2008 Year-End Tax Law Update2008 Year-End Tax Law Update

Hosted by: Hosted by: Thomas K. AmbroseThomas K. Ambrose

Discussion with: Discussion with: Kevin Hill, Tax Manager, Fesnak & Associates, LLPKevin Hill, Tax Manager, Fesnak & Associates, LLP

HousekeepingHousekeeping

In consideration of others, please mute your phones.

In the interest of time, this is an informational webcast, with questions to be asked “offline”.

A recorded playback of this call will be available by dialing: (712) 432-1285 code: 762457#

A digital recording can be emailed to participants upon request.

Thomas K. Ambrose, CEAThomas K. Ambrose, CEA

Kevin Hill, Tax ManagerKevin Hill, Tax Manager

Since 1978 Mr. Ambrose has been focused on developing and implementing new industry leading Wealth Management Strategies and Programs and Portfolio Management Services for the affluent business owner, highly compensated executive professional, and high net worth retiree. Today he conducts public, private, and corporate sponsored educational workshops and seminars throughout the Delaware Valley on wealth management and preservation techniques. Mr. Ambrose graduated from Salisbury State University with his BS in business and finance. Mr. Ambrose is also a member of the International Association of Financial Planners, and the Pennsylvania and Delaware Estate Planning Councils.

A discussion between Tom Ambrose and Kevin Hill will be covering the following topics:

1) Personal Tax Law ChangesOne-year AMT “patches”Extended “popular” tax breaks

2) Timing of Income & Expenses3) Executive Compensation4) Tax-Smart Investment Decisions5) Estate Planning6) Myths of Tax Filing & IRS Audits7) Individual, Employment, and AMT Tax Rates

AgendaAgenda

Personal Tax Law ChangesPersonal Tax Law Changes

One-year AMT “patch”

•Expanded AMT exemption amounts

•Personal tax credits

•Changes to refundable AMT credit rules

•Outstanding AMT liabilities forgiven

Personal Tax Law ChangesPersonal Tax Law Changes

Extended “Popular” Tax Breaks

•Charitable donations from IRA’s

•College tuition deduction

•Optional sales tax deduction

•Energy-friendly home improvements

•Increase to casualty loss deduction

•Favorable refund child credit rules

Timing of Income & ExpensesTiming of Income & Expenses

•Bunching of Deductions

•Recognition or Deferral of Income

Executive CompensationExecutive Compensation

•Non-qualified deferred compensation, Stock Options, Restricted Stock

•Timing of deferral and distribution

Tax-Smart Investment DecisionsTax-Smart Investment Decisions

•Recognize or Defer Capital Gains

•Tax Loss Harvesting & Wash Sale Rules

•Tax Pitfalls of Mutual Fund Investing

•Municipal Bonds

•529 Plans

•Annuities – Non-qualified & Charitable

•Retirement Account Setup Deadlines

Estate PlanningEstate Planning

•2008 Gifting

•Start or Stop?

•Increase or Decrease?

•Discounted Valuations

Myths of Tax Filing & IRS AuditsMyths of Tax Filing & IRS Audits

•Tax Filing Myths

•Red Flags

•IRS Audits

Additional InfoAdditional Info

•Individual Tax Rates

•Employment Tax Rates

•AMT Tax Rates

Thank YouThank You

• Ambrose Wealth Management

– Thomas K. Ambrose, CEA & Peter N. Blok

– 810 Baltimore Pike, Suite 1

Chadds Ford, PA 19317

– (610) 388-4424

– www.ambrosewm.com

• Fesnak & Associates, LLP

– Kevin Hill

– 1777 Sentry Parkway West, Gwynedd Hall, Suite 400

Blue Bell, PA 19422

– (267) 419-2230

– www.fesnak.com