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Tax Planning For High Income Individuals (MLC440R)
Learn How To Minimize The Net Investment Income Tax
Learn how the new taxes contained in the American Taxpayer Relief Act of 2012, and the Patient Protection and Affordable Care Act will impact high-income individuals beginning with the 2013 tax year. Know how these new taxes are imposed on earned and net investment income with this session by Cherie Hennig, Ph.D.
You will be provided with realistic and comprehensive examples that illustrate the tax compliance issues these new taxes raise and illustrates tax planning techniques to minimize these taxes.
A comprehensive analysis of the choice of business entity decision will illustrate how the S-corporation can significantly reduce the applicability of these new taxes on business income.
Topics covered include:
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
.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
Partners & LLC/LLP Members
S corporation shareholders
Tax minimization strategy for business income: The S-corporation
Gain a practical understanding of the new taxes imposed on high income taxpayers
Learn about tax compliance issues when computing and reporting these new taxes
Learn how to minimize the Net Investment Income tax
Learn how to significantly reduce the total tax burden by shifting business income to an S corporation
Who should attend:
All professionals, including tax directors, managers and staff responsible for tax compliance, CPAs, EAs, Tax Attorneys and other business and financial professionals advising clients on tax compliance who want to expand their knowledge of the new taxes imposed on high income individuals.
Cherie Hennig, Ph.D., is the author of the treatise, Practical Guide to Schedule M-3 Compliance, 2nd edition, published by CCH, Contemporary Tax Practice, 3rd edition, published by CCH, and numerous articles on Schedule M-3 and Schedule UTP compliance which have appeared in The Tax Advisor, Ta...