Family Tax Planning (mini)

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. Completion Deadline & Exam: This course, including the examination, must be completed within one year of the date of purchase. In addition, unless otherwise indicated, no correct or incorrect feedback for any exam question will be provided. ASSIGNMENT
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
Learning Objectives
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 in light 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 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.
3. 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.