TAX RETURNS vs. TAX PAYMENTS – What is due?

• Your tax payment is due by April 15th.  Your tax return does not have to be filed by 4/15 as long as we have filed an extension.
• If we have prepared your taxes in the past, and your taxes are not complete – rest assured, we have filed an extension for you, you do not need to do anything, or sign anything.

** IF YOU OWE TAXES — Your TAX PAYMENT is due by April 15th.  Your filing date can be extended, but not the payment **

EXTENSION PAYMENTS:

If you would like to make a tax payment for April 15th, Please contact us ASAP.  We will be happy to help you with this.  If you had a tax review completed by us for 2012, please refer to the notes from that meeting for our instructions on what you will need to do by 4/15.

If you have questions, please email:  darrellynn@biz-by-design.  He can get your questions to  your BBD Accountant in Charge.

HEALTH SAVINGS ACCOUNTS (HSA) for 2014

• Your 2014 HSA contribution needs to be funded by 4/15/15.  HSA contributions can not be extended with a personal tax extension.
• Family Plan:  The max contribution for a family plan is $6,550.
• Individual Plan:  The max contribution for an individual plan is $3,300.
• Age 55+:  If you are 55+, you can add an additional $1,000 to your contribution.

NOTE:  You would need to have had the plan opened up in 2014 to make a contribution for 2014.

IRA’s and ROTH IRA’s for 2014 – Personal Contributions

• IRA Contributions – The max IRA contribution is $5,500.   If you are 50 and older, you can an additional $1,000.   The IRA must be opened and funded by 4/15/15.  This contribution can not be extended with a personal tax extension.
• ROTH IRA Contributions:   The max ROTH IRA contribution is $5,500.   If you are 50 and older, you can an additonal $1,000.   The IRA must be opened and funded by 4/15/15.  This contribution can not be exteneded with a personal tax extension.

NOTE:  The due date of 4/15 DOES NOT apply to SEP’s and 401K contributions.  Those contributions can be extened with the due date of the Personal or Corporation tax return.

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.