这一页仅供内部经纪人培训使用，不对外公开（Internal Agents Training Only, Not for Public Use）。 我们卖的是保险与年金，不是报税服务，也不出税务意见。 这一页的作用是让你在客户提到税的时候听得懂、问得对、知道该转给谁， 不是让你替客户做决定。具体到某一年、某一笔的处理，一律回到客户自己的持照会计师或税务师。
This page is for internal agent training only and not for public use. We sell insurance and annuities, not tax preparation, and not tax opinions. This page is here so you're able to follow the conversation, ask the right question, and know who to hand it to. It is not for making the client's decision. Anything specific to a year or a transaction goes back to their own licensed CPA or enrolled agent.
一张图看懂税The whole tax picture at a glance
钱只有三种来法，每一种撞上的税不一样。这是整套规划的地基， 开场就要把它画出来。
There are only three ways money arrives, and each meets a different tax. Everything else is built on it, so draw it first.
| 钱怎么来的How it arrives | 例子Examples | 要交什么税What it meets |
|---|---|---|
| 人赚的钱You earn it | 工资、佣金、红利Wages, commissions, bonuses | 工资税 / 自雇税 ＋ 联邦所得税 ＋ 州税Payroll or SE tax, plus federal and state income tax |
| 钱赚的钱Money earns it | 利息、分红、房租Interest, dividends, rent | 所得税（部分分红可适用较低税率）Income tax; some dividends qualify for the lower rate |
| 卖资产赚的钱You sell something | 股票、投资房、虚拟货币Stock, rental property, crypto | 资本利得税，持有超过 365 天走长期，税率低得多Capital gains; held over 365 days it's long-term, and far cheaper |
2026 年常用数字2026 numbers you'll quote
| 项目Item | 单身Single | 夫妻合报Married filing jointly |
|---|---|---|
| 标准扣除Standard deduction | $16,100 | $32,200 |
| 65 岁以上或失明额外扣除Extra deduction, 65+ or blind | $2,050 | 每人 $1,650$1,650 each |
| 12% 档上限Top of the 12% bracket | $50,400 | $100,800 |
| 22% 档上限Top of the 22% bracket | $105,700 | $211,400 |
| 24% 档上限Top of the 24% bracket | $201,775 | $403,550 |
| 37% 档起点37% bracket starts | $640,601 | $768,701 |
| 长期资本利得 0% 上限Long-term gains taxed at 0% up to | $49,450 | $98,900 |
| 长期资本利得 20% 起点Long-term gains at 20% from | $545,501 | $613,701 |
| AMT 豁免额AMT exemption | $90,100 | $140,200 |
| 传统 IRA 扣除递减（有雇主计划）Traditional IRA deduction phase-out (covered by a workplace plan) | $81,000–$91,000 | $129,000–$149,000 |
| Roth IRA 收入递减Roth IRA income phase-out | $153,000–$168,000 | $242,000–$252,000 |
- IRA / Roth IRA 供款上限 $7,500，50 岁以上加 $1,100。儿童税收抵免每个孩子 $2,200。
- IRA / Roth IRA contribution limit $7,500, plus $1,100 at 50 and over. Child tax credit $2,200 per child.
- 赠与：每人每年 $19,000；给非公民配偶每年 $194,000；遗产和赠与终身免税额 $1,500 万，最高税率 40%。
- Gifts: $19,000 per recipient a year; $194,000 a year to a non-citizen spouse; the lifetime estate and gift exemption is $15 million, top rate 40%.
来源：IRS 2025 年 10 月公告。数字每年调整。
Source: IRS releases of October 2025. Figures change every year.
工资税 / 自雇税的结构How payroll and SE tax are built
在公司上班：公司付一半、自己付一半，工资单上看到的是 7.65%。 自雇：两半都是你的，15.3%。拆开是：
On a payroll the employer pays half and you pay half, which is the 7.65% on the pay stub. Self-employed, both halves are yours: 15.3%. It breaks down as:
- 社安税 12.4%：2026 年在 $184,500 封顶，超过的部分不再交。
- Social Security 12.4%: capped at $184,500 for 2026; above that it stops.
- 联邦健保税 2.9%：不封顶。所以封顶之后，边际上还有 2.9%。
- Medicare 2.9%: no cap. So past the wage base, the marginal payroll cost is still 2.9%.
还有第三层。收入超过 $200,000（单身）/ $250,000（夫妻合并） 的部分还有 0.9% 的附加联邦健保税。对我们的高收入客户来说这一层经常踩得到， 算边际税负时不能漏。
There's a third layer. Above $200,000 single / $250,000 married filing jointly there's an additional 0.9% Medicare tax. Our higher-income clients reach it routinely, and it belongs in any marginal-rate arithmetic.
从最贵到最便宜Most expensive to least
| ① 主动收入① Earned income | 工资税 / 自雇税（7.65% / 15.3%）＋ 所得税（10%–37%）Payroll or SE tax (7.65% / 15.3%) plus income tax (10%–37%) |
| ② 短期投资收益② Short-term gains and interest | 按普通所得税率（10%–37%），没有工资税Ordinary rates (10%–37%), no payroll tax |
| ③ 长期资本利得③ Long-term capital gains | 0% / 15% / 20%0% / 15% / 20% |
| ④ 免税或延税④ Tax-free or deferred | 最好的一档The best tier |
加州州所得税另计（1%–12.3%），各州 0% 到 14% 以上不等。
California income tax is on top (1%–12.3%); states range from 0% to over 14%.
三段人生的税Three stages of one life
这句话是整场讲座的主轴，值得单独停一拍： 收入当年 → 退休 → RMD → 传承。 完全不规划的人，前面省了、后面多缴，而且资产配置单一、现金流不足。
This is the spine of the whole talk and worth a pause on its own: the earning years → retirement → required distributions → the transfer. With no plan, a household saves early and overpays later, with a single-shape portfolio and not enough cash flow.
每个人都有三种钱Everyone has three kinds of money
税前账户
Pre-tax
401(k)、传统 IRA、DB。存的时候省税， 取的时候本金和增值全部按当年所得税率交。 73 岁起有 RMD，而且整笔计入遗产。
401(k), traditional IRA, DB. Deductible going in; principal and growth both taxed at ordinary rates coming out. Subject to RMDs from 73, and fully in the estate.
税后账户
After-tax
普通券商账户。投资有收益时反复收税， 每年的利息、分红、已实现收益都要报。流动性好，但税务效率最低。
A plain brokerage account. Taxed repeatedly as it earns: interest, dividends, and realised gains every year. The most liquid, and the least tax-efficient.
Roth
Roth
先交税，之后增值与提取免税，没有 RMD。 税务优势最大，但每年能放进去的额度小，而且高收入有资格门槛。
Taxed first, then growth and withdrawals are free, and no RMDs. The strongest tax position, but the annual room is small and high incomes are phased out of direct contributions.
第四种
A fourth
它值得单列：没有缴费上限、不看收入资格、没有 RMD， 增值延税、保单贷款通常免税、身故赔偿一般免所得税。 代价是保险与管理成本，而且必须长期持有。
It earns its own slot: no contribution limit, no income eligibility test, no RMD, deferred growth, generally tax-free access via policy loans, and a death benefit generally free of income tax. The cost is the policy's own charges, and it has to be held long term.
W-2 怎么省Saving tax on a W-2
拿工资的人能动的东西不多，但每一项都有确定的额度： 401(k) 与 IRA、Backdoor Roth、自住房与投资房、以及有现金价值的寿险。
A salaried person has few levers, but each has a defined size: the 401(k) and IRA, a backdoor Roth, a primary residence or rental, and cash-value life insurance.
401(k) 的两个理由Two reasons for the 401(k)
第一个理由是省税：税前存进去当年就少交，而且将来还能扩充 Roth 的空间， 有些计划甚至可以直接存 Roth 401(k)。
The first is the deduction: pre-tax contributions cut this year's bill, and they also expand the Roth room later, and some plans let you go straight to Roth 401(k).
第二个理由更硬：公司 Matching 是白拿的钱。 举个例子：「100% Match, up to 3% of Salary」，年薪 $100,000：
The second is harder to argue with: the match is free money. Take an example: "100% match, up to 3% of salary," on a $100,000 salary:
| 自己存You contribute | 公司 MatchEmployer match |
|---|---|
| $1,000 | $1,000 |
| $3,000 | $3,000 |
| $5,000 | $3,000 封顶了$3,000 capped |
所以第一个问题永远是「你的 Match 拿满了吗？」 没拿满就先补到拿满，这一笔的回报是任何产品都给不了的。
So the first question is always "are you getting the full match?" Fill that first; no product on the shelf returns what that dollar returns.
自住房：标准扣除 vs 分项扣除A home: standard vs itemized
分项扣除能算进去的主要有：
What goes into itemizing:
| 自住房房贷利息Mortgage interest | 本金上限 $750,000，乘以贷款利率On up to $750,000 of principal |
| 州税与地方税 SALTState and local taxes | 州收入税或销售税、地产税、个人财产税（见下）State income or sales tax, property tax, personal property tax (see below) |
| 医疗费用Medical | 超过 AGI × 7.5% 的部分The portion above 7.5% of AGI |
| 慈善捐赠、灾害损失等Charitable gifts, casualty losses | — |
2025–2029：上限由 $10,000 提高到 $40,000，之后每年加 1%。 MAGI 超过 $500,000（夫妻合并）按 30% 比例递减， 但不会低于 $10,000。2030 年起恢复 $10,000。
For 2025–2029 the cap rises from $10,000 to $40,000, growing 1% a year after that. Above $500,000 of MAGI (married filing jointly) it phases down at 30%, but never below $10,000. It reverts to $10,000 from 2030.
这对加州客户是实打实的差别：州收入税 $10,000 加地产税 $15,000， 在旧上限下只能扣 $10,000，在新上限下两笔都能扣。 但这是一个有到期日的窗口，做长期规划时不能假设它一直在。
For a California client this is a real difference: $10,000 of state income tax plus $15,000 of property tax was capped at $10,000 and now isn't. But it has an expiry date, and long-range plans shouldn't assume it stays.
看一个算例：单身，贷款 $750,000，名义利率 7%，算下来税后实际利率约 5.4%， 也就是「国税局送你钱买自住房」。
A worked case: single filer, a $750,000 mortgage at a nominal 7%, working out to an after-tax rate of about 5.4%: "the IRS is helping you buy the house."
这个 5.4% 有两个前提，讲的时候必须一起说。 第一，只有分项扣除超过标准扣除的那一部分才真的省到税。 单身的标准扣除不低，利息要先把它填平才开始有效果。 第二，它隐含的边际税率大约 23%；客户税率不同，这个数字就不同。 不要把 5.4% 当成一个可以套用的结论，它是一个特定人的算例。
Two conditions sit behind that 5.4%, and both have to be said aloud. First, only the portion of itemized deductions above the standard deduction actually saves anything. The single standard deduction isn't small, and the interest has to clear it first. Second, the figure implies a combined marginal rate of roughly 23%; a different client gets a different number. Don't present 5.4% as a conclusion; it's one person's arithmetic.
贷款资格：W-2 的一个隐性优势Qualifying for a loan: a quiet W-2 advantage
- 自住房：PTI（月供 ÷ 收入）低于 31%；DTI（总负债 ÷ 收入）低于 50%。
- Primary residence: payment-to-income under 31%, total debt-to-income under 50%.
- 第一套投资房：租金收入只算 75%。
- First rental: only 75% of the rent counts as income.
- 第二套及以后：合格房东可以按 100% 的租金收入计算。
- Second and later: a qualified landlord can count 100%.
贷款比例由放款机构和当期产品决定，这里给的是常见口径，不是规定。
These ratios are set by the lender and the current product; these are the common ones, not a rule.
1099 与自雇怎么省Saving tax when you're 1099
自雇的公式只有一行：收入 − 支出 = 净收入，净收入 × 应税比例 = 收入税。 而「支出」有两种：真正花出去的，和没花出去、但存进了退休计划的。 第二种是我们的主场。
The self-employed formula is one line: revenue minus expenses is net income, and net income drives the tax. And "expenses" comes in two kinds: money actually spent, and money not spent but put into a retirement plan. The second kind is ours.
第一步：改变收入的结构First, change the shape of the income
比如 $150,000 全部按自雇收入，整笔要交 15.3% 自雇税； 成立公司之后拆成 $60,000 工资（交工资税）+ $90,000 分配（不交自雇税）。
Say $150,000 is all self-employment income: it pays 15.3% on the whole amount; through an entity it splits into $60,000 of wages (payroll tax) and $90,000 of distribution (no SE tax).
工资那部分必须是「合理薪酬」reasonable compensation， 按同行同职位的市场行情定，不能按想省多少税倒推。 国税局对低工资、高分配的拆法查得很紧，查到了会重新定性、补税加罚息。 上面这个例子（$150,000 里只发 $60,000 工资）偏激进。
The wage portion has to be reasonable compensation, set against what the market pays for that role, not reverse-engineered from the tax you'd like to save. The IRS actively challenges low-salary, high-distribution splits, and a recharacterisation comes with back tax, interest, and penalties. The split above ($60,000 of wages out of $150,000) is on the aggressive end.
对客户的说法只能是：「这是可以问你会计师的一件事」， 不能是「你应该这样拆」。比例由 CPA 定并留下依据，不是我们的工作。
The only thing to say to a client is "this is worth asking your accountant about." Never "here's how you should split it." The ratio is the CPA's call, with documentation, and it isn't our job.
S-Corp 不是免费的An S corp isn't free
- 加州每年 $800 最低特许经营税 Franchise Tax。
- California's $800 minimum annual franchise tax.
- 加州 S-Corp 另有 1.5% 的实体层公司税。
- A California S corp also owes a 1.5% entity-level tax.
- Payroll 成本：要给自己发工资、做预扣、处理员工保险。
- Payroll: running your own wages, withholding, and employee insurance.
- 额外的报税成本，以及现金流压力（钱要按工资节奏出去）。
- Extra filing cost, and a cash-flow rhythm set by payroll rather than by you.
所以不是利润一过某个数就该开 S-Corp。省下的自雇税要先盖住这些成本， 才谈得上划算。
So there's no profit threshold above which an S corp is automatically right. The SE tax saved has to clear these costs first.
第二步：退休计划，2026 年对照Second, the retirement plan: 2026 side by side
| 类型Plan | 2026 额度2026 room | 谁在存Who contributes |
|---|---|---|
| IRA / Roth IRAIRA / Roth IRA | $7,500 50+ 共 $8,600 $8,600 at 50+ | 个人，与雇主无关You, independent of any employer |
| 401(k) / Solo 401(k) / DC401(k) / solo 401(k) / DC | 个人延税 $24,500 全部合计 $72,000 50+ 共 $32,500 / $80,000 60–63 岁 $35,750 / $83,250Deferral $24,500 All sources $72,000 At 50+: $32,500 / $80,000 Ages 60–63: $35,750 / $83,250 |
个人存款看年龄，公司存款看比例The personal side by age, the employer side by percentage |
| 固定福利计划 DBDefined benefit | 最多约 $400,000–$500,000，取决于年龄、收入、计划设计Up to roughly $400,000–$500,000, depending on age, income, and design | 没有个人存款；公司存款由薪水与年龄倒算，需要 TPA 与精算No personal side; the company contribution is derived from salary and age, and needs a TPA and an actuary |
按今年想存多少来选Choose by how much you want to put away
IRA + SEP
IRA + SEP
最简单，不需要第三方精算。
The simplest, and no actuary required.
SIMPLE / Solo 401(k) / DC
SIMPLE / solo 401(k) / DC
灵活，绝大多数自雇客户落在这一档。
Flexible, and where most self-employed clients land.
固定福利计划 DB
Defined benefit
需要第三方精算（TPA）。条件是：今年想多抵扣（一般建议至少存 $80,000 以上）、 业主超过 45 岁、员工少于 10 人，员工越少越好。
Requires a TPA and an actuary. It fits when the owner wants a large deduction this year (generally $80,000 and up), is over 45, and has fewer than ten employees, and the fewer the better.
问客户三个问题就能定档：今年的利润水平与波动？想存多少？未来是否要雇人？ 第三个最容易被忽略，而员工人数直接决定计划成本。
Three questions place a client: this year's profit and how lumpy it is, the target amount, and whether they plan to hire. The third gets skipped most often, and headcount drives the plan's cost directly.
SEP IRA 的一条硬规矩The SEP rule that catches people
SEP 只能由雇主供款，员工不能自愿存； W-2 员工按工资 25%，自雇人士按扣掉自雇税后净收入的 20% （同一个上限换算出来的两个数）。没有 50 岁以上的补充额度。
Only the employer funds a SEP; employees can't defer. For a W-2 employee it's 25% of wages, and for a self-employed person 20% of net earnings after the SE tax deduction (the same ceiling expressed two ways). There is no age-50 catch-up.
硬规矩在这里：有符合资格的员工，你必须替他们全部供款，而且比例要一致。 不能只给自己存。合格员工的定义是：年满 21 岁、过去 5 年里有 3 年为你工作、 该年薪酬达到门槛（2025 年是 $750）。可以放宽，不可以收紧。 很多小老板以为「员工少、兼职、不用算」，结果被追责。
Here's the hard rule: if you have eligible employees you must fund all of them, at the same rate. You cannot fund only yourself. Eligible means age 21, worked for you in three of the past five years, and earned at least the threshold that year ($750 for 2025). You may loosen the conditions, never tighten them. Small owners routinely assume part-timers don't count and get assessed for it.
Solo 401(k)：一个人扮演两个角色Solo 401(k): playing both roles
只限业主本人及配偶，不能有其他员工。因为没有员工参与， 合规要求少得多。它让你同时以员工和老板的身份往同一个账户里放钱， 所以额度比 SEP 大。
Owner and spouse only, with no other employees. With no participants there's far less compliance. With it, you contribute as both the employee and the employer, which is why the room is larger than a SEP's.
有 W-2 员工的中小企业：Combo PlanA small business with W-2 employees: the combo
公司退休金计划必须公平开放给每一位合格员工 （入职满一年、每年工作 ≥ 1,000 小时、21 岁以上）。 老板想多存、又不想为员工付太多，标准解法是 DB + DC 组合：DB 那一层把老板的缴费做大，DC 那一层覆盖员工。
A company plan has to be open to every eligible employee on the same terms (a year of service, 1,000 hours a year, age 21). Where the owner wants a large contribution without a large employee cost, the standard answer is a DB plus DC combo: the DB layer carries the owner, the DC layer covers the staff.
规则记一条：IRS 401(a)(26) 要求 DB 这一层至少覆盖 40% 的员工。
One rule to remember: IRS 401(a)(26) requires the DB layer to cover at least 40% of employees.
Roth、Backdoor、Mega BackdoorRoth, backdoor, mega backdoor
Roth 和 401(k) 的差别： 401(k) 存的时候不交税、取的时候本金加利息全交；Roth 先交税、之后利息完全免税。
The difference: a 401(k) skips the tax going in and taxes everything coming out; a Roth pays the tax first and never taxes the growth.
| 2026 年度上限2026 annual limit | $7,500，50 岁以上 +$1,100, +$1,100 at 50 |
| 收入门槛（夫妻合并）Income ceiling (MFJ) | 2026 年收入超过约 $252,000 不可直接存No direct contribution above roughly $252,000 for 2026 |
超过门槛的走 Backdoor：先存 Non-deductible IRA（报 Form 8606）， 再转成 Roth。额度更大的走 Mega Backdoor，前提是计划文件同时允许 税后缴费和在职分配，税后钱进去之后立刻转出， 放久了产生的增值要交税。
Above the ceiling there's the backdoor: a non-deductible IRA contribution (reported on Form 8606) converted to Roth. For larger amounts there's the mega backdoor, which requires the plan document to allow both after-tax contributions and in-service distributions, with the after-tax money moved out immediately, because growth left inside becomes taxable.
拿一个自雇客户比较四种方案，最后一档 Solo 401(k) + Mega Backdoor + DB 合计能存到 $317,500。 这个数字要带上它的前提说：取决于年龄、利润水平和计划设计， 而且 DB 那一层要连续做几年。
Compare four designs for one self-employed case, and the last, solo 401(k) plus mega backdoor plus DB, reaches $317,500. Quote it with its conditions: it depends on age, profit, and plan design, and the DB layer implies a multi-year commitment.
小企业主：报税季之前的四件事The small-business owner: four things before filing season
这一段讲的是「怎么不出事」，不讲怎么省。 开场的投票很好用：你今年最担心什么？退税变少 / 资料太乱 / 不确定哪些能扣怕审计 / 不知道选 LLC 还是 S-Corp。四个选项覆盖了绝大多数人。
This section is about "how not to get into trouble," not how to save. The opening poll works well: what worries you most this year: a smaller refund, disorganised records, not knowing what's deductible, or not knowing whether to be an LLC or an S corp? Four options cover almost everyone.
第一句要先纠正一个观念：退税 ≠ 赚到钱。 退税只是你预扣多了、国税局还给你；补税只是预扣少了、现在补上。 最佳状态是不大退、不大补。 追求大额退税，等于全年免息借钱给政府。
Correct one belief first: a refund is not a gain. A refund means you over-withheld and it's being returned; a balance due means you under-withheld and you're settling now. The right outcome is neither a large refund nor a large bill. Chasing a big refund is lending the government money interest-free all year.
老板为什么更容易补税Why owners owe at filing
因为 W-2 有预扣，老板没有。老板的收入是「先到账、后交税」， 没留税、没做预估税，年底就爆雷。解法是现金流上的三个分配： 经营、税金、自己，其中税金要有一个独立账户， 每笔收入进来先划过去。
Because a W-2 withholds and an owner doesn't. An owner's money arrives first and is taxed later. Without setting tax aside and making estimated payments, the bill lands all at once. The fix is splitting cash flow three ways (operations, tax, and yourself), with tax in its own separate account, funded off the top of every receipt.
五个资料系统Five record systems
收入
Revenue
平台与支付（Stripe / PayPal / Shopify 的 1099-K）、1099-NEC、 以及现金和 Zelle 转账。「没收到 1099 不代表不用报」，这句要说清楚。
Platforms and processors (1099-K from Stripe, PayPal, Shopify), 1099-NEC, and cash or Zelle. "No 1099 doesn't mean no reporting". Say it plainly.
费用分类
Expense categories
每笔交易当场归类（广告、软件、差旅、车费、餐饮…）， 每月对一次账，不要年底补发票。收据至少留 4 年。
Categorise each transaction as it happens (advertising, software, travel, vehicle, meals…), and reconcile monthly rather than reconstructing in December. Keep receipts at least four years.
资产折旧
Depreciable assets
设备、电脑、家具：购买日期、金额、商业与个人的使用比例、 有没有融资分期。折旧交给 CPA 处理。
Equipment, computers, furniture: purchase date, amount, the business-versus-personal split, and any financing. Leave the depreciation itself to the CPA.
人
People
夫妻店最常见两种：W-2 员工（含夫妻互为雇员） 和 1099 独立承包人。这两种的定性不是自己选的，性质错了后果很大。
In a family business there are two: W-2 employees (including spouses on payroll) and 1099 contractors. The classification isn't a preference, and getting it wrong is expensive.
税金账户
The tax account
独立账户 + 预估税。这一项做了，前面四项就算乱一点也不会出大事。
A separate account plus estimated payments. With this one in place, some mess in the other four stops being dangerous.
报税季的时间线：1–2 月收表单、2–3 月补齐记账对账、3–4 月报税并顺手做当年的税务体检。 最后半句是我们的入口：报完税的那一刻，才是谈今年怎么规划的最好时机。
The season's timeline: January–February collect the forms, February–March finish the bookkeeping, March–April file and run this year's tax check-up. That last clause is our opening: the moment a return is filed is the best moment to talk about planning the year ahead.
十类常见扣除Ten common deductions
| 项目Item | 怎么算How it works |
|---|---|
| 家庭办公室Home office | 实际费用法，或简化法 $5 / 平方英尺，最多 300 平方英尺 = $1,500Actual expenses, or the simplified $5 per square foot up to 300 sq ft = $1,500 |
| 车辆Vehicle | 标准里程（2025 年 70¢、2026 年 72.5¢ / 英里）或实际费用法（油、维修、保险、折旧）Standard mileage (70¢ for 2025, 72.5¢ for 2026) or actual cost (fuel, repairs, insurance, depreciation) |
| 差旅Travel | 100% |
| 商务餐饮Business meals | 50% |
| 广告营销Advertising | 100%（合同、发票、平台账单留好）100% (keep contracts, invoices, platform statements) |
| 软件订阅Software | 100%（订阅账单 + 用途说明）100% (subscription statements plus a note on use) |
| 电话与网络、设备Phone, internet, devices | 按使用比例扣，比例要说得出理由By percentage of business use, and the percentage has to be defensible |
| 专业服务Professional services | 100%（CPA、律师、记账、Payroll、行业会费）100% (CPA, attorney, bookkeeping, payroll, trade dues) |
| 保险Insurance | 100%（商业责任险、E&O、场所险）；健康保险按 Schedule C / S-Corp 规则100% (general liability, E&O, premises); health insurance under the Schedule C or S corp rules |
| 退休与员工福利Retirement and benefits | 100%，但「只有夫妻」和「有员工」完全是两件事100%, but "just the two of us" and "we have staff" are entirely different situations |
§179 的上限 2025 年被法案调高到 $2.5M，之后每年随通胀调整， 报税前让客户的 CPA 确认当年适用的数字。 退休计划的合计上限也按年份变：2025 年是 $70,000， 2026 年以上面那张对照表为准。
Legislation raised the §179 limit to $2.5M for 2025, indexed for inflation after that; have the client's CPA confirm the year's figure before filing. The plan limit moves by year too: $70,000 for 2025, and for 2026 use the comparison table above.
两种特殊身份Two special statuses
交易员身份 TTS
Trader tax status
事实认定，不是申请。看三件事：盈利目标是短期价差而不是分红利息、 交易活动足够频繁、有持续性与规律性。
A facts-and-circumstances determination, not an application. Three things: the profit motive is short-term price movement rather than dividends and interest, the activity is substantial, and it is continuous and regular.
好处：交易费用可以走 Schedule C 抵扣；TTS 是做 §475(f) Mark-to-Market 的前提。 但 TTS 本身不解决 Wash Sale，资本亏损上限仍然是 $3,000。
Upside: trading expenses go on Schedule C, and TTS is the prerequisite for a §475(f) mark-to-market election. TTS alone does not fix wash sales, and the capital loss limit is still $3,000.
§475(f) MTM 要做 Election，而且不能延期。 做了之后不受 $3,000 亏损限制、不受 Wash Sale 影响， 代价是放弃长期资本利得的低税率。
The §475(f) election has a deadline and cannot be made late. Once made, the $3,000 limit and the wash-sale rules both fall away, at the cost of giving up long-term capital gain rates entirely.
房地产专业人士 REP
Real estate professional
常规规则：出租房亏损属于被动亏损，通常不能抵 W-2 收入。 有一个 $25,000 的「积极参与」特例。
The ordinary rule: rental losses are passive and generally can't offset W-2 income. There is a $25,000 active-participation allowance.
高收入家庭通常用不上： 这 $25,000 从 MAGI $100,000 起按比例递减， 到 $150,000 归零。我们的客户很多正好在这条线以上。
Higher incomes usually lose it: the $25,000 phases down from $100,000 of MAGI and reaches zero at $150,000. A lot of our clients sit above that line.
REP + 重大参与才能把出租房亏损转为非被动、直接抵 W-2。 条件是：超过 50% 的工作时间在房地产，且每年超过 750 小时参与房地产活动， 再加上重大参与七项测试符合其中一项。
REP status plus material participation is what turns rental losses non-passive so they can offset W-2 income. It takes more than 50% of personal services in real property trades, more than 750 hours a year, and meeting one of the seven material-participation tests.
退休之后怎么省After retirement
RMD 的两个困扰Two problems with RMDs
RMD 的算法是：从未交过税的账户，前一年年末的余额，除以当年的系数。
The calculation: the prior year-end balance of the never-taxed accounts, divided by that year's factor.
国税局必须让你取
You're required to take it
不管用不用得上，到年龄就得取。取出来推高当年应税收入 → 税率上去 → 连带触发 IRMAA（医保保费附加）→ 又是更多的钱出去。 这是一串连锁反应，不是一笔税。
Whether or not you need the money. It lifts taxable income, which lifts the rate, which can trigger IRMAA (the Medicare premium surcharge), and more money goes out. It's a chain, not a single tax.
取的少，赚的多
You take less than it earns
$200 万的账户，73 岁的 RMD 是 $200 万 ÷ 26.5 ≈ $75,471； 同一年 6% 的收益是 $12 万。 账户只会越取越大，RMD 也越取越大。问题不会自己消失。
On $2M, the RMD at 73 is $2M ÷ 26.5 ≈ $75,471, while a 6% year earns $120,000. The balance grows despite the withdrawals, and so does the next RMD. It doesn't resolve itself.
Roth ConversionRoth conversion
目标只有一个：降低将来的应税收入。 做法是在 73 / 75 岁 RMD 开始之前的那段窗口，分几年把税前账户一点点转成 Roth。 有两个版本。
One objective: lower future taxable income. The method is to move pre-tax money into a Roth in slices during the window before RMDs begin at 73 or 75. There are two versions.
普通版：开一个 Roth，每年 12 月 31 日之前转一部分，蚂蚁搬家。 1:1 转换，按实际金额交税。可以保留原有的投资选项，但最好同时 从成长型调整为防守型，因为转换期最怕的是边转边跌。
The plain version: open a Roth and convert a slice before each December 31. One-for-one, taxed on the actual amount. The existing investments can stay, though it's worth shifting from growth to defensive at the same time, since the worst case during a conversion window is converting into a falling market.
进阶版：先把资金 Rollover 到一份终身收入年金（仍然是税前，不用交税）， 等几年之后，在 73 / 75 岁之前的黄金阶段做 Roth Conversion。 它的卖点是：年金有两个账户， 账户 A 是退保价值（决定交税额度），账户 B 是虚拟的收入账户（决定将来能领多少）， 而账户 B 长得比账户 A 快得多，所以「交税的基数小于取款的基数」。
The advanced version: roll the money into a lifetime income annuity first (still pre-tax, so nothing is taxed), let it grow for some years, then convert during the window before 73 or 75. The pitch is that the annuity has two accounts: account A, the surrender value, which drives the tax, and account B, the income base, which drives the future payout. B grows much faster than A, so "the base you pay tax on is smaller than the base you draw from."
把年金转成 Roth 时，计税的不是「退保价值」，是保单的公允市值， 而现行法规明确要求把附加利益与条款的价值算进去。 规则本来就是为了堵住「用被压低的退保价值当计税基数」这件事写的。 实际怎么算、年金公司出的 1099-R 上写多少， 以保险公司和客户会计师的结论为准。
When an annuity is converted, the taxable amount is the contract's fair market value, not the surrender value, and the regulations expressly require the value of additional benefits and riders to be included. Those rules exist precisely to stop a depressed surrender value being used as the conversion basis. What actually gets reported (the figure on the carrier's 1099-R) is determined by the carrier and the client's accountant.
对客户能讲的只有结构：「先 Rollover、再分年转换」这个顺序 是成立的，「Roth 之后的免税终身收入」也是成立的。 不能讲的是那个倍数：不要拿账户 A 和账户 B 的差额当作省税的承诺， 更不要事先算一个税额给客户。这一条真做起来，必须客户的会计师先给书面意见。
What you can describe is the structure: the sequence (roll over first, convert in slices) is sound, and so is tax-free lifetime income once it's in a Roth. What you cannot present is the multiple. Don't turn the gap between account A and account B into a promise of tax saved, and don't compute a tax figure for a client in advance. On a live case, this needs the client's accountant in writing before anything moves.
「70/30、60/40 真的稳健吗」"Is 70/30 or 60/40 really conservative?"
传统的股债配置收益被债券拉低了， 但风险并没有同比例降低，因为波动的主要来源还是股票那一头。 2020 年 2 月 20 日至 3 月 24 日，标普最大回撤 −33.9%。
A traditional stock-bond mix gives up return to the bond side without cutting risk proportionally, because the volatility still comes mostly from the equity side. From February 20 to March 24, 2020, the S&P's maximum drawdown was −33.9%.
引用波动率时，把统计的时间段一起说。长期和某个特定窗口算出来的数差得很多， 不带时间段，被问起来站不住。 选的标准很简单：相同回报选波动更小的，相同波动选回报更高的。
Quote any volatility figure with its window. Long-run and short-window numbers differ a lot, and without the window it won't survive a question. The selection rule is simple: same return, take the lower volatility; same volatility, take the higher return.
评估一个投资品：税 + 现金流Judging an asset: tax plus cash flow
有一把很好用的尺，四条： 持有时免税 · 卖出或领取时延税免税 · 传承时免税 · 终身稳定现金流。 按这把尺，能同时占住几条的只有三样：
Here's a useful measuring stick with four criteria: untaxed while held, deferred or free when drawn, free on transfer, and a durable lifetime cash flow. Only three things score on several at once:
有贷款的出租房
A financed rental
持有时有房租，卖出时有增值，贷款利息可以抵税。
Rent while held, appreciation on sale, and deductible interest along the way.
有现金价值的人寿险
Cash-value life insurance
理财收益延税，保险赔付免所得税，保单借款免税。
Deferred growth, a death benefit generally free of income tax, and loans that aren't income.
Roth IRA / 终身年金
Roth IRA and lifetime annuity
Roth 之后免税，年金提供活多久领多久的现金流。
Tax-free once it's Roth, with the annuity supplying income for as long as you live.
这一段想说的
What this section is saying
在年轻时、退休之前，先布局终身免税且终身提供现金流的资产。 退休之后再想，能用的工具就少多了。
Put the permanently tax-free, permanently income-producing assets in place while there's still time. After retirement the toolbox is much smaller.
保单里那笔钱的结构Inside the premium
年交保费进去之后分成三块：生命成本、保险公司运营成本、用于投资的资金。 设计保单时四个保费概念要分清：
An annual premium splits three ways: cost of insurance, the carrier's expenses, and the amount that goes to work. Four premium concepts to keep straight when designing:
- Minimum Premium：维持保单不失效的最低保费。
- Minimum premium: the least that keeps the policy in force.
- Solved Premium：为达到某个目标，系统反推出来的保费。
- Solved premium: what the system derives backwards from a target.
- Maximum Non-MEC Premium：不触发 MEC 的最大保费。这一条是税务上的红线。
- Maximum non-MEC premium: the most you can pay without the contract becoming a modified endowment. This is the tax red line.
- Guideline Premium：税法在某一体系下允许的最高保费。
- Guideline premium: the statutory ceiling under that testing regime.
一页总结One page
- Pay Less · Pay Later · Pay Never。今天少交（扣除与抵免、长期资本利得）、 以后再交（传统 IRA、SEP、Solo 401(k)、401(k)、非合格年金）、永远不交（Roth、IUL、529、市政债）。
- Pay less, pay later, pay never. Less now (deductions, credits, long-term gains); later (traditional IRA, SEP, solo 401(k), 401(k), non-qualified annuities); never (Roth, IUL, 529, municipal bonds).
- 第一个问题永远是「Match 拿满了吗」。没有任何产品的回报能跟它比。
- The first question is always "are you getting the full match?" Nothing on the shelf competes with it.
- 自雇的支出有两种：真正花出去的，和存进退休计划的。第二种是我们的主场。
- Self-employed expenses come in two kinds: money spent, and money put into a plan. The second is ours.
- 按「今年想存多少」选计划：1–3 万走 IRA + SEP，3–7 万走 Solo 401(k) / DC， 7 万以上才谈 DB，而 DB 要 TPA、要精算、要连续做几年。
- Pick the plan by the target amount: $10–30k, IRA plus SEP; $30–70k, solo 401(k) or DC; above $70k, a DB, which means a TPA, an actuary, and a multi-year commitment.
- 退税不是赚到钱。最佳状态是不大退、不大补， 靠的是税金独立账户 + 预估税。
- A refund isn't a gain. The target is neither a large refund nor a large bill, and it comes from a separate tax account plus estimated payments.
- RMD 是连锁反应：取 → 税率上去 → IRMAA → 更多钱出去。 解决它的窗口在 73 岁之前，不在之后。
- RMDs are a chain: distribution, higher bracket, IRMAA, more money out. The window to deal with it closes at 73.
- 我们不出税务意见。这一页让你听得懂、问得对、知道转给谁，到此为止。
- We don't give tax opinions. This page gets you to following, asking, and referring. That's the whole job.
内部培训资料，仅供签约经纪人使用，不可转发给客户。 文中所有额度、税率、里程标准与抵扣上限均对应成稿时（2026 年）的公告，每年变动； 保单相关数字取自计划书演示值，非保证。 本页是制度性介绍，不构成税务、法律或投资建议， 也不构成任何证券产品的要约或推荐； 任何具体处理都必须由客户自己的持照会计师、税务师或律师先行确认。
Internal training material for contracted agents; not for forwarding to clients. Every limit, rate, mileage standard, and deduction ceiling reflects the announcements current when this page was written (2026) and changes annually; policy figures are illustration values and not guaranteed. This page is an overview of how the rules work. It is not tax, legal, or investment advice, and it is not an offer or recommendation of any security. Anything specific must first be confirmed by the client's own licensed CPA, enrolled agent, or attorney.