College financial aid Q&A - open house every Friday 9-10 pm

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Tuesday 8/8/2023. 8:30 pm eastern 

https://zoom.us/j/8782712588; Password: 219219

• 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

Chinese American Parents Associate - Maryland

Keynote Speaker

https://us02web.zoom.us/rec/share/GOOOPBKmk47tajSKskbUskmwj9VSS9h9jWEzGyxdbKEXnbqP5BtDflhUi6lzap4I.geCQxkZc-CblTTyw 

Passcode: CAPANoVA1!

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)

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. 

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

1.  IRS Enrolled Agent Database

2. IRS Audit Data

3. IRS Audit Techniques Guide

https://us02web.zoom.us/rec/share/k-bKPMiBaRtVB4N3Z9QVgMg5lQGplZFLhUaYlvvFuXiApFKRqyBvuOmnrrpLVbzs.Dy_O6sWKQ-sRKjYq 

Passcode: CAPA0723!

After empty nest, it is time to work on retirement planning 

CAPA NOVA hosted more than 300 workshops in the past 18 months. 30 of them are tax related 

CAPA NOVA helps many families to be financially smart

Tell your friends (30+, 40+ or more) to start smart tax planning

Send your questions to Help@Smart1040.us. 

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：

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。

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

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。

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。

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 12, 2023 to May 14, 2023: Everyday 4-6pm tax consult. 8-9:30pm tax workshops

1. 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) 
2. 5/13/2023 8:30-9:30 p.m. West Virginia, Maryland, Virginia or Florida: which state is my retirement tax-free safe haven?
3. 5/14/2023 8:30-9:30 p.m. 2023 tax planning with 2022 tax season lesson leaned

 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

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

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 

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?

Zoom Class. IRS publications, tax audit guide and tax books

Email help@smart1040.us to register.

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) 

 线下面对面，CAPA-MC 税务规划讲座 

 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。  

Email your question to help@Smart1040.us

https://us02web.zoom.us/rec/share/Wwou7W1kHaNSom4hVZ5JXeawuOfrt-YT721a4qMWwg-I0I9_1inp48Ym3g0TG5rX.scXevRMbt_qsPtuo  

Passcode: TuesdayTax013123!

1. We walked through the IRS audit statistics, most recent 2019 data vs. 2010
2. I suggested ten tips to reduce our audit risk 
3. Primary residence and rental property: renovation, depreciation and adjusted cost base
4. Sole proprietorship vs. LLC vs. S Corp. pros and cons

1. Q1: can an S Corp or general partnership do stock trading and not trigger short sale rule? My gut feeling is not workable 
2. Q2: should I include foreign country paid pension into my US tax return? My feeling is yes. 
3. 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?  

Email: help@smart1040.us

Please use your minor's earned income to fund his or her Roth IRA

For high income earners, use Back Door Roth IRA to build your tax-free retirement

Please consult your CPA, CFP and CFA for the best tax planning that fits your family needs.

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.
 

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.

 

Please contact Mike Nie, CFP at help@Smart1040.us; or Bob Tucker, CFP at  bob@restonwealth.com 

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.

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.

Please set up a call for a 30 minutes free consultation