Tax Guide 2014
Q&A with a CPA: Advice on what to do this tax season By JAMES STITT jstitt@lecenter.com With the start of tax season around the corner, there can be many questions about getting the most out of your tax returns. We compiled a list of questions from followers on Facebook, and let certified public accountant Terry Hoehn, of Johnson & Hoehn, in St. Peter, answer those questions and give advice to taxpayers. How do you know if you should itemize or not? You should itemize your deductions if you own a home with mortgage interest and property taxes, have high unreimbursed medical bills, high charitable contributions or have high unreimbursed employee expenses, (such as a salesman or a truck driver). When should you hire someone to help you with your taxes? You should get help with your tax return if you are involved in or own a business, own rental property, have investments of stocks, bonds or mutual funds or
just are unsure how the tax law applies to your situation. What is the criteria for when you can claim Hoehn someone as a dependent? Generally is your child and they have lived with you for most of the year, are under age 24 and in school. Some of the rules can get involved depending on the various situations. What education expenses are deductible? You need to be more specific as there are three main types of education deductions or credits. Generally college costs for you or your dependents are eligible for a credit against your tax provided you do not exceed the income limits. A different set of education expenses can be deducted on the Minnesota return for your kids in grades K-12 (unless income is low enough to qualify for tax credits). Finally, education expenses
Tax season is among the most stressful for Americans. Getting answers from a CPA should help relieve some of those pressures. (Metro Creative Images)
can be deducted if they relate to your continuing development in your career or field of work. These are deducted on Schedule A as an itemized deduction subject to some limitations. Is it worth it to save all your receipts through the year to write off the sales tax you pay on everything? Probably not. You can deduct either your sales tax expense or your state income tax expense, whichever is greater. Most people in Minnesota will have higher
state income taxes versus sales tax so the sales tax is generally not going to do any good as a deduction. Also, it usually does not pay to keep receipts as the IRS will compute a standard amount based on your income level, so it just is not worth the time and effort to track sales tax. What happens to an individual if both they and their former spouse claims their child as a dependent? Will one of the parents be penalized? This questions may need to
have more information supplied in order to give a complete answer, but generally the IRS will award the dependency exemption to the “custodial parent” (who ever lived with the child the longest during the year). If according to court documents the “noncustodial parent” is entitled to the exemption in a year, then IRS form 8332 needs to be completed and signed by the custodial parent and then given to the noncustodial parent to be attached to their tax return. There
are some different rules that apply to as to went the court document was signed (pre-1985 or Post 1984 to 2009,and after 2008). The parent who was not supposed to claim the child will have to pay any tax back that may have been refunded as a result of incorrectly claiming the dependent. Reporter James Stitt can be reached at 931-8572 or follow him on Twitter @LCL_j_stitt.
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TAX GUIDE
Wednesday, January 29-Thursday, January 30, 2014
Minnesota offers electronic options for paying state income taxes Paying your taxes electronically is secure, easy and convenient. You can pay from a bank account, or with a credit or debit card. From Your Bank Account Pay online with our e-Services Payment System You can use e-Services to pay income tax, use tax, delinquent tax bills, and other agency debts collected by (or “referred to”) the Minnesota Department of Revenue. Pay by phone at 1-800-5703329 You can specify when payment will be taken from your checking or savings account, in advance or on the due date. You can cancel payments until 5 p.m. on the scheduled payment date. You will need your Social Se-
DID IT ARRIVE? I made an electronic payment. How do I know if you got it? To determine if your payment was received by the department check with your financial institution to ensure that the payment cleared your account. This will apply for all types of payment except for cash. All cash payments are made directly at the department’s Stassen Building and receipt of payment would have been given at the time of payment.
curity number and banking information. You must use an ac-
count that is not associated with any foreign banks. With a Credit or Debit Card Pay online at www.payMNtax. com You can use a credit or debit card to pay state income tax, estate tax, use tax, delinquent tax bills, and other agency debts collected by (or “referred to”) the department. The following cards are accepted: Credit Cards: Visa, MasterCard, American Express or Discover/Novus card Debit Cards: Visa or MasterCard Consumer debit card or any card that has an NYCE, Pulse or STAR logo Value Payment Systems LLC processes credit and debit card payments. There is a convenience
fee for this service. For details, go to the payMNtax.com Convenience Fee Calculator. For help with your credit card payment, contact Value Payment
Systems at 1-888-877-0450 and MN (1-855-947-2966) select option 1 (live operator). Available Monday – Friday, Available Monday – Friday from from 7 a.m. – 7 p.m. Central time. 7 a.m. – 7 p.m. Central time. Pay by phone at 1-855-9-IPAY-
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Wednesday, January 29-Thursday, January 30, 2014
TAX GUIDE
IRS plans Jan. 30 tax season opening for 1040 filers Following the January 2013 tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers — more than 120 million households — should be able to start filing tax returns starting Jan 30. The IRS estimates that remaining households will be able to start filing in late February or into March because of the need for more extensive form and processing systems changes. This
group includes people claiming residential energy credits, depreciation of property or general business credits. Most of those in this group file more complex tax returns and typically file closer to the April 15 deadline or obtain an extension. “We have worked hard to open tax season as soon as possible,” IRS Acting Commissioner Steven T. Miller said. “This date ensures we have the time we need to update and test our processing systems.” The IRS will not process paper tax returns before the anticipated Jan. 30 opening date. There is no advantage to filing on paper before the opening date, and taxpayers will receive their tax refunds much faster by using e-file with direct deposit. “The best option for taxpayers is to file electronically,” Miller said. The opening of the filing sea-
(Metro Creative Images)
son follows passage by Congress of an extensive set of tax changes in ATRA on Jan. 1, 2013, with many affecting tax returns for 2012. While the IRS worked to anticipate the late tax law changes as much as possible, the final law required that the IRS update forms and instructions as well as make critical processing system adjustments before it can begin accepting tax returns. The IRS originally planned to open electronic filing this year on
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education tuition and fees deduction and educator expenses deduction. Who Can’t File Until Later? There are several forms affected by the late legislation that require more extensive programming and testing of IRS systems. The IRS hopes to begin accepting tax returns including these tax forms between late February and into March; a specific date will be announced in the near future. The key forms that require more extensive programming changes include Form 5695 (Residential Energy Credits), Form 4562 (Depreciation and Amortization) and Form 3800 (General Business Credit). A full listing of Jan. 22; more than 80 percent of people claiming the state and lo- the forms that won’t be accepted taxpayers filed electronically last cal sales tax deduction, higher See TAX 6 year. Who Can File Starting Jan. 30? At Tax Time your Accountant The IRS anticipates that the is a Financial Surgeon preparing vast majority of all taxpayers can and submitting Tax Returns file starting Jan. 30, regardless of Think of your Lender at whether they file electronically or First Farmers & Merchants Bank on paper. The IRS will be able to as your family Financial Doctor. accept tax returns affected by the Now prescribing Business, Agricultural, & Consumer Loans and Bank Service Products to help keep your business and late Alternative Minimum Tax family Financially Healthy year-round. (AMT) patch as well as the three major “extender” provisions for Give us a call at 507-665-2265
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TAX GUIDE
Wednesday, January 29-Thursday, January 30, 2014
Free File open, offers free tax prep and e-filing The Internal Revenue Service has announced the immediate availability of Free File brandname software for most taxpayers. Fourteen commercial software companies that provide their Free File tax prep products at no cost began offering their products today — available only at IRS.gov/ freefile Although you can complete and e-file your tax return now, the Free File companies will hold it until Jan. 31 when the IRS begins accepting returns. As previously announced, the IRS delayed the filing season due to critical system testing following the federal government closure. “Many tax preparers and tax software companies are now open for return preparation, including Free File. If you plan to get a head start on your taxes, remember to e-file. Electronic filing will allow
WATCH AND LEARN The Internal Revenue Service has a series of videos on its Youtube channel, irsvideos, designed to help taxpayers file their 2013 tax returns. Find and subscribe to the channel at youtube.com/user/ irsvideos?feature=watch.
software companies to hold your return and to automatically send it to the IRS on Jan. 31. There is absolutely no advantage to filing by paper,” said IRS Commissioner John Koskinen. “If you want to save money and time, just use Free File to prepare and e-file your federal return at no charge.” As Jan. 31 approaches, Koskinen reminded taxpayers that IRS. gov has a range of information
and services to help taxpayers prepare their tax returns. “Free File is just one of the many services available through IRS.gov to help people with their taxes,” Koskinen said. “Additional services include Where’s My Refund for timely updates on refunds, YouTube videos with quick tax tips, and many other ways of getting information. We encourage taxpayers to explore IRS.gov as tax season approaches.” Free File, a public-private partnership, is the free way to do your federal tax returns either by using brand-name software or online fillable forms. Free File software is available now to more than 100 million individuals and families that earn $58,000 or less, which is 70 percent of taxpayers. Starting Jan. 31, Free File Fillable Forms will be available to accept tax returns for free e-filing from any taxpayer who is com-
fortable preparing their own tax return. Nearly 40 million taxpayers have used Free File since it debuted in 2003. These taxpayers have saved more than an estimated $1.2 billion by using Free File. Here’s how it works: At IRS.gov/freefile, select the “Free File Software” button. Each of the 14 Free File companies sets specific offers – generally based on income, state residency and age – to use their software. If your income is $58,000 or less, you will find at least one, if not more, offers available to you. You can review each of the 14 company offers or use the IRS “Help Me Find Free File Software” tool to find an offer that matches your situation. Once you make your selection, you will be directed to the commercial provider’s website to begin preparing your
return. Free File is for federal returns but most companies also offer state tax return preparation, some for free. If your income was more than $58,000, you can still do your taxes and e-file them. Just select the “Free File Fillable Forms” button. Again, this product will be available starting Jan. 31. Free File Fillable Forms is the electronic version of IRS paper forms, and it is best for people used to doing their own taxes. This option helps with math but not with step-by-step assistance. Instructions for filling out the form can be found on the IRS website. State tax return preparation is not available using this option. The fastest way to get your refund is by combining IRS e-file with direct deposit. Once the IRS
begins processing returns, it expects to issue more than 90 percent of refunds in fewer than 21 days. Check “Where’s My Refund?” for personalized refund information based on the processing of your 2013 tax return. You can start checking on the status of your return within 24 hours after the IRS accepts your e-filed return. Updates to refund status are made once a day so you don’t need to check the status more than once a day. The 14 Free File companies are part of a consortium called the Free File Alliance, which has partnered with the IRS for 11 years to make these commercial products available for free to taxpayers who don’t earn high incomes. You must access these products See FILE 6
Free tax preparation help available to Minnesotans For free tax preparation assistance locations, visit www. revenue.state.mn.us/. Qualifying taxpayers can get free help preparing their federal and state income tax returns at locations across Minnesota. You can get this help if any of the following apply: • You are a senior citizen (age 65 or older) • You are disabled • You speak limited or no
– Samuel W. Johnson, CPA – Gary F. Schuft – Jeff J. Ruble
English • Your income is $52,000 or less Help with your current tax return is available during the tax season. Most free tax preparation sites are open Feb. 1- April 15. At some locations, help is available during the summer months for the Homeowner Homestead Credit Refund and Renter Property Tax Refund returns or prior year income tax returns.
– Terry L. Hoehn, CPA, CFP – Judy A. Bruns
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Wednesday, January 29-Thursday, January 30, 2014
TAX GUIDE
PAGE 5
Tips for seniors to avoid common errors while preparing taxes Current research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you’ll find links below to helpful publications as well as information on how to obtain free tax assistance. Standard Deduction for Seniors — If you do not itemize your deductions, you can get a higher standard deduction amount if you and/or your spouse are 65 years old or older. You can get an even higher standard deduction amount if either you or your spouse is blind. (See Form 1040 and Form 1040A instructions.) Taxable Amount of Social Security Benefits -When preparing your return, be especially careful when you calculate the taxable amount of your Social Security. Use the Social Secu-
rity benefits worksheet found in the instructions for IRS Form 1040 and Form 1040A, and then double-check it before you fill out your tax return. See Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Credit for the Elderly or Disabled — You must file using Form 1040 or Form 1040A to receive the Credit for the Elderly or Disabled. You cannot get the Credit for the Elderly or Disabled if you file using Form 1040EZ. Be sure to apply for the Credit if you qualify; please read below for details. Who Can Take the Credit: The Credit is based on your age, filing status and income. You may be able to take the Credit if: Age: You and/or your spouse are either 65 years or older; or under age 65 years old and are permanently and totally disabled. AND Filing Status: Your income on Form 1040 line 38 is less than $17,500, $20,000 (married filing jointly and only one spouse
qualifies), $25,000 (married filing jointly and both qualify), or $12,500 (married filing separately and lived apart from your spouse for the entire year). And, the non-taxable part
of your Social Security or other nontaxable pensions, annuities or disability income is less than $5,000 (single, head of household, or qualifying widow/er with diependent child); $5,000
(married filing jointly and only one spouse qualifies); $7,500 (married filing jointly and both qualify); or $3,750 (married filing separately and lived apart from your spouse the entire year).
Calculating the Credit: Use Schedule R (Form 1040 or 1040A), Credit for the Elderly or Disabled, to figure the amount of the credit. See the instrucSee TIPS 6
Financial Considerations for 2014 What changes should we consider making for next year?
2014 is here. Winter is the time of year when the financially savvy start to look for ways to reduce their taxes and make year-end moves in pursuit of key financial objectives. What might the big picture hold? Absent a crystal ball, let’s turn to the September edition of the Wall Street Journal’s Economic Forecasting Survey. The WSJ asks 52 economists for their take on things each month, and here is how they see 2014 shaping up for America: GDP of 2.8%, a jobless rate declining from the present 7.3% to 6.6% by the end of next year and consumer inflation of 2.5% or less through the end of 2015. These analysts also see the Federal Reserve keeping the benchmark interest rate at 0-0.25% for all of 2014. As for the yield on the 10-year note, their consensus projection has it hitting 3.28% in June 2014 and 3.57% in December 2014. They also see home prices rising 5.22% YOY in 2014 after a 7.85% gain across 2013. Oil, they think, will average $102.73 a barrel on the NYMEX this December, declining to $98.17 a barrel next December. For its part, the International Monetary Fund projects 3.8% inflation-adjusted global growth next year, and a 4.3% tumble for global non-fuel commodities in U.S. dollar terms. These are all macro forecasts worth keeping in mind.1,2 Now, how about your picture? Beyond these macro forecasts that may affect your business and personal finances, what moves might you consider? Can you max out your IRA or workplace retirement plan contribution? If you have, congratulations (especially if you benefit further from an employer match). If you haven’t, you still have the chance to put up to $5,500 into a traditional or Roth IRA for tax year 2013, $6,500 if you are 50 or older this year, assuming your income levels allow you to do so. (Or you can spread that maximum contribution across more than one IRA.) Traditional IRA contributions are tax-deductible to varying degree. The contribution limit for participants in 401(k), 403(b) and most 457 plans and the Thrift Savings Plan is $17,500 for 2013, with a $5,500 catch-up contribution allowed for those 50 and older.3,4 Incidentally, the FY 2014 federal budget set out by the White House proposes some changes to IRAs & 401(k)-style plans in 2014. First, if an individual’s total tax-deferred retirement savings through these plans is great enough to produce yearly retirement income of $205,000 for the individual and his/her surviving spouse, then further contributions to such accounts would be nixed. (Today, it would take savings of nearly $3.5 million to produce such a retirement income stream.) Second, the Stretch IRA strategy would basically vanish: the FY 2014 budget proposes that all IRA inheritors follow the 5-year rule, in which an inherited IRA balance is reduced to zero by the end of the fifth year after the year in which the original IRA owner dies. (Disabled IRA inheritors and certain other beneficiaries would be exempt from the 5-year rule.)5 Should you go Roth in 2014? The younger you are, the more sense a Roth IRA conversion may make. If you have a long time horizon to let your IRA grow, have the funds to pay the tax on the conversion, and want your heirs to inherit tax-free distributions from your IRA, it may be worth it. If you think you will pay less tax in the future or you might die with a large charitable bequest, then it may not be a wise move. Can you harvest portfolio losses before 2014? This is the time of year to think about tax loss harvesting – dumping the losers in your portfolio. You can claim losses equivalent to any capital gains recognized in a tax year, and you can claim up to $3,000 in additional losses beyond that, which can offset dividend, interest and wage income. If your losses exceed that limit, they can be carried over into future years. It is a good idea to do this before December, as that will give you the necessary 30 days to repurchase any shares should you wish.6 In terms of taxes, should you delay a big financial move until 2014? Talk with a tax professional about the impact that selling or buying a home or business might have on your 2013 taxes. You may want to wait. Receiving a bonus, getting married or divorced, exercising a stock option, taking a lump-sum payout – these events have potentially major tax consequences as well. Business owners may want to consider whether to make a capital purchase or not. Look at tax efficiency in your portfolio. Investors were strongly cautioned to do this at the end of 2012 as the fiscal cliff loomed; it is a good idea before any year ebbs into the next. You may want to put income-producing investments inside an IRA, for example, and direct investments with lesser tax implications into brokerage accounts. Finally, do you need to change your withholding status? If major change has come to your personal or financial life, it might be time. If you have married or divorced, if a family member has passed away, if you are self-employed now or have landed a much higher-salaried job, or if you either pay a lot of tax or get unusually large IRS or state refunds, you will want to review this with your tax preparer.
Pete Plut, Financial Advisor Located at First National Bank 10 W. Minnesota St., Le Center, MN 56057 Telephone: 507-357-2238 Fax: 507-357-6687 peteplut@investmentcenters.com Investment Centers of America, Inc. (ICA), member FINRA/SIPC and a Registered Investment Advisor, is not affiliated with The First National Bank of Le Center. Securities, advisory services and insurance products offered through ICA and affiliated insurance agencies are *not insured by the FDIC or any other Federal Government agency *not a deposit or other obligation of, or guaranteed by any bank or their affiliates *subject to risks including the possible loss of principal amount invested.
PAGE 6
TAX GUIDE
Wednesday, January 29-Thursday, January 30, 2014
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for Schedule R (Forms 1040 or 1040A) if you want the IRS to figure this credit for you. Also see Publications 524 (Credit for the Elderly or Disabled); and 554 (Tax Guide for Seniors). Free IRS Tax Return Preparation — IRS-sponsored volunteer tax assistance programs offer free tax help to seniors and to low- to moderate-income people who cannot prepare their own tax returns. Other Helpful Publications Publication 907, Tax Highlights for Persons with Disabilities Publication 17, Your Federal Income Tax Publication 3966, Living and Working with Disabilities For more information, visit www.irs.gov/Individuals/Seniors&-Retirees/Tips-for-Seniors-inPreparing-their-Taxes.
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TAX GUIDE
Wednesday, January 29-Thursday, January 30, 2014
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