Plan and Act Differently for 2015!

Wealth Training for Entrepreneurs – Session #2:

This session is set up to continue your thinking down a different path for 2015 taxes and tax planning.  If you want to have a different end result, you need to do something different.

In this session, I have identified 4 key areas you can focus your attention on when considering your 2015 tax planning.  The area are:

1. Real Estate Investing and your taxes
2. Timing and Tax Deferral
3. Business Entity Choice
4. Maximizing Fringe Benefits

Click Here to view:  Lesson #2 – How to think different for 2015

Plan and Act Differently for 2015!

Wealth Training for Entrepreneurs – Session #1:

This session is set up to get you thinking differently about your 2015 taxes and tax planning.  If you want to have a different end result, you need to do something different.  I have identified 5 wins for real estate agents to consider when thinking about their 2015 tax planning.

Click Here to view:  Lesson #1 – How to think different for 2015

Good News on the Section 179 Depreciation Front

On December 19th, congress increased the section 179 depreciation limit from $25,000 to $500,000 for the 2014 tax year.

Bonus depreciation also was extended  for 2014.  Bonus Depreciation is limited to 50% of the cost of the NEW property (cannot be used property).  The total expenditure  limit, for property,  cannot exceed $2,000,000-for section 179 depreciation.

The total amount that you can elect to deduct under Section 179 depreciation cannot exceed $500,000.  This generally extends to all property, other than real property.  It can be used or new property.  The limit for qualified real property(leasehold improvements) deduction is limited to $250,000, and is included as part of the $500,000 maximum under Section 179.  Automobiles are limited to a maximum deduction of $25,000.

If you have not yet made 2014 equipment purchases, and are considering doing so, the following must be done by 12/31/14:

•  The property MUST be purchased and PLACED INTO SERVICE by 12/31/14.

Forms and Year End Information ….

Here are some forms and useful information to review for your year end tax planning.  If you have not had your year end tax review yet and need to schedule an appointment yet, please click here:  https://www.mybbd.com/tax-forms/2014-tax-review/

For information on what you will need to prepare for this appointment;

CLICK HERE:  Your Appointment Checklist – 2014

If you would like to use a fill in worksheet as a guide to send us,

CLICK HERE:  2014 Review Worksheet

For year end tax planning tips;

CLICK HERE for Business:  2014 Business – EOY tips

CLICK HERE for Personal:  2014 Personal – EOY tips

ALL S-CORPORATIONS, PLEASE NOTE THE FOLLOWING:

• Your business year end is December.
• All S-Corporations with a profit will need to some type of wage/payroll for 2014.
• Your wages and taxes will be determined during your review appointment.

Quarterly estimated payment due dates:

• 1st Quarter Payment due on:  04-15-14
• 2nd Quarter Payment due on:  06-16-14
• 3rd Quarter Payment due on:  09-15-14
• 4th Quarter Payment due on:  01-15-15

How to make your payments:

If your 2013 returns are currently complete, read here:

If we have completed your 2013 tax returns your estimated tax payments have already been calculated. You will need to log in to your myBBDPass account to access this information.

How much do I pay and how do I print my coupons?  Login to myBBDPass go to our website at www.biz-by-design.com.

Your 2013 Tax Return is located under your personal name in the Document Presentation folder (see image).  Click on folder labled “Tax Returns”, then the folder labled “12-31-13”

Please follow the Filing Instructions that are included with your return. The instructions indicate the amount to pay and where to mail the payments and coupons.

NOTE: If your estimated payments have been set up for automatic withdrawals, you will not need to mail in a payment.  Your filing instructions will indicate whether you need to write a check or if you are setup for automatic payments. Please note the amount and make sure the funds will be available in your PERSONAL bank account on 4/15.

If you have any questions or cannot locate your payment coupons, please email your accountant in charge or generalquestions@biz-by-design.com.

Business by Design has NOT completed my 2013 Tax Returns yet:

If your 2013 return is not complete yet, we HAVE NOT calculated your 2014 estimated payments.

If you think you will need to make a tax payment or want to make a payment, please email your accountant in charge or generalquestions@biz-by-design.com.