Family Tax Planning

Overview

While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This course is designed to cover “hot” topics having a direct impact on the practitioner who represents any client with family issues. The emphasis is on using tax solutions to ease family economic concerns permitting the practitioner to be a real tax hero.

Highlights

• Filing status and exemptions
• Divorce costs
• Child, dependent care and adoption credits
• Education expenses, credits and deductions
• Medical costs
• Charitable contributions
• Casualty and theft losses
• Home sales and mortgage interest
• Property rights
• Elderly, disabled and estate planning

Prerequisites

General understanding of federal income taxation.

Designed For

CPAs and other business and finance professionals.

Objectives

• Recognize the effect of marital status on filing status, identify the advisability of filing a joint return enlight of the innocent spouse rules, specify available exemptions, and determine the differences between deductible and nondeductible divorce costs.
• Identify the costs and fees that qualify for the tax credit for adoption expenses and for education credits, such as the HOPE credit, and cite the requirements for dependent care assistance and the contribution limits for Coverdell ESAs.
• Determine medical cost deductions available to individuals under §213, specify items qualifying as deductible §163 home mortgage inter-est, and recognize the taxation of §1041 interspousal transfers particularly as to property settlements.