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| Author : | Danny C Santucci, JD |
| Course Length : | Pages: 32 ||| Review Questions: 15 ||| Final Exam Questions: 15 |
| CPE Credits : | 3.0 |
| IRS Credits : | 3 |
| Price : | $26.95 |
| Passing Score : | 70% |
| Course Type: | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents |
| Technical Designation: | Technical |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 238 |
| Description : | 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 explanation of tax economics that will permit the tax professional to locate, analyze, and solve financial concerns. Designed to improve the quality of services to clients and the profitability of engagements, this program projects the accountant into the world of financial planning. |
| Usage Rank : | 18077 |
| Release : | 2024 |
| Version : | 1.0 |
| Prerequisites : | General understanding of federal income taxation. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
Understanding Income
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| Advance Preparation : | None. |
| Delivery Method : | QAS Self Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 24-Feb-2024 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - Text - NASBA Registry - IRS Enrolled Agents - 238 |
| Keywords : | Taxes, Assets, Income, Cash, Tax, Mini, Course, cpe, cpa, online course |
| Learning Objectives : |
As a result of studying the assigned materials, you should be able to meet the objectives listed below. ASSIGNMENT
* Investment goals and retirement planning * Building an estate * Section 1031 “like-kind” exchanges * Retirement plans * Tax credits and estimated taxes * Basic deductions * Income splitting * Elimination * Fringe benefits
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 exchanges, retirement plans, and installment sales, and specify the double financial benefit of exchanging through tax postponement and possible tax elimination. 4. Determine how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary 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 allocation among individuals or entities. 6. Identify the tax benefits of the $500,000 home sales exclusion, municipal bonds, divorce and separation settlements, gifts and inheritances, life insurance, fringe benefits, and Social Security to eliminate tax on realized gain and ordinary income. |
| Course Contents : | Chapter 1 - Assets, Income and Cash Financial Tax Planning Comparing Goals & Purposes Investment Purposes Purpose #1 - Comfortable Retirement Myths of Retirement Plan For 10 to 15 Retirement Years Stay With One Company to Retire With the Best Benefits Preserve Capital Retirees Are Taxed Less Housing Costs Are Less Just the Spouse and Me Company Insurance & Medicare Will Cover Medical Bills Retirees End Up In a Nursing Home Purpose #2 - Education Purpose #3 - Family & Personal Stability Purpose #4 - Enjoyment of Life Purpose #5 - Commitment Investment Goals “Know Thy Investment Self” Investment Vehicles & Entities Retirement Now - The Ultimate Objective Defining Retirement Determining Retirement Costs & Income Needs Basic Planning Elements Assets, Income & Cash Income Type #1 - Taxable Type #2 - Tax-free Type #3 - Tax-Deferred Type #4 - Tax-sheltered Budgeting Cash Acquisition Assets Management Section 1031 “Like-Kind” Exchanges Three Elements Exchange Requirement Qualified Property Requirement Like-Kind Requirement Related Party Exchanges Retirement Plans Sources of Retirement Income Qualified Corporate Programs Defined Contribution Plans Defined Benefit SIMPLE Plans Self-employed Plans Individual Retirement Accounts Roth IRA - §408A Penalty-Free Withdrawals Tax-deferred Annuities Simplified Employee Pension (SEP) Plan Participant Loan Regulations Additional Loan Requirements Installment Sales - §453 Requirements Formula Deferred Compensation Options - §1234 Tax Credits Earned Income Tax Credit - §32 Child Tax Credit - §24 Child and Dependent Care Credit - §21 Adoption Credit - §23 Credit for the Elderly and Disabled - §22 American Opportunity & Lifetime Learning Credits - §25A Retirement Savings Contribution Credit – §25B Work Opportunity Tax Credit (WOTC) – §51 Targeted Groups Credit Amount Research & Development Credit - §41 Rehabilitation Tax Credit - §47 Low Income Housing Credit - §42 Estimated Taxes - §6654 General Rule Basic Deductions Interest - §163 Investment Interest Prepaid Interest Points Prepayment Penalty Interest on Real Estate - §164 Rental Property Home Owners Business Interest - §163(j) Automobile Deductions Employee Automobile Deductions Business/Personal Proration Actual Cost Method Standard Mileage Rate Depreciation (“Caps”) Limits - §280F(a) Leasing Restrictions Expensing - §179 Commuting - Local Business Transportation Temporary Work Location Business Entertainment Statutory Exceptions Food and Beverages for Employees Expenses Treated as Compensation Reimbursed Expenses Recreational Expenses for Employees Employee, Stockholder, and Business Meetings Trade Association Meetings Items Available to the Public Entertainment Sold to Customers Expenses Includable in Income of Non-employees Depreciation & Cost Recovery - §167 & §168 Net Operating Losses - §172 Using Progressive Tax Rates Major Formats Unincorporated Business Deductible Business Expenses - §162 Home-Office Write-Off - §280A Hiring Your Children Hiring Your Spouse Travel Expenses Casualty Losses - §165 Bad Debts - §166 Self-employment Tax (SECA) “C” or Regular Corporation Formation - §351 Cash for Stock Property for Stock Stock for Services Stock for Debt “S” Corporation Single Taxation Tax Advantages Corporations That Qualify Income-splitting Family Partnership - §704(e) Family Members Children Custodianship Employer Dependent Care Program - §129 Education Savings Bonds - §135 Education Loans - §221 Gifts Interest-Free Loans - §7872 $500,000 Home Sale Exclusion - §121 Two-Year Ownership & Use Requirements Tacking of Prior Holding Period Prorata Exception Municipal Bonds - §103 Tax-exempt Interest on Qualified State or Local Obligations Divorce & Separation Settlements Alimony - §71 Child Support Property Division - §1041 Dependency Exemption. Gifts & Inheritances Income from Property Given to a Child Life Insurance Fringe Benefits Prizes & Awards - §74(b) Group Life Insurance Premiums - §79 Accident and Health Plans - §106 & §105 Meals & Lodging - §119 Cafeteria Plans - §125 Educational Assistance Program - §127 Dependent Care Assistance - §129 Section 132 Social Security Earnings Record Glossary |
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