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Gelman, Rosenberg & Freedman, CPAs Year-End Tax Planning Seminar. Presented By: Walter Deyhle, CPA, CFP, ABV, CM&AA. Where Personal Attention Will Never Become Obsolete!. Rules. No throwing things! No question is unimportant! Do not hold questions! Try not to be political!

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gelman rosenberg freedman cpas year end tax planning seminar

Gelman, Rosenberg & Freedman, CPAsYear-End Tax Planning Seminar

Presented By:

Walter Deyhle, CPA, CFP, ABV, CM&AA

Where Personal Attention Will Never Become Obsolete!

slide2

Rules

  • No throwing things!
  • No question is unimportant!
  • Do not hold questions!
  • Try not to be political!
  • Turn off phones, etc.
slide3

Our Process

  • Tax organizers
  • E-filing
  • Copies of returns
  • Portal (coming soon)
slide4

News Affecting Taxes

  • Deficit > $1.4 trillion
  • Bush tax cuts expire 12/31/2010
  • Funding for War in Iraq & Afghanistan
  • Funding for Health Care reform
slide7

Federal Expiring Provisions (cont’d)

  • Lowest tax rate to increase from 10% to 15%
  • Top tax rate to increase from 35% to 39.6%
slide10

Estate Tax Basics

  • Unified gift & tax system
  • Current exclusion $3.5M per person
  • Annual gifting of $13,000
  • Exclusion for education and medical
  • payments
  • Step–Up Basis
  • Top tax rate 35%
slide12

Convert to a ROTH IRA?

Tax Deductible

No Tax Deduction

Qualified Distributions Taxable

Qualified Distributions Tax Free

Tax Deferred Growth

Tax Free Growth

Required Minimum Distribution

No Required Minimum Distribution

Most Effective When Tax Rate Higher at Retirement

Most Effective When Tax Rate Lower at Retirement

slide13

When To Convert

  • Do not need IRA to pay tax
  • Expect to be in a higher tax bracket
  • in retirement
  • Do not need IRA in retirement
  • Expect to pay estate taxes
slide14

When To Convert (cont’d)

  • No required minimum
  • distributions
  • Pass to heirs
  • Heirs have required RMD
slide16

Housing Credit

  • Worker, Homeownership, and Business
  • Assistance Act of 2009
  • Income limit increased
  • $125,000 / $225,000
  • P&S by 4/30/10 – close before 7/1/10
slide17

Housing Credit (cont’d)

  • Long-time resident
    • 5 consecutive years / last 8
    • lesser of 10% or $6,500
  • Homes up to $800,000
slide19

Residential Energy Credit

  • Removes individual item caps
  • Increases limit to $1,500
  • Increases from 10% to 30%
  • Prior $500 not counted
  • For 2009 & 2010 installations
  • Required energy efficiency increased
slide21

House Health Act

  • Employers with over $750,000 of
  • payroll must provide 72.5% single or
  • 65% family
  • Individual required to get insurance, if
  • not 2.5% tax
slide22

House Health Act (cont’d)

  • 5.4% surtax $500,000/$1,000,000
  • effective 2011
slide24

Rates for the “Rich”

  • Rich is:
    • $250,000 MFJ
    • $200,000 Single
  • 35% to 39.5%
  • 33% to 36%
  • Capital gains & qualified
  • dividends to 20%
  • Possible top marginal rate 45%
slide25

Other Items Aimed At “Rich”

  • Reinstate 3% phase-out of itemized
  • deductions
  • Reinstate 3% phase-out of exemptions
slide26

Kiddie Tax

  • $950 allowance
  • Earned income taxed at child’s rate
  • $1,900 of investment income taxed
  • at child’s rate
  • Excess investment income taxed at
  • parent’s rate
slide27

Kiddie Tax (cont’d)

  • Applies to children age 18 and younger
  • and “children” age 23 and younger
  • who are full-time students
slide28

Other Items of Interest

  • Sale of residence rules
  • Capital gain/loss rules
  • Mortgage interest rules
  • Life settlements
slide30

Questions?

4550 Montgomery Avenue, Suite 650 N

Bethesda, MD 20814

301-951-9090 • www.grfcpa.com

Walter Deyhle, CPA, CFP, ABV, CM&AA

Gelman, Rosenberg & Freedman, CPAs

wdeyhle@grfcpa.com

Where Personal Attention Will Never Become Obsolete!