ASWA - Bellevue Washington, Resources for Women CPAs.

What can boomers do to determine if their savings and assets will sufficiently fund their retirement years? Definitive answers are often elusive. After all, life is filled with many variables, and no one really knows for sure what the future holds. However, even with these constraints, boomers can gain much insight by estimating and analyzing the following: Potential income sources (e.g., income-producing real estate, inheritances, etc.)

Ellen J. Webber, CPF is the Director of Financial Planning, Chief Compliance Officer for Harvest Capital Advisors, Inc. in Bellevue. Ellen’s specialties are comprehensive financial planning for individuals and families, and divorce-related planning. Ellen is the co-author of Financial Planning from We to Me.

Janet Weisman works with Portfolio Managers and Planners translating client needs into action plans and has over 25 years in client services. She is currently completing the requirements for her Certified Financial Planner designation.

Shawn gagnon, CPA of F. James Weinand & associates, CPAs, PS spoke on federal income tax hot topics. She is an energetic and knowledgeable speaker on the Small Business and Work Opportunity Tax Act of 2007, the Pension Protection Act of 2007 and TIPRA-the Tax Increase Prevention and Reconciliation Act. She covered the Tax Increase Prevention Act of 2007 which included the new AMT patch, the new Mortgage Forgiveness Debt Relief Act and the extension for the deduction for Mortgage Insurance for qualified insurance premiums.

She also covered the Small Business and Work Opportunity Tax Act of 2007, the Increased Return Preparer Penalties, new rules for the Kiddie Tax and update on Code Section 179 expensing for small businesses.

There were many great tax changes made in 2006 that Shawn mentions are still in effect for 2007. For example, the Sales Tax deduction, tuition deduction up to $4,000, teachers deduction of $250 for classroom supplies, energy tax credits only available through 2007, and the long-term capital gains rate for individuals in the lowest tax brackets drop to 0% for 2008 through 2010, earned income tax credit for combat pay, HSA rollover of funds from an IRA into an HSA and the modified adjusted gross income limitation for Roth IRA conversions will be eliminated in 2010. She also mentioned things to watch out for such as keeping good records for charitable donations, as there are tougher rules for charitable donations.

aNNOUNCEMENTS

SAVE THE DATE !!!

Bellevue Chapter

is hosting the

ASWA 2008 NW Regional Conference

May 30 -31, 2008

at the

Courtyard Marriott Hotel - Downtown Bellevue

16 Hours of CPE

(including 4 hours of Ethics)

Click here for preliminary speaker topics or to make hotel reservations!

We wish to thank and acknowledge our sponsor for this event!

www.rhi.com

DeVry University

Merrill Lynch of Bellevue

Vince DeCastro, Financial Advisor

www.fc.ml.com.tdr

www.allen-partners.com

Congratulations to Linda Miller for passing the CPA examinations on her first sitting!!!

Linda now works for Cottle & Swanson, CPAs, PLLC in Bellevue

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New chapter Treasurer

Due to a demanding work schedule, Tricia Faughnan is unable to continue her position as Treasurer for the Bellevue Chapter. Thank you, Tricia for all your hard work on working up the budget and tracking our monthly activities thus far. We hope that you will have time to attend our dinner meetings soon.

With that note, Cynthia Masterson has graciously stepped up to the plate to take on the Treasurer position for the remainder of the year. Cynthia has experience with budgeting and has worked with the Seattle Chapter on their regional conference budget. She will also be helping with our chapter's regional conference budget. Thank you, Cynthia!!!

We are fortunate to have two dedicated, talented ladies for this position

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Great News!

Tina Polf, CPA of the Seattle Chapter was recently selected to sit on the

ASWA National Board of Directors for the upcoming 2008-2009 fiscal year.

Congratulations, Tina!

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SOCIAL SECURITY INFORMATION SPECIALLY PACKAGED FOR WOMEN

By Monique Ford

Social Security Public Affairs Specialist in 701 5^th Avenue, M/S 201 Suite 2900, Seattle, WA 98104

All Americans need to understand at least the basics of the Social Security program. For women, there are reasons it can be especially important. Here's why:

Women tend to live longer than men, which means they are more likely than men to get Social Security survivors benefits;
Women will probably have a greater financial need for Social Security retirement benefits, and collect them for a longer period of time since they live longer; and
Women are more likely to be affected by some Social Security provisions than men, such as changing their surnames after marriage or divorce.

So Social Security has two ways for women to conveniently get information about Social Security that directly addresses their needs.

Women will find our special webpage on women's issues helpful. The webpage is entitled "For Women" and can be found at www.socialsecurity.gov/women.

On the left side of the page is a listing of "roles" that a woman may play in life, such as working woman, beneficiary, bride, new mother, divorced spouse, caregiver and widow. When you click on any one of these roles, you are taken to Social Security information that would be of interest to you. For example, "new mother" leads you to links on getting a Social Security number for your newborn, benefits for children, and more.

On the right side of the webpage is a listing of Social Security programs - retirement, survivors and disability - as well as links to the Supplemental Security Income (SSI) and Medicare programs. And in the center of the "For Women" webpage are links to such topics as "Don't Outlive Your Retirement Savings."

This link is one that many working women will find particularly helpful because it takes them to Social Security's financial planning website at www.socialsecurity.gov/planners. They can use the calculators there to test different retirement ages or different scenarios for future earnings amounts. It also provides some detailed financial information about how marriage, widowhood, divorce, self-employment, government jobs and other life or career events can affect Social Security. And it includes a link to a non-Social Security worksheet that will help visitors decide how much they need to save and invest for a comfortable retirement.

For all this, and other useful Social Security information important to women, visit the "For Women" page at www.socialsecurity.gov/women.

In addition, Social Security offers a booklet entitled "Social Security: What Every Woman Should Know." This 24-page publication is a handy reference tool for any woman who needs a basic understanding of how the Social Security retirement, survivors and disability programs work. It also includes information for women on what to keep in mind about the Social Security program if they become widowed or divorced. And it addresses other Social Security issues that a woman may encounter, such as how to change her name, get Social Security numbers for her child(ren), and ensure Social Security coverage if she is self-employed or a household worker.

Free copies of the "What Every Woman Should Know" booklet can be printed by visiting our website at www.socialsecurity.gov/pubs/10127.html or can be ordered by calling our toll-free number at 1-800-772-1213 (TTY 1-800-325-0778).