Family Tax Planning

Course Description:

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” 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 in light 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 cite the requirements for educational expenses, dependent care assistance and Coverdell ESAs.

•  Determine medical cost deductions available to individuals under §213, specify items qualifying as deductible §163 home mortgage interest, and recognize the taxation of §1041 interspousal transfers particularly as to property settlements.