Next Meeting: Tuesday, February 17th
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.
When: Tuesday, February 17, 2015, 5:30 - 7:30 pm (5:30-6:30 pm: Networking & Buffet Dinner; 6:30-7:30 pm: Presentation)
Where: Pfizer Building, 219 East 42nd Street, Manhattan. Map
Costs: for Networking, Buffet, and Presentation. Register Now.
• $25 for AIChE, Metro NY Members; • $35 for Non-Members / Guests;
• $10 for Master’s or Graduate Students;
• free for Undergraduate Students (Students RSVP).
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 2015. Please notify Treasurer Joel Kirman that you wish to be a Member. Register Now.