Tax Planning for Seniors WEBCAST - Washington Society of CPAs

Overview

Seniors face issues that complicate return preparation and planning. For example, when to apply for social security? How is it taxed? What if they continue to work? Will an increased standard deduction affect charitable planning? Will downsizing affect interest and property tax deductions and payments? How can they help children or grandchildren pay for a home or a college education?

Highlights

Income for seniors: earned and investment. Deductions: bunching, tracing, minimizing. Effect of income tax strategies on an estate plan.

Prerequisites

Experience in individual tax preparation and planning. General knowledge of social security and other retirement vehicles.

Designed For

Staff at all levels focused on planning and financial planners recommending retirement strategies.

Objectives

Recognize the effect of Social Security on retirement. Identify strategies for tax-deductible expenditures. Determine how retirement distribution requirements can impact the overall retirement strategy. Identify alternatives to achieve family objectives.

Preparation

None.

Notice

None.

Leader(s):

Mary Kay Foss

Leader Bios

Mary Kay Foss

Mary Kay Foss, CPA, a director with Sweeney Kovar LLP, has more than 30 years of practical experience in advising clients about retirement, income and estate planning issues. She is a frequent lecturer for community, professional and business groups and has authored and presented courses for tax professionals throughout California.

Foss is past chair of both the CalCPA Estate Planning Committee and the Committee on Taxation. She is a past president of the Estate Planning Council of Diablo Valley, the East Bay Chapter of CalCPA and the Estate Planning Council of the East Bay. She is a member of the AICPA Trust, Estate and Gift Tax Technical Resource Panel and has been quoted in California CPA magazine, as well as national publications.

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