Numbers, numbers, numbers – 2012 and 2013 The following list contains some of the “number” changes (many based on mandated inflation adjustments) that Magellan Jets thought you might find interesting and helpful for 2013 planning (with 2012 comparative numbers). Please note that the “numbers” reflect American Taxpayer Relief Act, signed into law by President Obama on January 3, 2013. (A publication of Nixon Peabody LLP)
Federal Income Tax Items
2012
2013
Top federal marginal tax rate for ordinary income
(applicable for taxable income over $388,350 joint and single in 2012 and $450,000 joint and $400,000 single in
2013); lower tax brackets are 10%, 15%, 25%, 28%, and
33% in 2012 and 10%, 15%, 25%, 28%, 33% and 35% in
2013
35%
39.6%
Federal tax rate for long-term capital gains (assets held for
more than one year) for individuals in the 10% and 15% tax brackets (taxable income of up to $72,500 joint and $36,250 single in 2013)
0%
0%
Federal tax rate for long-term capital gains (assets held for
more than one year) for individuals in the 25%, 28%, 33% and 35% brackets (taxable income of up to $450,000 joint and $400,000 single in 2013)
15%
15%
Federal tax rate for long-term capital gains (assets held for
more than one year) for individuals in the 39.6% bracket
(taxable income over $450,000 joint and $400,000 single in
2013)
N/A
20%
Federal tax rate on the portion of long-term gain from real
estate that represents depreciation recapture (so-called
“Section 1250 gain”)
25%
25%
Federal tax rate on long-term gain from collectibles (art,
antiques, precious metals, gems, stamps, coins, etc.)
28%
28%
Federal tax rate on long-term gain on small business stock
eligible for the 50% exclusion
28%
28%
Federal Income Tax Items
2012
2013
Federal tax rate for qualifying dividend income for
individuals in the 10% and 15% tax brackets (taxable income of up to $72,500 joint and $36,250 single in 2013)
0%
0%
Federal tax rate for qualifying dividend income for
individuals in the 25%, 28%, 33% and 35% brackets
(taxable income of up to $450,000 joint and $400,000 single in 2013)
15%
15%
Federal tax rate for qualifying dividend income for
individuals in the 39.6% bracket (taxable income over
$450,000 joint and $400,000 single in 2013)
N/A
20%
Standard deduction
Married filing jointly
Head of household
Single or married filing separate returns
Additional amount for aged or blind
– married filing jointly
– single
$11,900
$8,700
$5,950
$1,150
$1,450
$12,200
$8,950
$6,100
$1,200
$1,500
Net unearned income of children under age 19 and
dependent fulltime students under 24 that escapes the
“kiddie” tax (child taxed at parent’s marginal rate)
$1,900
$2,000
“Kiddie” standard deduction
$950
$1,000
Personal exemption amount (subject to “phase out,” as noted
below)
$3,800
$3,900
Amount of 2013 taxable income at which the $3,900
personal exemption begins to “phase out.” In 2012, no phase out applies.
Married filing jointly Head of household Single
Married filing separately
N/A N/A N/A N/A
$300,000
$275,000
$250,000
$150,000
Applicable amount of 2013 adjusted gross income (AGI)
after which itemized deductions are reduced (by 3% of the AGI over this applicable amount). In 2012, no reduction applies.
Married filing jointly Head of household Single
Married filing separately
N/A N/A N/A N/A
$300,000
$275,000
$250,000
$150,000
Taxable wage base for Social Security and self-employment
income
$110,100
$113,700
Per the Patient Protection and Affordable Care act (PPACA),
Medicare surtax on investment income when Modified Adjusted Gross Income (MAGI) (AGI plus foreign earned income) exceeds the following thresholds:
Married filing jointly – $250,000
Single – $200,000
Tax is assessed on the smaller of the filer’s investment income or the excess of MAGI over the applicable threshold amount.
Federal Transfer Tax Items
2012
2013
Top estate tax rate
35%
40%
Top gift tax rate
35%
40%
Top Generation Skipping Tax (GST) rate
35%
40%
Annual gift tax exclusion per donee
$13,000
$14,000
Applicable lifetime gift tax exemption
$5,120,000
$5,250,000
Applicable estate tax exemption
The exemption amount does not reflect “Portability,” which is the ability to utilize the unused estate exemption of a spouse who died in 2011 or later.
Spousal transfers during life or at death (U.S. citizens)
Unlimited
Unlimited
Annual gift tax exclusion for transfer to non-citizen spouse
$139,000
$143,000
Reporting threshold for gifts received from foreign corporations and partnerships
$14,723
$15,102
Reporting threshold for gifts received from non-resident aliens and foreign estates
$100,000
$100,000
Do you have your plans set for Spring Break yet? It won’t be long before the kids are home and looking for something to occupy their free time. If you’ve got kids in school anywhere from pre-k to college, spring break really is ideal for a family vacation. Whether you’re looking for some warm sunshine to recharge your soul until summer or some outdoor winter fun, here are Magellan Jets picks for a cherished family spring break.
Atlantis Resort Paradise Island, Bahamas The legendary underwater world containing the same name has nothing on this Paradise Island resort. Atlantis has every component to build the family vacation of a lifetime. Children and their parents will fall in love with the luxurious resort surroundings and numerous kids’ activities. Kids can choose their own themed adventures at the Atlantis Kids Adventure program designed specifically for children’s imaginations. Design and create your own pizza in culinary classes, don a hard hat and build in the Lego Construction room, or maybe your child would enjoy hanging in a cozy tree with a perfect book. Atlantis has every area covered; giving parents the chance to squeeze in a few moments of relaxation for themselves.
Steamboat Resort Steamboat Springs, Colorado Families and kids are Steamboat Spring’s specialty! Steamboat offers Kids ski programs, Kids-only terrains, and Kids Ski Free vacation deals. Lessons are available for kids 2.5-5 years old where they can master the skill before heading off to the kiddies terrain park. Steamboat provides a playground for adults too! Experience the wonderland beyond skiing by enjoying snowmobiling, horseback riding, sleigh ride dinner, hot springs, spa services and more! It is no surprise why Steamboat is rated North America’s #1 Family Resort!
Sandy Lane St. James, Barbados Sandy Lane Resort is a spring break destination that screams luxury. This exclusive resort is pricy, but a worthy investment if you’re looking for chauffeured luxury cars, palatial suites, scented towels, polished resort atmosphere and plenty of engaging activities to keep the little ones happy. Parents can enjoy a few rounds of golf on immaculately manicured fairways or relax at the spa with a massage while the kids explore the Treehouse Club with activities like nature walks, sports, crafts and carnival days, complete with stilt-walking. The whole family will love swimming with the rare Hawksbill turtles in the reefs located just off the shore.
Kauai Surf School Poipu Beach, Hawaii A family that surfs together stays together, at least that’s what the folks at Kauai Surf School say. At the Kauai Surf School families can arrange for family surf camp sessions that are custom built for your family’s wants and needs. The whole gang can stay at the surf schools own “Surf House” in Poipu where everyone can enjoy gourmet breakfast, lunch, and dinner served daily. On the beautiful Garden Isle of Kauai you can spend quality time in and out of the water. Take advantage of all the activities the island has to offer such as snorkeling, hiking, and just exploring!
Jay Peak Resort Jay Peak, Vermont Ski, Splash, and Stay when you visit Jay Peak Resort in northern Vermont. This resort has it all! Kids can join the Jay Explorers Program and learn the ropes of the terrain at the Mountain Kids Adventure Center where both indoor and outdoor instructions are taught. Kids age 3-5 spend an hour inside Jay Peak’s indoor ski hill to learn the sensations of sliding and stopping before moving outside to their learning terrain. After a few days on the slopes, the family can take a break and enjoy Jay Peak’s indoor waterpark located at the base of the Vermont ski area. The Pump House is a place for well-earned leisure. It is an enormous attraction featuring four tubed water slides, a surfing pool, rock climbing wall, and kiddie area.
More power on less fuel, greater efficiency and lower CO2 emissions makeup the framework for Porsche’s “Intelligent Performance” philosophy and are ever present in the all-new 2013 Cayenne GTS. Although the 2013 is the most efficient GTS ever built, it boasts an 8 cylinder 4.8 liter engine producing 420 horsepower, excelling the operator from zero to sixty in 5.4 seconds with a top speed of 162 mph. Additionally, in consideration of the more environmentally conscious driver, Porsche has amazingly engineered the GTS to afford its owner 21 highway miles per gallon. An active all-wheel drive layout and 8-speed Tiptronic S transmission provides an overall world-class driving experience, however, the incredible features of the 2013 GTS are not exclusively located under the hood. The driver and passengers of the GTS will experience an immense package of convenient, practical and luxurious accessories to make their trip a world-class automotive adventure.
Porsche believes their vehicles should be as individual as their owner’s fingerprints. This allows a customer to personally outfit their 2013 Cayenne GTS ensuring a unique driving experience every time they get behind the wheel. Buyers have the option to select from a wide range of interiors including light olive or dark olive wood, contemporary aluminum or robust carbon fiber. A sense of direction at every turn and sounds to compliment every destination are inclusive of the 6.5 inch navigation and entertainment system. Can’t find the perfect tune on 170 channels of XM radio? Simply plug-in your personal music device through an auxiliary cord found in the center console. A natural extension of the GTS’ luxury is the vehicle’s versatile accessories. Roof storage systems for your skis or kayak, a custom fit pet cage for the rear storage area or an electrically powered 12v refrigerator are all available directly from Porsche. The 2013 Cayenne GTS combines luxury, performance, and efficiency priced around $82,000. It is as close to perfect as a luxury SUV can get and will be available for delivery this summer.
Private jet setters are another step closer to flying faster, higher and further than ever before as the G650 has reached another certification milestone. FAA test pilots have signed off on the elite aircraft’s fuel, hydraulic and fly-by-wire control systems in addition to other significant components. Gulfstream currently has four test planes in the G650 program which have accumulated 2,675 hours across 820 flights; the longest being 14 consecutive hours covering a distance of 7,000 nautical miles. What this means for the executive traveler is a new world of possibilities when it comes to private aviation. The G650’s capabilities will allow a group of 8 executives to wisp nonstop at 51,000 feet from New York to Tokyo; far beyond the altitude of any weather or airline traffic.
Magellan Jets, the leader in private jet travel, is excited for the opportunity to offer this type of technology to our valued clients. The G650 will easily adhere to our stringent safety requirements while providing an unparalleled experience to its travelers. Gulfstream has rolled out luxurious floor plans featuring all the amenities a business traveler will need to be productive while en route to their next city. The range, speed and technology of the G650 is unmatched by any other aircraft and will make it the ultimate business tool. As for now, uncompromised service, safety and luxury awaits you at Magellan Jets and we look forward to professionally accommodating your next private travel requirement.
We’d like to take this opportunity to remember one of the true visionaries and drivers of our modern world: Steve Jobs. The Associate Press reported earlier today that Jobs finally succumbed to his long battle with pancreatic cancer, ending a career that spanned 35 years and brought us not only the personal computer, but also the iPod, iPhone, iPad, the reemergence of Pixar, and countless other refinements to our everyday lives. Jobs was fiercely independent and a relentless perfectionist–often to the chagrin of those he worked with.
Not only did lead Apple in pioneering the technology field, he was also enthusiastic about private aviation. He owned the iconic Gulfstream V, N2N.
Magellan Jets mourns the loss and extends our thoughts and well wishes to his family and friends. Jobs lived with an ethic that we can all learn from, perhaps summed up best in this quote from his 2005 commencement address to Stanford:
“Remembering that I’ll be dead soon is the most important tool I’ve ever encountered to help me make the big choices in life. Because almost everything — all external expectations, all pride, all fear of embarrassment or failure – these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”
Rest in peace Steve, you’ll be missed.
Image via Wikipedia
The mantra Magellan Jets lives by is brought to our clients through strategic use of aircraft around the world. Because Magellan Jets does not own or operate aircraft, we are able to recommend the best positioned aircraft on each and every mission for our clients. Unparalleled Access
By using the safety certified aircraft of many major US companies, Fortune 500 companies, and private owners while they sit unused, Magellan Jets is able to acquire aircraft for our clients at a much lower cost than is often found throughout the private jet industry. Not only are costs driven down by the Magellan Jets advantage, but a greater number of private jets are available to our clients at a greater number of destinations. Less repositioning time results in options which are more flexible around client budget and logistical needs. We take great pride in providing the best value to our clients using technology to locate the right aircraft from Magellan Jet’s accredited aircraft network. Uncompromised Standards
With the option of choosing from hundreds of private jets across the sky, Magellan Jets brings our clients leading safety standards from an impressive range of providers. All approved vendors in our network are FAA Part 135 air taxi operators, and are also required to adhere to safety requirements set forth by Wyvern and/or ARG/US, the leading 3rd party safety auditing firms in the country.
Insisting on the safest and most experienced aircraft and flight crews while using keen strategies to achieve competitive rates is what sets Magellan Jets apart from the rest.
Gulfstream Aerospace Corp. earlier this week celebrated the 25th anniversary of the GIV. The Gulfstream GIV is one of the best-selling large-cabin, long-range business jet in the world.
Gulfstream IV Celebrates 25 Years of Excellence
“The GIV was the aircraft that launched a thousand Gulfstream aircraft,” said Gulfstream president Joe Lombardo. The Gulfstream IV formed the foundation for designing and building the G300, G400, G350, and G450. The aircraft’s first flight was a significant turning point and set a new standard for technology for the company. Over 520 of the 536 jets produced in the GIV series are still in operation today. The ultra long-range and unprecedented speed set a milestone for the Gulfstream aircraft. Jim Gallagher, director of the company’s large and mid-cabin sustaining program, said “there is no other aircraft that came close, companies relied on it to travel worldwide; it helped push global commerce.”
The first GIV flight took off from Savannah International Airport on September 19, 1985. It was reported that more than 80 orders were taken while the aircraft was still in development. The pre-orders at that time were one of the largest for a single aircraft in business aviation history. After being certified by the Federal Aviation Administration on June 8, 1987, the GIV was able to officially enter service. From there on the GIV has become the aircraft of choice for business-jet customers, private individuals, and air charter companies worldwide.
Have you ever wondered what the difference was between the Gulfstream GV, G500, and the Gulfstream G550 private jets? If you fly private, you understand the importance of knowing the ins and outs of the aircraft that you are planning to fly on.
When examining the interior of the Gulfstream GV, G500, and the G550, it is important to research and learn all about the amenities and features on board. The G500 and G550 are both equipped with a PlaneView cockpit, which is currently the most advanced flight deck in business aviation. The systems in each aircraft are based on Honeywell’s next generation Primus Epic integrated avionics suite. The G500 and G550 are both equipped with Gulfstream’s signature Cursor Control Device (CCD). The CCD aids pilots in flight planning, navigation, and communications in flight by improving the way that pilots interact with the PlaneView avionics system. Although the GV does not offer CCD or PlaneView, there is a new option to install PlaneDeck, which converts the displays from older tube-style displays to LCDs, and offers much of the same features. PlaneDeck is also Synthetic Vision System (SVS) capable. The optional Synthetic Vision Primary Flight Display (SV-PFD) adds to the enhanced situation awareness even in zero visibility conditions right on the main cockpit display, instead of on a separate screen.
Flight Management Systems
All three aircraft (GV, G500, & G550) have Enhanced Vision System (EVS). EVS significantly improves situational awareness by providing an infrared video feed of the environment and presenting the pilot with a clear view of runway markings, taxiways, and the surrounding landscape at night or in the worst weather conditions. Each aircraft is also equipped with autoland, a system that fully automates the landing phase of an aircraft’s flight, with the human crew supervising the process. Gulfstream has been able to manufacture each aircraft with the best Flight Management Systems, ensuring additional safety, comfort, and efficiency.
Cabin Comparison
The cabins aboard each Gulfstream combine productivity with exceptional comfort. The signature oval windows provide ample sunlight and a continuous supply of 100 percent fresh air throughout the cabin keeps passengers comfortable on long flights. With options for four distinct living areas, three separate temperature zones and a choice of available configurations that seat up to 18 passengers, passengers are able to indulge in complete business luxury. Maintaining contact with the home or office is even easier with a host of standard communication features: a fax machine, a printer, a wireless local area network and satellite communications are all available as options. Cabins arranged as separate groupings encourage working, dining, entertaining or resting to help keep fresh and productive.
These aircraft are three of the most popular private jet charters and are well established in ultra-long range and large cabin category. The Gulfstream GV, G500, and G550 are three extraordinary airplanes that offer extensive range and impressive speeds without sacrificing cabin comfort. Gulfstream has been manufacturing airplanes for over 50 years and is used to setting the standard for business travel. They have a top-rated service center network that stands ready to provide assistance on six continents. If we were to recommend an aircraft for a long, luxurious business travel, it would likely be a Gulfstream GV, G500, or G550.
Performance: GV, G500, G550
Max Range (Mach 0.80) 6,500 nm 5,800 nm 6,750 nm
Max Operating Speed Mach 0.885 Mach 0.885 Mach 0.885
Max Cruise 51,000 ft 51,000 ft 51,000 ft
Max Takeoff Weight 90,500 lbs 85,100 lbs 91,000 lbs
Experience Exceptional Service and Unmatched Private Aviation Solutions with Magellan Jets
Check out your options for the GV, G500, G550, and dozens of other aircraft through our full range of private aviation solutions. Magellan Jets is committed to the highest safety standards, personalized experiences and top level customer service. Our experts will match you with the right aircraft and crew for your trip, sourced from our highly selective Magellan Jets Preferred Network and subject to the the world’s most comprehensive service and safety management and quality assurance system.
Call 877-550-5387 today to speak with our private aviation consultants-or click below to learn more.
Have you ever wondered what the difference was between the Gulfstream GV, G500, and the Gulfstream G550 private jets? When looking to charter a jet, it is important to know the exact ins and outs of the aircraft that you are planning to fly on. Obviously, we make it a point to supply the best aircraft possible when you charter jets through Magellan Jets, but it’s still good to know all the facts!
When examining the interior of the Gulfstream GV, G500, and the G550, it is important to research and learn all about the amenities and cool gadgets on board. The G500 and G550 are both equipped with a PlaneView cockpit, which is currently the most advanced flight deck in business aviation. The systems in each aircraft are based on Honeywell’s next generation Primus Epic integrated avionics suite. The G500 and G550 are both equipped with Gulfstream’s signature Cursor Control Device (CCD). The CCD aids pilots in flight planning, navigation, and communications in flight by improving the way that pilots interact with the PlaneView avionics system. Although the GV does not offer CCD or PlaneView, there is a new option to install PlaneDeck, which converts the displays from older tube-style displays to LCDs, and offers much of the same features. PlaneDeck is also Synthetic Vision System (SVS) capable. The optional Synthetic Vision Primary Flight Display (SV-PFD) adds to the enhanced situation awareness even in zero visibility conditions right on the main cockpit display, instead of on a separate screen.
All three aircraft (GV, G500, & G550) have Enhanced Vision System (EVS). EVS significantly improves situational awareness by providing an infrared video feed of the environment and presenting the pilot with a clear view of runway markings, taxiways, and the surrounding landscape at night or in the worst weather conditions. Each aircraft is also equipped with autoland, a system that fully automates the landing phase of an aircraft’s flight, with the human crew supervising the process. Gulfstream has been able to manufacture each aircraft with the best Flight Management Systems, ensuring additional safety, comfort, and efficiency.
The cabins aboard each Gulfstream combine productivity with exceptional comfort. The signature oval windows provide ample sunlight and a continuous supply of 100 percent fresh air throughout the cabin keeps passengers comfortable on long flights. With options for four distinct living areas, three separate temperature zones and a choice of available configurations that seat up to 18 passengers, passengers are able to indulge in complete business luxury. Maintaining contact with the home or office is even easier with a host of standard communication features: a fax machine, a printer, a wireless local area network and satellite communications are all available as options. Cabins arranged as separate groupings encourage working, dining, entertaining or resting to help keep fresh and productive.
These aircraft are three of the most popular private jet charters and are well established in ultra-long range and large cabin category. The Gulfstream GV, G500, and G550 are three extraordinary airplanes that offer extensive range and impressive speeds without sacrificing cabin comfort. Gulfstream has been manufacturing airplanes for over 50 years and is used to setting the standard for business travel. They have a top-rated service center network that stands ready to provide assistance on six continents. If we were to recommend an aircraft for a long, luxurious business travel, it would likely be a Gulfstream GV, G500, or G550.
Performance GV G500 G550
Max Range (Mach 0.80) 6,500 nm 5,800 nm 6,750 nm
Max Operating Speed Mach 0.885 Mach 0.885 Mach 0.885
Max Cruise 51,000 ft 51,000 ft 51,000 ft
Max Takeoff Weight 90,500 lbs 85,100 lbs 91,000 lbs
Check out your options for the GV, G500, G550, and dozens of other aircraft through our jet card ownership, pay-as-you-go membership and on-demand charter programs. Magellan Jets is committed to the highest safety standards, personalized experiences and top level customer service. Our experts will match you with the right aircraft and crew for your trip, sourced from our highly selective Magellan Jets Preferred Network and subject to the the world’s most comprehensive service and safety management and quality assurance system.
Call 877-550-5387 today to speak with our private aviation consultants-or click below to learn more.
Director Peter Jackson recently acquired a new Gulfstream G550 for an estimated price of $68 million. The private jet is one of the nicest jets on the market and can fly from New Zealand to Los Angeles non-stop. Jackson previously had a Gulfstream IV but was plagued with too many fuel stops, so he decided to trade up. The G550 can accommodate up to 16 passengers. Some of the seats can even be converted to beds, although those may require some pajamas. Jackson is a vintage aircraft collector and owns 29 World War I aircraft, some original and some replicas. Although we don’t charter vintage planes, Magellan Jets does have the capability of accommodating customers who would like large Gulfstream jets just like Mr. Jackson’s, all with the highest levels of safety and comfort and for far less cost than owning your own. Check out the link here.
