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By Michael Kline, CPA

As the year draws to a close, it is time for medical practices and medical professionals to review the current year’s financial activity and determine if any tax planning opportunities are available to help reduce their overall tax burden. Below are some tax planning tips that can be utilized before year-end that can greatly reduce your tax burden.

Depreciation

The biggest and easiest 2011 tax-saving opportunity is the accelerated depreciation available until the end of 2011. For many physicians, the purchasing of new …

How to Meet the #1 Financial Challenge Facing Baby Boomer Physicians and Avoid Common Pitfalls

By David Mandell, JD, MBA and Dinah Bird, Ph.D., CFP, CIMA

Those of you born between 1946 and 1964 are part of the 77-million strong Baby Boomer generation – one that is now contemplating retirement. If you were born before 1946, you may already be retired or seriously considering it. If you fit into either of these groups, the following issue will be paramount for all of your financial decisions moving forward: …

By Michael Kline, CPA

The mail gets delivered to your office and you immediately see the return address on the letter is from the Internal Revenue Service. You check the addressee and it is definitely addressed to you. Your heart starts to beat faster and your worst nightmare is about to come true: an IRS audit. The letter states that the IRS wants to examine your tax return which is followed by what seems to be an endless list of information you will need to provide to the IRS auditor.

Should you …

By Peter Rohr

Physicians, much like lawyers and business leaders, face different financial needs as they progress through their career. From finishing medical school to joining a practice, having years of productivity and ultimately retiring, each phase presents its own set of unique financial needs and challenges. However, a common thread is evident through each phase; it’s never too early to start planning for your financial future to help ensure long-term success.

Strategizing Debt and Saving for Your Future

Although six years of medical school tuition is an investment with good return over …

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Introduction

There is little doubt that every physician in the U.S. has an opinion on the 2010 healthcare legislation and its impact on medical care in this country.  We are sure you do.  What is less clear is whether or not most physicians understand the tax ramifications of the new law.   While some newly elected and re-elected members of Congress have pledged to do away with this legislation, President Obama seems equally as set on making sure the new law remains on the books.  In this article, …

By Christopher R. Jarvis, MBA and David B. Mandell, JD, MBA

According to the US Census Bureau, the average American family earns less than $49,000.  To become a large national firm in the fields of law, accounting, investments and insurance, you MUST deliver services, products and strategies that can be replicated millions and millions of times.  Before you can understand why MOST strategies and services are bad for doctors, you must understand the dynamic of the “Average American,” for whom these products and services are ideally meant to benefit from them.

Most legal, …

By Peter Rohr

For the many Americans who find great joy in charitable giving, the recent economic recession has made it more difficult to support the causes they care about. According to the Merrill Lynch Affluent Insights Quarterly (MLAIQ), a Merrill Lynch Wealth Management survey about the financial concerns and priorities of affluent investors in Philadelphia and across the country, 41 percent of local affluent investors are concerned about their ability to continue to support their philanthropic priorities.

Nationally, charitable giving is down slightly compared to last year, 3.6 percent according to …

By Joseph P. Nicola, Jr., CPA, JD, CVA

Taxation affects many people.  Recently, the subject has become the focus of much political attention, most notably involving the Bush tax cuts.  The debate directly affects many physicians, whose income levels are the primary target of the possible staggering tax increases when the Bush cuts sunset on December 31, 2010.  Most significant among those are the return of 39.6 percent tax rates on earnings and dividends, and 20 percent tax rates on long-term capital gains.  Neither the Obama Administration nor Congress has been …

By Peter Rohr

Buy Petcam No Prescription, Affluent investors in Philadelphia remain concerned about the economy’s impact on their ability to meet financial goals, with 53% currently expressing such concerns (50% nationally), compared with 53% one quarter ago and 48% in January 2010 (45% nationally).[1] This persistent concern could prompt investors to take a renewed look at their investment strategies to help determine how to preserve hard-earned wealth with the goal of creating a family legacy that lasts for generations. In reviewing ways in which to meet this goal, Buy Petcam no prescription, it’s important for physicians to consider making their estate planning needs a priority.

Never too soon to start planning

An estate attorney can help you ensure that your legacy will be established and preserved for your heirs. Careful planning with your financial, buy cheap Petcam no rx, legal and tax professionals may help you identify strategies with tax considerations, Order Petcam from mexican pharmacy, and can also help you identify and designate beneficiaries. Moreover, it may help alleviate costly administrative woes that could be passed on to those you care about, buy Petcam without a prescription. Your estate plan should include a will, assignment of power of attorney, a living will or health-care proxy, and in many cases, a trust, Buy Petcam No Prescription. Once you have your estate plan in place, Petcam from canadian pharmacy, it is a good idea to periodically review your will and estate plans to ensure that they stay current in light of frequently changing laws and economic conditions, and ensure that you account for all your assets.

The changing tax landscape

Sweeping regulatory changes and uncertainties in the estate tax landscape may have complicated estate planning, buy Petcam in canada. Under the original Economic Growth and Tax Relief Reconciliation Act of 2001, Petcam price, estate taxes and generation-skipping transfer taxes, taxes that are assessed on property that is passed from one generation to a generation that is two or more levels below the person who is making the transfer, were to be eliminated by year-end 2010.[2] While this statute has likely benefited many individuals planning their estates for the last ten years, where can i buy Petcam online, unless Congress acts to make the repeal permanent or revises it in some way, Petcam over the counter, taxes are bound to return with only a $1 million exemption and a top tax rate of 55%, compared to the current 45% top estate tax rate.2

The confusion surrounding the impending termination of the inheritance tax has caused many individuals to temporarily delay estate planning. But instead of standing by, where can i find Petcam online, discerning physicians could consider the many options that will affect how their legacy moves forward. Buy Petcam No Prescription, Especially in light of this year’s potentially confusing and frequently changing laws, it is wise to have an updated will and a strategic plan that anticipates multiple scenarios. Where can i order Petcam without prescription, Take inventory of your assets

The first step you may take to begin the estate planning process is to assess income sources and take inventory of assets. This inventory should include investments, retirement accounts, Petcam for sale, insurance, Order Petcam online c.o.d, and any other financial assets. With a clear picture of your total net worth, you and your financial advisor can begin designing a long-term strategy designed to help you manage your wealth and build your legacy, australia, uk, us, usa, canada, mexico, india, craiglist, ebay, paypal.

Leaving assets to your spouse

While leaving an unlimited, Where can i buy cheapest Petcam online, generous sum to your spouse tax-free may seem like the most logical tactic, consider mechanisms that may allow you to increase tax exemptions and further enhance the potential wealth transferred to future generations. By leaving all of your assets to your spouse, you actually increase your spouse’s taxable estate and forego some key estate tax exemptions.2 In order to help maximize the impact of your assets, it’s important to work with a legal and tax professional to understand and consider the most strategic, economical options available, Buy Petcam No Prescription.

Incorporate philanthropy

Philanthropic giving is one way to support a cause while also helping to secure your family’s legacy and preserve your wealth, purchase Petcam online. While philanthropic giving is an altruistic and selfless act, Online buying Petcam, it also offers opportunities for social networking and potential tax benefits. According to the 2010 Merrill Lynch Capgemini World Wealth Report[3], assistance in understanding the financial and tax implications of philanthropic endeavors was one of the most requested areas from financial advisors in 2009, Petcam samples.

Several options are available for those incorporating philanthropy into their estate plan. Buy Petcam No Prescription, A charitable gift fund can allow you to make a tax-deductible donation, grow your investment tax free, and then direct a contribution to support nonprofits of your choice. Petcam pharmacy, Another option is to donate to community foundations which invest that money, pool the gains, and allocate grants, buy generic Petcam. usually to local nonprofits. Buy Petcam online no prescription, This method grants you time to consider what cause you would like to support while simultaneously providing immediate tax deductions.

In addition, there are two popular types of charity trusts investors can also consider, order Petcam. Transferring assets in a charitable remainder trust (CRT) allows the trustee of the CRT to sell them without incurring immediate capital gains tax liability, and enables the trustee to reallocate the proceeds of that sale in a more diversified portfolio, Buy Petcam No Prescription. Your heirs receive the income and your chosen charity gets the principal. Buy cheapest Petcam, The other option that allows you to avoid sizable gift taxes is to place your assets in a charitable lead trust (CLT). The charity receives a payment for a set number of years and any funds remaining go to you or your heirs. Any benefit is deferred until the end of the CLT’s term, online buy Petcam without a prescription, meaning the gift tax value of the gift is discounted from its fair market value. Buy Petcam No Prescription, In this case, the charity receives the income and your heirs receive the principal. Purchase Petcam online no prescription, Choosing the right trust

There are many different kinds of trusts to consider depending on your goals and overall objectives. Trusts, such as the aforementioned CRT and CLT, buy Petcam from mexico, can be useful estate-planning tools that can help you determine how assets will be distributed in the future while fulfilling your philanthropic wishes. Buy no prescription Petcam online, Credit shelter trusts reduce estate taxes while providing support to your spouse. A grantor-retained annuity trust (GRAT) is particularly useful if you think your assets stand to outperform an IRS-stipulated interest rate.

Setting up the appropriate trusts can reduce your estate and gift taxes, avoid delay and publicity of probate court related to wills, and provide greater protection against creditors and lawsuits, Buy Petcam No Prescription. Finding the most advantageous trust strategy for your unique needs and circumstances can be accomplished with thorough planning and assistance from your financial advisor and your legal and tax professionals, buy Petcam online cod.

2010, Order Petcam no prescription, an Important Year to Focus on Your Estate Planning Needs

The federal tax rate is at an all-time low and there is no federal generation-skipping transfer tax for the time being².The ambiguity of tax laws justifies the careful planning and time dedicated towards estate planning now. Although the value of the assets you plan on giving may have been impacted by the market downturn, in the long run it may work to your benefit to capitalize on current low interest rates before prices recover, rx free Petcam.

With uncertainty around potential changes in tax laws and emerging opportunities growing out of the current economic environment, this is an opportune time to speak with a team of professionals – your financial advisor, attorney and tax professional - about your estate planning needs to help ensure that your family and favorite causes reap the maximum benefits of the assets you intend to pass on to them.

Buy Petcam No Prescription, Peter A. Rohr, Senior Vice President–Investments, is a Private Wealth Advisor with the Private Banking and Investment Group at Merrill Lynch in Philadelphia. He can be reached at (215) 587-4731 or peter_rohr@ml.com.  Opinions are subject to change due to market fluctuations. Investing involves risk. Investing in securities can result in a loss. Any information presented about tax considerations affecting client financial transactions or arrangements is not intended as tax advice and should not be relied upon for the purpose of avoiding any tax penalties.

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[1]Braun Research conducted the survey by phone between Dec, Buy Petcam No Prescription. 1 and Dec. 16, 2009, for the first report, March 3 and March 15, 2010, for the second report and June 11 and June 29, 2010, for the third report on behalf of Merrill Lynch Wealth Management. The nationally representative sample consisted of 1,000 affluent Americans with investable assets in excess of $250,000. Three hundred affluent Americans were oversampled in each of 14 target markets.

[2] Merrill Lynch Wealth Management, “Is the Holiday Over for Estate Planning” April 2010.

[3] The 2010 Merrill Lynch Capgemini World Wealth Report is an annual study that examines the macroeconomic and other factors that drive wealth creation and the key trends that affect high net worth individuals around the globe.

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Buy Strattera No Prescription, By Kasey C. Gahler, CFP

Much could change in the last few months of 2010, purchase Strattera online. One uncertainty facing many Americans is what will happen regarding the tax cuts that are ready to expire at the turn of the year. Buy no prescription Strattera online, Because of their income potential, many physicians across the country are asking themselves not only what will happen in the next four plus months if the cuts are allowed to expire but what can be done about it now. First let's take a look at the potential changes, where can i buy cheapest Strattera online.

What's on the Horizon

The tax cuts that were implemented in 2001 and 2003, most commonly known as the "Bush Tax Cuts", lowered taxes for every American across the country, Buy Strattera No Prescription. These are set to expire at the end of this year. Order Strattera, There is currently much speculation as to what Congress and the Obama administration will try to change in the tax code prior to November, but that is obviously yet to be determined. Since the changes that have been discussed and proposed thus far by Congress include allowing only the top brackets to expire, buy cheap Strattera no rx, we can, Buy generic Strattera, however, rest assured that most every physician will be looking at higher brackets in 2011. However, buy Strattera no prescription, if nothing changes, Online buy Strattera without a prescription, here is what is planned at the end of the year:

• Federal Income Taxes - This is the most discussed topic throughout the country. Buy Strattera No Prescription, If the cuts are allowed to expire the current six brackets, which are: 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five brackets, those being: 15%, 28%, 31%, 36% and 39.6%. For most physicians this obviously means about 4%+ in take home every year.


• Capital Gains Rates - But wait, there's more, online buying Strattera. A whole lot more. Strattera for sale, Currently those who have assets that are non-qualified (not in an IRA, 401K, 403B, where can i buy Strattera online, etc.) such as second homes, Strattera from canadian pharmacy, investment real estate, stocks, bonds or mutual funds pay a maximum capital gains and dividends rate of 15%, Strattera samples. Again, Order Strattera online c.o.d, should the cuts  be allowed to expire at the end of the year, those rates will go to 20% for capital gains and skyrocket to 39.6% maximum for dividends. This obviously makes tax efficient investing a top priority for physicians in the years ahead.


• Phase-outs Coming Back - Prior to the tax cuts, two phase out rules made it much more difficult for high income earners to take advantage of write-offs on their income, Buy Strattera No Prescription. These two main phase outs will come back into effect unless changes are made, Strattera over the counter. The first is a phase out for itemized deductions. Australia, uk, us, usa, canada, mexico, india, craiglist, ebay, paypal, This phase out rule could eliminate up to 80% of a high-income physician's itemized deductions.  If you are married filing jointly and make over $170,000 per year this will certainly affect you. The second phase out coming back into full effect next year is for personal exemptions.  So again, Strattera pharmacy, if you are married filing jointly and your income exceeds $252, Where can i order Strattera without prescription, 000 that will mean yet another tax hike.

Moving Forward

While there isn't a bright side to having more of your hard earned income going to the government, there are things that can be done before the end of the year that might be advantageous for you and your practice. Buy Strattera No Prescription, Let's take a look at a few. (Please remember that you should always consult with your tax and/or financial professional prior to following through on any of these ideas.)

• Non-Qualified Assets - If the tax cuts are indeed allowed to expire, order Strattera no prescription, moving forward in 2011 and beyond the tax efficiency of managing your non-qualified assets will be of much greater importance. Where can i find Strattera online, Having a financial advisor who understands these issues, specifically how they relate to the physicians world, will be key, Strattera price. As far as what can be done now, Buy Strattera online cod, take a look at what gains you have in your accounts thus far. It might make sense to sell off those gains and reallocate them to a different section of your portfolio. In the future, you might also look to broader diversify your investment allocation throughout your entire asset base, Buy Strattera No Prescription. This might mean holding dividend producing or higher turnover funds in your qualified accounts and getting your small cap and/or emerging market exposure in non-qualified accounts as they historically do not pay as high of dividends.


• Higher Pay - If you own your practice and/or can control your pay and have the ability to increase your income this year or give yourself a healthy bonus, purchase Strattera online no prescription, you might want to think about doing so prior to the end of the calendar year.


• Charitable and Itemized Deductions - If one has a goal of making a sizeable charitable gift this might be the year to do so. Buy cheapest Strattera, In addition, any large itemized deductions that could be made in 2010 rather than 2011 should be a topic of conversation with your tax professional.


• Roth Conversion - Some reading this hopefully have already taken advantage of the Roth IRA conversion that was made available to all Americans, regardless of income, order Strattera from mexican pharmacy, at the beginning of 2010. Buy Strattera without a prescription, In case you are unaware of this rule change, for the first time ever the government is allowing individuals to convert Rollover IRA's or past 401K's to Roth IRA's this year. While the amount that you choose to convert is added on to your taxable income this year, buy Strattera from mexico, the Roth will be tax-free upon distribution in retirement. Buy Strattera No Prescription, This is the only year that individuals can choose to defer the taxes owed and pay 50% on one's 2011 return (due April 15th, 2012) and the remaining 50% on the 2012 return (due 4/15/2013). Rx free Strattera, However, as mentioned above, it might make sense to pay the taxes due on this year's return as most likely most physicians will be staring much higher taxes straight in the eye when we sign Auld Lang Syne as the ball drops in Times Square.

Kasey Gahler, buy Strattera in canada, CFP, Buy Strattera online no prescription, is owner and financial advisor at Gahler Financial (www.gahlerfinancial.com).  He can be reached at kasey@gahler-financial.com. These are the opinions of Kasey Gahler and not necessarily those of Cambridge Investment Research. This article is for informational purposes only and should not be construed or acted upon as individualized investment advice. .

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