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Individual Tax Minimization Strategies for 2015: 2-day In-person Seminar - Product Image

Individual Tax Minimization Strategies for 2015: 2-day In-person Seminar

  • ID: 2907850
  • 2 Days
  • Compliance Online
Conference Dates: 5th, 6th of March 2015.

Where: Las Vegas, NV (Venue to be announced shortly)

Did you know?

- Those taxpayers with incomes of $200,000 or more may be considered high-income taxpayers?
- That the income thresholds included in the Affordable Care Act are NOT indexed for inflation, meaning that more individuals will become subject to these taxes over time?

If you were not aware of any of these facts, then attending this seminar would definitely be beneficial for you.

This seminar will equip participants with viable tax minimization strategies that can be put to work immediately to reduce the tax burden of high income taxpayers. It will illustrate:

- Tax compliance issues raised by the new taxes contained in American Taxpayer Relief Act of 2012, and the Patient Protection and Affordable Care Act.
- Tax planning techniques to minimize these new taxes.
- How the S-corporation can significantly reduce the applicability of these new taxes on business income.
- How to maximize the tax incentives available for post-secondary education expenses.
- How the Alternative Minimum Tax (AMT) impacts most high income taxpayers and the steps that can be taken to minimize/eliminate READ MORE >

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Day One (8:30 AM - 4:30 PM)

Registration Process: 8:30 AM - 9:00 AM

Session Start Time: 9:00 AM

ATRA Tax Increases

- Increase in top marginal tax bracket/ capital gain tax rate
- Phase-out of itemized deductions and personal exemptions
- Expanded AMT exemption and phase-outs

ACA New Taxes

- 0.9% Additional Medicare Tax
- 3.8% net Investment Income Tax

What income is subject to Additional Medicare Tax?

What is Net Investment Income?

- What expenses reduce investment income?
- How are passive income/losses treated?

Tax Minimization Strategies: Investment Income

Tax Treatment of Business Income

- Sole Proprietor
- Partners & LLC/LLP Members
- S corporation Shareholders

Tax Minimization Strategies for Business Income

- The S-corporation election
- Tax Advantages of hiring your children to work in your business

Comprehensive Case Study

Day Two (8:30 AM - 4:30 PM)

Tax Strategies for Maximizing the Tax Benefits Available for Post-secondary Education Expenses

Who benefits?

Understanding the terminology

Tax deductions:
- Work-Related Education Expenses (WREED)
- Tuition and Fees Expenses (TFD)

Tax Credits:
- Lifetime Learning Credit (LLC)
- American Opportunity Credit (AOC)

Which is Preferable?

Examples and Comprehensive Case Study

Tax Strategies for Minimizing/Eliminating the Alternative Minimum Tax

Origins of the AMT

Recent legislative changes to the AMT patch

AMT formula

Computation of AMT

What are AMT Adjustments and Preferences?
- Disallowed itemized deductions
- Disallowed personal and dependency exemptions
- Depreciation adjustments
- Adjustments when computing the gain/loss recognized on disposition of certain assets
- AMT treatment of incentive stock options.
- AMT treatment of tax-exempt bond income

What is the AMT Exemption?
- How is it phased-out?

What is the Tentative Minimum Tax and how is it computed?
- Dual rate system of 26%/28%

What is the AMT credit and how is it computed?
- Limited to timing differences
- How the credit may or may not benefit future tax years.

Tax minimization strategies to avoid/minimize the AMT.

Examples and Comprehensive Case Study

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High income taxpayers now face a myriad of tax increases ranging from higher marginal tax rates, an expanded tax base, and the phase-out of many tax benefits, including a reduction in itemized deductions, a phase-out of personal and dependency exemptions, and a phase-out of tax incentives for post-secondary education expenses and other incentives related to dependent children. High income taxpayers are also faced with higher tax rates on long term capital gain/dividend income. Also, the phase-out of the AMT exemption will also require many high income taxpayers to pay an Alternative Minimum Tax. There are several tax planning opportunities, including the choice of business entity decision and certain income splitting strategies among family members that can be used to minimize the total family tax burden. The new taxes imposed by the Affordable Care Act, the additional .9% tax on earned income, and the 3.8% tax on net investment income require careful tax planning to minimize or even eliminate the burden from these new taxes.

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Cherie Hennig,

Cherie Hennig, Ph.D., is co-author of Contemporary Tax Practice: Research, Planning and Strategy, 3rd edition, published by CCH, a Wolters Kluwer business. She has published numerous tax planning and compliance articles which have appeared in The Tax Advisor, Tax Notes, Taxes—The Tax Magazine, the Journal of Taxation, and NATP TaxPro Journal. Dr. Hennig began her career as an IRS Revenue Agent in Denver, CO. She received her BS, MBA, and Ph.D. degrees in accounting from the University of Colorado. She has taught undergraduate and graduate tax courses at the University of North Carolina, Wilmington, Florida International University, Colorado State University, the University of South Florida, and Virginia Tech. She has written and taught numerous continuing professional education courses and on-line seminars. She received the American Taxation Association, Outstanding Service Award, and has served on the Tax Executive Committee of the AICPA and on the Editorial Board of the ATA Journal of Legal Tax Research.

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- CPAs
- Corporate Tax Directors
- Managers and Staff Responsible for Tax Compliance
- Managers and Staff Responsible for Tax Planning
- CFOs
- Controllers
- Tax Attorneys
- Other Business and Financial Professionals Advising Clients on Tax Compliance.

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Our Clients

White & Case LLP. IBFD Deloitte LLP. Cooley LLP. PKF Little John LLP. PWC