Family Tax Strategies
While the nuclear family remains the center point of society, today it is under tremendous economic and social pressure. This mini-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.
Course Information
Course No. M350
Format: Online pdf (65 pages). Printed book available.
Instructional Delivery Method: QAS Self-Study
Prerequisites: General understanding of federal income taxation.
Advance Preparation: None
Level: Overview
CPE Credit: 2 hrs.
Field of Study: Taxes: Technical
Course expiration: You have one year from date of purchase to complete the course.
Course Revision Date: February 2024
Objectives
Family Tax Planning Strategies
Course Topics:
* Filing status & exemptions
* Divorce costs
* Child, dependent care & adoption credits
* Education expenses, credits & deductions
* Medical costs
* Charitable contributions
* Casualty & theft losses
* Home sales & mortgage interest
* Property rights
* Elderly, disabled & estate planning
Learning Objectives:
After reading the materials, participants will be able to:
- 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 interest, and recognize the taxation of §1041 interspousal transfers particularly as to property settlements.
