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Last Minute Tax Tips For Mariners
by James Maguire
We’re all guilty. We don’t enjoy pondering many of the negative aspects of our lives. Having taxes prepared has been compared to going to the dentist more times than I’d care to remember.
Ronald Regan said, “The Taxpayer - that’s someone who works for the federal government but doesn’t have to take the civil service examination”. Most clients I speak to understand the nature of the tax system and are comfortable with paying their fair share. The issues arise over their interpretation of what a fair share is versus the governments’. Here’s my question - when has ignoring an issue made it better?
December for individual tax planning is similar to packing a sea bag for what could be a six month hitch. When I would sail, there were certain things I made sure to take along. They’re all common sense items - foot powder, toothpaste, email contacts, account info, specific clothing, etc… I know it’s a lot easier to get supplies in my hometown vs. Djibouti, Africa. And once she’s underway, you can’t turn around and go to Wal-Mart.
December 31 is the day before your voyage begins for tax purposes. Once we’ve gone into the new year it’s pretty much too late. Luckily, there’s a month left. Let’s look at some common sense tax planning items that could save you thousands before departure.
1. Have you maxed out retirement?
This is such an easy addition to any tax plan. The higher your income, the more beneficial retirement contributions can be. You’re excluding taxable income at your marginal tax rate (MTR). This is the rate that your next dollar will be taxed at. $10,000 contributed to a 401(k) plan by someone in a 25% bracket saves $2,500 in taxes (plus the state, if applicable). The savings can exceed your MTR in some cases.
If you’re getting hit with alternative minimum tax (which can effectively eliminate your employee business deductions), these contributions will reduce alternative minimum taxable income (AMTI). If you’ve lost child tax credits, these contributions may help put them back on your return. It’s all about adjusted gross income (AGI). It’s one of the most important lines on your 1040. If it’s too high, many benefits you may have qualified for will be lost. 401(k) contributions are excluded from gross income and reduce your AGI. Other retirement contributions (IRA’s SEP’s etc…) are deducted in calculating your AGI.
2. Does your employer offer other tax deferred benefits?
Even in the industry, companies are beginning to catch up with the Jones’. Also, if you’re married and your spouse works, perhaps they have benefits you should be taking advantage of. Perhaps you have a FLEX account. Many employers utilize these accounts that give employees the ability to put away tax deferred dollars for various expenses. Take daycare, it’s a necessary expense for some families. Many companies allow contributions from your salary for daycare that are excluded from taxable income. This would reduce your taxable income and that all important AGI as well.
3. Have you maxed out your deductions? [Continue Reading →]
Tags: · cpa, irs, mariner_tax, maritime_industry, Tax, taxes, tax_tips, year_end_tax_tips
For those curious how the editors at gCaptain research maritime incidents like the Cosco Busan’s allision with San Francisco’s Bay Bridge, here are some of the websites that provide excellent reference material.
Our first stop in researching any maritime related topic is our own Maritime Industry CSE. It’s a powerful resource since it provides search results with the aid of google’s powerful search database and algarithims. Actually the only difference between it and google.com is the fact that our tool narrows the results down and only displays sites that pertain to large ships.
*Tip: Try the “incidents” refinement to narrow down the results even further.
If you are looking for trusted information on incidents as they happen then MAC should be your first stop. Be sure to visit their podcast section as well as their links page which contains a list of the best maritime resources for incident prevention.
For those looking for data that specifically pertains to Container Ships, head over to Searates’ Container Ship Reference Book. Not only is it full of Web 2.0 eye candy, it also has some great hard data.
*Tip: Its shipping lines section has links to both Cosco and Hanjin. By visiting Cosco’s site you will quickly learn they have removed their official “Cosco Busan” statement from Nov 11th.
For breaking news your first stop should be our Maritime News Discoverer but a close second is our Maritime News Mash-up which is automatically updated with the industry’s most trusted news sources.
*Tip - Also take a look at our gCaptain News and Maritime Blog Mash-ups
For those looking for expert opinion from Ship Captain’s we hope you contact us… but your next stop should be CAMM. Contact them directly for contacts from the Maritime Expert Database.
Traditional media is know for making small errors when reporting maritime incidents. To obviate this problem subscribe to MAREX’s FREE weekly newsletter. It is published every Thursday and is written by professional journalists with maritime backgrounds. For past articles click HERE.
*Tip: If you are more interested in weekly blog postings check out Fred Fry’s Maritime Monday
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If you have a reference site of interest please submit it to our Maritime News Discoverer under the category “Links“
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