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Toolkit Media Group
Tax Planning Strategies: Tax Savings Opportunities for Individuals and Families

Tax Planning Strategies: Tax Savings Opportunities for Individuals and Families

by CCH Editorial Staff Publication


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Major new tax laws aimed at boosting the economy, addressing rising health care costs and providing tax relief have created numerous tax planning opportunities-and challenges. Tax rates and other changes that phase in and phase out between now and 2010 make mid- and long-term financial planning difficult and more tax-driven than ever before. Sound tax guidance and planning is essential to maximize many of the available tax benefits and avoid tax pitfalls.

Tax Planning Strategies: Tax Savings Opportunities for Individuals and Families describes the many tax planning considerations, approaches and techniques that may yield substantial tax savings for individuals and families. Written in clear and concise language, it focuses on the income tax issues available to individuals and families that need to be addressed throughout the year, as well as retirement and estate planning strategies to consider, including: Importance of Tax Planning, Income Subject to Tax, Making Deductions Count, Investment Decisions, Retirement Planning, Minimizing Estate and Gift Taxes, Family Tax Planning Strategies, Estimated Taxes.

This new edition has been completely revised and expanded to reflect the numerous new tax planning options and strategies from recent tax acts and other important tax developments. "Tax Alerts" and "Legislation Highlights" point out changes from recent tax legislation, while "Planning Alerts" and "Tax Tips" are provided for additional practical guidance. This publication also includes the latest individual income tax rates, an average itemized deduction chart, a deductions checklist, a tax colendar, and a chart outlining 10 years of changes for certain tax items to help readersunderstand and navigate the phase-in and phase-out of significant tax changes this decade.

Product Details

ISBN-13: 9780808016991
Publisher: Toolkit Media Group
Publication date: 08/01/2007
Edition description: REV
Pages: 180
Product dimensions: 6.01(w) x 8.78(h) x 0.40(d)

Table of Contents

Importance of Tax Planning
Using Tax Rate Differences     12
Understanding the AMT     14
Income Subject to Tax
Common Types of Taxable Income     17
Excluded Income     18
Social Security Benefits Taxed     19
Reducing Tax on Social Security Benefits     19
Shifting Income     20
Ways to Postpone Income     21
Ways to Accelerate Income     23
Taking Advantage of Flexible Spending Accounts     25
Avoiding the Risks of Incentive Stock Options     26
Making Your Deductions Count
Maximizing the Value of Itemized Deductions     32
Avoiding the 2% Trap of Miscellaneous Itemized Deductions     35
Minimizing the Effect of 7.5% AGI Floor on Medical Expenses     36
Additional Medical Expense Planning     37
Multi-Year Planning for AMT     39
Qualifying for Deductions     40
Maximize Your Charitable Contribution Deduction     40
Try to Collect on Debts     42
Protect Your Business Expense Deductions     43
Accelerate Depreciation on Your Business Assets     43
Expensing Business Assets Under Code Sec. 179     45
Seller-Paid Points-A Deduction for Home Buyers     46
Benefits of Renting Your Vacation Home     47
Investment Decisions
Determining Holding Period     50
Capital Losses     51
Worthless Securities     52
Planning Your Investment Transactions     52
Dividend Income     53
Shifting Capital Gains Tax Through Gifts     55
Capital Gains and Inherited Property     56
Additional Capital Gains Considerations     57
Timing Decisions     58
Wash Sales     59
Mutual Funds: Recordkeeping Is Key     61
Investment in Qualified Small Businesses     62
Investment in Small Business Investment Companies     63
Tax-Exempt Bonds     64
Sale of Principal Residence     65
Step-Up Basis     66
Sale of Vacation Home     66
Retirement Planning
Before You Retire     69
After You Retire     72
Benefiting from IRAs     73
Roth IRAs     75
Contribution and Deferral Limitations     75
Rollovers from Traditional IRAs to Roth IRAs     76
Keogh Plans     77
Employer-Sponsored Plans     78
Deemed IRAs     80
Inherited Retirement Accounts     80
Social Security Benefits     80
Estimation of Benefits     81
Early Retirement and Post-Retirement Strategies
Planning for Early Retirement     83
Social Security Benefits     84
Retirement Accounts     85
Medical Benefits     85
Estimated Tax Liability     85
Liquidation of Assets     86
Loan Qualification     86
Post-Retirement Planning     86
Asset Protection     86
Asset Management and Allocation     88
Long-Term Health Care     88
Incapacity     89
Housing     90
Estate Planning-Minimizing Estate and Gift Taxes
Estate Tax Exclusion     91
Marital Deduction     92
Lifetime Gift Tax Exclusion     92
Make Use of the Annual Gift Tax Exclusion     93
Educational or Medical Expense Exclusion     94
Gift and Estate Tax Rates     94
Stepped-Up Basis Rule     95
State Death Taxes     96
Generation-Skipping Transfer Tax     97
Family Strategies
The Marriage Penalty     99
The Kiddie Tax     100
Dependency Exemptions      102
Multiple Support Agreements     103
Dependency Exemptions of Divorced Parents     104
Adoption Expenses     105
Child Tax Credit     105
Child and Dependent Care Credit     105
Education Incentives     107
Education Tax Credits     108
Coverdell Education Savings Accounts     109
Qualified Tuition Programs     110
IRA Education Expense Withdrawals     112
Education Loan Interest Deduction     112
Deduction for Higher Education Expenses     113
Employer's Educational Assistance Program     114
Exclusion for U.S. Savings Bond Interest     114
Estimated Tax
Do You Have to Pay Estimated Taxes?     117
Safe Harbors     118
High-Income Taxpayers     118
Avoiding the Penalties     118
Business Planning
Choosing the Right Business Organization     121
Accounting Periods and Methods     125
Start-Up Costs     126
Retirement Planning as Business Owner     128
Employing Family Members     129
Tax Strategies for the Self-Employed
Medical Expenses     131
Automobiles     136
Buy vs. Lease      136
Standard Mileage vs. Actual Costs     137
Vehicle Depreciation     137
Substantiation     139
Travel and Entertainment     140
Moving Expenses     140
Travel Away from Home     141
Meals and Entertainment     142
Home Office     143
Retirement Plans     146
Simplified Employee Pensions (SEP)     146
Keogh Plans     147
Savings Incentive Match Plan for Employees (SIMPLE)     148
Individual Retirement Account (IRA)     148
Taxation     149
Self-Employment Tax     149
Alternative Minimum Tax (AMT)     150
Employee v. Independent Contractor     150
International Tax Planning
Overview of U.S. Jurisdiction     155
Sourcing Rules     156
Income of Foreign Persons and Entities     157
Foreign Earned Income and Housing Exclusion     159
Making the Move Abroad     161
Tax Planning Checklist     163
Tax Calendar     166
Income Tax Rates     167
Average Itemized Deduction Chart     169
Deductions Checklist     170
Tax Items Affected by AGI     172
Index     175

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