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Presented by
Kenneth Wundrow, EA.
Experience Consulting
&
SCORE
Madison, WI
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Session I
Individual Tax Changes
Business Tax Changes
Strategies
Session II
Investment vehicles
Economic discussion
Strategies
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IRS scammers
Increased activity
Scammer purports to be the IRS
Hackers trying to break into tax preparation servers
IRS never:
Calls
Sends emails
Don’t believe everything you read on the internet and social media
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Some items simplified….True
You will pay less tax…..Maybe
Filing on a post card…..Not really
New strategies needed…..Always
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Standard Deduction Increase
Married Filing Joint = $24,000 ($12,700)
Qualifying Widow(er) = $24,000 ($12,700)
Single = $12,000 ($6350)
Married Filing Separate = $12,000 ($6350)
Head of Household = $18,000 ($9350)
Will you still be able to itemize? Double up?
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Individuals over 65 or blind (each event)
Married filing Joint = $1300 ($1250)
Qualifying Widow(er) = $1300 ($1250)
Married filing Separate = $1300 ($1250)
Single = $1600 ($1550)
Head of Household = $1600 ($1550)
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Personal Exemptions ($4050 per)
Along With: Moving expense deduction
Miscellaneous deductions
Home equity interest deduction
Badger Fund deduction
Personal Casualty Loss and Theft deductions
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Alimony Treatment
No deduction for the payer
No income inclusion for the recipient
Only agreements signed after 12/31/18
Existing divorce agreements continue to use old treatment
May voluntarily apply new rules to existing agreements
Must be mutual agreement
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Capital gains tax rates 0%, 15% and 20%
Educators adjustment
Student loan interest
Medical deductions 7 ½% of adjusted gross income (AGI)
Remember ALL premiums, ex. LTC
Charitable contributions Up to 60% of AGI
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Transfers from IRA to Charities
Must have attained Age 70 ½ or older
Must be by transfer
Could be check to charity….not IRA owner
Must be from an IRA….no 401(k), no 403(b)
No income inclusion
$100k maximum per individual per year
No additional itemized deduction
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Impacts:
Satisfies required minimum distribution
Could reduce Social Security inclusion
Reduces AGI for Medicare premiums
Could enhance Medical deductions
May lower Cap Gains effect
Guarantees full deduction for non-itemizers
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For 2017
Wisconsin required Schedule I addition
Added back to income but taken as an itemized deduction credit.
For 2018
Wisconsin will accept the transfer from IRA
No Schedule I modification
No itemized deduction credit
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Education Credits American Opportunity Credit
Lifetime Learner Credit
529 plans Expanded to public, private and religious
schools
$10,000 tax free deduction per student per year limit
But Coverdell (Education IRA’s) were eliminated
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Alternative Minimum Tax (AMT)
Exemption increased
Thresholds increased
Triggers for AMT are gone or limited
Exemptions
Miscellaneous deductions
Income and Real Estate taxes
Net Effect……fewer will pay AMT
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Child Tax Credit
Increased from $1000 to $2000 per child < 17
Income phase out threshold increased
$400,000 / $200,000
New Family Tax Credit
$500 per dependent who is not a qualifying child
Estate tax exemption doubled
Applies to gift tax
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State Income and Real Estate taxes Limited to $10,000 total
Mortgage Interest Limited to $750,000 loan amount
Includes second home if loan secured by second home
Acquisition and improvements only
Old , loans grandfathered, but not equity loans ($1,000,000 total)
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Equity Loans, is the interest deductible
Using the equity in your home to :
Add on or renovate…………….YES
Student loans and other credit debt………NO
Second home…………….depends, MAYBE
Auto………..Out of luck, NO
Could be prorated
Still limited to…
Cost of house plus improvements
$750,000 total
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Q: I took out a $500,000 first mortgage to buy my main home this year. That loan is secured by my main home. Later, I took out a $250,000 loan to buy a vacation home. That loan is secured by the vacation home. Can I deduct the interest on both loans?
A: Yes, because the combined balances of the two loans does not exceed the $750,000 TCJA limit for home acquisition debt.
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Variation: If you instead took out a $250,000 home equity loan against your main home to buy the vacation home, the IRS says the interest on the home equity loan does not qualify as acquisition debt, because it is not secured by the vacation home. Therefore, according to the IRS, the home equity loan is classified as such for tax purposes, and you cannot treat the interest on that loan as deductible qualified residence interest, according to the IRS Information Release IR2018-32.
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Roth Conversions
Still allowed as before but
No re-characterizations
Strategy
Lower tax rates will impact decision
Consider partial conversion early in the year
Additional later but completed by 12/31
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New deduction for small businesses
20% of net income from business
Income thresholds will impact full deduction
Tax rate for C Corporations
All taxable income taxed at flat rate of 21%
No alternative minimum tax (AMT)
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Applies to
Sole proprietors (Schedule C)
Partnerships and LLC’s
S Corporations
General Situation
Taxable income in 24% bracket or lower
$157,500 Single filers
$315,000 Joint filers
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Calculation is lesser of:
20% of net business income
OR
20% of Taxable income
Where is it taken Personal return, page 2 of the Form 1040
Subtracted from adjusted gross income just before calculation for taxable income.
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Income Deferrals
Retirement plans through employer
Self-employed plans
Earnings Deferrals
Use of annuities
Fixed
Variable
Cap gain treatment vs. ordinary income
Beware increased investment risk
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Time deductions
Doubling Up
Charitable deductions
Real Estate taxes
Income taxes
Business expenses
Use year end planning for purchases
Clear invoices year-end
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Use transfers
IRA’s to charities (after age 70 ½)
Appreciated stocks
To children
To charities
Keep good records!!!!!!
Charitable and business mileage
Contributions and Good Will
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Mutual fund with low basis
Full fair market value for contribution
No reporting of capital gain
Reduced adjusted gross income
Timing can increase effect
Early transfer avoids capital gain distributions
Cap gain dist. occur between 11/15 and 12/31
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Ex. Taxpayers wants to donate $20,000 to their church. They hold a mutual fund valued at $16,000 with a tax basis of $10,000. If they sell the fund and then use the proceeds to contribute to the church, they will pay taxes on a $6,000 gain. ($900) They will also have a potential capital gain distribution of 7% ($1,112) to report if held to year end. ($167 of tax). If they had transferred the fund to their church, $7112 less income to report and a full $16,000 deduction for charitable contribution. Total tax savings, $4,587. (assumes 22% tax bracket)
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Use Life Insurance
Tax free wealth transfer to next generation
Insurance income offsets taxes on inherited IRA’s
Optimal age
55 – 75
Optimal type
Second to die policies
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You could always just have more kids for the credits.
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Session II
Investment vehicles
Economic discussion
Strategies
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Multiple types
Fixed
Indexed
Variables
Annuities will defer the earnings
Taxable at distribution
Beneficiaries do not escape tax on earnings
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Advantages
Tax Deferral of earnings
Fixed rates of return
Potential for income stream
Life annuity
Period certain
Disadvantages
Surrender periods…..time
Taxable upon distribution
Earnings first and heirs included
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Advantages
Tax deferral of earnings
Market style investing
Mutual funds as sub accounts
Guaranteed income options
Minimum distributions
Guaranteed minimum income benefits
Guaranteed death benefit options
High balance guarantee options
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Disadvantages
Higher investment costs
Earnings distributed first
Still taxable to beneficiaries
Surrender periods
Could be fully liquid for additional cost
4, 5, 7 and 10 year surrenders possible
Market risk
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Advantages
Tax deferred earnings
Follows index chosen
Multiple indexes
Market style returns
Generally less investment cost
Income options available
Disadvantages
Earnings distributed first and taxable to heirs
Risk of market
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Markets carry multiple risks
Rising interest rates
Economic slow downs
Market bubbles
Speculation
Volatility
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Rising interest rates
Possibility of inflation
Impact of trade tariffs
Computer generated volatility
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Fed has held back on interest rate hikes
Can signal inflation fears
Can dampen economy
Fed currently taking a slow but steady approach
Increased interest rates in the 90’s were successfully absorbed by the market
Perception more than reality
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Current economic stimulus could add to inflation scenario
Tax cuts create disposable income
Excess economic growth
Increase in borrowing
Net result is increased pressure to raise interest rates to slow inflation
Fed forced to react faster than planned
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Trade tariffs will bolster identified sector of the economy May temporarily increase jobs and income within
that sector
Creates higher prices on imports Can dampen other sectors dependent on those
products Could place jobs at risk
Will increase inflation At least short term
Resulting trade war could deepen the effect
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Tariffs are taxes
Designed to protect domestic industries
Create or protect domestic jobs
Reduce trade deficit
Weakens US dollar
Does not reduce prices
Makes cheaper products more expensive
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Everyone and anyone trades instantaneously
Upticks and downturns are exaggerated
Reactive vs. proactive
Increased computer program trading
Stop orders triggered automatically
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Choose financial goals over tax savings
Higher risk investing styles result in lower taxes
Cap gains vs cap gain distributions and ordinary income.
Losses may result but will reduce taxable income
De-risking a portfolio results in more taxable income
Increases earnings from dividends
Ordinary income rates on more of the income
Consider annuities where appropriate
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Only long money should be in the market
Avoid long term risk on short term money
Avoid temptation to jump in and out of markets
Proactive not reactive
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No one should be 100% in the market with 100% of their money
Emergency funds 10% to 20%
Replacement income 15% to 30%
Long term investments 50% to 85%
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File and pay your taxes
Adjust withholding or pay estimates
Use tax planning strategies
Doubling up while it still works
Charitable transfers
AGI reducing strategies
When necessary, seek professional guidance
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Mennenga Tax & Financial Service
814 Atlas Ave
Madison, WI. 53714
608-241-5678
Professional tax and planning services available year round
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Kenneth Wundrow,
Madison SCORE
505 South Rosa Road, Suite 37
Madison, WI 53719
Ph. 608-441-2820
www.madison.score.org
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Kenneth Wundrow, EA
Experience Consulting
513 Valley Rd
Madison, WI 53714
Ph. 608-516-7486