Transcript Document
Health Care Stimulus 103 presented by Stan Royer, President Brian M. McCook February 18, 2010 State of the Tax Code • Many tax incentives set to expire at the end of 2010 – – – – Marginal tax brackets Estate tax exemptions Deductions Credits Strategy for Tax Planning • Must plan for multiple tax years • Timing of income and deductions • Alternative Minimum Tax Business Opportunities • Depreciation – Expensing of equipment over its useful life • Section 179 expensing – $250,000 direct expensing of capital assets • Bonus Depreciation Business Opportunities • Employee benefit plans – Deduct amount of health insurance paid – Deduct amount of retirement plan match • Automobile usage – Able to deduct actual expenses (gas, oil, etc.) or utilize mileage rate Business/Individual Tax Items • Retirement planning – SEP IRA (2010 limit = $49,000) • Easy to set up • Easy to deposit into – 401(k) (2010 limit = $16,500) • Easy to set up • Easy to deposit into Individual Tax Items • Roth IRA Conversions – Income limits do not apply during 2010 • Capital Gains/Losses • Extra itemized deduction for Sales Tax – Vehicles with price under $49,000 – Pro rated for any purchase price above $49,000 Individual Tax • Tax credit for energy efficient improvements – 30% of eligible expenses, up to a max of $1,500 – Eligible items: windows, furnaces, water heaters, heat pumps, etc. – MAKE SURE IT MEETS THE INCREASED STANDARDS Individual Tax • Charitable giving – Donations made to organizations helping with Haiti relief can deduct gifts made before March 1, 2010, on their 2009 tax returns – Must keep bank record or written communication from charity indicating the amount of charitable gift Individual Tax • Gifts to family and friends – Up to $13,000 can be given tax-free to an unlimited number of people Health Care Stimulus 103 Brian M. McCook presented by Stan Royer, President AMD Health Care Services [email protected] 314.655.5564