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2008 Year-End Tax Law Update Hosted by: Thomas K. Ambrose Discussion with: Kevin Hill, Tax Manager, Fesnak & Associates, LLP.

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Presentation on theme: "2008 Year-End Tax Law Update Hosted by: Thomas K. Ambrose Discussion with: Kevin Hill, Tax Manager, Fesnak & Associates, LLP."— Presentation transcript:

1 2008 Year-End Tax Law Update Hosted by: Thomas K. Ambrose Discussion with: Kevin Hill, Tax Manager, Fesnak & Associates, LLP

2 Housekeeping In consideration of others, please mute your phones. In the interest of time, this is an informational webcast, with questions to be asked offline. A recorded playback of this call will be available by dialing: (712) 432-1285 code: 762457# A digital recording can be emailed to participants upon request.

3 Thomas K. Ambrose, CEA Kevin Hill, Tax Manager Since 1978 Mr. Ambrose has been focused on developing and implementing new industry leading Wealth Management Strategies and Programs and Portfolio Management Services for the affluent business owner, highly compensated executive professional, and high net worth retiree. Today he conducts public, private, and corporate sponsored educational workshops and seminars throughout the Delaware Valley on wealth management and preservation techniques. Mr. Ambrose graduated from Salisbury State University with his BS in business and finance. Mr. Ambrose is also a member of the International Association of Financial Planners, and the Pennsylvania and Delaware Estate Planning Councils.

4 A discussion between Tom Ambrose and Kevin Hill will be covering the following topics: 1) Personal Tax Law Changes One-year AMT patches Extended popular tax breaks 2) Timing of Income & Expenses 3) Executive Compensation 4) Tax-Smart Investment Decisions 5) Estate Planning 6) Myths of Tax Filing & IRS Audits 7) Individual, Employment, and AMT Tax RatesAgenda

5 Personal Tax Law Changes One-year AMT patch Expanded AMT exemption amounts Personal tax credits Changes to refundable AMT credit rules Outstanding AMT liabilities forgiven

6 Personal Tax Law Changes Extended Popular Tax Breaks Charitable donations from IRAs College tuition deduction Optional sales tax deduction Energy-friendly home improvements Increase to casualty loss deduction Favorable refund child credit rules

7 Timing of Income & Expenses Bunching of Deductions Recognition or Deferral of Income

8 Executive Compensation Non-qualified deferred compensation, Stock Options, Restricted Stock Timing of deferral and distribution

9 Tax-Smart Investment Decisions Recognize or Defer Capital Gains Tax Loss Harvesting & Wash Sale Rules Tax Pitfalls of Mutual Fund Investing Municipal Bonds 529 Plans Annuities – Non-qualified & Charitable Retirement Account Setup Deadlines

10 Estate Planning 2008 Gifting Start or Stop? Increase or Decrease? Discounted Valuations

11 Myths of Tax Filing & IRS Audits Tax Filing Myths Red Flags IRS Audits

12 Additional Info Individual Tax Rates Employment Tax Rates AMT Tax Rates

13 Thank You Ambrose Wealth Management –Thomas K. Ambrose, CEA & Peter N. Blok –810 Baltimore Pike, Suite 1 Chadds Ford, PA 19317 –(610) 388-4424 –www.ambrosewm.com Fesnak & Associates, LLP –Kevin Hill –1777 Sentry Parkway West, Gwynedd Hall, Suite 400 Blue Bell, PA 19422 –(267) 419-2230 –www.fesnak.com


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