTE Employees (Now 2015)
Small Business Tax Credit (2014-2015)
50% of premiums paid (qualified ACA Plan)
Applies employers with 25 or fewer Full-Time Equivalent
(FTE) Employees AND
Average annual wages of $50,000.
Must participate in Insurance Exchange
FTE (Hours worked by ALL emps / 2,080 hrs)
Health Insurance
HSA
Single:
Family:
$3,300
$6,550
Pay Children
Be reasonable
Inventory
Write off Obsolete or Damaged Inventory
New Tax Option
Revenue less $1M
New Tax Rate
.0975%
Apportionment
Reduce Corporate Tax
39% to 25%
Permanently Extend Section 179
($500,000)
Reduce and Cap like kind exchanges
Limit Oil & Gas production benefits
Depletion & IDC
Limit Itemized Deductions
Senate Finance Committee & House Ways & Means Committee
Legislation already proposed
Understand it before you pay it!
Get Help!
Types of Audits
Letter Audits (CP 2000)
Office Audit
Field Audit
Beware of Fishing Trips!
Beware of Phone Calls
Refund was delayed, give us your credit card
Tax due, provide your bank account
Agent will arrive at your home with an arrest warrent
Plan Now …
Or Pay Later
Kevin Lawson CPA
Lawson & Company CPAs LLC
2435 N. Central Expressway Suite 1010
Richardson, TX 75080
www.LawsonCPAs.com
(972) 475-0644
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