Family Tax Planning 2023 - 2 CPE
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 cov-er “hot” 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.
Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless oth-erwise indicated, no correct or incorrect feedback for any exam question will be provided.
Course Level: Overview. This program is appropriate for professionals at all organizational levels.
Field of Study: Taxes
Prerequisite: General understanding of federal income taxation.
Advanced Preparation: None
Learning Assignment & Objectives
As a result of studying the assigned materials, you should be able to meet the objectives listed below.
At the start of the materials, participants should identify the following topics for study:
* Filing status & exemptions
* Divorce costs
* Child, dependent care & adoption credits
* Education expenses, credits & deductions
* Medical costs
* Charitable contributions
* Casualty & theft losses
* Home sales & mortgage interest
* Property rights
* Elderly, disabled & estate planning
After reading the materials, participants will be able to:
1. 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.
2. Identify the costs and fees that qualify for the tax credit for adop-tion expenses and for education credits, such as the HOPE credit, and cite the requirements for dependent care assistance and the contribu-tion limits for Coverdell ESAs.
3. Determine medical cost deductions available to individuals under §213, specify items qualifying as deductible §163 home mortgage in-terest, and recognize the taxation of §1041 interspousal transfers par-ticularly as to property settlements.
After studying the materials, answer exam questions 1 to 10.
This course and test have been adapted from materials and information contained in the above text and any supplemental material provided. This course is sold with the understand-ing that the publisher is not engaged in rendering legal, accounting, or other professional ad-vice and assumes no liability whatsoever in connection with its use. Since laws are constantly changing, and are subject to differing interpretations, we urge you to do additional research and consult appropriate experts before relying on the information contained in this course to render professional advice.