Recent Tax Law Changes and Basic Retirement Planning [video]

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For Healthcare Accountants

By Richard Schwartz CPA

http://schwartzaccountants.com/

Richard Schwartz CPA

Content: Video (mp4) – 105.32MB
Title: Richard Schwartz Webinar 1.23.13 Tax Changes and Retirement

Link: http://www.screencast.com/t/Huco7W8LOl

Richard S Schwartz, CPA, CVA, received a B.A. in Economics from Brandeis University in 1985 and an M.S. in Accounting from the Graduate School of Professional Accounting at Northeastern University in 1990.  Prior to joining his brother at Schwartz and Schwartz,  P.C. in 1993, he worked for the international accounting firm PricewaterhouseCoopers, LLP, in their Emerging Business Services Group.  Since joining Schwartz and Schwartz, P.C. he has worked with individuals providing tax expertise as well as small business owners providing both tax and accounting guidance to help their businesses grow.  In 2006, Rick earned the designation of Certified Valuation Analyst from the National Association of Certified Valuation Analysts (NACVA), which he uses to assist healthcare professionals in their evaluation of whether to purchase a practice.

Conclusion

In any case, early planning is the key to supporting both your kids’ futures and your retirement. Making logical college funding decisions, rather than emotional ones, creates a win/win for everyone.

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2 Responses

  1. Savers Can Still Increase Living Standards 20% In Retirement

    Nobel Prize winner William F. Sharpe PhD maintains savers most likely will come out ahead if they follow this rule.

    http://www.fa-mag.com/news/nobel-prize-winner–william-sharpe-offers-retirement-investment-advice-14121.html

    Any thoughts?

    Ann Miller RN MHA

    Like

  2. SOME TAX Q and As

    What is the top line and bottom line on a tax statement?

    Top of line deduction refers to “AGI” on the Form 1040, individual income tax return. The bottom line deduction refers to itemized deductions plus any personal exemptions allowed on the deductions.

    What is AGI?

    Adjusted Gross Income is the sum of all of the taxpayer’s income less certain allowed adjustments.

    What is the current standard deduction and personal exemption limits?

    Standard deduction in 2013: Single ($6,100); Filing Jointly (12,200). Personal exemption limits for individual in 2013 is $3,900.

    What are the current tax rates and brackets?

    For 2013, the current federal tax rates (filing single): 10% (0 to $8,925) + 15% ($8,925 to $36,250) + 25% ($36,250 to $87,850) +28% ($87,875 to $183,250) + 33% ($183,250 to $398,350) + 35% ($398,350 to $400,000) + NEW 39.6% (over $400,000).

    What is the wash rule and short sale rule?

    Wash sale rule is a sale of a security at a loss and repurchase the same or substantially identical security all within 61 days (30days before the sale and ending 30 days after the sale). A deduction will be denied under this circumstances.

    What is the NEW child care tax credit?

    Current federal tax credit is up to $6,000 for child care and adult day care expenses.

    What is the AMT?

    Alternative Minimum Tax is the different between the regular tax or the minimum tax and paying the higher the regular tax.

    What are the 4 rules for Mutual Fund taxation?

    Long term capital gain tax, short term capital gain tax, dividend income, dividend distribution tax.

    Ken Yeung MBA
    http://www.CertifiedMedicalPlanner.org

    Like

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