Accounting, Taxation & Consulting

Update Articles:    Mid-year tax planing    年中çœ�税计划

We are almost through mid-way of this year. It is time for you to review transactions and plot your courses through the remainder of the year. You should also review your tax position before the end of the year. Taking action early enough can mean tax savings for the year and for years to come. 

You should total up your income to date and project what you think it will be through the end of the year. Then you can adopt strategies to reduce taxable income.

 Retirement income planning. Maximize retirement plan contributions. You can make such contributions up to due date of the return, including extensions. However, the earlier in the year that contributions are made, the great the tax-deferred compounding benefit. If you have the opportunity to save for retirement on a salary reduction basis(through a 401(k) plan or a SIMPLE plan) should do so if it is economically possible. For 2004, up to $13,000 can be contributed to a 401(K) plan and 100% of compensation can be contributed to a SIMPLE plan up to a $9,000 maximum contribution.

 Income shifting. Consider income shifting to reduce the overall tax on family income. This can be accomplished on a transfer tax-free basis.  Befor you do any transfer, weigh the following:

Investment income earned by a child under 14 will not save the family any significant tax because the kiddie tax subjects income over $1,400 to the parent's marginal tax rate.

 parent who do not want children to get control of funds or who think they may need the funds in the future should not shift funds to children.

 Assets in the child's name are counted more heavily for higher education financial aid than assets in the parent's name. Those who plan to rely evan partially on financial aid must take this into account.

 Deduction planning for individuals. Determine whether you will itemize deductions or claim the standard deduction. For those on the borderline, use the strategy of bunching deductions every other year for tax advantage.

 Estimated tax planning for individuals. Generally to avoid estimated tax penalties, tax payments must be at least 90% of the current year's liability or 100% of the prior year's liability. You can file a new Form W-4 with your employer to increase withholding when withholding is insufficient. Increasing withholding later in the year can offset estimated tax penalty that would have been due for underpayments earlier in the year. Where withholding is not an option and estimated tax payments have been insufficient, minimize penalties by increasing the last two installments of estimated tax.

 A review of estimated tax and withholding to date could indicate that the taxpayer has already made an overpayment of taxes. If so, the taxpayer can correct this problem by reducing withholding and estimated tax payments for the balance of the year.

Tax payers who expect to receive capital gain distributions from mutual funds at year end should factor in the taxes due on this income in planning withholding and estimated tax payments for the balance of the year.

 Planning for businesses.

 Review the form of business organization. Reviewing the current form of business organization is always good ideas. New rules for S corporations make this form of organization more accesible and attractive to a greater number of businesses. "Check the box" regulations make assurance of partnership tax treatment easy for limited liability companies.

 Plan equipment purchases. Take advantage of the increased dollar limit first-year expensing. Watch for the mid-quarter convention that applies when more than 40% of all assets placed in service during the year are placed in service during last quarter of the year.

 Review inventory. Consider writing down obsolete or damaged goods to their probable selling price. Generally, taxpayers must offer the goods for sale at a reduced price in order to take a loss on the decline in the value of the inventory. The company can charge the writedown to a seperate loss account because the loss is not due to selling the goods.

 Manage expenses. Review supplies and reorder now to increase deduction for the current year. Schedule meetings slated for the subsequent year to the current year to boost dedection.

 å¹´ä¸­çœ�税计划

       时间过的真快，也许您刚刚收到国税局或州税局的退税支票，也许您æ‰�上报完去年的税表没有多长时间，å�ˆåˆ°äº†å�Šå¹´ä¸€æ¬¡ç¨ŽåŠ¡è®¡åˆ’的时候。现在您应该知é�“您今年的大体收入状况，如果您现在就采å�–å¿…è¦�çš„çœ�税步骤，您一定能够é�¿å…�多交ä¸�å¿…è¦�的税。

 æ­¥éª¤1：退休金计划。

 æœ€å¤§é™�度地储存退休金永远是我的第一个建议。您å�¯ä»¥åœ¨æŠ¥ç¨Žæˆªæ­¢æ—¥æœŸ(å�³4月15æ—¥)或者延长期(å�³8月15æ—¥)以å‰�存入退休金å¸�户，但是越早存入å¸�户，一般会有越多的延税利益。当然您的退休金放在高风险的投资中，在今天动è�¡ä¸�定的股票市场中有å�¯èƒ½åœ¨çŸ­æœŸå†…并没有å�–的任何利润。å�‡è®¾æ‚¨æœ‰æœºä¼šé€šè¿‡ä»Žå·¥èµ„中扣除部分收入存人401K或SIMPLE å¸�户中， 您应该尽å�¯èƒ½åœ°åŽ»å�šã€‚2002年您å�¯ä»¥æœ€å¤š 放入$13，000至401(K)退休计划。 100% 劳务所得的$9，000 å�¯ä»¥æ”¾å…¥SIMPLE计划。如果您超过50å²�，还å�¯ä»¥å¤šå­˜å…¥500至1000。

 æ­¥éª¤ 2： 转移收入。

 æ‚¨å�¯ä»¥è€ƒè™‘整个家庭收入的å�Šæˆ�员的收入，然å�Žè®¾æ³•è½¬ç§»å®¶åº­æˆ�员的收入以å‡�少整个家庭的税款。通常采用的一ç§�办法就是无税基数(TAX-FREE BASIS) 的转移。ä¸�过在您å�šä»»ä½•æ”¶å…¥ 转移的时候，请考虑以下几点：

1.  å�‡è®¾æ‚¨çš„å­�女ä¸�到14å²�，这些å­�女的投资收入ä¸�会太多地节çœ�您的交税数目。因为如果他们的投资收入超过$1，400 那么他们必须按照父æ¯�最高的税率æ�¥è®¡ç®—他们的税款.

2. 如果您�愿�您的�女控制资金或者您认为您在�久的将�需�资金，请勿考虑转移收入。当您把收入转移以�就很难�拿回�了.

3. 如果您认为您�女以�就读大学��贷款资助，那么您�女�下的财产会影�到他们的资助申请，�便您的�女�需�部份资助，这也会影�到他们的资助.

步骤3：估计税款的交纳。

为了��估计税款罚款，您必须在当年的12月31日或次年的1月15日�交纳当年90%的税款或去年的全部税款。如果您�现预扣税款�足的时候，您�以填写 W-4表交给您的雇主�求增加工资扣税�。 �便您的工资扣税是在接近年底的时候,所有扣税算作是整个年度 的扣税。接近年底的多扣税款�以��由于少扣估计税款的罚款。�如工资扣税�是一个选择而且估计税款交纳�足的时候，增加最�两次的估计税款交纳数�以�少罚款。 检查估计税款的交纳也�以看出是�多交了税款，如果是这样�以�少以�的估计税款 数�。在此，想�醒��如果您预期年底会有共�基金的分红，计算一下投资收入对税款的影�以��年底扣税�足的情况。

步骤4：公�，�业或�伙人应该考�公�的法律形�是�需�改�。

无论何�形�，收入和�税费用的计划策略�以�少纳税收入��少税款。

1. 考�公�的组织形�永远是个好主�。￿S￿公�的新规定使这�形�更加有利于多数公�。￿表格选择￿规则使有�责任公�更容易选择�伙人的纳税形�。

2. 设备购买计划。 利用第一年�税设备采购的递增金��控制何时购买设备以期达到�税的目的。当心季度中期折旧办法的 适用范围，尽���40%以上的设备在最�一个季度购买。

3. 库存产�的清�。库存产�的价值�少是由于过时或��，您�以用此�抵消收入，但是您必须试图用低价销售库存产�。

4. 控制�本费用。根�您的公�会计政策，比如现金法或记�法，考虑是�增加或�少部份�控费用以达到�少税款的目的。

此文由�利会计税务咨询事务所(J。J。LI，LLC) �建军注册会计师�供。所供信�仅供�考，如果您有任何问题， 请咨询您的注册税务师或 注册会计师。

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