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" family tax planning 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.
Learning Objectives
Upon successful completion of this course, 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 Section 213, specify items qualifying as deductible Section 163 home mortgage interest, and recognize the taxation of Section 1041 interspousal transfers particularly as to property settlements.
Major Topics
Family Tax Planning
Divorce Costs
Dependent Care Assistance
Qualified Tuition Programs
Home Sales
Alimony
Property Rights
