Family centered tax planning (workshop and six-week class
Open house workshop (Tuesday 10/10/2023) 8:30 p.m. Eastern
Six-week class starts in late October. Each Thursday 9-10 p.m. Eastern
1. Family centered retirement strategy
2. Family centered real estate strategy
3. Family centered whole life insurance strategy
4. Family bank and family trust
5. Family business
6. Family foundation
7. Family retreat
8. Family education fund
Class tuition $250 per family. Half will donate to CAPA and other non-profit you choose.
Zoom class with recording and sides to share
Payment method
Payment: PayPal at Help@smart1040.us; Zelle at 703-606-0270 Mike Nie (Wells Fargo); or credit card with the QR code
tax planning for energy credit for my home and for my EV
Tuesday 9/19/2023 8:30 p.m. Eastern
Zoom ID see flyer
Energy Tax Credits for Homeowners
1. Home energy credit for ___
2. Income limit?
3. Annual credit cap $3,200
4. Credit to offset tax liability
5. Home energy and EV combo
6. House value addition
7. Resale value add on
Tax Credit for EV
1. AGI > $300K (MJF)
2. AGI still > $300K
3. Used Tesla $4K tax credit
4. Install EV charge station at solar-powered home
5. Install EV charge station at small business site
6. Avoid using HELOC to buy EV
7. Company owned EV
8. H/W AGI below $300K; son (single; income > $150K)
Ten Tax Tips for Divorced or Separated Couple
Tax Planning
Our tax planning services help you identify opportunities to minimize your tax liability. We work with you to understand your financial goals and develop a tax strategy that meets your needs.
Friday 8/18/2023 8:30 pm Eastern
Zoom ID see flyer. Hosted by CAPA NoVA
Ten Tax Tips
1. What is the best time to call it a quit?
2. What is a child-centered divorce arrangement?
3. Married filed jointly, married file separately, head of household. Which is best for me?
4. What about primary residence, and $250k/$500k gain on sale exemption?
5. What about 401K, 529, Coverdell, cash value in child’s life insurance policy?
6. Are attorney’s fee tax deductible?
7. Why mediation is the best alternative?
8. What is the divorce effect on FAFSA/CSS?
9. What if my ex-spouse goes back to China permanently?
10. What is the authoritative tax law?
Tax Education
We offer tax education and training for individuals and businesses who want to learn more about tax laws and regulations. Our courses cover a wide range of topics and are taught by experienced tax professionals.
“Ten Tax Planning Tips for Federal Employee”
Date
Agenda
- Three-pronged retirement plan
- TSP strategy
- FERS maximization
- Roth conversion
- Social Security taxes
- Fed legal plan
- Fed Health savings accounts
- Prior job 401k
- Divorced situation
- Surviving spouse benefits
Sponsored by CAPA BC/HC/MC
Chinese American Parents Associate - Maryland
Coach Mike, CFA CPA CFP FRM EA MBA
Keynote Speaker
How to set up an LLC for my 18+ year old child?
Zoom recording
HOW?
1. Ten benefits of educating tax, finance and life using the LLC concept (P. 1-5)
2. An 1040 tax projection assuming $100K salary, single member LLC and owner of campus rental property (6% effective tax rate) (p. 6-17)
3. LLC organizational document (p. 18-24)
4. Deductible business expenses (p. 25-38)
5. IRS rules on educational expense, set up cost and $2,500 safe harbor (p. 39-43)
Slides? Help?
How to pay my child from family business legitimately
Zoom recording
****
1. Family business (parental LLC or S corp) is the best way to pay our own child
2. LLC / Schedule C/Schedule E: If younger than 18, and less than $13K/year, do not need to worry about W-2 or 1099
3. S-corp: need to prepare W-2 payroll as a burden. But can set up Roth 401K for 14+ child. Very powerful compounding tool for child’s retirement planning
4. Work for non-family business: 14 year old is a general age by Department of Labor rule. State level exemptions and exceptions apply
5. Keep a worksheet to track child hours and effort.
Ten Useful IRS Tools 7/11/2023 Workshop
8:30pm Eastern
为CAPA家庭定制， 旨在启发家庭做出最优化的税务计划以及⼀⽣的财富积累。Zoom ID: https://zoom.us/j/8782712588; Password: 219219
内容提要
1. IRS Enrolled Agent Database
2. IRS Audit Data
3. IRS Audit Techniques Guide
tEN TIPS FOR TAX FREE RETIREMENT
CAPA NOVA monthly tax workshop
After empty nest, it is time to work on retirement planning
June 20, 2023 8:30 p.m. (Eastern) Zoom Class
CAPA NOVA hosted more than 300 workshops in the past 18 months. 30 of them are tax related
Learn and Share. Love and Care
CAPA NOVA helps many families to be financially smart
Share the big news
Tell your friends (30+, 40+ or more) to start smart tax planning
Display their FAQs
Send your questions to Help@Smart1040.us.
VSA Future教育公益講座 5/20週六晚八時 優化規劃大學教育資金的十大攻略 & 資深會計稅務師講
輕鬆應對大學教育費用 ——優化規劃大學教育資金
您是否希望在為孩子規劃大學教育資
金時做出明智的決策？是否想要了解一
些獨特而實用的策略，以確保您在財務
上能夠更好地支持孩子的未來？您是否
擔心孩子的大學教育費用給您的財務帶
來沉重負擔？是否希望找到一種理財策
略，能夠有效地規劃和管理大學教育資
金？如果是的話，我將向您介紹一場即
將舉行的精彩講座，由一位資深會計稅
務師主講，他將分享優化規劃大學教育
資金的關鍵策略。以下是其中的亮點：
1.祖母529
祖母為孫子/孫女建立的529教育儲蓄
計劃，可以充分發揮祖母在教育資金方
面的貢獻，享受稅收優惠，並為孩子的
未來提供資金支持。
2.教育儲蓄帳戶
開設教育儲蓄帳戶是一個明智的選
擇，可以以較低的稅收負擔積累資金，
以便用於支付孩子的大學學費和其他相
關費用
3.UTMA
UTMA賬戶是為未成年子女設置的特
殊賬戶，可以為孩子積累資金，並在其
成年後用於教育支出。
4.少年人壽保單裡的現金價值貸款
某些壽險政策中的現金價值可以用於
支付大學教育費用。這是一種靈活的策
略，可以幫助您充分利用保險計劃的現
金價值。
5.大學周邊房產租住兩用（孩子擁有 房產）
通過投資大學周邊的房地產，並將其
租出，您不僅可以為孩子提供住房，還
可以通過租金收入補充教育基金。
May 2023 tax planning workshops in west virginia
When?
May 12, 2023 to May 14, 2023: Everyday 4-6pm tax consult. 8-9:30pm tax workshops
What?
- 5/12/2023 7:30-8:30 p.m. Mothers' Day Tax Tips: Write off your mom:) (Co-hosted by CAPA-MC - CAPA-MC – Chinese American Parents Association (capamc.org)
- 5/13/2023 8:30-9:30 p.m. West Virginia, Maryland, Virginia or Florida: which state is my retirement tax-free safe haven?
- 5/14/2023 8:30-9:30 p.m. 2023 tax planning with 2022 tax season lesson leaned
Where?
The Country Inn of Berkeley Springs located at 110 S Washington Street , Berkeley Springs, WV 25411. Or Zoom class: https://zoom.us/j/8782712588; Password: 219219
Why this location?
1. West Virginia has its beautiful Berkeley Springs, our nation’s first spa. The Country Inn offers 60 unique guest rooms and suites,
2. Minutes walk to hot spring and spa that offers health conducive hot spring water spa
3. Close to restaurants and shops
4. Complimentary snacks and drinks offered at the three daily tax workshops
Book your seats
1. Call or Email Smart 1040 LLC at help@Smart1040.us
2. Send in your tax questions
3. Show up on time
4. Tell your friends about this event
real estate tax planning 8-week class
Small class but big ideas
1. How to use rental to teach children wealth building?
2. How to substantiate real estate professional status?
3. What are the under-used tax deductions on Schedule E?
Every Wednesday and Friday 8:30pm eastern
Zoom Class. IRS publications, tax audit guide and tax books
Willing to learn and earn?
Email help@smart1040.us to register.
Capa mc tax consult (in person)
Where
Rockville Memorial Library (Meeting Room 2nd Floor) 21 Maryland Ave, Rockville MD 20852
内容提要:
1. 7:30-8:30发税表之前要考虑的十件事
2. 8:30-9:30现场答疑(每家十分钟, 附上签名表,先签先问)
3. 头十位可获得半小时一对一的免费咨询(时间另外敲定)
What
线下面对面，CAPA-MC 税务规划讲座
When
04/03/2023 7:30-9:30p.m. 线下活动: 为CAPA家庭定制，旨在启发家庭做出最优化的税务计划以及⼀⽣的财富积累。
How
Email your question to help@Smart1040.us
01/31/2023 Tuesday tax tips: how to reduce IRS audit risk
Zoom Recording
Key Points
- We walked through the IRS audit statistics, most recent 2019 data vs. 2010
- I suggested ten tips to reduce our audit risk
- Primary residence and rental property: renovation, depreciation and adjusted cost base
- Sole proprietorship vs. LLC vs. S Corp. pros and cons
Three hard questions
- Q1: can an S Corp or general partnership do stock trading and not trigger short sale rule? My gut feeling is not workable
- Q2: should I include foreign country paid pension into my US tax return? My feeling is yes.
- Q3. If issued two W-2s, how can I (1) ask for refund of overpaid FICA and (2) avoid future overpayment by adjusting W-4?
Send your quesitons
Email: help@smart1040.us
Capa-nova january 2023 tax workshop
Minor Roth IRA
Please use your minor's earned income to fund his or her Roth IRA
Backdoor Roth IRA
For high income earners, use Back Door Roth IRA to build your tax-free retirement
Secure Act 2.0 Transfer 529 Account to Roth IRA. How and Why?
Any questions?
Please consult your CPA, CFP and CFA for the best tax planning that fits your family needs.
CAPA-NoVA Workshop: SECURE Act 2.0
Workshop summary 2/21/2023 – SECURE Act 2.0 and Tax Planning
Keynote speaker: Bob Tucker is a Certified Financial Planner and Christian-based advisor. His firm is called “Reston Wealth Management” located in northern Virginia. See attached slides. Bob can be reached at Bob Tucker, CFP®, ChFC, CLU, Reston Wealth Management, 1984 Isaac Newton Square West, Ste. 107, Reston, VA 20190. Tel: 703.481.2280. Email: bob@restonwealth.com.
SECURE ACT 2.0 has many new provisions that can benefit us, the mid-aged working class.
1. With the retirement account required minimum distribution age stretched to 75 (by 2033), we have longer window to conduct Roth conversion.
2. Parents and grandparents should consider custodial Roth IRA for underage children. Parental match is an express way to max out annual contribution (up to $6.5k per year). Assuming your child has earned income over $3.25k this year, parents can do a 1-to-1 match
3. Set up a 529 for your child or grandchild. Apply distribution waterfall among multiple children or grandchildren. Unused money can roll over to beneficiary’s Roth IRA account. Pay attention to the 15- and 5- year rules and annual cap.
4. Similar to annual medical exam, we should do an annual financial planning assessment. Seek CFP firms that have powerful planning software to run multiple screens and scenarios to optimize your financial performance.
Questions?
Please contact Mike Nie, CFP at help@Smart1040.us; or Bob Tucker, CFP at bob@restonwealth.com
CAPA MC Tax Workshop Feb 2023: Ten FAQs of Crypto Tax Matter
Slides available upon request
1. Please email me at help@smart1040.us to request slides for free.
2. We discussed a few commonly asked tax questions: (1) Do I need to report cryptos on 2022 Form 1040?; (2) What are reportable cryptos?; (3) I lost money in crypto 2022. What deductions can I take?; (4) How to report income in crypto staking or mining?; (5) How about crypto lending?; (6) How about crypto in off-shore DeFi exchanges or swaps?; (7) Crypto donation to charity- what’s the tax treatment?; (8) Self directed IRA invested in alternative assets; (9) Do I need to worry about the Wash Sale rule?; (10) Should I gift my crypto to my minor aged children?; and (11) Bonus. How to deduct my losses from FTX and other crypto frauds?
3. Grace Zhao shared some tips of 2023 qualified retirement account planning and how to apply your refund money to contribute to your Roth IRA or buy I Bonds.
Donation Welcome!
Note: I cordially wish your donation to support my CAPA-MC monthly tax workshops for 2023. A $60 donation to PayPal Help@Smart1040.us. Your money will 50% be re-donated to CAPA-MC. Or use the QR code in the pricing page.
More questions?
Please set up a call for a 30 minutes free consultation
CAPA-MC Tax Workshop Summary – Ten Tax Tips for Rental Sched
March 14, 2023
Eight-Week Class
March 14, 2023
Zoom recording: https://us02web.zoom.us/rec/share/EwixyBDHWra1MFexlXnj_qWfp7taboXNdAGj38mTEb2TViLfxO2-9ii9EjC0w14.zML72X6ilJE6-oqS
Passcode: CAPAMC03142023!
Please email me at Help@Smart1040.us for slides.
Summary
Eight-Week Class
March 14, 2023
1. We discussed ten strategies and tips that you can apply when filing Schedule E this year. I suggest you run through your finished return with a reliable tax accountant before e-filing.
2. It is a good practice to use these steps for 2023 and future rental, especially (1) paying your child as outside labor; (2) separate personal vs. rental bank account; and (3) mile/meal record keeping.
Eight-Week Class
Eight-Week Class
Eight-Week Class
We will learn more and share more about rental tax savings.
I will run an eight-week real estate tax planning workshop (see screenshot). Half of the tuition ($250 per family) will be re-donated to CAPA for their charitable activities.