税收筹划的外文文献及翻译.docx
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税收筹划的外文文献及翻译.docx
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税收筹划的外文文献及翻译
Planningforevertaxsavings
•Learnhowtokeepyourtaxbillatthelegalminimum...andkeepitthere!
ByMark
NowisthebesttimetothinkaboutreducingtheornamentaiandmiseeIIaneousmetaloperation'staxbillevenIowerthanthepointtheeconomymayhavedrivenit,ofcourse,aimtokeepthattaxbillatitsIegaIminimumformanyyeartocome・
WhilemanyofusrelyontheadviceandheIpprovidedbytaxprofessionaIsorutiIizesoftwareprogramstoensureaIowtaxbill,thereaIgoaIshouIdbeaIowtaxbillfornotjustthistaxyearbutbestguaranteeofconsistentIyIowtaxbill,thisyear,nextyear,andso-ondowntheroadis,ofcourse,taxpIanning.
TaxpIanningiseasy:
themoretaxdeductionstaken,theIowerthefabricatingoperationstaxabIeincomewiIIbeatleast
forthistaxcourse,ignoringpotentialtaxdeductionsthisyearmightmeansignificantsavingsinlateryearswhenprofitsandtaxbiIIsareway,inorderfordeductionsto
count,thetimetomakethemovesnecessaryforthoseIowtaxbillsisbeforetheendofthetaxyear.
TaxPIanningBasics
WhenthinkingaboutanytypeoftaxpIanning,everymetalfabricatorshouIdkeepinmindthatalthoughtheIRSmayoccasionaIIydisagree,thecourtsstronglybackeverytaxpayer'srighttochoosethecourseofactionthatwillresuItintheIowestlegaltax,astheendofthetaxyearquicklyapproaches,everyfabricatorfacesseveraIdifferentoptionsastohowtocompIetecertaintaxabIetransactions・
OuttaxsystemhasgraduatedratesthatincreaseaIongwiththeincomeofthemetaIfabricationbusinessatvarioustax,onestrategyforsavingtaxesmeansreducingthetaxbracketofthefabricatingthemostfromthetemporary15-percenttaxratefordividends,meansfindinganotherwaytoreducecorporateIeveIincomeandtaxes
Obviously,neitheranornamentalmetalfabricatingbusinessnoranybusinessownercanliteraIIyreducetheirfederaIincometaxcanhoweverakeactionsthatwiIIhaveasimiIarexampIe:
ChoosingtheoptimaIfromoforganizationforthe
or
proprietorship,partnership,corporation
Corporation).Althoughnotayear-endtaxpIanningstrategy,thisoptiondeservesattentionintheoveraIItaxplanningprocessespeciallyinlightofthecurrent,andtemporary,15percenttaxrateondividendspaidbyincorporatedmetaIworkingbusinesses.
Strueturingtransactionssothatpaymentsreceivedarecapitaicapitaigainsearnedbynon-corporatetaxpayersaresubjecttolowertaxratesthanotherincome.
Shiftingincomefromahigh-taxbracketindividual(suchasyou,thebusinessowner),toaIower-bracketindividuaI(suchasyourchiId).OnefairIy,simpIewaytoaccompIishthisisbyhiringyourpossibiIityistomakeoneormorechiIdrenpartnersinthebusiness,sothatnetprofitsaresharedamongalargergroup・
WhilethetaxIawsIimittheusefuInessofthissrtategyforshifting"unearnedvincometochiIdrenundertheageof14,someopportunitiestoIowertaxratesstilldo,however,thetimetothinkaboutthosestrategiesisduringthecourseofthetaxyear.
ConsistentIyConsistent
AlthoughthegoaIisusuaIIytoreducetaxesthisyear,tobereaIIyeffectivethetaxbracketshouIdbeconsistentincomeisupthisyearbutexpectedtobedownnextyear,forinstance,anornamentalmetalbusinessmightwanttopostponeassetsaIesorotherunusuaItransactionsuntilnextyearwhentheadditionalprofitsmaynotbeasIikeIytoputtheoperationintoahighertax,converseIyifincomeandprofitsaredownthisyear,disposingofunneededequipmentorbusinessassetsviaaprofitabIesaIejustmightgenerateextraincome,incometaxedattheoperation'scurrentlowtaxrates.
Dependingonthecircumstances,anumberofIegitimatestrategiesametalfabricatingbusinesscanempIoybeforeyear,sendwiIIheIpthemremaininthesamebracketthisyear,nextyear,andformanyyearbasicyear-endsavingsstrategiesinclude:
DeIayingColIections:
AcashbasismetaIfabricatingoperationcandeIayyear-endbillingsuntiIlateenoughintheyearsopaymentswiIInotcomeinuntilthefoIIowingyear.
AcceIeratePayments:
WhereverpossibIe,prepaydeductibIebusinessexpenses,ineluding
rent,interest,taxes,insurance,,keepinmindthatthetaxrulesIimittaxdeductionsforsomeprepaidexperises・
AccelerateLargePurchases:
ClosethepurchaseofdepreciablepersonalpropertyorreaIestatewithinthecurrentyear.
AcceIerateOperatingExpenses:
IfpossibIe,acceIeratethepurchaseofsuppIiesorservicesorthemakingofrepairs.
AcceIerateDepreciation:
EIecttoexpenseorimmediateIywrite-offthecostofnewequipmentinsteadofdepreciating,thenewSection179taxruIesnowpermiteverymetalfabricatortodeduct,asanexpense,upto$250,000inexpendituresfornewequipment.
NaturaIIy,whataparticuIarbusinesscandodependsagreatdeaIontheaccountingmethodusedbythecashbasismetalfabricatingoperation,forexampIe,deductsexpensesaspaidandreceiptsbecomeincomewhenreceivedormadeaccruaI一basisbusinessreaIizesincomewhenbilledand
experiseswhenincurredregardIessofwhenincomeis
actually,received,orwhenpaymentismade.
Thisyearslawchanges
TheAmericanRecoveryandReinvestmentAct(ARRA)earIierthisyearextendedanumberofexpiringprovisionsandcreatedafewmorethatwillaffecttheyear-endpIanningexample:
First一year50%bonusdepreciaton:
ARRAextendedthe50%bonusfirst一yeardepreciationaIIowaneeavaiIabIefor2008for2009.
IncreasedSection179experising:
During2009,ornamentalmetalbusinessescanchoosetoexperisesandimmediatelydeductupto$250,000ofthecostofquaIifyingpropertyand$250,000maximumexpensingamountisreducedifthecostofaIISection179propertypIacedinservicein2009exceeds$800,000.
Scorporationbuilt-ingainsholdingtaxyearsbeginningineither2009or2010,ARRAeIiminatesthecorporateIeveItaxonthebuilt-ingainsofanScorporationthatconvertedfromreguIarCcorporation
statusatleastseventaxyearsbeforethecurrenttaxyear・
Going,going,gone
Makingyear-endpIanningmoreurgentthanusual,anumberofprovisionsinourtaxIawexpireintheexpiringprovisionsare:
Thetaxcreditforresearchandexperimentationexpenses.
Increasedalternativeminimumtax(AMT)exemptionamounts.
15-yearstraight一linecostrecoveryforquaIifiedIeasehoIdimprovements,quaIifiedrestaurantbuiIdingsandimprovements,andquaIifiedretaiIimprovements.
Additionalfirst-yeardepreciationfor50%ofbasisofquaIifiedproperty・
Increaseinexpensingto$250,000/$800,000.
Expensingof“Brownfield'snenvironmentalremediationcosts.
Empowermentzonetaxineentives.
TaxincentivesforinvestmentintheDistrietofColumbia.
RenewaIcommunitytaxincentives・
TheFUTAsurtaxofpercent.
Sixty-fivepercentsubsidyforpaymentofCOBRAheaIthcarecoveragecontinuationpremiums・
ReducedestimatedtaxpaymentsforsmaIIbusinesses・
UseofsingIe-employerdefinedbenefitplan'sprioryearadjustedfundingtargetattainmentpercentagetodetermineapplicationoflimitationonbenefitaccruaIs.
TaxtaiIshouldnotwagthedog
ThereisagreatdeaIofpressureinmanymetalfabricatingbusinessestocontinuecuttingcosts,includingcoincideswithincreasedscrutinyoftaxreturnsonmanylevelsofopportunitiesfortaxdeductionswithoutrunningafouIofcash-strapped,stateandIocaItaxauthoritiesshouIdpIaya
roIeinthepIanningprocess.
Onasimilarnote,thefinancialoroperationalstrengthsofabusinesstransactionshouIdaIwaysstandontheirown,asidefromanytaxbenefitsderivedfromisaIsothequestionofwhetherataxdeductionshouIdbetakenorifIegaIIy,feasible,ignored・
AnexceIlentillustrationoftheflexibilityofourtaxruIesarethosegoverningmetalfabricatingbusinessoperatingontheaccruaIbasishastheopportunitytofixtheamountofemployees'bonuspaymentsbeforeJanuary1but
topaythemearIynext,thebonusesarenottaxabIetoempIoyeesuntil2010,butaredeductibIeontheoperation's2009taxreturn-soIongasannouncedbeforetheendof2009,andpaidbeforeMarch16,2010.
Ontheotherhand,whiIefewbusinessesareinapositiontopayempIoyeebonuses,anornamentalandmiseeIIaneousmetaIbusinessmaybenefitbydelayingincomeuntiInext,however,thereisconstruetivereceiptwhenincomeismadeavaiIabIetothefabricatingbusiness.
TaxpIanningalIthetime
AlthoughtaxpIanningshouIdbeayear-roundprocess,anumberofyear-endstrategiescanreducenotonlythisyear'staxbill,butfuturetaxbillsasweIl・
TheownersandmanagersofeverymetaIfabricationbusinessshouldaIsobetakingadditionalstepstoensurethesuccessoftheoperationin2010・
WhetherornotthemetaIworkingoperationisfacingaIargetaxbiIIorsevereIyIowertaxabIeincome,professionaladviceisaImostashouIdhowever,benouncertaintyregardingtheneedforpIanningtominimizetaxesthisyearasweIIasinfuturetaxyears・
Foryourinformation
ThegoaIoushouIdalwaysstrivetokeepyourtaxbillattheabsoIutekeyisgoodtaxpIanning,andIookingatwhatdecisionworkbestintheinstance,sometimesit'sbettertoignoreapotentialtaxdeductiononeyeartosavemoreinalatery
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