News

16.01.2015 News

Tax Brackets, Deductions, and Exemptions for 2015

More than 40 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2015. Let’s take a look at the ones most likely to affect taxpayers like you.

The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates–10, 15, 25, 28, 33 and 35 percent–and the related income tax thresholds are described in the revenue procedure.

The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100. Read more

16.01.2015 News

Tax Changes for 2015: A Checklist

Individuals

For 2015, more than 40 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion, as well as most retirement contribution limits.

For 2015, the tax rate structure, which ranges from 10 to 39.6 percent, remains the same as in 2014, but tax-bracket thresholds increase for each filing status. Standard deductions and the personal exemption have also been adjusted upward to reflect inflation. For details see the article, “Tax Brackets, Deductions, and Exemptions for 2015,” below.

Alternative Minimum Tax (AMT)
Exemption amounts for the AMT, which was made permanent by the American Taxpayer Relief Act (ATRA) are indexed for inflation and allow the use of nonrefundable personal credits against the AMT. For 2015, the exemption amounts are $53,600 for individuals ($52,800 in 2014) and $83,400 for married couples filing jointly ($82,100 in 2014).

“Kiddie Tax” 
For taxable years beginning in 2015, the amount that can be used to reduce the net unearned income reported on the child’s return that is subject to the “kiddie tax,” is $1,050 (up from $1,000 in 2014). The same $1,050 amount is used to determine whether a parent may elect to include a child’s gross income in the parent’s gross income and to calculate the “kiddie tax”. For example, one of the requirements for the parental election is that a child’s gross income for 2015 must be more than $1,050 but less than $10,500. Read more

09.01.2015 News, Personnel, Press

LMGW has promoted Katie, Payal and Vanessa to Manager

From Left to Right – Katie M. Vachon, CPA, Vanessa S. Mun, CPA and Payal U. Shah, CPA

LMGW is proud to announce the promotions of Katie M. Vachon, CPA, Payal U. Shah, CPA and Vanessa S. Mun, CPA to manager.

“It is my pleasure to announce the promotions of Katie, Payal and Vanessa to Manager. Each new Manager brings a unique perspective and skillset to the firm and we look forward to their continued contributions.” said Managing Partner Matthew Wheeler

Katie joined LMGW in 2010 as a staff accountant. Katie has served some of LMGW’s largest and most complex clients.  As a manager, Katie specializes in individual and business taxation. When Katie is not at LMGW, she enjoys cooking, reading, and anything and everything outdoors.  It is her and her husband’s mission to visit as many National Parks as possible.

Payal has nearly a decade of public accounting experience. In 2010, Payal  joined LMGW as a senior accountant. In the role of manager, Payal will serve closely held business providing tax, consulting and accounting services. While away from work, Payal enjoys spending time with her family and friends, cooking, and travelling.

Vanessa came to LMGW in 2013 from a public accounting firm in San Francisco. Vanessa has served as senior to audit and review clients in the for profit and nonprofit sectors. Vanessa has also worked with individuals and business on a variety of tax projects. In her role as manager, Vanessa will continue to split her time between attest and tax. Away from the office, Vanessa enjoys spending time with her family visiting local parks and museums, and trying new restaurants.

Congratulations to our new managers!

07.01.2015 News, Personnel, Press

LMGW has promoted Jaclyn, Jennifer and Jacen to Partner

From Left to Right – Jacen C. Dickman, CPA, Jaclyn E. Skull, CPA and Jennifer A. Hauck, EA

LMGW is proud to announce the promotion of Jaclyn E. Skull, CPA, Jennifer A. Hauck, EA and Jacen C. Dickman, CPA to partner.

Jaclyn, Jennifer and Jacen exemplify the high standards of client service our firm is known for. In addition to being stellar accountants, they are all individuals that I greatly enjoy working with and I am proud to call them partners. It is also a great tribute to our diversity to welcome our first female partners to the partnership” said Managing Partner Matthew Wheeler.

Jaclyn joined LMGW in 2007 after a decade of working in private industry accounting and small business management. As a partner, Jaclyn specializes in business and individual taxation, business accounting and consulting, as well as serving as an advisor for aiding LMGW’s top clients in developing seamless tax planning strategies. When Jaclyn is not at LMGW, she looks forward to traveling, spending time with her family, hiking, and practicing yoga.

Jennifer has nearly 2 decades of experience helping serve the accounting and tax needs of her clients. In 2002, Jennifer joined LMGW as part of a merger of Keith D. Plottel, CPA. In the role of partner, Jennifer will continue to serve high net worth individuals and closely held business as well trusts and estates. While away from work, Jennifer enjoys spending time with her family and friends, being outdoors, or curled up reading a good book.  She is also actively involved in the community as the Treasurer and past President of several PTA organizations and her local little league.

Jacen began his accounting career in 1991 and has a mix of public and private accounting experience. Jacen joined LMGW in 2013, specializing in individual and small business taxation services. In his role as partner, Jacen will continue to serve his individual and business clients providing IRS audit representation, monthly accounting, tax planning and a variety of tax and accounting consulting services. While not working, you can find Jacen taking pictures of nature, fly fishing in Montana, oil painting, building speakers or out on the golf course.

LMGW would like to congratulate our new partners!

07.01.2015 Matt, News, Personnel, Press

LMGW has Named Matthew O. Wheeler as Managing Partner

In his new role, Matthew O. Wheeler will oversee client, talent, quality, regulatory and community initiatives for the firm, which includes 23 individuals. Additionally, he will continue to service LMGW clients focusing on individual and small business tax planning, compliance, and tax dispute resolution services.

“I am humbled and honored to succeed to Keith Plottel’s role and serve LMGW’s professionals and clients,” said Wheeler. “I look forward to building upon the hard work Keith has done in growing our firm and continue to focus our efforts on providing outstanding quality service.”

Plottel will remain a partner at LMGW, serving his diverse client base and  assisting in the transition of managing partner duties to Wheeler.

Wheeler joined LMGW in 2007 as a tax partner and has served some of the largest and most complex clients in the firm.

Active in the community, Wheeler serves on the boards of the Cupertino Chamber of Commerce and the David Andrew “Pooh” Maddan Foundation, a 501(c)(3) non-profit focused on providing financial assistance for living expenses not covered by insurance or otherwise to young adults diagnosed with cancer. The Foundation also recently provided a $100,000 research grant to fund an innovative phase II clinical trial focusing on treating sarcoma patients with minimal side effects. Wheeler received his bachelor’s degree from UC Santa Barbara and a Masters in Taxation from Golden Gate University. He is a member of the California Society of Certified Public Accountants and the American Institute of Certified Public Accountants and is a licensed CPA in California.