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More About This Title Cut Your Clients Tax Bill: Individual Tax Planning Tips and Strategies
English
This title provides the latest techniques for building and conserving wealth through proactive tax-planning and investment strategies. Completely updated for tax law changes, this book will bring you up-to-date on the latest strategies that will keep more money in the hands of clients and make their accountant look like a hero!
This book will help:
- Determine when selling capital assets, business assets, and real estate are to a client’s advantage
- Apply like-kind exchange rules under Section 1031
- Identify ways to advise clients on how to minimize taxes on employer stock options and employer stock held in qualified retirement plan accounts
- Differentiate between incentive stock options (ISOs) and nonqualified stock options (NQSOs)
- Determine ways to help clients obtain maximum tax savings from vacation home and timeshare properties
- Differentiate between the rules for “regular” vacation homes, timeshares, and co-ownership deals
- Determine appropriate federal income tax advice for clients who are separated, divorcing, or divorced
- Recall ways to help middle-class clients identify college financing tax breaks
- Identify tax-saving college financing manoeuvres for higher-income clients who are ineligible for the well-known education tax breaks
- Identify strategies of husband-wife businesses that will reduce Social Security and Medicare taxes
- Identify strategies for how parents can employ their children through their closely held business
English
Chapter 1 Maximizing Tax Benefits for Sales of Capital Gain Assets and Real Property 1-1
Current Capital Gain and Dividend Tax Rates 1-3
Tax-Smart Strategies for Capital-Gain Assets 1-7
Tax-Smart Strategies for Fixed-Income Investments 1-11
Planning for Mutual Fund Transactions 1-13
Converting Capital Gains and Dividends into Ordinary Income to Maximize Investment Interest Write-Offs 1-18
Planning for Capital Gain Treatment for Subdivided Lot Sales via IRC Section 1237 Relief 1-21 Land Is Not Always a Capital Asset 1-28
Beneficial Capital Gain Treatment Allowed for Sale of Right to Buy Land and Build Condo Project 1-32
Escape Taxable Gains Altogether With Like-Kind Exchanges 1-34
Primer on the 3.8 Percent Net Investment Income Tax 1-48
Chapter 2 Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, andRestricted Stock 2-1
Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock Employer Stock Options: Tax Implications 2-2
How to Handle Employer Stock from Qualified Retirement Plan Distributions 2-12
Restricted Stock: Tax Implications 2-14
Chapter 3 Maximizing Tax Benefits for Personal Residence Transactions 3-1
Maximizing Tax Benefits for Personal Residence Transactions 3-1
Qualification Rules for Gain Exclusion Privilege 3-3
Excluding Gain from Sale of Land Next to Residence 3-13
Excluding Gains in Marriage and Divorce Situations 3-14
“Electing Out” of Gain Exclusion Privilege 3-18
Sale of Former Principal Residence “Freed Up” Suspended PALs from Rental Period Even Though Gain on Sale Was Excluded 3-19
Understanding the Tax Implications of Personal Residence Short Sales and Foreclosures 3-20
Tax Angles When Client Converts Personal Residence into Rental Property 3-28
Chapter 4 Tax Planning Opportunities with Vacation Homes,Timeshares,and Co-Ownership Arrangements 4-1
Rules for “Regular” Vacation Homes (as Opposed to Timeshares and Co-Ownership Deals) 4-2
Rules for Timeshares and Vacation Home Co-Ownership Arrangements 4-6
Playing the Gain Exclusion Game with Multiple Residences 4-9
Chapter 5 Tax Planning for Marital Splits and Married Same-Sex Couples 5-1
Separate Versus Joint Returns for Pre-Divorce Years 5-3
Avoiding Pre-Divorce Tax Fiascos with IRA and Qualified Retirement Plan Assets 5-11
Planning to Achieve Tax-Effective Splits of IRA and Qualified Retirement Plan Assets 5-12
Planning to Achieve Equitable After-Tax Property Divisions 5-18
Planning for Children’s Dependent Exemption Deductions 5-21
Planning to Qualify Payments as Deductible Alimony 5-22
Tax Developments Affecting Married Same-Sex Couples 5-30
Chapter 6 Tax-Saving Tips for Self-Employed Clients 6-1
“Heavy” SUVs, Pickups, and Vans Are Still Big Tax-Savers 6-2
Combine “Heavy” Vehicle with Deductible Home Office for Major Tax Savings 6-8
Home Office Deduction Options 6-10
What to Do When Spouses Are Active in the Self-Employment Activity 6-20
Simplified Compliance Rules for Unincorporated Husband-Wife Businesses in Non-Community Property States 6-27
Update on Tax-Smart Health Savings Accounts 6-30
Chapter 7 Tax-Smart College Financing Strategies 7-1
Education Tax Credits 7-2
Deduction for Higher Education Tuition and Fees 7-8
Deduction for Student Loan Interest 7-10
Coverdell Education Savings Accounts 7-12
Tax-Free Interest from U.S. Savings Bonds 7-13
Electing the Accrual Method for U.S. Savings Bonds 7-16
Splitting Investment Income with the Kids 7-18
How a Closely Held Business Can Deduct College Expenses Paid for the Owner’s Adult Child 7-30
“Last-Minute” Suggestions for Procrastinators 7-32
Tax Glossary Tax Glossary 1
Index Index 1
Solutions Solutions 1
Chapter 1 Solutions 1
Chapter 2 Solutions 4
Chapter 3 Solutions 5
Chapter 4 Solutions 6
Chapter 5 Solutions 7
Chapter 6 Solutions 9
Chapter 7.Solutions 11
Recent Developments
Users of this course material are encouraged to visit the AICPA website at www.aicpa.org/CPESupplements to access supplemental learning material reflecting recent developments that may be applicable to this course. The AICPA anticipates that supplemental materials will be made available on a quarterly basis. Also available on this site are links to the various “Standards Trackers” on the AlCPA’s Financial Reporting Center which include recent standard-setting activity in the areas of accounting and financial reporting, audit and attest, and compilation, review and preparation.
