This informative mini-course provides essential insights into the tax considerations related to marital status, offering valuable knowledge for tax professionals. It delves into the subtleties of different filing statuses and the tax advantages and disadvantages associated with each, including the requirements for head of household status and the exemptions for spouses and dependents. The course also explores the distinctions between custodial and non-custodial parents, the impact of these statuses on dependency, and special support rules. Additionally, participants will learn about common law and community property systems, understanding their effects on marital and divorce tax planning. This training is particularly beneficial for those seeking to advise clients on Section 71 alimony qualifications and other intricate aspects of marital tax matters, equipping them with the skills to provide accurate and comprehensive tax guidance.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Identify marital status and the effect marital status has on filing status, cite the tax advantages and disadvantages of a filing status and, specify the requirements for filing as head of household and the exemptions associated with spouses and dependents.
Recognize the differences between custodial and non-custodial parents including how the status affects dependency, identify the application of special support rules, and specify the dependent child income standards.
Determine common law and community property specifying their effect on marital and divorce planning, and identify the circumstances when payments qualify as Section 71 alimony.
Major Topics
Basic Marital Tax Matters
Divorce Costs
Alimony
Living Together Married vs Unmarried
