2014 Tax Brackets, Exemption Amounts Likely To Save Tax Dollars

Kelly Phillips Erb for Forbes writes:  Inflation often makes consumers worry. Nobody wants prices to go up – and that tends to be our gut reaction when we hear about inflation. But sometimes, a little inflation can be a good thing (no, I’m not channeling Janet Yellen).

When it comes to taxes, the Tax Code provides for mandatory annual adjustments to certain tax items based on inflation. And, according to CCH, part of Wolters Kluwer and a leading global provider of tax, accounting and audit information, software and services, that’s going to result in savings – albeit modest – for most taxpayers. George Jones, a Senior Federal Tax Analyst at CCH, explains:

Most taxpayers benefit from inflation adjustments since the adjustments tend to preserve the value of most, but not all, of the dollar-based benefits under the Tax Code year after year.

Of those tax items subject to mandatory annual adjustments, federal income tax brackets tend to get the most attention. They have been subject to adjustment for nearly 30 years. However, it certainly didn’t stop there: inflation adjustments are now routinely included in new tax legislation. Which tax items are subject to adjustment – and how much – can be confusing for taxpayers. Luckily, there are tax professionals out there who can sort it all out for you.

Leading the pack, this week, Wolters Kluwer, CCH released estimates for the 2014 tax brackets and other tax items affected by inflation, such as the personal exemption and the standard deduction. Their predictions indicate that most taxpayers will end up with a few more dollars in their pockets.

With respect to the adjusted tax rates, here’s how the savings might shake out: a married couple filing jointly with a total taxable income of $100,000 should pay $145 less income taxes in 2014 than in 2013 and a single filer with taxable income of $50,000 should owe $72.50 less next year.

Estimated 2014 Tax Brackets, Courtesy of Wolters Kluwer, CCH

It gets better. Standard deduction and personal exemption amounts will be slightly higher in 2014, as will income ceilings for tax benefits such as education credits, individual retirement account (IRA) contributions and more.

The standard deduction for single taxpayers, heads of households and married couples filing jointly will all show increases for 2014, by $100, $150 and $200, respectively. The standard deduction for joint filers, for example, would rise from $12,200 to $12,400 in 2014. What this means for taxpayers is lower taxes: increases in the standard deduction decrease taxable income which means lower taxes.

The additional standard deduction for those age 65 or older or who are blind will stay at $1,200 level for 2014 for married individuals and surviving spouses but will increase to $1,550 for single aged 65 or older or blind filers.

2014 Standard Deduction Estimates, courtesy of Wolters Kluwer, CCH

The personal exemption amount gets bumped up by inflation by $50, to $3,950 in 2014 after having increased $100 between 2012 and 2013. The personal exemption phaseout (PEP) still applies: the 2014 phase out range for personal exemptions begins at $305,050 for joint filers and $254,200 for single filers. The same income ranges apply to the phase-out of itemized deductions; those limitations are called Pease limitations, named after former Rep. Don Pease (D-OH).

The PEP and Pease limits were slated to be reduced beginning in 2006 and eliminated in 2010; as with the other tax cuts, the elimination was extended through the end of 2012. The limitations were brought back in 2013 at the original thresholds, indexed for inflation. The result of those changes is basically an increase in the top marginal tax rates.

And it’s not just income tax that will see changes: the federal gift tax annual exclusion – how much a donor can gift to any number of persons in one year without being subject to federal gift tax – will remain at $14,000. In contrast, the estate and gift tax applicable exemption – the amount that you can give away during your lifetime or bequest at your death without being subject to federal estate tax – will rise from $5,250,000 in 2013 to $5,340,000 for 2014. With the new portability provisions, the federal estate-tax exclusion can be shared between a husband and wife, making the total that can pass with no federal estate and gift tax payable effectively $10,680,000 for 2014.

And this year, there’s a new kid in town when it comes to inflation: the alternative minimum tax (AMT). In years past, the AMT was subject to a last minute scramble by Congress to “patch” the exemption. This year, things are different. As part of the American Taxpayer Relief Act of 2012 (ATRA), signed into law on January 2, 2013, the AMT will be permanently adjusted for inflation. This was such a big deal that, when I reported it in January, I put it in red. Before this year, Congress hadn’t touched the AMT, other than to patch it, in more than 40 years.

For 2014, Wolters Kluwer, CCH projects that the AMT exemption for married joint filers and surviving spouses will be adjusted upward to $82,100, up from $80,800 in 2013. For unmarried single filers, the 2014 exemption will be $52,800, up from $51,900 in 2013; and for heads of household, the exemption will increase to $52,800, up from $51,900 in 2013.

Not all tax items will be affected. “Rounding conventions” will keep some tax item for 2014 the same as in 2013. This includes the $5,500 limit on IRA contributions. Also staying put? The amount of unearned income a child can take home without paying tax remains at $1,000: after that, kids are subject to the kiddie tax.

Wolters Kluwer, CCH’s projections are based on the data released by the Department of Labor on September 17, 2013, by the U.S. Department of Labor. Most adjustments are based on Consumer Price Index for September through August prior to the adjusted year; some inflation-adjusted figures are computed at other times.

The IRS usually releases official numbers by December each year; sometimes, it’s as late as January. You can see the 2013 numbers here. It’s worth noting that these Wolters Kluwer, CCH tax bracket projections are for illustrative purposes only and should not be used for income tax returns or other federal income tax related purposes until confirmed by the IRS.

20 Things Taxpayers Don't Get

Robert W. Wood for Forbes writes: The incredible popularity of 20 Things 20-Year-Olds Don’t Get made me reflect on the many important things about taxes most taxpayers don’t get. Across a huge age range and even bigger economic spectrum, we all pay taxes. Yet we may not know key points.

To help put dollars in your pocket and ease your interactions with the tax system, these are far more important to your tax health than you might think.

1. Everything is Income. The IRS taxes all income from any source, whether in cash or in kind. Lottery? Taxed. Gambling? Taxed. You name it, it’s taxed. If you find a diamond ring, you pay tax on its fair market value even if you don’t sell it. See Who Pays Tax On Hef’s Engagement Ring Sale?

2. Forms 1099 Really Count. Those little tax forms you get in January are keyed to your Social Security number. The IRS always gets a copy. Pay attention to them—the IRS sure does. See 1099 Or W-2? 

3. Beware Foreign Accounts. Foreign bank accounts may generate income but you won’t receive a Form 1099. Still, reporting them is key. If balances exceed $10,000 in the aggregate any time during the year, you also must file a Treasury Form TDF 90-22.1, also known as an FBAR, separate from your tax return. These days the scrutiny is high, and how you transition from failures to report in the past is delicate. SeeUndisclosed Foreign Bank Accounts? They’re Even More Explosive Now.

4. Hire a Representative. Handling a tax case by yourself is usually a mistake. Hire an accountant or lawyer to handle it. Even simple audits can come off the rails or extend into other areas if you aren’t careful. See Should You Lawyer Up Against The IRS? You Bet.

5. Pay Taxes Later. Most tax planning involves timing. You want to accelerate tax deductions and defer tax payments, subject to constraints such as the constructive receipt doctrine. If you have a legal right to pay and say “pay me later,” it’s taxed now. But you can condition payment, such as refusing to sell your house or settle a lawsuit unless you are paid next year. See What To Buy And Expense Before Year End.

6. Pay Small Tax Bills. If you get a small tax bill, pay it even if the IRS is wrong. What’s “small” varies, but don’t risk an audit or dispute escalating by fighting over small dollars. See 5 Steps To Keep The IRS Out Of Your Hair.

7. Reply to Every IRS Letter Unless it Says Not To. This is common sense. Keep a good record. Often, fighting the IRS is about attrition. See Got A Tax Notice? Here’s What To Do.

8. Don’t Talk To the IRS if They Visit. If the IRS comes to your home or business, decline to speak and tell them your lawyer will call. Take their card and be polite but firm. See When IRS Criminal Agents Come Calling.

9. Don’t Lie. If you say anything to the IRS, don’t lie. See When IRS Criminal Agents Come Calling.

10. The IRS Can Audit for 3 years. The usual IRS statute of limitations is 3 years after you file your return. If you understate your income by 25% or more, the IRS gets 6 years. See IRS Statute Of Limitations—Is Your Return Safe?

11. Keep Your Records for 7 Years. Tax records are important. See Keep Tax Records In The Vault!

12. Keep Your Old Tax Returns Forever. Although you can probably throw out most tax records after 6 years, keep copies of your returns themselves forever. See Tax Return Filed? Now Consider Your Records.

13. Avoid Amending Tax Returns. Don’t take amending tax returns lightly. Amended returns have a high audit rate, especially if they request a refund. See 5 Simple Rules to Follow When Amending Your Tax Return.

14. You Usually Don’t Have to Amend Your Return. The IRS says you “should” amend your return if you discover a mistake after it’s filed. But there’s no legal obligation. The only time you really must amend is if you knew at the time you filed the original return that it was false. See Five More Tips For Amending Tax Returns.

15. If You Amend, You Can’t Cherry-Pick. If you decide to amend, you can’t cherry-pick which items to fix. The amended return must correct everything, not just the items in your favor.

16. File Returns Even if You Can’t Pay. Many taxpayers don’t file on time because they don’t have the tax money. They would be much better off if they filed on time. Payment can come later, and might be the subject of an IRS installment agreement. Penalties too will likely be smaller if you file on time.

17. Don’t Explain Too Much. Tax returns should be concise. If an explanation or disclosure is needed, keep it succinct. See Five Must-Do Steps Before Filing Your Taxes.

18. Don’t Attach Too Much. Attachments to tax returns should be limited to tax forms and, where required, plain sheets of paper listing additional deductions, income, etc. Don’t attach other documents. If the IRS wants documents it will ask. See Shhh, Home Office And Other IRS Audit Trigger Secrets.

19. Be Careful With Big Refunds. Getting a refund? Consider applying it to next year’s tax payments rather than asking for the cash, especially if it is large. You’ll have a lower profile with an initial or amended return. See Getting A Tax Refund? Ten Things To Know.

20. Get Some Advice. Whether you need practical procedural advice about a Tax Refund Too Good To Be True? Don’t Spend It, advice aboutIndependent Contractor Or Employee: Why It Matters, or you already know why tax opinions are valuable, get some advice from someone with experience in your issue. And don’t wait until the last minute.

Replace your CFO with this app / Unleash - Cloud CFO for Small Businesses

Brian Jackson for itBusiness.ca writes:

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Small business owners that use QuickBooks Online or Xero to track their finances, but can’t quite afford to hire a full-time chief financial officer can now turn to the cloud for help. California-based Unleash Inc. promises that its new iPad app will act as a “cloud CFO” for small businesses, providing a dashboard that delivers metrics of business health at a glance.

Unleash analyzes an online database of business data including 15 million tax returns, business brokerage transactions, and credit agency reports in more than 700 vertical markets, according to a press release. It compares your business to others based on size, location, and target market. It aims to simplify financial analysis for business owners and give exposure to key information like revenue, cash reserves, and projections.

Unleash hinges around a “u score” that rates your business on a level of 0 to 100 to represent to overall health of your business. It provides line graphs to track expenses, income, and a series of alerts to warn users about things that may need their attention. The app displays accounts receivable to show if a business is waiting on invoices to be paid or not. Since small businesses are waiting on late invoices to the tune of $400 billion per year, this is a major problem the app

Founders Insaaf Mohideen and Mohamed Marleen have run more than 50 small businesses between them, the press release says, from restaurants and franchises to VoIP providers and pharmacies. Mohideen, the CEO, held senior roles at KPMG and Cisco in management consulting, strategic sales, and M&A.

The Unleash app is available as a free download at the moment. But it requires an account with either QuickBooks Online or Xero, to pull your financial data and populate the dashboard. Expect to see a price placed on the app for download soon, as the firm has said the free download was part of private beta testing that started March 21.

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From Unleash Inc.:

Your Cloud CFOBuilt by small business owners for small business owners, Unleash allows you to KNOW, FIX and GROW your business.Helps your small business make BETTER decisions, FASTER.Your Cloud CFO- Simplified business intelligence thats super easy to use!- No finance jargon. Just plain English.- Heavy-duty financial analytics without the number-crunching.Get that Competitive Edge to Grow- Curious how you stack up against the competitors?- Know how much your competition makes, spends and keeps.uScore: The First-Ever Single Business Health Indicator- Know how your business is doing in just one number.- Its your FICO for business health.Works with QuickBooks Online and Xero.

What's new in this version: - Xero Integration- Improved UI- Patent pending uScore: Better in accuracy and industry type normalization- Better ease of use throughout app

Are you a tax-efficient investor?

Mercer Advisors writes: We are well aware of the ever-present existence of taxes in our financial lives. They impact our net income; they impact our net return within our investment portfolios; ultimately, they affect our lifestyle.

There are several things that you can do as an investor to ensure that less of your investment portfolio must be shared with Uncle Sam. What you keep is as important a factor as what you earn.

Maximize and optimize retirement contributions

First and foremost, whenever possible, contribute the allowed maximum to your retirement account each year because this will reduce your taxable income. Do you know what the 2013 maximum individual contribution limits are? See how close you are:

It is also important to confirm that you are taking advantage of all the retirement vehicles available to you and that you have the best type of retirement plan for your unique circumstances and objectives.

Pay attention to tax treatment and trading frequency

Beyond your retirement accounts, there are steps you can take that will help keep more of your investment earnings in your portfolio and out of Uncle Sam’s pocket.

Tax treatment is every bit as important as asset allocation (broad diversification of numerous asset classes, weighted specifically for your level of risk tolerance). Your tax-efficient holdings – such as municipal bonds and tax-managed stock funds – belong in taxable accounts as they are designed and managed to minimize tax consequences.

Municipal bonds are exempt from federal income tax, making them attractive for investors in higher tax brackets, as well as those interested in generating income. There are also a number of state-specific municipal bonds that are exempt from both state and local income taxes.

Tax-managed stock funds incorporate techniques designed to minimize the distribution of dividends and limit the buying and selling of holdings that would generate capital gains. With the passage of The American Taxpayer Relief Act of 2012 (ATRA), dividend and long-term capital gains tax rates increased from 15% to a maximum of 23.8% for investors in the top (39.6%) tax bracket. Short-term capital gains, taxed at ordinary rates, could have tax consequences of up to 43.4%.

Rebalance consistently and purposefully

It is important to rebalance your portfolio on a regular basis as market movement can cause your portfolio’s asset class allocation to deviate from its optimized composition. If left unattended, your portfolio could become either more risky or more conservative than you prefer – creating unwelcomed volatility or relinquished return.

Gains realized through the rebalancing of your retirement accounts have no tax implication as they are not subject to current taxes. When rebalancing taxable accounts however, it is beneficial to offset any potential capital gains through practices such as tax-loss harvesting or tax swapping in order to neutralize or minimize any tax consequence.

In a taxable account, there are tradeoffs to be considered with regard to rebalancing. You must decide which is more important for your unique circumstance:

• Rebalancing in order to maintain the designated risk/return profile for your portfolio
• Not rebalancing in order to delay the realization of capital gains (due to perhaps the sale of a business)

Weigh the best source for retirement income distribution

Once you enter retirement and rely on your investment accounts for your income stream, it is vitally important for you to know the tax ramifications tied to withdrawals from your taxable, retirement, and tax-free (Roth) accounts.

There is no tax consequence for withdrawals made from your Roth account as they were assessed when the initial contributions were made. Withdrawals made from a retirement account are subject to ordinary income tax rates; likely lower than when you were working, but perhaps still higher than capital gains rates. Taxable account withdrawals are subject only to capital gains tax rates.

The ability to assess market conditions, along with the varying life scenarios you will encounter and your monthly income needs, is an important component in determining the source of your retirement income stream.

Bottom line

A financial planner can provide you with a comprehensive analysis of your current investment and retirement portfolios, as well as advise you on planning for retirement income distribution – helping you make any necessary course corrections toward more tax-efficient investing habits.

Are Tax-Deferred Variable Annuities Tax Efficient? Yes, Says Jefferson National ‘Our challenge is to convince fee-only advisors to get over their inherent bias against variable annuities,’

Joyce Hanson for ThinkAdvisor writes: As Jefferson National works on building its reputation as the variable annuity company that registered investment advisors can trust, the firm is reminding RIAs that annuities, if the cost of buying is cheap enough, can offer a nearly unlimited tax deferral beyond maxing out clients’ 401(k) and IRA contributions.

It’s true that the variable annuity has always offered a tax deferral of up to $10 million, but the base fees and riders for most VAs have negated those tax advantages, said Jefferson National President Larry Greenberg and Chief Operating Officer David Lau during an interview last week in New York.

“Our challenge is to convince fee-only advisors to get over their inherent bias against variable annuities,” Greenberg said, adding that JeffNat charges a flat $240 annual fee for its Jefferson National Monument Advisor variable annuity and earns additional revenue from the 400 underlying funds it has on offer. “It’s a super-low-cost product, so you get the benefit of tax deferment.”

A VA for Bargain-Conscious Bogleheads

Greenberg and Lau said their variable annuity was catching on with advisors, with their current “loyal base” of 2,000 fee-only advisors and RIAs expected to grow to 2,400 by year end on sales of $700 million.

Strikingly, members of Vanguard founder John Bogle’s online fan club, the uncompromisingly bargain-conscious Bogleheads.org, have discovered the JeffNat VA and are excitedly talking about it in a long message thread.

For example, one commenter named EnlightenMe wrote: “I've been there for a while now. I love the annuity and the fee structure. It's about the same cost as owning an IRA. Lots of funds to choose from, even hedge funds, etc. Website works great. Highly recommended. I am just a contract owner and am not tied in any way to the company.”

Advisor Partners President Dan Kern, a CFA who doesn’t have a financial position in Jefferson National, said the enthusiasm around the JeffNat VA is due not only to its low cost but its transparency.

“What I like about what they do is transparent, reasonably priced and flexible in an industry that has traditionally been anything but transparent and reasonably priced,” Kern said in an interview last week.

Further, as Shareholders Service Group Executive Vice President Dan Skiles noted a year ago, the Monument Advisor VA is wooing traditionally skeptical fee-only advisors into the annuity space because it allows them to do a 1035 exchange into the product.

“Often, an advisor will have a client that has an annuity they were sold by someone else,” Skiles said. “They almost have to ignore it because the costs involved with a 1035 exchange make it prohibitive to move. There’s nothing they can really do to help them.”

Tax Advantages in a VA Wrapper

As for the JeffNat VA’s tax advantages, this year is a good time for advisors to seek shelters for their clients as taxes across the board start to rise, Greenberg and Lau said. They compared their VA to a money management account and cited Cerulli researchshowing that rising taxes and ongoing volatility are driving higher demand for tactical management and alternative strategies.

Jefferson National Monument Advisor offers more than 70 alternative investment options among its 400 underlying funds along with model portfolios designed to achieve higher after-tax returns.

Barron’s has named Jefferson National along with Symetra and Security Benefit as being quick to respond to higher tax rates by launching cheap, liquid and simple variable annuities. In an article written in May, Barron’s writer Karen Hube quotes John Capets, an advisor and vice president at Harbor Capital Management in Charlotte, N.C., saying that he has started using the Jefferson National Monument Advisor Variable Annuity for his high-net-worth investors.

“The alternatives portfolio can generate a lot of short-term capital gains, but inside the tax-deferred annuity it has no impact,” Capets told Barron’s.

Former E*Trade CEO Mitch Caplan first understood the business potential for a firm that could exploit the inefficiencies of commission-driven variable annuities while he was working as an advisor at a private equity firm in 2009. A year later, he came across Jefferson National, based in Louisville, which had already redefined the VA in 2005 by stripping away its traditional and hard-to-understand living benefits, upfront loads and surrender charges.

By early 2012, Caplan led a management buyout of JeffNat in an $83 million deal so he could deploy an aggressive distribution strategy for RIAs and fee-based advisors. Joining him in the management shakeup were Greenberg, previously a first vice president of consumer banking at Merrill Lynch and then COO of Telebank, now E*Trade, and Lau, a principal and co-founder along with Greenberg of management consulting firm The Oysterhouse Group.

“We organized a company to offer low-cost variable annuities as a sustainable and disruptive business model,” Lau said. “We’re going to be one of the top-selling annuities this year.”

3 Charitable Deduction Traps to Avoid

AMY FELDMAN for Reuters writes:  With U.S. income tax rates up this year, more Americans will likely be looking for charitable deductions that can help offset their higher tax bills.

After all, in the top tax bracket, a $10,000 charitable donation is now worth $3,960, compared with $3,500 last year, assuming no other limitations.

But in the wake of two U.S. Tax Court cases last year, which slashed petitioners' charitable contributions based on record-keeping snafus, taxpayers must be careful to get thank-you letters with the right wording, as required for gifts of $250 or more, and valid appraisals, as needed for donations of art, property and other goods worth $5,000 or more.

In one of the Tax Court cases, a California couple, Joseph and Shirley Mohamed, were denied a writeoff for giving away property they had valued at $18.5 million because they didn't have a qualified appraisal - even though independent appraisals later found they had undervalued the donation.

In the other case, a Texas couple, David and Veronda Durden, were denied a deduction for more than $25,000 of cash gifts, mostly to their church, because they didn't have a letter stating they had received no goods and services for their donation - and by the time they got it, the court ruled, it was too late.

"It's one of those cases where you think, wow, really?" says Steven Fromm, a Philadelphia tax attorney, of the Durden case. "I was just shocked."

The rulings, taken together, raise broad issues for the nearly 38 million taxpayers who claim charitable writeoffs. The charitable writeoff is one of the largest, worth some $175 billion in tax year 2011, according to Internal Revenue Service data. (Americans give away far more than that, but only those who itemize on their tax returns are allowed to take the charitable deduction.)

Yet much of that is, like the Durdens' donation, cash gifts to religious institutions or other local nonprofits. And few of these donors pay much attention to the letters they receive (or don't) in return, simply setting them aside for their accountants to deal with later.

"The burden falls on the donor, and there's nothing to enforce it against the charity," says Ellen Aprill, a tax law professor at Loyola Law School in Los Angeles. "It's because a lot of people were cheating and claiming that things they gave as quid pro quo were donations."

Here are three charitable donation pitfalls to avoid.

1. Vaguely worded thank-you notesThe wording of thank-you letters is important, and those who get receipts that leave out the magic words about no gifts or services being exchanged for the donation do not meet the IRS standard.

"It's very common," Aprill says.

Big donors may encounter this problem more often than others. While the small fry get boilerplate letters, perhaps drawn up by a lawyer who knows the ins and outs of the tax rules, big donors may get personalized letters from organization's executive directors that leave out the magic words.

In fact, Aprill's brother, as the executive director of a nonprofit in Chicago, once sent her a thank-you letter that wasn't exact enough for the tax rules, lacking the proper wording of "no goods or services."

2. Giving to individuals, not organizationsRecord-keeping problems aren't all that can trip up efforts to get back a little on taxes for your generosity. Tax rules only allow you to take the writeoff for funds you give to a qualified nonprofit. If you give to an individual, no matter how worthy, that's a gift, and it's not deductible.

In the current landscape of immediate, emotionally charged giving - where many people's impulse after watching a tragedy unfold in real time on television or online is to help - it's easy to get tripped up.

Give money directly to the survivors or the Boston marathon bombing? Not deductible. Give it to an official nonprofit set up to help those survivors? Fine.

If you aren't sure whether a charity meets the tax standards, you can search the IRS's database of qualified groups here: www.irs.gov/Charities-&-Non-Profits/Exempt-Organizations-Select-Check .

3. Donating property without an appraisalThings get more complicated with donations of property or artwork, where differences of opinion over what something is worth can amount of thousands (or millions) of dollars.

Attorney Fromm says he has been seeing more issues with conservation easements, where someone grants an easement of their property and takes a deduction for its valuation in excess of what they may have been paid for it. "The rub is, what is the value of the easement?" he says. "People get into arguments with the IRS."

For those who donate property, it's crucial to get an independent appraisal. As the Mohamed case showed, even if your donation is worth more than you claim, if you try to determine its value yourself, you could lose the writeoff. "The IRS will go after procedural faults because valuation faults are so difficult to prove," Aprill says.

For smaller items, like cars - which have their own special rules - it can also get tricky. If you're donating your clunker, and it's worth more than $500, your deduction is limited to the amount the charity sells it for. You'll need documentation on that, too. "Car donations are kind of a mess," says Robin Christian, a senior tax analyst at Thomson Reuters.

Those unlucky enough to get audited stand to lose more than their charitable deduction. They can also be dinged for interest and penalties on the underpayment.

"If a client goes through an audit," says Fromm, who has handled many of them, "they never want to do it again."

- See more at: http://www.thefiscaltimes.com/Articles/2013/09/17/Tax-Tips-3-Charitable-Deduction-Traps-Avoid#sthash.TegLCMMv.dpuf