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Member Workshop: IRS Changes for eBay Businesses - Oct 10
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Last Post Oct 10, 2007 11:03 AM by: deirdre@ebay.com
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deirdre@ebay.com
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 1, 2007 1:12 PM
Topic: Member Workshop: IRS Changes for eBay Businesses

Host: dkennedycpa
Date: Wednesday 10/10
Time: 10:00 a.m. to 11:00 a.m. Pacific time
Location: Workshop Discussion Board

Description: The IRS and Tax Court comes up with new changes in court regulations every single day. How did this year’s tax changes affect your business and the taxes you pay? Want to stay up-to-speed on the latest changes that may impact your eBay experience? Please join best selling-author and CPA Diane Kennedy for an information-packed hour to learn how to prepare for the changes to protect your assets and your hard-earned money.

Cheers,

Deirdre
eBay Community Development
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:49 PM
Hello. My name is Diane Kennedy. I’ve been a CPA and Tax Strategist for over 25 years. My specialty is working with small business owners and real estate investors. My tax education company, Tax Loopholes, LLC, teaches people through books like Tax Loopholes for eBay Sellers, tapes and seminars on how to take advantage of the legal tax-reduction strategies that available to everyone. Please remember that laws and practices vary from state to state and if tax, accounting, legal and other specific expert advice is required, the services of a professional should be obtained.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:52 PM
When the government wants to promote a specific public policy it often uses tax breaks to get the public interested. There are two things that the government wants you to do: (1) Start a business and (2) Invest in real estate. So, to encourage you, the government offers all kinds of tax breaks. Because these tax breaks are sponsored and created by the government, they're safe, legal, and meant to be used.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:52 PM
eBay has generously set aside time for us to present these business-related sessions designed to help you make more and keep more money. We have a new workshop every month. Mark your calendars!

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:55 PM
And, just before we begin I want to tell you about this month's free offer. The first 10 people who post on this workshop will be entitled to receive a free copy of my downloadable audio/video product, 100 Loopholes in 100 Minutes. We'll be tracking posts throughout the workshop and will announce the recipients at the end.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:55 PM
The Number One year-end tax planning question for 2007 will be: Are you subject to AMT (Alternative Minimum Tax)? As of this date, we don’t yet know if Congress will do anything to extend the last minute AMT income adjustment band-aid that they've been doing for the past several years. If Congress DOES extend it, somewhere between 5 and 10 million Americans may still be or become subject to AMT. On the other hand, if Congress DOESN'T extend the band-aid solution, up to 19 million more Americans could be subject to AMT.

Diane Kennedy, CPA
www.taxloopholes.com
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dkennedycpa
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Member Workshop: IRS Changes for eBay Businesses - Oct 10

Oct 8, 2007 12:56 PM
Either way, AMT may very well be coming to get you in 2007. If you:

  • Have a gross household income of $100,000 or more;

  • Claim a large number of exemptions;

  • Itemize deductions and claim large deductions for taxes and/or miscellaneous deductions subject to the 2 percent of AGI (adjusted gross income) limit;

  • Take out a home mortgage or equity line of credit and use the proceeds for a purpose other than to buy, build, or substantially improve your home; and

  • Exercise incentive stock options and don't sell the stock in the same year.

  • Live in a state with high state taxes.


    • Check with your CPA immediately to see if AMT is an issue this year for you. If it is, your end of year tax strategy will likely be different than we’re showing below.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:56 PM
    The alternative minimum tax (AMT) was designed to ensure that wealthy taxpayers were not able to escape taxation by exploiting deductions. However, the AMT has not been appropriately indexed for inflation, which means that it affects a growing number of taxpayers every year. Congress has passed a few legislative "patches" to keep it from hitting too many people, the latest in 2006 to cover 2006.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:56 PM
    While the patch maintains the status quo, that situation does not prevent a growing number of taxpayers of falling victim to the AMT each year. 2006 and 2007 will prove to be "record years" for the IRS's collection of AMT.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:58 PM
    To make sure you don't wind up paying AMT if you can avoid it, start by projecting your income for the rest of this year and next, at the least. That will help figure out how likely it is that you need to address the situation. Some of the items to consider regarding AMT are:

  • State and local taxes;

  • Home equity loans and other mortgage interest not incurred in buying, building or improving your principal residence;

  • Incentive stock options -- these may generate AMT income even when sold at a loss;

  • Private activity bonds; and

  • Other itemized deductions.


    • Need to know more about AMT? Please go to Link to see my April 2007 AMT workshop for eBay businesses.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:58 PM
    There were other changes for 2007 as well. Here’s some of the top ones that are most likely to affect you.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:59 PM
    Higher Income Limits for Deductible IRAs and for Roth IRAs. If you are covered by a retirement plan at work, you can take a full IRA deduction if your modified adjusted gross income is less than $83,000 (married filing jointly) or $52,000 (single or head of household). A partial deduction is allowed until your adjusted gross income reaches $103,000 if you are married filing jointly or $72,000 if you are single or a head of household. Also, the opportunity to contribute to a Roth IRA is now phased out as your modified adjusted gross income rises between $156,000 and $166,000 if you are married filing jointly or $99,000 to $114,000 if you are single or a head of household.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:59 PM
    Indexed Tax Brackets. Thanks to higher inflation in the past year, the 15 percent, 25 percent, 28 percent, 33 percent, and 35 percent tax brackets all kick in at a bit more than 4 percent higher levels of income than in 2006. WARNING: AMT tax brackets do not adjust for inflation.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 12:59 PM
    Larger Personal Exemptions. For 2007, each personal exemption you can claim is worth $3,400, up by $100 from 2006.

    Diane Kennedy, CPA
    www.taxloopholes.com
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    dkennedycpa
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    Member Workshop: IRS Changes for eBay Businesses - Oct 10

    Oct 8, 2007 1:00 PM
    Higher Standard Deductions. For 2007, the standard deduction for marrieds filing jointly rises to $10,700, up by $400 from 2006. For single filers, the amount increases to $5,350 in 2007, up by $200 over 2006. And heads of household can claim $7,850 in 2007, a jump of $300 from 2006.

    Diane Kennedy, CPA
    www.taxloopholes.com
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