Your 2013 Tax Bill May Give You A Shocker

Article Highlights

• Regular and capital gains tax rates increase for higher income taxpayers
• New 3.8% net investment income tax
• Additional 0.9% health insurance payroll and self-employment tax
• Phase-out of exemption deduction
• Phase-out of itemized deductions

Many higher-income taxpayers are in for a shock when their 2013 income tax returns are prepared. In 2013, a significant number of tax increases, and new limitations on deductions, will impact higher income taxpayers. Before you decide that you are not a higher income taxpayer, keep in mind that your income does not just include your earnings from work—it also includes gains from the sale of property, investments, business assets, and other capital items. So if you have a significant gain from a sale, even though the gain can be attributed to many years of appreciation, it is all taxable in the year of sale, and could place you in the higher income category.

It is important that you are aware of these changes, plan for them in advance, are prepared for the higher taxes, avoid underpayment penalties, and when appropriate, do some tax planning in advance to mitigate the bite of these new taxes. This article highlights many of the tax changes that take effect in 2013.

•      Higher individual income tax rates for some. Generally, the regular income tax rates remain the same at 10%, 15%, 25%, 28%, 33%, and 35%. But to the extent a single individual’s income exceeds $400,000 it will be subject to a new, 39.6% tax rate. The 39.6% threshold for joint filers and surviving spouses will be $450,000, and $425,000 for those filing as the head of household.

•      New Hospital Insurance tax. For higher income workers and self-employed individuals, an additional 0.9% hospital insurance (Medicare) tax is added to the FICA payroll tax (for employees), and self-employment tax (for self-employed individuals). This additional tax applies to wages and net self-employment income in excess of $250,000 for joint filers, $125,000 for married filing separately, and $200,000 for all others. For employees, this tax is automatically withheld from their payroll checks.

·         Surtax on unearned income. As part of the Affordable Care Act, a new tax is imposed upon the net investment income of individuals, estates, and trusts. For single individuals, the tax is 3.8% of the lesser of: (1) net investment income; or (2) the excess of modified adjusted gross income over the threshold amount of $200,000. For joint filers and surviving spouses, the threshold is $250,000, and for married taxpayers filing separately, the threshold is $125,000. Net investment income is investment income less investment expenses. Investment income includes income from interest, dividends, non-qualified annuities, royalties, rents (other than derived from a trade or business), capital gains (other than derived from a trade or business), trade or business income that is a passive activity with respect to the taxpayer, and trade or business income with respect to trading financial instruments or commodities.  

•      Increased Capital Gains. Generally the long-term capital gains and qualified dividends tax rates remain at 0% and 15%, except for the fact that a 20% rate has been added for single taxpayers with incomes exceeding $400,000. For joint filers, the threshold for the 20% rate is $450,000, and $225,000 for married individuals filing separately.  

•      Personal exemption phase-out. The personal exemption allowance for the taxpayer, a spouse, and each claimed dependent for 2013 is $3,900. For example a married couple claiming their two children as dependents would be able to deduct $15,600 (4 x $3,900) in personal exemptions when determining their taxable income. However, beginning in 2013, the exemption allowance begins to phase out for single taxpayers when their adjusted gross income exceeds the threshold amount of $250,000. The starting threshold of joint filers and surviving spouses is $300,000, $275,000 for heads of household, and $150,000 for married taxpayers filing separately. The exemption allowances are reduced by 2% for each $2,500 (or a portion thereof), by which the taxpayer’s adjusted gross income exceeds the thresholds.

•      Itemized deductions limitations. As with the exemption phase-out explained above, the itemized deductions are also phased out for 2013. The phase-out thresholds are the same as those for exemptions, and the itemized deductions are reduced by 3% of the amount by which the taxpayer’s adjusted gross income exceeds the threshold amount, with the reduction not to exceed 80% of the otherwise allowable itemized deductions. The reduction does not apply to the following deductions: medical and dental expenses, investment interest expense, casualty losses, and gambling losses.

As you can see, for some taxpayers the impact can be quite significant. However, it may not be too late to improve your situation with some year-end planning, and the sooner the better. Options include taking advantage of unrealized losses, business expensing, tax credits, delaying certain deductions and tax prepayments, income deferral, and other techniques. Please call this office for assistance.

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You and the New Medicare Tax

Article Highlights:

• New additional 0.9% Medicare tax for higher-income taxpayers.
  
  
• Threshold for paying the tax is combined wages and net self-employment
  income of over $250,000 for married individuals and $200,000 for others.
  
  
• Certain combinations of income and marital status could result in unexpected tax liabilities and penalties.

There is a new additional Medicare tax in effect for 2013 that may require year-end actions. The new tax, which is part of the Affordable Care Act, imposes an additional 0.9% Medicare (HI) tax on some higher-income taxpayers. The threshold for paying the tax is combined wages and net self-employment income of over $250,000 for married individuals and $200,000 for others. (Taxpayers who do not have wage or self-employment income—for example, retirees or those with only investment income—are not subject to this new tax, regardless of the amount of their income.)

Employers are required to begin withholding the additional tax from an employee’s wages when the employee’s wage income exceeds $200,000. There are situations in which this will generate an additional refund and situations in which the withholding will be insufficient, creating an unexpected year-end tax liability and possibly penalties. 

Here are some situations that may need your attention:

• A married couple, both working for wages, and neither has wages in excess of $200,000, but the combination of wages exceeds $250,000. They will be liable for the full additional 0.9% tax on their combined wages that exceed $250,000 because neither of their employers withheld any of the additional Medicare tax. 
• A single individual has two separate jobs, neither producing wages in excess of $200,000, but the combination of wages exceeds $200,000. The individual will be liable for the full additional 0.9% tax on his or her combined wages that exceed $200,000 because neither of the employers will have withheld any of the additional Medicare tax. 
• A single individual has both wages and self-employment income, and the combination exceeds the $200,000 threshold. The individual will need to pay the extra Medicare tax on the combination of the wages and net self-employment income in excess of $200,000.  

These and similar situations can lead to unexpected tax liability and can cause an underpayment penalty to be assessed. Also, in determining whether taxpayers may need to make adjustments to avoid a penalty for underpayment of the estimated tax, individuals should also be mindful that the additional Medicare tax might be over-withheld. This could occur, for example, in a situation in which only one spouse of a married couple works and reaches the threshold for the employer to withhold, but the couple's income won't exceed the $250,000 threshold to actually cause the tax to be owed.

In all of these (and other) situations, a new form in the taxpayers’ 2013 returns will be used to reconcile the Medicare tax that was withheld, if any, and the actual additional Medicare tax liability.

If you think you might be subject to this new tax and have questions or need assistance projecting your 1040 results and potential for unexpected tax liabilities and penalties, please give our office a call.

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Fine Tuning Capital Gains and Losses

Article Highlights

•          Long-term capital gains rates are zero to the extent that the taxpayer is in the 10 or 15% regular tax bracket.
•          Long-term capital rates are 15% to the extent that the taxpayer is in the 25% through the 35% regular tax bracket.
•          Long-term capital rates are 20% to the extent that the taxpayer is in the 39.6% regular tax bracket.
•         Both short-term and long-term capital gains are subject to the new 3.8% surtax on net investment income for higher-income taxpayers. 
•          Significant tax savings may be achieved by planning and timing gains and losses.

Year-end has historically been a good time to plan tax savings by carefully structuring capital gains and losses. Conventional wisdom has always been to minimize gains by selling “losers” to offset the gains from “winners” and where possible, generate the maximum allowable $3,000 capital loss for the year.

Long-term capital losses offset long-term capital gains before they offset short-term capital gains. Similarly, short-term capital losses offset short-term capital gains before they offset long-term capital gains (“long-term” means that the stock or property has been held over one year). Keep in mind that taxpayers may use up to $3,000 of total capital losses in excess of total capital gains as a deduction against ordinary income in computing adjusted gross income (AGI). Individuals are subject to federal income tax at a rate as high as 39.6% on short-term capital gains and ordinary income. But long-term capital gains are generally taxed at a maximum rate of 15 or 20%.

All of this means that having long-term capital losses offset long-term capital gains should be avoided where possible, since those losses will be more valuable if they are used to offset short-term capital gains or ordinary income. Avoiding this requires ensuring that the long-term capital losses are not taken in the same year as the long-term capital gains. However, this is not just a tax issue; investment factors also need to be considered. It would be unwise to defer recognizing gain until the following year if there is too much risk that the property’s value will decline before it can be sold. Similarly, one wouldn’t want to risk increasing a loss on property that is expected to continue declining in value by deferring its sale until the following year.

To the extent that taking long-term capital losses in a different year than long-term capital gains is consistent with good investment planning, a taxpayer should take steps to prevent those losses from offsetting those gains.

Increased Capital Gains Rates - The special long-term capital gains rates that have been in effect since 2003 are revised as of 2013 and for future years without further Congressional tinkering. The capital gains rates are now 0% to the extent that your marginal tax rate is 10 or 15%, and 15% to the extent your marginal rate is between 25 and 35%. This means that the 15% capital gains rate will apply for individuals who file the single status with taxable income in 2013 between $36,251 and $400,000. The 15% capital gains rate for married couples filing jointly will be in effect if their 2013 taxable income is between $72,501 and $450,000. For higher income taxpayers – those in the 39.6% tax bracket – the capital gains rate increases to 20%.      

Individuals with large long-term capital gains in their investment portfolios might consider taking a profit up to the amount that would be taxed at 0%. The good news here is that the wash sale rules do not apply to assets sold at a gain. So if you like a stock, you are free to buy it back right away. If your state doesn’t have a lower tax rate on capital gains, then the additional state tax you’d pay from selling profitable capital assets will need to be weighed against the federal tax you’d potentially save when deciding whether to make tax sales before year-end.

Example: You are single with an annual taxable income (income minus deductions and exemptions), before including any stock gains, of $30,000. Thus, the first $6,251 ($36,251 - $30,000) of capital gains added to your income will be in the zero capital gains tax bracket (no tax). The next $363,749 ($400,000 - $36,251) of capital gains (without considering the 3.8% surtax on net investment income discussed later) would be taxed at 15%. After that, any additional capital gains are taxed at 20%. Thus when you take a gain, it can have a significant impact on the amount of tax you pay and careful planning can minimize the tax. This gives rise to the following strategies:

• If in any year some portion of your gain will be taxed at the zero capital gain rate you should probably take that amount of gain since it produces no tax.
• If you have a substantial gain, and some of it is added to your other income, it will push some portion of the gain into the 20% capital gains bracket and you may be able to spread the gain over two or more years and keep more of the gain in the 15% capital gains bracket. This is done by structuring the sale as an installment sale. Unfortunately, the law doesn’t allow installment sales for publicly traded securities, so this strategy won’t work when you sell most stocks and bonds, but could be used when selling real estate.

• Increased Marginal Tax Rates – Beginning in 2013, the marginal rates are 10, 15, 25, 28, 33, 35 and 39.6%, the highest rate being a new one. These rates apply to “ordinary” income including short-term capital gains.

Conventional wisdom has always been to defer income, but depending upon your tax bracket and future anticipated income, it may be appropriate to consider accelerating your income to take advantage of a lower tax rate.

• Surtax on Net Investment Income - One should also be aware of the 3.8% Net Investment Income (NII) Tax taking effect in 2013. It will apply to higher-income taxpayers. This new tax, part of the healthcare reform legislation, imposes a 3.8% surtax on the lesser of net investment income (investment income less investment expenses) or the amount that the modified adjusted gross income exceeds a threshold of $200,000 ($250,000 for joint filers and $125,000 for married individuals filing separately). Taking a large gain in one year can increase your income and make you susceptible to the NII tax. However, where possible you might spread that gain over two or more years, and avoid the surtax by using the installment sale method mentioned above.

Of course all of these tax-saving suggestions will go out the window if there is an overriding investment strategy or if there are investment risks to consider.

It may be in your best interest to review your current year tax strategy with an eye to the future in order to maximize your benefits from gains or losses associated with capital assets. Please call our office for assistance.

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Avoid Home Cancellation of Debt Income

Article Highlights

• Forgiven debt is taxable.

• Forgiven home mortgage acquisition debt is excludable.

• Without a last-minute congressional extension, the home mortgage acquisition debt exclusion expires at the end of 2013.

When a taxpayer settles a debt for less than its full amount, the forgiven amount of the debt is taxable, unless the taxpayer qualifies for one of two currently available exclusions. With the downturn in the economy and the accompanying drop in home prices that occurred in recent years, many taxpayers are unable to keep up the mortgage payments on their home, and unable to sell their homes because they owe more than the market price. As a result, a large number of homeowners have let their homes go back to the lender.

Congress offered help for those in this situation by providing an exclusion from income of the forgiven acquisition debt from a taxpayer’s principal residence. If a taxpayer’s home is upside down, and they are considering letting it go back to the lender, they should be aware that unless Congress provides a last-minute extension, this Principal Residence Acquisition Debt Relief Exclusion will expire at the end of 2013. The only other exclusion available is the insolvent taxpayer exclusion, which limits the amount that can be excluded to the excess of the taxpayer’s total debts over the taxpayer’s total assets.

An individual not able to exclude the forgiven debt on their home using the insolvent taxpayer exclusion may wish to act before year’s end. The tax implications of forgiven debt are very complicated and not all the details are covered in this article. You are strongly urged to contact our office if you are contemplating letting your home go back to the bank.

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Take Advantage of the IRA-to-Charity Transfer

Article Highlights

• Direct IRA-to-charity transfers are allowed in 2013 for taxpayers age 70½ and over.
• Maximum transfer allowed is $100,000.
• Transfer counts towards the required minimum distribution.
• Beneficial for taxpayers with Social Security income and those who do not itemize their deductions.

For 2013, if you are age 70½ and over, you are allowed to make direct distributions (up to $100,000) from your Traditional or Roth IRA account to a charity. The distribution is tax free, but there is no charitable deduction, and the distribution can count toward your required minimum distribution (RMD). This provision can be very beneficial for a taxpayer who is inclined to make substantial charitable contributions for the year and:

• Receives Social Security (SS) benefits, and the taxpayer’s required minimum distribution for the year causes an increase in the tax on the SS benefits; or
• Is unable or is marginally able to itemize deductions for the year.
  
  

Example: A 75-year-old married taxpayer’s adjusted gross income (AGI) before taking his RMD is $28,000. His RMD for the year is $10,000, and he wishes to contribute $8,000 to the building fund for his house of worship. If he takes his RMD and then contributes the $8,000 to the building fund, his AGI will be $38,000; it will be more, if his income includes SS benefits. On the other hand, if he makes a direct transfer of the $8,000 to his house of worship, his AGI would only be $30,000; some or all of his SS benefits would be tax free, depending how much he receives in SS benefits.

Arranging a direct transfer may require some extra time, so if you want to donate some of your IRA to a charity, don’t wait until the last minute to make arrangements with your IRA trustee to do so.

The higher a taxpayer’s income tax bracket, the greater the tax benefits when making a direct IRA-to-charity distribution. Please contact our office if you have questions related to the tax benefits derived from this strategy.

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What's Best…Tax-free or Taxable Interest Income?

Article Highlights

• Interest earned from states’ and local governments’ general purpose obligations that are generally tax-exempt for federal purposes.
• Earning tax-exempt interest may not put the most after-tax dollars into your pocket.
• Tax-exempt interest is not subject to the new 3.8% surtax on net investment income.
• Tax-exempt interest is still treated as income for the purposes of taxing Social Security benefits or the Earned Income Tax Credit.
• Some certain kinds of exempt interest are taxable for alternative minimum tax (AMT) purposes.

A frequent tax strategy question is whether investing for tax-free or taxable interest is better. Generally, taxable interest will provide the greater return, but this may not hold true after taking into account taxes on the income.

This is especially true for higher-income individuals now that we have the healthcare legislation’s new 3.8% surtax on the net investment income of higher- income taxpayers, which is discussed below.  

Therefore, the question is really: Which provides the greater "after-tax" return? Generally, interest derived from “municipal bonds” is tax-free for federal purposes and also is tax-free for a particular state if that state or its local governments issue the bonds. In addition, no state can tax interest from United States (U.S.) Government bonds. The following are issues related to making a decision about taxable or tax-free income:

• Municipal Bond Interest – Interest earned from states’ and local governments’ general purpose obligations, which are issued to finance their operations, are generally tax-exempt for federal purposes. However, the various states usually only exempt interest from bonds issued from the state itself and from local governments within the state. Hence, two categories of municipal bonds exist, namely the tax-free federal and state ones and the tax-free federal-only ones. Individuals can invest in municipal bonds by directly purchasing bonds or through funds that invest in municipal bonds. Some funds invest in bonds issued in a particular state only, providing residents of that state with income that is excludible on their state returns.

In general, tax-free bonds are likely to be more attractive to taxpayers in higher brackets, as they receive a greater benefit from excluding interest from income. For lower-bracket taxpayers, on the other hand, the tax benefit of excluding interest from income may not be enough to make up for the lower interest rate generally paid on this type of bond.

Even though municipal bond interest isn't taxable, it must be shown on the return. This is because tax-exempt interest is taken into account when determining the amount of Social Security benefits that is taxable, and it may affect the alternative minimum tax computation as well as the earned income credit, investment interest deduction and sales tax deduction.

• Tax-Deferred Retirement Accounts – It generally doesn't make sense to buy and to hold municipal bonds in your regular individual retirement account (IRA), Keogh or 401(k) plan account. The income in these accounts is not taxed currently, but once you start making withdrawals, the entire amount withdrawn is likely to be taxed even though it includes income from tax-free sources. Thus, if you want to invest your retirement funds in fixed-income obligations, it generally is advisable to invest in higher-yielding taxable securities.

• Alternative Minimum Tax (AMT) Consequences – Even though interest on municipal bonds is generally excluded from income for purposes of the regular federal income tax, interest on certain “private activity bonds” is included in income for purposes of the alternative minimum tax. Your broker can tell you whether the particular bond you are considering is a private activity bond subject to this rule.

The alternative minimum tax is a separate tax system that applies if the tax determined under that system exceeds your regular income tax. Whether or not the alternative minimum tax applies will depend on your overall tax picture; however, in general, the alternative minimum tax’s effect would be to prevent you from achieving too low of an effective tax rate by means of tax-favored techniques, such as investing in municipal bonds. This office can help you to determine how the alternative minimum tax would apply to your situation and how it would affect the after-tax yield if you were to invest in municipal bonds.

• Effect of Exempt Interest on Taxation of Social Security Benefits – In general, a portion of Social Security benefits is taxable if your adjusted gross income, subject to certain modifications, exceeds specified amounts. For this purpose, the modifications to adjusted gross income include adding in tax-exempt interest. The effect of this rule is that if you receive Social Security benefits, investing in municipal bonds could increase the amount of tax you have to pay with respect to the Social Security benefit. While the municipal bond interest technically remains exempt from tax, the effect is the same as if a portion of that interest were taxable. One technique to solve this problem is to invest in tax-deferred, rather than tax-free, investments. For instance, income earned via an annuity is not taxable until the annuity is cashed in and thus would not impact the Social Security taxation except in the year cashed in. This office can assist you in determining the impact of tax-free income on the taxability of your Social Security benefits.

• Effect of Exempt Interest on Earned Income Credit – If you are otherwise eligible to take an earned income credit, you will lose the credit completely for 2013 if you have more than $3,300 of “disqualified income,” generally, interest, dividend, non-business rental, passive, and capital gain net income. Disqualified income includes tax-exempt income. Thus, municipal bond income could cause the loss of the credit. However, in most cases, an individual who is eligible for the earned income credit will be in a low tax bracket, thus making municipal bonds an unattractive investment in view of their lower yields. Disqualifying income can be avoided by using tax-deferred investments, as discussed under Effect of Exempt Interest on Taxation of Social Security Benefits above.

• Effect of the Net Investment Income Tax – Beginning in 2013, high-income taxpayers will be subject to a 3.8% surtax on net investment income. Tax-exempt interest is not subject to that tax, which is a significant issue for higher income taxpayers. For individuals, the tax is 3.8% of the lesser of:

1.    The taxpayer’s net investment income or

2.    The excess of modified adjusted gross income over the threshold amount ($250,000 for a joint return or surviving spouse, $125,000 for a married individual filing a separate return, and $200,000 for all others).

• No Deduction for Interest on Obligations Incurred in Connection with Tax-exempt Investments – If you borrow money for the purpose of investing in municipal bonds, you can't deduct the interest expense with respect to that borrowing. Moreover, even if the proceeds of borrowing are not directly traceable to tax-exempt investments, interest deductions could be disallowed if the Internal Revenue Service (IRS) could establish that you continued the borrowing in effect (that is, you didn't pay it off) for the purpose of acquiring or carrying the municipal bonds. If you have otherwise deductible interest and invest in municipal bonds, the result of this rule, by denying a deduction for interest paid, could be effectively to tax the municipal bond interest.

• No Deduction for Investment Expenses Related to Tax-exempt Investments – If you itemize your deductions, you may deduct the costs of investment advisory, custodial or agency fees if your total miscellaneous deductions exceed 2% of your income. However, if the investment management services for which you paid are connected to the account from which you receive tax-exempt income from municipal bonds or bond funds, the related expenses are not deductible.

• Sale, Call or Redemption of Bond – Normally, the sale, call before maturity or redemption of a municipal bond is treated in the same way that a taxable bond is. If you held the bond long enough, any gain is taxed at favorable rates. Capital losses can be used to offset other capital gains. Up to $3,000 of any remaining losses can generally be applied against other income, with a carryover of any excess to later years.

• U.S. Government Bond Interest – By federal law, the states cannot tax the interest income of direct obligations of the U.S. Government (but it is federally taxed). This includes interest from U.S. Savings Bonds, U.S. Treasury bills, notes, bonds or other U.S. obligations. Interest earned from the Federal National Mortgage Association (Fannie Mae), Government National Mortgage Association (Ginnie Mae) and the Federal Home Loan Mortgage (FHLMC) Corporations are not direct obligations of the U.S. Government and therefore are not excludable from state taxation unless specifically allowed by state law (generally not the case). If you reside in a state with no state income tax, U.S. Government Bond Interest provides no tax benefit.

• Itemized Deductions – If you do have a state tax and the investment is tax-free in your state, then whether or not you itemize your deductions on your federal return also makes a difference. When you do itemize deductions, the state income tax you pay is included as a deduction on your federal return. Because having state tax-free income reduces your state tax, the reduced state tax lowers your itemized deductions and increases your federal tax. (If, instead of deducting state income tax, you deduct state sales tax because the sales tax amount is more, then whether or not you itemize deductions should not affect your decision to purchase a taxable or non-taxable investment).

• Municipal Bond Funds – If you are looking for diversity and professional management for your municipal bond holdings, you may want to consider buying shares of a fund that invests in tax-exempt municipal bonds. These funds may be broadly based or targeted to a particular state’s bonds. Dividend municipal bond funds are essentially treated in the same way as municipal bond interest is. To preclude a potential tax loophole, if an investor buys fund shares, receives an exempt-interest dividend and sells the shares at a loss within six months after the purchase, the loss is disallowed to the extent of the exempt-interest dividend.

Use the worksheet below to determine the tax-exempt interest equivalents for your particular tax bracket, state tax (if applicable) and type of tax-exempt in investment. Enter all rates in decimal format, and carry all calculated values to at least four places after the decimal. For example, 5.75% would be entered as .0575.

CAUTION, because the 3.8% surtax on net investment is only based on investment income or AGI in excess of certain levels, it is not accounted for separately in the worksheet below. Taxpayers below the high-income thresholds would not add the 3.8% to their marginal tax brackets when entering their federal tax brackets on line two of the form, while those who have incomes that are substantially greater than the thresholds would.

Please call our office if you would like assistance with deciding whether to make a taxable or 
tax-free investment. Making the right decision for your particular circumstances can have a 
significant effect over long periods of time.

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November Due Dates

November 2013 Individual Due Dates

November 12 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

November 2013 Business Due Dates

November 12 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the third quarter of 2013. This due date applies only if you deposited the tax for the quarter in full and on time.

November 15 - Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in October.

November 15 - Nonpayroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in October.

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