Financial Education Seminar Series Presents:
A Workshop on becoming “Fiscally Fit”.
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Tax Literacy and Education
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Kevin Lawson CPA
Lawson & Company CPAs
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 Since 1988
Preparation
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January – April
Refund or Pay ?
After the fact –You are stuck
Planning
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PANIC !!!
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Proactive
Reduce Taxes – Avoidance
(Not Evasion)
Year Round
Strategic changes throughout
the year
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Income Mis-Matching (1099, 1099K)
Social Security Number
Too Aggressive with Deductions
Late Filing
Payroll Filings
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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
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New Tax Rates
 Net Investment Income Tax
 3.8 % Investment Income (over $250k family Income)
 (over $200,000 Single)
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Any Unearned Income
Passive Activities (Rental Properties)
Annuities
Retirement
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New Tax Rates
 Earned Income Tax
 0.9 % Earned Income (over $250k family Income)
 (over $200,000 Single)
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Any earned Income
W2 Income
Schedule C Net Income
NOT S – Corp income
 Don’t let the tax tail
wag the dog
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Schedule C or F (Sole Proprietor)
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Mileage
Cell Phone
Business Meals and Entertainment
Licensing Fees
Travel
Business Use of Home
Legal and Professional Expenses
Office supplies
Love it !!!
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IRA: $5,500 ($6,500 over 50)
 (Must have earned Income)
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Roth IRA
 $5,500 ($6,500 over 50) (no deduction)
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SEP IRA
 20% (25%) of net income
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Simple IRA
 $12,500 ($15,500 over 50)
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Corporation
 C – Corp
 S-Corp
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Partnership
LLC (PLLC)
Professional Association
Sole Proprietorship
 Bonus Depreciation
0%
 50% ???
 Section 179 Depreciation
 $ 25,000
 $ 500,000 ???
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Patient Protection and Affordable Care Act
 Signed into law: March 23, 2010
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Health Care and Education Reconciliation Act of
2010
 Signed into law: March 30, 2010
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Health Insurance
 Must I offer Health Insurance to employees?
(Maybe)
 More than 50 FTE Employees (Now 2015)
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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)
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Health Insurance
 HSA
 Single:
 Family:
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$3,300
$6,550
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Pay Children
 Be reasonable
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Inventory
 Write off Obsolete or Damaged Inventory
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New Tax Option
 Revenue less $1M
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New Tax Rate
 .0975%
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Apportionment
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Reduce Corporate Tax
 39% to 25%
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Permanently Extend Section 179
 ($500,000)
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Reduce and Cap like kind exchanges
Limit Oil & Gas production benefits
 Depletion & IDC
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Limit Itemized Deductions
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Senate Finance Committee & House Ways & Means Committee
 Legislation already proposed
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Understand it before you pay it!
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Get Help!
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Types of Audits
 Letter Audits (CP 2000)
 Office Audit
 Field Audit
 Beware of Fishing Trips!
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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