The Hot Story for 2009 and 2010—Roth IRA Conversions
The big story for 2009 and 2010 is the potential to make a Roth IRA conversion. Though this report only skims the surface regarding Roth IRA conversions, we think that practically everyone should at least consider whether a Roth IRA conversion would be appropriate for themselves and their family. Our actual preference for most IRA and retirement plan owners is to develop a long-term Roth IRA conversion plan that will likely involve a series of Roth IRA conversions over a period of years.
Our office is on the cutting edge in helping IRA and retirement plan owners make optimal long-range Roth IRA conversion plans. Jim is getting $10,000/day to train financial advisors all over the country on the benefits and intricacies of Roth IRA conversions. Steve Kohman, CPA, and a full-time member of our team, is the number cruncher that provides Jim his ammunition. Steve has become one of the top Roth IRA conversion experts in the country. Jim and Steve are developing an in-depth course for advisors. Jim also created a “done for you workshop” that advisors purchase from Jim to conduct their own Roth IRA conversion workshops.
For our assets under management clients, we are providing Roth IRA conversion analysis as part of our service without additional costs. For others, we are providing this service, but charging accordingly. If you are interested in getting the most out of your retirement assets, we urge you to attend one of our workshops regarding Roth IRA conversions and/or set up a meeting with Jim or Steve Kohman. Our upcoming Roth IRA conversion workshops are scheduled for Saturday, October 24, 2009 at the Holiday Inn in Monroeville and again on Saturday, November 21, 2009 at Four Point Sheraton in Mars. You can sign up by calling Alice at 412-521-2732.
We also videotaped one of Jim’s Roth IRA conversion workshops. That DVD will be available soon. We will be selling this DVD to the public. If you are interested in getting the DVD before its official release, please email us at admin@rothira-advisor.com, and we will respond.
Table of Contents
Our Traditional Year-End Tax Letter
Our annual year-end tax strategies letter is complicated by the uncertainty in future tax rates as well as other likely changes in the tax law.
It is prudent, however, to implement year-end tax strategies even with less than perfect information. It is likely we will have another update on this letter when additional legislation passes before year end.
The big picture for the next several years, next decade and possibly for an entire generation is likely tax increases, particularly in the upper income brackets. President Bush’s tax cuts are set to expire in 2011. President Obama promised no tax increases on the middle class with only the upper two marginal income tax brackets to increase from the current rates of 33% and 35% to 36% and 39.6%, respectively. Long-term capital gains rates and qualifying dividends are expected to increase 5% from 15% to 20%. There is also a proposed surtax on incomes above $350,000.
Date Sensitive Issues
Let’s take a look at a few tax related issues that have rapidly approaching deadline dates that, if applicable, may require action.
- Rolling Back Your 2009 Required Minimum Distributions
Due to the disastrous financial markets in 2008, the IRS eliminated Required Minimum Distributions (RMD) for 2009. Many retirees who could afford to live on other money besides their RMD acted early in 2009 and had their 2009 RMDs suspended. Some retirees took their RMD anyway and later found out the RMD for 2009 was suspended. If you fall in that category, you have until the later of 60 days of the date of withdrawal or November 30, 2009, whichever is later, to rollover the money back into your retirement account. If you can afford to live without the RMD for 2009 and have already taken it anyway, it would be prudent to return it. Extending the period of tax deferral on retirement income usually proves to be advantageous. It also opens opportunities for a lower tax rate for Roth IRA conversions covered later in this letter.
Many retirees receiving Social Security benefits include as taxable income from 0% up to as much as 85% of the annual benefits. Suspending their 2009 RMD can allow for a one-year window where the taxes paid on Social Security benefits can be reduced or even eliminated. As an added bonus, reducing your adjusting gross income can enhance your ability to claim income-restricted deductions and tax credits.
- Buy a New Car, Truck, Motorcycle or Motor Home
Sales tax paid on the purchase up to certain limits is deductible on your 2009 tax return. The purchase must be after February 16, 2009 and before January 1, 2010. The deduction is available for taxpayers who don’t itemize their deductions on federal Schedule A. The deduction is phased out as modified adjusted gross income increases from $125,000 to $135,000 for a single filer or $250,000 to $260,000 for joint filers.
- New Home Buyer Credit Set to Expire
First time homebuyers must complete their first-time home purchases before December 1, 2009 to qualify for the first-time homebuyer credit. The credit is 10% of the purchase price of the home up to a maximum credit of $8,000 ($4,000 for a married person filing a separate return). Homebuyers who have never owned a home or have not owned one in the last three years may claim the credit. Of course, there are other conditions, limitations etc. for eligibility so be sure to review these rules and consult with your tax advisor to maximize your situation.
The American Recovery and Reinvestment of 2009 increases the 10% credit to 30% for making certain energy-efficiency improvements and for the installation of qualified energy property. There were similar credits available in 2007 but not available in 2008. Homeowners should be aware that the standards in the new law are much higher that the standards established in the earlier years. The $1,500 aggregate cap does not include any credits claimed in earlier years. The credit is available for improvements placed in service in 2009 and 2010. The residential energy property tax credit is non-refundable.
The installation of alternative energy equipment such as solar hot water heater and geothermal heat pump are also eligible for a tax credit on 30% of the cost with no maximum credit limit. These credits are available through December 21, 2016.
Starting in 2009, the new law also allows the Alternative Motor Vehicle Credit, including the tax credit for purchasing the popular hybrid vehicles, to be applied against the dreaded Alternative Minimum Tax (AMT). Prior to the new law, the motor vehicle credit could not be used to offset the AMT. Trust me, this is a nice change!
The 2009 American Recovery and Reinvestment Act extends the additional first-year depreciation deduction of 50% of the costs of assets purchased through December 31, 2009. The deduction is only available for purchases of new equipment. Most assets (both new and used) purchased are eligible for 100% write-off through the Section 179 tax provision. What is the benefit of bonus depreciation? Bonus depreciation, unlike Section 179 depreciation expense, can create or increase a taxable net loss. In most cases, Section 179 depreciation expense is limited to taxable business income before claiming the Section 179 write-off. There may be tax planning situations where creating a taxable loss by claiming bonus depreciation enables taxpayers to be eligible for tax credits, additional deductions and other tax favored provisions. Taxpayers can also elect out of bonus depreciation if it would benefit their tax situation.
If you want to establish a 401(k) plan in order to make any 2009 tax-deferred contributions, the plan must be established before December 31, 2009. Other retirement plans such as an SEP can be established and funded after the end of the year and as late as October 15, 2010. If you have self employment income and want to make significant contributions to your retirement plan, we generally prefer 401(k) plans (the one person 401(k) plans we refer to as “Super Ks”) to other self employed retirement plans.
Scam E-Mail
We received quite a few calls from clients this past summer who supposedly received e-mail from the IRS indicating they may be eligible for additional tax refunds or other bogus claims. The IRS NEVER initiates communications with taxpayers through e-mail. Delete them!
Do a Projection
I can’t emphasize enough that effective planning requires an understanding of tax brackets, current and future tax rates, projecting your current year income and expenses, and if possible, the following year income and expenses. You can make sound decisions regarding accelerating or deferring income while utilizing the marginal tax rates for your situation. If you are interested in personalized year-end planning and are an existing tax client, please contract your tax preparer for year-end planning.
Roth IRA Conversions
We are big believers in Roth IRA conversions for many taxpayers. We prefer IRA and retirement plan owners develop a long-term Roth IRA conversion plan. Retirees that meet the $100,000 modified adjusted gross income requirements should consider converting some portion of their IRA in 2009 when their tax rate will be at the lowest level it will ever likely be. I can’t stress how important it is to “run the numbers” to see what amount to convert and when is the optimal time to make a Roth IRA conversion.
The current law will permit all taxpayers to make Roth conversions beginning in year 2010, regardless of their income level. For the family, the long-term benefit of a Roth IRA conversion is simply phenomenal. Depending on the assumptions you use, our analysis indicates that taxpayers making a $100,000 conversion can be as much as $40,000 better off in 20 years. If they then die and leave their Roth IRA to their children, their children could be better off by as much as $700,000. If the IRA owners make a $100,000 conversion and dies and leaves it to their grandchildren, those grandchildren could be better off by $8,600,000. (To be fair, these numbers are not adjusted for inflation).
Also, a rule that prohibited married filing separately taxpayers from converting their IRAs is also eliminated. Anyone who does a Roth conversion in 2010 gets the added benefit of having extra time to pay any tax due on the conversion. The taxable income on the conversion is spread equally over tax years 2011 and 2012. This allows taxpayers additional time to put money aside to cover the taxes due. In addition, spreading the income over two years may help you stay in a lower income tax bracket. Also, you can elect to include the entire value of the 2010 conversion on your 2010 tax return and ignore the two-year spread option. This may be the correct choice for some people who would otherwise face a higher income tax rate in 2011-2012 than in 2010.
Converting early in 2010 may give you the added benefit of capitalizing on a market that may be on the upswing. Because you are taxed on the conversion date value, waiting until later when your IRA value could be higher, could cost you additional tax. Should the market drop after you do the conversion, you do have a way out by undoing a recharacterization (another subject for another day) that would need to be accomplished by October 15, 2011.
Roth IRA Conversions Are Especially Relevant Due to Stock Market Declines
More Upside Potential for New Conversions
The tax-free growth of Roth IRAs has made Roth conversions a valuable tool for many of our clients and allows significant long-term tax savings. While each case will benefit from an individualized analysis on the merits of the conversion, the critical feature of the Roth is that once the initial taxes are paid on the conversion, income taxes will never be due on the growth, capital gains, dividends, interest, etc. Our number running calculations reveal the long-term advantage of conversions is greater with a higher rate of investment rate of return, even if it is only a high rate of return in the first year.
Don’t Pass Up Opportunities Created By Low Income Levels
Many factors must be considered in deciding whether a Roth conversion is right in your circumstances. A very important one is your current and future tax rates. Your current tax rate -- or what tax bracket you are in -- will help to determine how much income tax you pay on the conversion. The lower the tax on the conversion, the better a conversion becomes. If you are able to convert and would not owe any tax on the conversion, it is an “opportunistic” conversion that should not be passed.
If you own an IRA and your current year tax deductions and/or business losses will exceed your taxable income items, please consider doing a Roth conversion. With proper planning, you can convert that taxable IRA into a tax-free Roth IRA without paying any income taxes. Even converting enough of the IRA and paying a little tax at the lowest marginal tax rates may certainly prove to be a very wise tax decision over the long haul.
If you currently cannot make the maximum Roth IRA contributions because your income is over $176,000 for joint filers or $120,000 for a single filer, consider making non-deductible traditional IRA contributions and converting them to Roth IRAs in 2010. If those are your only IRAs, you may pay much less in tax on the conversion since you will have basis equal to the amounts contributed. You can continue this process each following year and end up with what is effectively a contributory Roth IRA. If you have substantial balances in a non-deductible IRA and/or after-tax dollars inside your retirement plan or IRA, you may have an unprecedented opportunity. We do cover this issue in our workshop.
Tax Loss Harvesting
The current law says that capital gains tax rates are scheduled to remain unchanged through 2010. President Obama, however, has proposed tax rate increases on long-term capital gains from the current top rate of 15% to 20%. The middle and lower income class taxpayer rates would remain the same.
Using losses to reduce taxable gains by offsetting the losses against the gains is referred to as “tax-loss harvesting or tax-loss selling.” Now is the time to review your investment portfolio and make some decisions that will generate tax savings. I think it is relatively safe to assume that most taxpayers who have after-tax investments in the equity markets have probably suffered losses on those investments. If you haven’t already considered or actually sold some of those investments, there is still time before the end of 2009. If you are in either the 10% or 15% tax brackets in 2009 (including the gain amount), all of your long-term capital gains will be tax-free. If you are in the 25% or higher tax bracket, read carefully. If you have incurred any capital gains for any transaction in 2009 selling some of your investments and recognizing the taxable losses should eliminate that gain. In fact, sell enough shares not only to eliminate the gains but to have excess losses of $3,000 that can be used to offset ordinary income at your highest marginal rate. Be careful to avoid a wash sale, i.e., buying the same security within 30 days of the time you sell the shares—the tax rules will disallow the loss.
Also, keep in mind that reducing your adjusted gross income may enable you to qualify for other tax-related benefits that are tied directly to reducing your adjusted gross income. A few of these are reduced taxable social security benefits, qualifying for a Roth conversion or just freeing up more to convert to a Roth IRA at desired tax bracket. Qualifying education related credits or deductions, lower AMT tax, and smaller phase outs of your itemized deductions and personal exemptions can also benefit taxpayers by having a lower adjusted gross income.
Most selling this year will be for loss recognition purposes. If you are in the 10%-15% tax bracket this year and expect to be in a higher tax bracket in 2010, you may want to recognize a desired amount of long-term built-in gains on low basis investments in 2009. You can lock in the 0% tax rate by selling the shares and re-establish a new higher tax basis by immediately buying those same shares. You need to “run the numbers” to make sure that the additional capital gain income (although hypothetically at a 0% tax rate) doesn’t end up being taxed at a much higher marginal rate than expected.
Many investors fail to maximize the benefits by specific lot selling. Keeping track of your stock purchases at lot levels (instead of the First-In, First-Out default method) allows for greater control when instructing your broker to sell shares.
Writing Off Worthless Stock
If a company you invested in has lost all value, you can take a capital loss equal to your entire “cost basis” in the shares. You must be able to show that the company is totally worthless. Obtain a letter from your broker stating that the cost of selling the securities would be greater than the proceeds you would collect from the sale of the shares.
Donating Stock to Charity
While the topic is still fresh, if you typically donate shares of stock to your favorite charities at year–end, and those shares are now worth less than the amount you paid to acquire them, you would be better served to sell those shares, recognize the tax loss and then donate the stock proceeds to the charity. If you donate the depreciated stock (because you have done it so frequently in earlier years when there were built-in gains), you forego the ability to recognize the loss on the stock while the value of your donation is exactly the same.
Education Expenses
New for 2009 is the American Opportunity Tax Credit, formerly the Hope Scholarship Credit. The new credit is available for the payment of qualifying tuition and related expenses for the first four years of post-secondary education. For 2009, the maximum credit is $2,500 for each eligible family student. The credit is 40% refundable. In prior years, if your tax liability was $-0- or less than the amount of the education credit, the excess credit was of no benefit. The credit is phased out for joint filers with modified adjusted gross income between $160,000 and $180,000 and between $80,000 and $90,000 for single filers. These increases will make the credit available for more middle-income taxpayers than in the past.
Required course materials have been added to the list of qualifying expenses. In the past, books usually were not eligible for education-related credits and above the line deductions.
Graduate students still qualify for the lifetime learning credit and the tuition and fees deduction.
Section 529 Plan Change
Effective for 2009 and 2010 a student’s expenses for computer-related technology, equipment or Internet access and related services can be paid for from college savings plan distributions. So if you’re planning to buy your child a new computer for college, use the 529 plan to pay for the expense.
Check your Federal Tax Withholdings
The Making Work Pay Credit increased most taxpayers’ paychecks during 2009 by reducing the amount of federal income tax withheld. If you are someone who relies on your prior year federal tax withholding to meet an exception to the underpayment of estimated tax penalty, be sure to review your federal withholdings. You can still increase your federal withholding from now to the end of 2009 to keep on track.
Everyone will not be eligible for the credit, including high-income households, dependents, and nonresident aliens. It is possible that you could have had your 2009 withholdings reduced inappropriately thus leaving you owing a bigger balance or receiving a smaller refund when your file your 2009 tax return.
Alternative Minimum Tax
AMT continues to be under the “Patch Program.” Every year, Congress passes a temporary patch to increase the AMT exemption with the intent of not adding more taxpayers to the AMT tax rolls. The 2009 exemption amounts were part of legislation passed at the end of 2008.
Because of the complexities of the AMT tax calculation, traditional tax planning to minimize taxes can backfire when you are subject to AMT. For example, if you are subject to AMT at all, paying additional state and local income taxes or unreimbursed employee business expenses prior to year-end will waste these itemized deductions.
On a good note, tax-exempt interest on specified private activity bonds issued in 2009 or 2010 is exempt from AMT. As mentioned earlier, certain tax credits are allowed to offset AMT.
Long-Term AMT Tax Credits
The Emergency Economic Stabilization Act of 2008 (EESA) significantly altered the minimum tax refundable credit. Under EESA, the phaseout is eliminated and the percentage level is increased to 50%. The balance of any unused long-term AMT credit is refundable in 2009. Take note though, most people who pay AMT don’t get an AMT credit.
Extended Section 179 Expense Rules Offer Flexibility
If you are a business owner, you may want to act soon if you are planning to acquire new business assets. For 2009, you can generally write-off $250,000 of equipment and software placed in service this year. These rules allow taxpayers to reduce income taxes by fully expensing purchases of qualifying assets used in business (such as computers and other equipment) in the year of purchase. Multi-year plans can be made with knowledge that acquisitions 2-3 years from now can still use the higher deduction limits.
By reviewing your current year marginal rates and projecting next year rates, you can make sound decisions on whether to make a purchase before the end of this year or delay it into the next year.
Roth 401(k) and 403(b) Plans
This really is a great new addition to the retirement plan arena. By now, most taxpayers have heard of the Roth IRA, and we are advocates of using them, when possible, to take advantage of the tax-free growth of the account. The one drawback of Roth IRAs for many of our clients is that they make too much money to qualify for Roth IRA contributions. Well, that statement is old news since all taxpayers whose employers offer Roth 401(k) or Roth 403(b) plans are now eligible to make Roth 401(k) or 403(b) contributions to these plans regardless of their income.
The differences between a Roth 401(k) and a traditional 401(k) are that with the Roth 401(k), you use after-tax dollars to fund your elective contributions and that the Roth 401(k) grows income tax free. For example, if your salary is $100,000, and you contribute $10,000 to your existing 401(k) or 403(b), you must pay taxes on $90,000 of wages. Keep in mind though that when you eventually withdraw those retirement funds, you will be taxed on the $10,000 in the retirement plan plus all the accumulated investment earnings. What happens if you contribute the same $10,000 to the Roth 401(k) or Roth 403(b)? Your taxable wages will be $100,000, thus increasing your current year tax liability. The advantage, however, is that the Roth 401(k) and 403(b) will grow income tax free for your life, your spouse’s life, and the lives of your beneficiaries.
That is an advantage that may be difficult to evaluate in relation to the tax-deductible traditional 401(k)/403(b) contribution. Does the fact that the same $10,000 plus all accumulated earnings will be tax-free when withdrawn help ease your pain? Consideration of many factors should be made to address the issue including current and estimated future financial and tax situations of you and your family members.
Most people are likely to have accumulated the bulk of their retirement plan nest egg in fully taxable retirement plans such as 401(k)s and 403(b)s. Thus most of their withdrawals at retirement will be fully taxable. Having some of your retirement money in a Roth account provides a way of diversifying your tax exposure by giving you some flexibility in which account to withdraw from that is most tax efficient. Though every case is different, in general for many clients, we prefer the Roth 401(k) to a traditional 401(k).
Younger people who are currently in lower tax brackets should always consider funding a Roth account. Running the numbers will prove this to be a long-term winning decision.
Focus on Reducing your Adjusted Gross Income
Many taxpayers have some ability to reduce or increase their adjusted gross income. Projecting your current year adjusted gross income and taking steps before year-end to lower this amount can result in reducing your overall tax liability by thousands of dollars. Reducing your adjusted gross income helps preserve certain tax breaks you may otherwise lose or avoids additional taxable income you would not otherwise have such as:
- Deductions for higher education expenses and student loan interest.
- Child tax credits for qualifying children.
- American Opportunity and Lifetime learning education credits.
- Personal exemption amounts for you and your family.
- Avoiding phase-out of itemized deductions.
- • Losses from certain rental real estate activities.
- The ability to make a deductible IRA or Roth IRA contribution or a Roth conversion.
- Various other tax credits.
- Reduced overall taxability of social security benefits.
Other Tax Reduction Ideas - Oldies, But Goodies
Make or Increase IRA and Self-Employed Retirement Plan Contributions: Business owners can reduce AGI by increasing contributions to pre-existing retirement plans or establishing a new plan such as 401(k) plans, including one-person 401(k) plans, SIMPLE pension plans, SEPs, Keogh plans, or regular (deductible) IRAs. Most self-employed retirement plans allow for deductions in tax year 2008 even for contributions which are made after year-end but before the extended due date for filing the return. In other words, payment of 2009 deductible retirement plan contributions, other than the deferral amounts that should be made during the tax year, can be postponed until October 15, 2010, with an automatic extension. There is no extension of time for making IRA contributions. The deadline is April 15, 2010.
Maximize Loss Situations: If you are experiencing an unusual tax year where you may be in a much lower tax bracket than usual or even in jeopardy of wasting itemized deductions and personal exemptions, careful tax planning can be more crucial than ever. Make sure you project your taxable income before the end of the year and examine all your alternatives. There may be steps to take to avoid wasting deductions such that taxes can be lowered in future years.
Enroll in a Cafeteria or Flexible Spending Plan: Take advantage of employer provided Cafeteria or Flexible Spending Plans. This strategy allows you to pay for medical, child-care and other qualified expenses with pre-tax dollars. Medical expenses are rarely fully deductible on Schedule A due to the 7.5% of AGI limitation. Medical costs paid for through your company’s cafeteria plan will allow you to fully deduct your medical expenses from your taxable W-2 federal and social security wages.
Make a good estimate of your projected qualified expenses for the year. If you set aside more pre-tax dollars than you will be able to claim, the unused portion is forfeited subject to the IRS rule described further below. Don’t let the forfeiture risk deter you from participating, just be a little more conservative in your estimate. If you are currently enrolled in a program, review your outstanding balance, and if necessary, schedule a dentist, doctor, optometrist, chiropractor, etc. appointment before December 31st.
IRS previously extended the deadline by which participants in an Internal Revenue Code Section 125 cafeteria plan must incur medical expenses to receive reimbursement under the plan. Contributions that cannot be applied to expenses incurred by 2 ½ months after the calendar year end are forfeited under the IRS “use it or lose it” rule. For example, a participant in a calendar year plan may pay for medical expenses incurred by March 15, 2010 and expenses submitted by April 30, 2010 with health care flexible spending account contributions made in 2009.
Take Advantage of Pre-Tax Parking Breaks: If your employer offers pre-tax dollars to be used for parking, mass transit or van pools, take advantage of the tax savings. Many individuals are not afforded the luxury of being able to deduct personal parking costs. Using this fringe as a component of employee compensation can create tax savings for both parties.
Preserve Student Loan Interest Deduction: Consider obtaining student college loans in the student’s name instead of the parent’s name where the parent’s income is too large. Deferring the payment of student loan interest until after graduation may preserve the deduction for payment of interest on student loans. Most college grads start out with salaries that would allow a full deduction for the interest paid. Conversely, if the loan is in the parent’s name, there is a higher possibility that the interest would be non-deductible. The parents can always make monetary gifts to help repay the loan interest.
Deduct Fees for Paying Your Taxes by Credit Card: If your credit card company charged a fee when paying your federal tax bill, you can deduct those charges as a miscellaneous itemized deduction subject to 2% of your gross adjusted income.
Gifting Depressed Stock: The current market slump can be good news for estate planning. By giving your children or grandchildren shares of stock with depressed prices, you can reduce your taxable estate by removing more shares at a reduced value that will eventually rebound. If you give a donee shares worth $13,000 or less, the entire gift is out of your estate. The exclusion is doubled to $26,000 per donee if your spouse joins in on the gift. One caution however, gifting stock that is depressed below its cost basis would result in the loss of deduction because the recipient’s new cost basis would be the lower value upon receipt.
Self-Employed Individuals Should Consider Employing their Child(ren): Employing your child (age permitting) offers great tax-saving opportunities. Assuming your child has no unearned income, the parent could pay the child wages up to $5,700 in 2009, and the child would not have to pay any federal income taxes. The next $8,350 would be subject to a 10% tax rate. If the parents’ marginal income tax bracket were 28%, the $13,475 wage deduction would generate $3,099 in federal income tax savings. Furthermore, when you employ a child under 18-years-old, neither the employer nor the employee is subject to social security tax on the child’s wages. The wages your child earns will qualify as earned income for the purpose of establishing a Roth IRA. A Roth IRA will provide your child with an exceptional opportunity to accumulate money with tax-free growth.
What You Should Do Now
If you want personal attention for income tax planning, I urge you to schedule to meet with whoever prepares your tax return. If you are not currently an income tax preparation client and considering using our firm for tax preparation, I would recommend setting up a meeting with one of our preparers before year-end.
If you have been meaning to come in to see Jim because there is a problem with your wills and trusts (i.e., you don’t have one) or you are feeling uneasy about your investments or were wondering if a Roth IRA conversion is appropriate for you, I would urge you to come in soon. For clients considering life insurance (I like guaranteed universal life that has low premiums and a high face value), I would urge you to see us for an independent analysis.
I wish you and your family a joyful holiday season and a healthy, prosperous new year.
Warmest personal regards,
James Lange
Certified Public Accountant
Attorney at Law
P.S. If you need to see either me or your tax preparer, please don’t put it off. Simply call our receptionist, Alice Davis, at 412-521-2732. Alice will be happy to schedule an
appointment for you.
Disclaimer: Material provided is general in nature and does not, nor is it intended as a rendering of formal legal advice. Reading of this document does not establish an attorney/client relationship. Lange Legal Group, LLC is not responsible for the results obtained from using the contents, nor any errors or omissions. Do not act upon information contained herein without a thorough evaluation of the facts relating to your specific circumstances. Any tax advice included in this written or electronic communication was not intended or written to be used, and it cannot be used by the taxpayer, for the purpose of avoiding any penalties that may be imposed on the taxpayer by any governmental taxing authority or agency. Readers should consult with professionals from Lange Accounting Group, LLC or Lange Legal Group, LLC or other legal, tax or financial advisors.
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