税收筹划的外文文献及翻译.docx

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