Expired/Changed
Provisions
Investment Income
Business Deductions
Potpourri
Foreign Reporting
100
What is the top tax rate for ordinary income?
What is 39.6%? There are 2 new surtaxes starting in 2013: Additional Medicare tax of 0.9% on wages & SE income. A net investment tax of 3.8%. Both of these are for taxpayers in the top tax bracket.
100
This is the new rate for long term capital gains in 2013-2014 for the highest tax braket taxpayers.
What is 20% (Up from 15%)
100
ATRA '12 extends this section 41 credit for two years to 2013.
What is the research credit?
100
Perviously a last minute patch issued year after year has finally been permanently indexed for inflation by the treasury going forward.
What is AMT?
100
Previoiusly known as Form TDF 90-22.1, this form has been renamed to this.
What is 114?
200
Removed in 2010, this phaseout has returned in 2013 for higher income taxpayers.
What is the itemized deduction phaseout? A taxpayer's itemized deductions are reduced by the lesser of: 3% of the excess AGI over the threshold amount; or 80% of the itemized deductions otherwise allowable.
200
The threshold for MFJ taxpayers for triggering the additional 3.8% income tax on investment income?
What is $250,000? $125,000 MFS $200,000 for all others
200
This three year depreciable property is eligable for section 179 in 2013 but not in 2014.
What is computer software?
200
Annual gift exclusion limit for 2014.
What is $14,000?
200
Under form 8938, you need to hold this amount of a entity to be considered as a closly held entity.
What is 80%?
300
Once 50%, this business deduction will be completely phased out in 2014.
What is bonus depreciation?
300
This is California's additional income tax on investment income for 2013.
What is 0? Federal Only.
300
The 2013 section 179 limit followed by the 2014 limit.
What is $500,000 (2013) and $25,000 (2014). Phaseout threshold amount $2 million (2013) and $225K (2014)
300
You need this to qualify for the domestic production deduction (usually found in 13T on K-1's). If you don't have this, don't bother inputing these items.
What is wages?
300
Starting in 2013, FBAR's must be filed using this method.
What is E-file?
400
The agi threshold for this deduction has increased from 7.5% to 10%
What is medical expense deduction?
400
For estates and trusts, the tax is 3.8% of the lesser of: The undistributed net investment income; or this threshold.
What is $11,950?
400
Generally, all tangible property purchased for use in a trade or business must be considered for capitalizatoin except for this type of property.
What is inventory? Property held for sale to customers in the course of business.
400
If you aquired Qualified Small Business Stock (QSBS) between this date range you qualify for 100% federal gain exclusion.
What is What is September 28, 2010 to December 31, 2013?
400
In October of 2013, Ty Warner, the creator of this product pleaed guilty of tax evasion for failing to disclose $24.4 million of income held in Swiss Bank Accounts, evading $5 million in taxes. Mr Warner also faces civil penalties $53 million, 50% of the balance of the accounts.
What are Beanie Babies?
500
The new qualified plug-in electric drive vehicles credit allows a tax credit if in the case of a vehicle which draws propulsion energy from a battery with not less than X kilowatt hours of capacity. ***Daily Double***
What is 5 kilowatt hours? There is actually a chart on the IRS website that has the exact amount of credit for each vehicle that qualifies.
500
These are the first 4 line items of types of investment income on form 8960.
What are interest, dividends, annuities from nonqualified plans and passive scheduule E income?
500
Under the new treasury regulations, businesses are required to capitalize amounds paid to improve a "unit of property" which are activities that result in one of these three criteria.
What is a betterment, restoration or adaptation of property for new or different use?
500
Employees and partners of Eichstaedt take the Spidell update in these five locations.
What is South San Francisco, Berkeley, Pleasanton, San Rafael & San Ramon?
500
Form 3520 is used to disclose this foreign transaction.
What is transactions with foreign trusts and receipt of certain foreign gifts?
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