Family Tax Planning

Overview

Seniors face issues that complicate return preparation and planning. When to apply for social security? How is it taxed? What if they continue to work? Will an increased standard deduction affect charitable planning? Will downsizing affect interest and property tax deductions and payments? How to help children or grandchildren pay for a home or a college education? We’ll explore these questions and more.

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.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.