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Matching Investments to Tax Saving Technique

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE Basic Understanding of Taxes Taxes Experience LevelCourse IDCPE CreditsAuthor Basic to Intermediate DS-238 20 Danny Santucci Matching Investments to Tax Saving Technique Course Des ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE Basic Understanding of Taxes Taxes
Experience Level Course ID CPE Credits Author
Basic to Intermediate DS-238 20 Danny Santucci

Matching Investments to Tax Saving Technique

Course Description:
Taxes aren't taxes – they are dollars in terms of the net return on investment. All tax professionals need to know the tax-economics of investing for themselves and their clients. This need is accentuated by the rapid rise of the Internet as a broad-based and effective investment tool. The tax professional is in a special position to detect a client's need for financial planning. Preparing returns discloses assets, savings, business entities, and family members. Knowledge of the client's assets, activities and the tax characteristics of available entities permits investment matching for maximum after-tax return. The basic tax characteristics of the primary tax entities are explored and analyzed. Their ability to defer, reduce, and eliminate tax is examined. Client goals, purposes and risk tolerances are determined and quanitated using the Sharp ratio. Investments and assets are then evaluated using a variety of tools found on the Internet. Finally, investments and entities are matched to produce the best after-tax return for the client..

Who Should Attend: CPAs

Topics Covered:
CHAPTER 1 Introduction
CHAPTER 2 Entities & Title
CHAPTER 3 Deferral
CHAPTER 4 Reduction
CHAPTER 5 Income Splitting
CHAPTER 6 Elimination

Learning Objectives:

After reading Chapter 1, participants will be able to:

1. Specify multiple tax implications to consider when going through a divorce, and recognize the requirements and effects of filing as married or unmarried.

2. Identify the requirements of filing a joint return noting how to avoid being penalized.

3. Determine the key elements of filing separate returns including what items to report and identify whether or not married taxpayers should file separate returns.

4. Recall the requirements for filing as head of household and the tax advantages and disadvantages of this filing status.

5. Recognize the phaseout of exemptions noting its affects on taxpayers, identify when exemptions can be taken for spouses, and determine reporting requirements for dependent exemptions, and specify the requirements for pre-2005 dependency particularly relationship, married person, citizen or resident and income.

6. Identify the former regular and special method for determining support noting complications from back child support, determine the current “qualified child” standard using residency, relationship, age, and joint return prohibition, and recall the requirements that must be met for parents to treat a child as a qualifying child of a non-custodial parent.

7. Identify deductible and nondeductible divorce expenditures noting which spouse is subject to tax imposed upon withheld wages, and recognize the effects of making separate estimated tax payments or joint declarations of estimated tax.

8. Determine community property and community property states, and identify the effects of conversion and commingling of property and how to avoid such marital property issues.

9. Identify community income earned by married couples for reporting purposes by:

a. Specifying reporting guidelines, recognizing the allocation of  income earned and received into community property and separate property and selecting what income and property belongs to which spouse when they have different residency statuses;

b. Recalling the requirements for the special community income allocation rules of §66(a), determining what constitutes community property termination and specifying the treatment of alimony payments; and

c. Recognizing the use of statements and records to provide estimates of a former spouse’s income and identifying conditions for greater tax relief.

10. Identify the effect of living together on filing statuses and dependency, determine differences between the married tax rate and other tax rates, recognize the tax consequences of having a living together contract to avoid tax traps, and specify the results of Marvin v. Marvin.

 


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