Investment, Tax & Estate Planning for Physicians

DATE: May 15th, 2024, Wednesday, 8 pm ET​

Speaker:
Syed Nishat, Partner at Wall Street Alliance Group
       As seen in Medscape, Medical Economics, KevinMD, MedPage Today, Forbes

Hosts:

Anjana Samadder MD, AAPI President

Topics:

• 2024 Market Outlook
• 2024 Tax Planning Tips
• Revocable vs Irrevocable Trust
• Estate Tax Exemption Changes after year 2025
• ROTH conversion and Back Door ROTH IRA
• Mistakes Physicians make during Estate Planning
• What is Estate and Inheritance Tax and how does it work?
• How to lower Estate Tax?
• Spousal Lifetime Access Trust (SLAT)

Disclosure for Five Star, Thrive & FT, ThinkAdvisor, Investment News, Forbes 

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• 1. Qualifying for a QBI Deduction for personal income: For owners of many pass-through businesses, including architects and engineers, the Tax Cuts and Jobs Act (TCJA) of 2017 introduced a new tax break. The Qualified Business Income deduction is generally 20% of qualified business income, subject to 50% of W-2 wage. The QBI is subject to phase out depending on the income level. Please speak to your CPA if you qualify for QBI.
• 2. Establishing Profit Sharing and Defined Benefit Plans: Due to pass of SECURE ACT, there still time to set up a 401(k) Profit Sharing or Defined Benefit plan for 2023. As contributions are not due until the business tax filing deadline, which may be as late as September 15 with an extension, this is a viable option. A self-employed individual aged 50 or older can about $193,000 into a plan, and the money is completely tax deductible. Click here to read more about Cash Balance and 401k Plan.
• 3. Analyzing Cost Segregation for Rental Income: To make the most of tax deductions for real estate property, cost segregation is a tax planning tool that accelerates the rate of depreciation of property components to thereby lower the amount of taxable income. A cost segregation analysis will allow for an optimization of write offs, increasing cash flow and reducing tax liability. Updates to the law allow both new and used property to qualify and for certain deductions to be applied in the first year of ownership. Click here to read more about Cost Segregation.
• 4. Back DOOR ROTH IRA: Many physicians don’t qualify for ROTH IRA due to high income, but they do Back DOOR ROTH IRA since there is no income restriction. You can open an IRA account and contribute post tax IRA account contribution and immediately convert into a ROTH IRA. The money in ROTH IRA grows tax-free in the Roth IRA, and future qualified withdrawals from the account will also be tax-free.

•   5. Fund HSA or IRA Accounts by April 15th Deadline: You can contribute regular IRA account $6500 ($7500 over 50) before April 15th deadline and get deduction. You can also contribute to HSA (Health Savings Account) up to 7,750 (below age 55).
• 6. Qualifying for a QBI Deduction for Rental Income: If you have actively managed rental property and have rental income, you can deduction up to 20% of the rental income (QBI). Please review if you qualify for this with your CPA.
• 7. Student Loan Interest Deduction: Residents or students who can student loan payment can deduct interest up to $2500 but this is subject to income restriction.
• 8. 529 State Tax Deduction: If you have contributed for your children in the 529 plan last year, you may qualify for state tax deduction. Please speak to your CPA if this is applicable for you.
• 9. Itemized Deduction: Most CPAs are taking the standard deductions which is $27,700. It may be best time to review if you can bunch expenses from last year such as mortgage, donation etc. to go over the limit so that you can itemize the deduction.
• 10. ROTH IRA for Kids: Have you kids work last year? Please make sure to contribute for them in a ROTH IRA. It’s a great way to accumulate tax free growth wealth for children.

To know which of the strategies best fit your personal situation, and how to best implement them to have the greatest benefit in your tax planning, it’s best to work with an experienced financial advisor to talk over your unique circumstances and future goals, as they will be know the complex rules and regulations that govern financial planning and can advise you accordingly. Working with a financial advisor you trust will prepare you up for success, allowing you to make the most of the 2023 advantages to put you in a good position for 2024.

“Securities offered through Securities America, Inc. Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Wall Street Alliance Group and Securities America are separate entities. Securities America and its representatives do not provide tax or legal advice; therefore it is important to coordinate with your tax or legal advisor regarding your specific situation.”

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