Tax Planning Strategies (2013-2014)

Author: CCH  

Publisher: CCH‎

Publication year: 2013

E-ISBN: 9780808034940

P-ISBN(Paperback): 9780808034933

Subject: F8 Finances

Keyword: Tax and Accounting

Language: ENG

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Description

Now available as an eBook, Tax Planning Strategies is ideal for gaining a clear understanding of many tax planning approaches and techniques that may yield substantial tax savings for individuals and small businesses. This helpful, plain-English guide focuses on the income tax issues primarily for individuals and also for businesses that need to be addressed throughout the year, as well as retirement and estate planning strategies. This new edition of the popular Tax Planning Strategies book has been completely vided to CCH’s 2013 U.S. Master Tax Guide to allow easy access to more detailed information and guidance. In addition, a handy Tax Planning Checklist provides quick reference to the pertinent tax savings strategies. Other helpful appendices include: - Tax Calendar - Income Tax Rates - Deductions Checklist Revised and published annually, CCHs Tax Planning Strategies is the perfect tool to assist in planning for this years taxes, while also taking steps to deal with next years taxes. And, as a complimentary handout available for purchase with personalized covers, it serves as an outstanding vehicle for practitioners and firms for building customer goodwill and attracting new clientele.

Chapter

Moving Expenses

Protecting Your Business Expense Deductions

Accelerating Depreciation on Your Business Assets

Expensing Business Assets Under Code Sec. 179

CHAPTER 4: INVESTMENT DECISIONS

Capital Gains Tax Treatment

Dividend Income

Determining Your Holding Period

Offsetting Capital Gains with Capital Losses

Limitations on Capital Losses

Wash Sales

Mutual Funds: Recordkeeping Is Key

Shifting Capital Gains Tax Through Gifts

Sale of Principal Residence

Sale of Vacation Home

Qualified Small Business Stock

Small Business Investment Companies

Tax-Exempt Bonds

Additional Capital Gains Considerations

CHAPTER 5: RETIREMENT SAVINGS

Benefiting from IRAs

Traditional IRAs

Roth IRAs

Transfer of Assets to an IRA

Employer-Sponsored Plans

Deemed IRAs

Inherited Funds from Retirement Accounts

Withdrawing Savings Prior to Retirement

Hardship Distributions

Borrowing from Your Retirement Account

Retirement Savings Credit

Social Security Benefits

CHAPTER 6: EARLY RETIREMENT AND POST-RETIREMENT STRATEGIES

Planning for Early Retirement

Social Security Benefits

Retirement Accounts

Estimated Tax Liability

Medical Benefits

Housing

Asset Management and Protection

Incapacity

CHAPTER 7: ESTATE PLANNING—MINIMIZING ESTATE AND GIFT TAXES

Estate and Gift Tax Rates

Estate and Gift Tax Exclusion

Marital Deduction

Annual Gift Tax Exclusion

Educational or Medical Expense Exclusion

Basis of Property Acquired by Gift or Bequest

State Death Taxes

Generation-Skipping Transfer Tax

CHAPTER 8: FAMILY STRATEGIES

Determining Your Filing Status

Splitting Income Among Family Members

The Kiddie Tax

Personal and Dependency Exemptions

Who Is Your Dependent?

Child Tax Credit

Child and Dependent Care Credit

Adoption Expenses

Tax Consequences of Divorce

CHAPTER 9: EDUCATION INCENTIVES

Education Tax Credits

Tuition and Fees Deduction

Coverdell Education Savings Accounts

Qualified Tuition Programs

IRA Education Expense Withdrawals

Student Loan Interest Deduction

Student Loan Cancellations

Business Deduction for Work-Related Education

Employer‘s Educational Assistance Program

Exclusion for U.S. Savings Bond Interest

Scholarships and Fellowships

CHAPTER 10: ESTIMATED TAX

Safe Harbors

High-Income Taxpayers

Avoiding the Underpayment Penalty

CHAPTER 11: BUSINESS PLANNING

Determining Whether to Start or Buy a Business

Types of Business Organizations

Choosing the Right Business Organization

Tax Year Considerations

Accounting Methods

Financing

Start-Up Costs

Acquiring Assets

Managing and Maintaining a Workforce

Employer Health Care Mandate

Retirement Planning as Business Owner

CHAPTER 12: TAX STRATEGIES FOR THE SELF-EMPLOYED

Medical Expenses

Deducting Automobile Expenses

Buying or Leasing an Automobile

Travel Away from Home

Meals and Entertainment

Home Office

Retirement Plans

Self-Employment Tax

Employee v. Independent Contractor

APPENDICES

Appendix A: Tax Planning Checklist

Appendix B: Tax Calendar

Appendix C: Income Tax Rates

Appendix D: Deductions Checklist

Index

A

B

C

D

E

F

G

H

I

K

L

M

N

R

S

T

V

W

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