Tax Update Blog: 2006 year-end tax planning Archives
DOG BITES MAN, IT'S COLD IN IOWA IN DECEMBER...
December 05, 2007
...Senate fails to agree on how to fix AMT, and...
Larry D. Harvey loses three cases in Tax Court on whether you have to pay taxes on income earned in Antarctica. If you're counting, he's 0-61.
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LAST DAY OF THE TAX YEAR
December 31, 2006
It's a bit much to expect to do a year's worth of tax planning in one day, but you can still do a few things, if you really try.
The easiest deduction you can get today is to give a charitable contribution by credit card. We have some ideas here.
If you can get a check for a deductible expense issued and postmarked today, that will also work. For most folks, the most likely deduction would be for a state estimated tax payment. There's no mail today, so if you need something done today that needs postmarking today, you have a challenge on your hands. Some main post offices will postmark today, but you probably won't be able to get a certified mail receipt.
If you really need something shipped today, your best bet might be a UPS Store or Fed-ex office, if you can find one open. The IRS recognizes certain shipping services waybills as postmarks. Details here.
Finally, don't forget to cast your vote for Taxpayer of the Year. The voting will be held open until Tuesday sometime.
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YEAR-END CHECKLIST
December 29, 2006
On the last business day of the year, let's review a few last-minute items for your year-end tax planning:
Consider whether you need to get your checks issued by year end to get your deduction this year.Can you benefit by having your broker sell some loser stocks today for you?
Do you have an S corporation? Do you know where your basis is?
If you are starting a retirement plan for 2006, have you executed your plan documents?
Did you make your year-end charitable gifts?
Did you make your College Savings Iowa Section 529 plan contribution?
If you aren't going to have alternative minimum tax for 2006, did you consider paying your 4th quarter state estimated tax, and maybe your balance due, this year? Look here for a discussion of the economics of prepaying your taxes.
If you are an Iowan, maybe you should pay your fourth quarter federal estimated tax now to get a 2006 deduction.
Did you use your annual personal gift tax exclusion?
And, if you really want a deduction this year, and the stars are right, you can consider this. This sort of gift keeps on giving.
Happy new year! We wish you many happy returns next April.
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DEDUCT NOW, PAY LATER
December 29, 2006
If you are still looking for a last-minute deduction, remember: charitable donations made with credit cards before the end of the day December 31 are deductible this year, even if you don't pay your credit card bill until next year. Many charities make it easy to donate on their websites. Here are a few:
National Parkinson's Foundation
Your alma mater would appreciate some help:
Southern Illinois University Foundation
Or you can give "to care for him who shall have borne the battle and for his widow and his orphan" at one of these sites:
The Injured Marine Semper Fi Fund
The United Warrior Survivor Foundation
Naval Special Warfare Foundation
If you want your gift to be close to home, consider the Iowa Donor Network, the organization that coordinates organ donations in Iowa; and the Hospice of Central Iowa.
If your favorite charity isn't set up to take online gifts, you probably can still get them an online contribution by visiting the Network for Good website.
If you are trying strictly to save money, charitable donations aren't for you; a tax deduction at best reduces the cost of your donation. But if you are willing to give to help others, the tax man will make it a little easier.
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OTHER YEAR-END PLANNING LINKS
December 28, 2006
If you've had all the year-end planning tips from me that you can stand, maybe you should get out and see the tips at Don't Mess With Taxes and Gina's Tax Articles.
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WHEN DO I HAVE TO PAY IT TO DEDUCT IT THIS YEAR?
December 28, 2006
Tomorrow is the last "business day" of the year. If you have a business, what do you have to do before 2007 to get a 2006 deduction?
CASH BASIS TAXPAYERS
If you file your business returns on a "cash basis," you generally can get your deduction if the check for a deductible expense is postmarked by December 31. If you are talking big numbers, you should consider a wire transfer, or at least a certified mail receipt to prove you sent the check on time. Postage meter postmarks are almost worthless in trying to prove a timely payment.
There is one common expense that can be paid after year-end by a cash-basis taxpayer without losing the deduction: pension and profit-sharing contributions. If your plan is in place by year-end, you have until the due date of the 2006 return to fund the 2006 contributions; if you extend the return, you also extend the funding deadline.
ACCRUAL BASIS TAXPAYERS: RELATED PARTIES
Life is a bit more complicated for accrual-basis taxpayers. They have less flexibility in controlling their income and deductions, but they usually have more ability to deduct unpaid income.
There are some expenses that accrual-basis taxpayers can only deduct on a cash basis. If you owe money to a "related party," there is no deduction until the related party has to take the payment into income. For example, a calendar-year corporation cannot deduct a bonus to its sole shareholder for 2006 unless the bonus is paid by year-end and included on the shareholder's 2006 W-2. The same goes for interest, rent, or any other accrued expense.
The related party rules can be tediously complex. For purposes of deducting accrued expenses of C corporations, related parties include 50% owners and other corporations with 50% or more common control. "Family members" of 50% owners also are related parties; for this purpose, "family" is:
...brothers and sisters (whether by the whole or half blood), spouse, ancestors, and lineal descendants
This does cut off, though. You are considered to own what your husband owns directly, but you aren't considered to own what your husband's brother owns, even though your husband is considered to own it. A famous tax commentary explains this elegantly:
A fortiori, this limitation ensures that stock owned by Bittker will not be attributed to his parents and then from them to their parents, and so on back to Adam and Eve, and then down through the family of man to Eustice.
For S corporations and partnerships, the related party net is wider. You are considered a "related party" if you own any stock in the S corporation or any capital interest in the partnership. The constructive ownership rules also extend out one level further. So while your husband's brother's C corporation may deduct an expense accrued to you at December 31, 2006 that isn't paid until January 2007, his S corporation may not.
The related party rules can also apply to trusts. If you are accruing an expense to somebody who might be related, ask your tax advisor to help sort out whether it needs to be paid by December 31 to get a 2006 deduction.
ACCRUAL BASIS TAXPAYERS: NON-RELATED PARTIES
If an expense is accrued to a non-related party, the deduction timing depends on what the expense is for. Accrued compensation must be paid within 2 1/2 months after year-end to be deductible in the year it was accrued. Most other accrued expenses must be paid within 8 1/2 months of year-end under the "recurring item" rules we discussed last week.
But be careful - if you sign a service contract or insurance contract by year-end, you won't get a deduction unless payment on the contract is also made by year-end, under new Revenue Ruling 2007-03.
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THERE'S STILL TIME TO FUND YOUR COLLEGE SAVINGS IOWA PLAN
December 27, 2006
December 31 is the last day you can fund a contribution to College Savings Iowa and still get a deduction on your 2006 Iowa personal tax return for it.
College Savings Iowa is Iowa's "Section 529" plan. Earnings in a Section 529 plan grow tax free, and are tax exempt if they are withdrawn for college costs. The Iowa plan invests in low-cost Vanguard funds, popular among people who don't care to squander their investments on high-priced fund managers.
You may deduct College Savings Iowa contributions in 2006 of $2,500 per donor, per donee. That means a married couple with two children can deduct up to $10,000 on their Iowa return. Visit the College Savings Iowa website for details, or to enroll online. The CSI website says checks must be received by January 6, 2007 to be credited for 2006.
Even if you already have a child in college, this is a good deal for Iowans. To the extent you can funnel your tuition payments through CSI, you can get an Iowa tax deduction for tuition up to the Iowa contribution limits.
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YEAR-END PLANNING - WHERE TO DRAW THE LINE?
December 26, 2006
I'm a big fan of year-end tax planning. Still, you can overdo a good thing. Dr. Maule discusses a recent New York Times story that points in that direction, anyway:
In the story, To-Do List: Wrap Gifts. Have Baby, David Leonhardt provides an interesting array of observations:
1. Modern medical technology has made it easier for women to select a day for their child's birth.
2. For four of the seven years from 1997 through 2003, December has pushed September aside as the month with the highest number of births; data for years since 2003 has not been released.
3. Since the early 1990s, the tax code has provided an increasing number of tax benefits based on the existence of, and number, of a taxpayer's children.
4. The tax value of a child being born before the end of the year, in contrast to after the beginning of the next year, is in the thousands of dollars.
5. Among the tax breaks are the dependency exemption deduction, the child tax credit, the earned income tax credit, and the medical expense deduction.
From these observations, Leonhardt concludes that the tax law is encouraging people to have children in December.
Accelerating childbirth seems like a somewhat drastic step to take for tax reasons, but it's never been a close call in my family. I did suggest a December wedding 19 years ago for tax reasons, but one look from my June bride made it clear that non-tax considerations would govern.
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DON'T STOP GIVING YET
December 26, 2006
Just because it's December 26 doesn't mean you should stop giving - at least not if estate planning matters to you.
The tax law allows you to give $12,000 tax-free to any individual donee each year. Gifts that qualify for this "annual exclusion" are not subject to gift tax and don't eat into your lifetime estate and gift tax exclusion.
With the lifetime estate tax exclusion up to $2 million, the $12,000 annual gift exclusion may seem less important. Unfortunately, current law is set to expire. If you have the good fortune to survive 2010, the exclusion will fall back to $1 million, and the tax rate goes back up to 55%. Unless they want to count on Congress acting sensibly, taxpayers who might face estate taxes under the post-2010 rules should tax advantage of the annual exclusion.
A married couple with two children can make transfer $48,000 to them tax-free each year under the annual exclusion. In addition to getting the $48,000 out of their taxable estates, they also move all future earnings on that $48,000 to the next generation. Assuming a modest 4% annual return, annual gifts of $48,000 add up to over $576,000 10 years.
And remember: once 2006 is over, the 2006 annual gift tax exclusion is gone forever.
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IRS: SIGNING THE DEAL ISN'T ENOUGH TO EARN A DEDUCTION
December 22, 2006
The IRS yesterday spelled out (Rev. Rul. 2007-03) the rules for when deductions are available to accrual method taxpayers for insurance and service contracts. It also issued a procedure (Rev. Proc. 2007-14) for taxpayers to change their accounting methods to conform with the new revenue ruling.
CONTRACTS FOR SERVICES
The ruling said that an accrual-method taxpayer who signs a contract for services to be performed in a subsequent year cannot deduct the costs under the contract until the earlier of the performance of the services or the due date for payment under the contract. If the performance of services occurs after payment, it has to meet the tax law's "economic performance" requirements to be deductible.
CONTRACTS FOR INSURANCE
The ruling applies the same basic pattern to insurance contracts. Signing the contract doesn't accrue the liability for tax purposes; the liability doesn't create a deduction until payment is due.
ECONOMIC PERFORMANCE
The tax law applies two tests to determine when an expense may be accrued. The first test, the "all events" test, occurs when "all events" have taken place to determine the existence of the liability; the amount of the liability must also be determinable with "reasonable" accuracy.
The second test requires "economic performance" to occur. The ruling recaps how these rules apply to services and insurance (emphasis mine):
Section 1.461-4(d)(2) provides that if a liability of a taxpayer arises out of the providing of services or property to the taxpayer by another person, economic performance occurs as the services or property is provided.
Section 1.461-4(g)(5) provides that if a liability of a taxpayer arises out of the provision to the taxpayer of insurance, economic performance occurs as payment is made to the person to which the liability is owed.
The tax law does provide some leeway:
Section 1.461-5(b)(1) provides a recurring item exception to the general rule of economic performance. Under the recurring item exception, a liability is treated as incurred for a taxable year if: (i) at the end of the taxable year, all events have occurred that establish the fact of the liability and the amount can be determined with reasonable accuracy; (ii) economic performance occurs on or before the earlier of (a) the date that the taxpayer files a return (including extensions) for the taxable year, or (b) the 15th day of the ninth calendar month after the close of the taxable year; (iii) the liability is recurring in nature; and (iv) either the amount of the liability is not material or accrual of the liability in the taxable year results in better matching of the liability against the income to which it relates than would result from accrual of the liability in the taxable year in which economic performance occurs.
In other words, if the all-events test is met, you normally get the deduction if economic performance occurs within 8 1/2 months of year-end. This provision accounts for the "recurring item elections" routinely seen in tax returns for new businesses.
THE MORAL: If you want the deduction under an insurance or service contract this year, you'll need to pay this year.
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IT'S LOSER TIME!
December 21, 2006
While we all like to remember our good investments, this is the time of year to give some thought to your losers. We often neglect these red-headed stepchildren of our portfolios. It's not pleasant to think of that stock or mutual fund we purchased with such high hopes, only to see them cruelly dashed by an unforgiving market. We let them lurk in the recesses of our brokerage accounts, in the vague hope that someday they will redeem themselves.
Well, forget about it. They're toast. So make them do something useful for once. Sell them, and take the losses on your tax return.
Capital losses are deductible to the extent of your capital gains, plus $3,000. If you have losers in the portfolio, paying taxes on your capital gains this year is at least partly optional.
To deduct these losses, keep a few simple rules in mind:
The loss has to be realized in a taxable account. Selling a loser in an IRA or 401(k) plan doesn't give you a deductible loss.Be sure the trades are executed no later than December 31. For long positions, the trade date controls.
If you have a loss on a short sale, the settlement date has to be no later than December 31.
You can't buy the same stock within either 30 days before the sale or 30 days afterwards. If you do, the "wash sale" rules disallow your loss.
Don't pay optional capital gain taxes; send your losers out with a smile.
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YEAR-END PLANNING: START A RETIREMENT PLAN?
December 19, 2006
Sometimes a business can accomplish a lot of tax savings by setting up a retirement plan before year-end. While Simplified Employee Plans (SEPs) don't have to be set up until your tax return due-date, full-fledged qualified plans must be in place before year end. But - if the documents are in place, the plan can be funded anytime before the due date of your return, including extensions.
A full-fledged profit-sharing plan can be especially helpful if you are profitably self-employed and don't control any other businesses. Such taxpayers may be able to set up a plan by year-end and make as much as a $44,000 deductible contribution to their own retirement savings via a "solo-401(k)" profit-sharing arrangement. It's a sweet deal - you reduce your current taxes merely by taking money from one pocket and putting it into another, figuratively.
If you think you might qualify, though, you'd better get to work - you'll have to move fast to get the paperwork in place by December 31.
You can also find some other year-end business planning tips at About.com.
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IRS GUIDANCE ON YEAR-END GIVING
December 15, 2006
This week the IRS issued a helpful summary (IR-2006-192) of the rules on charitable giving. They also covered the changes in the charitable giving rules made earlier this year. Some highlights:
To be deductible, clothing and household items donated to charity after Aug. 17, 2006, must be in good used condition or better. However, a taxpayer may claim a deduction of more than $500 for any single item, regardless of its condition, if the taxpayer includes a qualified appraisal of the item with the return.
So no deduction for your your old briefs, unless they appraise out at over $500.
Contributions are deductible in the year made. Thus, donations charged to a credit card before the end of the year count for 2006. This is true even if the credit-card bill isn’t paid until next year. Also, checks count for 2006 as long as they are mailed this year.
If you mail a big check, a certified mail receipt with a postmark will help a great deal if you get audited.
Check that the organization is qualified. Only donations to qualified organizations are tax-deductible. IRS Publication 78, available online and at many public libraries, lists most organizations that are qualified to receive deductible contributions. The searchable online version can be found on IRS.gov under, “Search for Charities.” In addition, churches, synagogues, temples, mosques and government agencies are eligible to receive deductible donations, even though they often are not listed in Publication 78.
For individuals, only taxpayers who itemize their deductions on Schedule A can claim a deduction for charitable contributions. This deduction is not available to people who choose the standard deduction, including anyone who files a short form (1040A or 1040EZ).
For all donations of property, including clothing and household items, get from the charity, if possible, a receipt that includes a description of the donated property. If a donation is left at a charity’s unattended drop site, keep a written record of the donation that includes a description of the property and its condition.
The deduction for a motor vehicle, boat or airplane donated to charity is usually limited to the gross proceeds from its sale. This rule applies if the claimed value of the vehicle is more than $500. Form 1098-C, or a similar statement, must be provided to the donor by the organization and attached to the donor’s tax return.
Giving is worthy, but deducting is wise. Make sure you document your gifts. And remember, if you donate property other than publicly-traded securities, and your donation exceeds $5,000, you'll need a qualified appraisal.
The Tax Prof has more.
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STOCK UP ON FIXED ASSETS?
December 14, 2006
December is the year-end for most closely-held businesses. If you are looking for a way to reduce your 2006 tax bill from the business, you might be able to do so by moving up some asset purchases.
The tax law's "Section 179" allows you to expense equipment and software purchases of up to $108,000 in 2006 that would otherwise have to be capitalized and depreciated or amortized over several years. If you are going to buy some new equipment soon anyway - say, new computers, printers, or machinery - you may be able to reduce your 2006 taxes by getting them in place before year end.
But be careful: if you have over $430,000 of fixed asset additions in a year, the Section 179 deduction begins to phase out. The $108,000 limit applies with S corporations and partnerships at the company and the owner levels. And you have to have either wage or other active business income to use the Sec. 179 deduction. Sometimes retirees find that they don't have enough "active" income to take the deduction.
Link: Publication 946 on Section 179 deduction and depreciation.
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MUTUAL FUND INVESTORS: DON'T BUY A TAX LIABILITY
December 12, 2006
While putting money away in mutual funds for long-term savings is a good idea, this time of year you should look before you invest. The tax law requires mutual funds to distribute thier accumulated dividends from their portfolio, and their accumulated capital gains, annually. Many do so in December. If you're not careful, you could get a year's worth of tax liability on your 1099 for the privilege of owning fund shares for as little as one day.
Visit your favorite mutual fund's website and to find their tax dividend plans for December before you send them your money; you might be a lot happier next April if you wait a few days before making your next investment.
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YEAR-END PLANNING FOR S CORPORATIONS: BEWARE OF BASIS!
December 07, 2006
For most businesses, 2006 has been a good year. Yet even in the best of times, life in business can be hard, and somebody is going to lose money. When this happens, an S corporation's tax return can be the silver lining to the dark financial cloud. The tax law often allows S corporation owners to deduct their share of the company's losses on their tax return, allowing them to claim tax refunds for some much-needed cash.
The tax law has important limits on your ability to deduct losses from an S corporation. They apply in the following order:
1. You have to have basis in your S corporation stock, or in debt that you have personally loaned to the S corporation.
2. Your basis must be "at-risk"; and
3. You have to get past the "passive activity" rules.
BASIS AND THE "AT-RISK" RULES
The tax law allows S corporation owners to deduct losses only to the extent of their basis in S corporation stock. That basis normally starts at what you pay for the stock. Your share of corporation taxable income and your capital contributions increase your basis; it goes down for your share of corporation losses and your S corporation distributions.
If you loan money to the S corporation, you can count the loan as basis. While this can be a handy way to get your year-end losses, it is fraught with danger. The tax law requires such loans to have "substance" and to be "at-risk." The courts have been tough in the last few years in enforcing these standards.
For example, Donald Oren, the owner of the Dart trucking companies, had multiple S corporations. He borrowed money from one corporation and loaned it to another one with tax losses so he would have basis. That corporation sent the money right back to the first corporation in another loan. The courts said the loan had no substance and was not "at-risk," and losses of about $14 million disappeared from his tax returns.
GETTING GOOD BASIS
Here are some things you can do to make sure you have good basis for your losses:
- If you own multiple S corporations, you should consider holding them in a holding company structure. This structure, which wasn't available in the years when Mr. Oren had his losses, allows you to combine the basis of all of your S corporations while still preserving their separate legal identities.
- If you must get cash for your basis from a related entity, get it in the form of a distribution instead of a loan, and contribute it to the capital of the loss company. And for good measure, don't loan it right back to the first company.
- If you insist on loaning funds to the loss corporation to get your basis, get the loan from a bank or some other unrelated third party. Loans from relatives or business associates may not be "at-risk," as one central Iowa farmer learned the hard way. Borrow the funds personally and then loan them to the company. A guarantee of a third party loan to your S corporation does nothing to get you additional basis.
We will talk about dealing with the passive activity limits on S corporation issues in another post.
Related:
WHEREVER YOU ARE, S CORPORATION LOAN GUARANTEES DON'T WORK
S CORPORATION SHAREHOLDER WINS BASIS CASE IN TAX COURT
S CORPORATION OWNERS TEMPT FATE, WIN
RING AROUND THE ROSEY FAILS AN S CORPORATION SHAREHOLDER
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IRA DONATIONS TO CHARITY - A TAX EFFICIENT WAY TO GO.
December 06, 2006
As you can tell by your stuffed mailbox, this is high season for charitable fund raising. Somewhere in your mailbox you are likely to find something telling you what a great deal it is to have your IRA give a bunch of money to charity. If you are charitably inclined, IRA gifts can be a great way to go, but not everybody qualifies.
HOW IT WORKS
If you are age 70 1/2 by December 31, 2006, you can have your IRA give up to $100,000 directly to charity without paying tax. This has a number of advantages over taking money out of the IRA yourself and then writing a check to the charity:
- It doesn't increase your "top line" income - your adjusted gross income, or AGI. Increasing your AGI has some unpleasant possible side effects, like increasing the taxable amount of your social security income and reducing your itemized deductions.
- Because the contribution goes directly to charity, it doesn't hit your return either as income or as a deduction. This keeps the contribution from bumping into the 50% of AGI limit that normally applies to charitable gifts.
Of course, this only makes sense if you plan on giving to charity in the first place, but if you do, this is a very tax-efficient way to go. But make arrangements now; you need to give your IRA trustee a little time to get the paperwork together.
This is an installment in our series on 2006 year-end tax planning. To see the whole series, click here.
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YEAR END PLANNING: GIVE IT UP!
December 04, 2006
To charity, that is. December sees a lot of charitable contributions. While strictly speaking charitable contributions aren't a good financial move - you give up a dollar to save maybe 42 cents in taxes - some ways of giving are more tax efficient.
Gifts of appreciated property are the most tax-efficient way to contribute to charity for most folks. If you give appreciated property, you can avoid paying tax on the appreciation, while still getting a tax deduction for the full appreciated value.
Like they say on the car ads, though, some restrictions apply. These include:
- Contributions of property valued at $5,000 or higher, except for publicly-traded securities, require a "qualified appraisl" and disclosure on Form 8283. No appraisal, no deduction.
- A new law requires donors of tangible personal property to "recapture" into income appreciation on the property if the charity sells it within three years of the date of gift. This rule applies to gifts after September 1, 2006.
- Strict new rules apply to facade easements and gifts of "taxidermy property."
In short, gifts of publicly-traded stock or mutual fund shares are the easiest.
If you are going to make such a gift, you ought to get on it. Sometimes charities, especially smaller ones, struggle with the paperwork on stock gifts. I've seen gifts fail to close before year-end because the charity didn't accept contributed stock in time. Starting now makes it easier for the charity to do its part.
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IT'S DECEMBER - ONE MONTH TO CORRECT THEM ALL
December 01, 2006
We plan to issue regular tips on year-end planning throughout December. We'll get started by reproducing our article from the December issue of 50 Plus Lifestyles, the Des Moines Register's special publication for the Beatles Generation. It's in the extended ("read more") entry below. It lays out the basics of the individual year-end tax planning process.
UPDATE: Go here for 2006 AMT exemption figures and a mock-up of a 2006 AMT form.
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