2009 TAX UPDATE AND THE NEWEST TAX SAVING & WEALTH BUILDING STRATEGIES USING THE CURRENT TAX CODE

DARREN J. CART, CPAPARTNER � GOING, SEBASTIEN,

FISHER & LEBOUEF, LLP

(337)942-3041darren@goingcpa.com

2009 TAX UPDATES� NEW SALES TAXES DEDUCTION

FOR THE PURCHASE OF NEW VEHICLES � THERE ARE NUMEROUS NEW

ENERGY SAVINGS TAX CREDITS� AN EXPANSION OF THE HOPE

CREDIT TO FIRST FOUR YEARS OF COLLEGE� 529 PLAN DISTRIBUTIONS WERE

EXPANDED TO INCLUDE COMPUTER EQUIPMENT AND INTERNET ACCESS FOR COLLEGE STUDENTS� A PORTION OF PRIVATE SCHOOL

EXPENSES CAN BE TAKEN AS A DEDUCTION ON YOUR STATE RETURN

SOME OF MY FAVORITE EXISTING TAX SAVING OPPORTUNITIES

� PURCHASING A NEW SUV �EXAMPLE OF $50,000 PURCHASE PRICE CAN WRITE OFF $40,000 IN FIRST YEAR WITH SEC 179 AND 50% BONUS DEPRECIATION

� HIRING CHILDREN IN YOUR BUSINESS WITH NO SOCIAL SECURITY TAXES OWED

MORE OF MY FAVORITE TAX SAVING STRATEGIES

� SETTING UP A MEDICAL REIMBURSEMENT ACCOUNT FOR YOUR FAMILY BY HIRING YOUR SPOUSE IN THE BUSINESS

� TAKING ADVANTAGE OF ZERO TAX RATE ON CAPITAL GAINS FOR THOSE IN THE 15% BRACKET

WEALTH BUILDING STRATEGIES

� INTEREST CANCELLATION� RULE OF 72 (COMPOUNDING OF

INTEREST)� THE POWER OF TAX DEFERRAL� INTEREST ARBITRAGE� TIME VALUE OF MONEY� OPM = OTHER PEOPLE�S MONEY� NO STAGNANT MONEY� ALWAYS PAY YOURSELF FIRST� USE PROPER DIVERSIVICATION

WHEN INVESTING

THE 5 LESSONS A MILLIONAIRE TAUGHT ME

�THE WEALTHY UNDERSTAND THE PRINCIPLES OF ACCUMULATING WEALTH AND LIVE THEM.�

RICHARD PAUL EVANS - #1 NEW YORK TIMES BESTSELLING AUTHOR

Per Richard Paul Evans� PREPARE A PERSONAL FINANCIAL

STATEMENT. KNOW WHERE YOU ARE AND WHERE YOU WANT TO BE.

� USE THE POWER OF THE COMPOUNDING OF INTEREST.

� ALWAYS PAY YOURSELF FIRST.

� ONCE YOUR DEBT IS PAID OFF PUT THIS EXTRA MONEY TOWARDS WEALTH ACCUMULATION.

THE LATEST WEALTH BUILDING STRATEGIES� CONVERT TRADITIONAL IRA TO

ROTH IRA IN 2010 AND PAY THE TAX ON THE LOWER VALUE.

� USE A HELOC, YOUR AVAILABLE MONEY AND THE MONEY MERGE ACCOUNT TO GREATLY ACCELERATE YOUR DEBT PAYOFFS.

� BUILD YOUR OWN BANK BY FUNDING A LIFE INSURANCE POLICY USING THE MAXIMUM AMOUNT ALLOWED BY THE IRS.

BUILD YOUR OWN BANK

� FUND THIS POLICY USING THE MAXIMUM AMOUNT ALLOWED BY IRS REGS� HAVE YOUR INVESTMENT GROW

TAX FREE� HAVE ACCESS TO YOUR MONEY

WITH NO TAX TO PAY ON AMOUNTS TAKEN� USE CASH VALUE FOR LARGE

PURCHASES AND PAY YOURSELF BACK (CAR PURCHASES ETC.)� HAVE A GUARANTEED RETURN

ON YOUR MONEY� OF COURSE, LEAVE AN

INHERITANCE TO WIFE/ CHILDREN

DEBTS(MORTGAGE, CREDIT CARD,

ETC.)

HELOC

STRATEGY OF THE MONEY MERGE CONCEPT

NEW CHECKING & SAVINGS

SAFETY NET (SAVINGS ACCOUNT)

WITH NO STAGNANT MONEY

AVAILABLE BALANCE =$30,000

I WILL WRITE OFF THE INTEREST ON MY HOME EQUITY LINE, USE A CREDIT CARD FOR MOST OF MY EXPENSES PAYING NO INTEREST ON CREDIT CARDS AND BUILD UP REWARD MILES!

� LIKE THE MILLIONAIRES, I ALONG WITH MY CLIENTS HAVE A LONG TERM PLAN. I UNDERSTAND THE PRINCIPLES OF BUILDING WEALTHAND I LIVE BY THEM!I AM NOT WORRIED ABOUT MY OR MY CLIENTS� RETIREMENT!

WEBSITE: (website I want you to go to see if you will run out of money before you die)

www.moneycentral.msn.com/retire/planner.aspx

www.360financialliteracy.org(website from AICPA that includes invaluable information on retirement planning, investment planning, personal finance and tax planning)