Title Details

Index to Life-Cycle Events.

Changes in the Tax Law You Should Know About.

10 Smart Tax Planning Tips.

PART I-TAX STRATEGIES FOR INDIVIDUALS.

1. What You Have to Include as Income.

Introduction.

Wages, Salaries, and Other Earned Income.

Interest and Dividends.

Rental Income and Expenses.

Capital Gains and Losses.

Selling Your Home.

Income from Business and Other Investments.

Social Security and Other Benefits.

Other Income.

2. What You Can Deduct: Exemptions, Adjustments, and Deductions.

Introduction.

Standard Deduction.

Personal and Dependent Exemptions.

Individual Retirement Arrangements (IRAs).

Simplified Employee Pensions.

Keogh (HR 10) Plans.

SIMPLE Retirement Plans.

Divorce or Separation.

Medical and Dental Expenses.

Taxes.

Interest Expenses.

Charitable Contributions.

Casualty and Theft Losses.

Moving Expenses.

Employee Business Expenses and Other Expenses.

Overall Limit on Itemized Deductions.

3. Travel and Entertainment Expenses.

Introduction.

The 50% Deduction Limitation.

Travel and Transportation.

4. Tax Planning and Your Home.

Introduction.

Rules for Selling Your Home.

5. IRAs, 401(k) Plans, and Other Retirement Plans.

Introduction.

IRAs.

Roth IRAs.

Coverdell Education Savings Accounts (ESAs) [Formerly Education IRAs].

401(k) Plans.

SIMPLE Plans.

Distributions from IRAs and 401(k) Plans.

Simplified Employee Pensions.

Keogh (HR 10) Plans.

Company Retirement Plans.

6. Charitable Contributions.

Introduction.

Who Is the Recipient?

Private Foundations.

Nondeductible Contributions.

Gifts of Property.

Bargain Sales.

Limits on Deductions.

Charitable Remainder Trusts.

Carryovers.

Record-Keeping and How to Report Charitable Contributions.

Cash Contributions.

Contributions to Charity Dinners, etc.

Noncash Contributions.

7. Capital Gains and Losses.

Introduction.

How Capital Gains Are Taxed.

Strategies for Selling Securities.

Other Opportunities for Individuals.

8. Mutual Funds.

Introduction.

Dividends.

Sale of Mutual Fund Shares.

9. Filing Status and How to Calculate Your Tax.

Introduction.

Who Must File.

Filing Status.

Citizens Living Abroad.

Children under Age 14.

Tax Rates for Individuals.

Alternative Minimum Tax.

Credits That Reduce Your Tax.

The Hope Scholarship Credit.

The Lifetime Learning Credit.

Estimated Tax Payments and Withholding.

Employment Taxes on Services by Domestic Employees.

Penalties.

10. Year-End Planning for Individuals.

Introduction.

Filing Status.

Income.

Adjustments and Deductions.

Itemized Deductions.

PART II-HOW TO IMPROVE YOUR FINANCIAL FUTURE.

11. Investment Planning.

Introduction.

Getting Started.

12. Retirement Planning.

Introduction.

Planning for Retirement Expenditures.

Retirement Cash Flow and Inflation.

Sources of Retirement Income.

13. Estate and Gift Planning.

Introduction.

Getting Started.

Estate Tax Fundamentals.

Installment Payment of Estate Tax.

Concerns Regarding Community Property.

PART III-TAX STRATEGIES FOR BUSINESSES.

14. Choosing the Right Entity for Your Business

Introduction.

Choosing the Proper Business Entity.

Types of Businesses.

15. Determining Income, Deductions, and Taxes for Your Business.

>Introduction.

Accounting Periods and Methods.

What to Include and What to Deduct from Income.

How to Report Business Income.

16. S Corporations.

Introduction.

Electing S Corporation Status.

Advantages of Being an S Corporation.

Operating as an S Corporation.

State Tax Considerations.

17. Year-End Tax Planning for Businesses.

Introduction.

Timing of Income and Deductions.

Depreciation.

Capital Asset Transactions.

Charitable Giving.

Executive Compensation.

Dividends-Received Deduction.

Estimated Tax Filing Requirements.

State Tax Considerations.

APPENDICES.

TAX CALENDAR.

INDEX.