This mini-course integrates federal taxation with overall financial planning. The course explores tax strategies relating to the central financial tactics of wealth building, capital preservation, and estate distribution. The result is a unified ex-planation of tax economics that will permit the tax professional to locate, ana-lyze, and solve financial concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the account-ant into the world of financial planning.
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 provid-ed.
Course Level: Overview. This program is appropriate for professionals at all or-ganizational 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 ob-jectives listed below.
ASSIGNMENT
At the start of the materials, participants should identify the following topics for study:
* Comparing goals and purposes
* Investment goals and retirement planning
* Building an estate
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* Section 1031 “like-kind” exchanges
* Retirement plans
* Tax credits and estimated taxes
* Basic deductions
* Income splitting
* Elimination
* Fringe benefits
Learning Objectives:
After reading the materials, participants will be able to:
1. Identify investment purposes and retirement misconceptions, the multi-step retirement process, and the elements of investment plan-ning.
2. Determine income types, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.
3. Recognize the means of achieving tax deferral through like-kind ex-changes, retirement plans, and installment sales, and specify the dou-ble financial benefit of exchanging through tax postponement and pos-sible tax elimination.
4. Determine how to use tax credits, estimated taxes, and basic deduc-tions to effectively reduce federal income tax and thereby increase dis-cretionary income for investment purposes.
5. Specify formats for income splitting that can benefit taxpayers by lowering overall taxes as a unit and permitting wealth and tax alloca-tion among individuals or entities.
6. Identify the tax benefits of the $500,000 home sales exclusion, mu-nicipal bonds, divorce and separation settlements, gifts and inheritanc-es, life insurance, fringe benefits, and Social Security to eliminate tax on realized gain and ordinary income.
After studying the materials, answer exam questions 1 to 15.
Notice
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.
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