Next Meeting: Tuesday, February 17th Dinner Meeting
Tax Update 2015: Your Health and Your Wealth
Tax Update: In February, we will have a tax expert, ￼local Section Webmaster and long-term member, David Deutsch, who will present a Tax Update (and Workshop) on Tuesday, 2/17– our next monthly meeting date at the Pfizer Building. For the past decade, David has been a Tax Associate with H&R Block, and recently qualified as a Registered Tax Return Preparer, under IRS regulations that were subsequently “thrown out” by the courts. But, this underlies the vagaries of America's tax laws, which change year-to-year, with occasional major modifications such as this year's requirements under Obamacare legislation that impact the “individual mandate”. Its implementation was already delayed one year.
Filing your taxes in 2015 will now require you to confirm that you and your household members have had healthcare insurance during the past year (in 2014). If not, there may be (tax) penalties, unless you met certain requirements or exemptions (such as was your income was below the filing requirements). ACA (Affordable Care Act) tax penalties will double, in many cases, in 2015 – so make sure to sign up for healthcare as soon as possible as the deadline for the Marketplace is Sunday, 2/15, and it will not be available for open registration again until the fall.
Healthcare is the newest change for this tax season, but other tax provisions were extended for just one year by the Congress in late December, and, as always, there are number of other tax topics that need to be fully explored for both the first-time tax filer as well as the veteran taxpayer.
We will examine the tax filing process in general, then proceed to look at both pages of summary document Form 1040, line-by-line, with special emphasis on those items most engineers will be filling in now (or in the near future as their careers develop). Jargon such as Gross Income, AGI, MAGI, AMT, EITC, marginal tax rates, earned vs. unearned income, and deductions vs. credits will be explained. Latest data will be offered for “Who Pays Taxes” and “Red Flags to Avoid Tax Audits” - and, if time permits, a tax return (actually filed) will be revealed of a famous American. Bring your tax questions.
Speaker: • David Deutsch, Tax Associate at H&R Block, Flushing, NY office.
David Deutsch is the founder of Vista Marketing and Financial, which specializes in business and market research, financial analysis, strategic marketing, and business development in the chemical and plastics industries. During the tax season, he is a Tax Associate with a local H&R Block office in Flushing, NY.
Mr. Deutsch began his industrial career as a process design engineer for ABB Lummus, Metcalf & Eddy, and Ebasco Services in the petrochemical, environmental, and utility industries. Subsequently, as a service revenue manager for McGraw-Hill 's Chemical Engineering magazine, he planned, developed, and marketed new products including books, software, seminars, conferences, and databases for a technical audience. As an editor, he interpreted and analyzed technical developments in the chemical process industries.
Later in his career, as chemical industry analyst with Chemical Bank's (now J.P. Morgan Chase) Market Intelligence Group, Mr. Deutsch advised the bank's management on chemical industry market and pricing trends as they impacted on its loan portfolio as well as on specific global transactions, such as project financing and mergers and acquisitions.
He earned a B.S. in chemical engineering from City College of New York and was awarded an M.B.A. from Fordham University.
Topic: “Tax Update 2015: Your Health and Your Wealth”
When: Tuesday, February 17, 2015, 5:30 - 7:30 pm (5:30-6:30 pm: Registration, Networking & Buffet Dinner; 6:30-7:30 pm: Program)
Where: Pfizer Building, 219 East 42nd Street, Manhattan. Map
Costs: for Networking, Buffet, and Program.
• Members of AIChE, Metro NY Section: $25; Non- Members: $35; Students (Undergraduates): free; Graduate Students: $10. Please register early, as space is limited. Reserve Now. Undergraduate Student RSVP.
Registration: ALL attendees MUST pre-register by Thursday, February 12th. Due to room size, the number of attendees may be limited, so a first come, first serve policy will be in effect. Reserve Now. Undergraduate Student RSVP.
Questions: Contact David Deutsch at firstname.lastname@example.org or call (917) 684-1659.
If you are not a Member of this Section, you can apply the $10 additional amount paid as a Guest to a full Membership for 2014-15. Please notify Treasurer Joel Kirman that you wish to be a Member. Register Now.
Save the Dates: 2015 Meeting Dates
Local Section Dinner Meetings at Pfizer Building, 219 East 42nd Street, Manhattan. (5:30 - 7:30 pm), unless otherwise noted. Generally, our section meetings are on the third Monday of the month (except when that Monday is a national holiday).
• Tuesday, Feb. 17. Tax Update 2015: Your Health and Your Wealth. Speaker: David Deutsch, Tax Associate at H&R Block, Flushing, NY.
• Thursday, Feb. 19. Engineers Week Celebration Dinner. 1 PDH expected. (AIChE, Metro NY is a sponsor of this dinner.) Topic: Engineering and Operation of the Large Hadron Collider, the largest instrument in the world. Venue: NYU Polytechnic School of Engineering, 6 Metro Center, Brooklyn, NY - Rogers Hall, Rm. 116.
Keynote Speaker: Dr. Philip Michael Tuts, Professor and Chair, Department of Physics, Columbia University. Bio. Details. Cost (for Dinner): $50. Mailed reservations and check required by February 12th. No "At Door" payment. There is no cost to just attend lecture.
• Monday, Mar. 16. Topic and Speaker: to be determined.
• Tuesday, Apr. 13. Topic and Speaker: to be determined.
• Tuesday, May 18. Topic and Speaker: to be determined.
• Tuesday, Jun. 15. Topic and Speaker: to be determined.