The Tools & Techniques of Income Tax Planning

This single-volume reference takes you through all the income tax topics your clients may encounter, no matter where they originate, providing easy-to-understand, practical guidance for situations that are often confusing.
Publisher: ALM

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5th Edition
ISBN: 9781941627983
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Product description

As non-tax legislation continues to directly and indirectly affect current tax law, more and more financial advisors, planners, and insurance professionals are finding themselves in need of reliable tools and expert insights into up-to-date income tax planning techniques.

This new, completely updated 5th edition of The Tools & Techniques of Income Tax Planning provides all of that in abundance. In fact, this edition has been significantly enhanced with the specific goal of enabling you to:

  •Help your individual and business clients plan for and manage complex income, wealth and debt issues
  •Avoid common, and costly, tax planning mistakes when putting together a financial plan for your clients
  •Bridge the gap between your clients and their dedicated tax practitioners
  •Save time—when serving both your individual and small business clients

In addition to everything that made the previous four editions so effective and popular, the volume you now own delivers added features, including:

  •An increased emphasis on planning with a focus on the greater importance of income tax planning over estate planning in certain circumstances
  •Valuable tips on planning for an IRS audit
  •Coverage of the current tax implications of trust formation and distribution decisions
  •Important insights into tax planning for clients with shorter life expectancies
Plus, The Tools & Techniques of Income Tax Planning, 5th Edition also includes:
  •Added chapters covering basis planning, IRS issues, and more
  •Real-world examples of tax planning techniques, tips, and issuesProfessional guidance on how to avoid common tax traps
  •Up-to-date tax rules and regulations—all presented in clear language

And, as before, every area of tax planning covered in this book is accompanied by the tools and techniques you can use to: help your clients successfully navigate the latest income tax rules and regulations; quickly simplify the tax aspects of complex planning strategies; and confidently advise your individual clients as well as small- and medium-size business owners.

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Table of contents

About the Authors
About the Publisher and Editors
Tools of Income Tax Planning
Chapter 1 Sources of Income Tax Law Fundamentals
Chapter 2 Income Tax Return Filing Requirements
Chapter 3 Gross Income
Chapter 4 Capital Gains and Losses, Recapture Income and Qualified Dividends
Chapter 5 Business and Nonbusiness Losses
Chapter 6 Deductions
Chapter 7 Calculation of Tax
Chapter 8 Credits
Chapter 9 Alternative Minimum Tax
Chapter 10 Alternative Minimum Tax Planning for Individuals
Chapter 11 Social Security/Medicare Taxes: Wage Earners and Self-Employed Individuals
Chapter 12 Additional Medicare Surtax on Earned Income and Net Investment Income Tax
Chapter 13 Withholding and Estimated Tax Requirements
Chapter 14 Grantor Trusts
Chapter 15 Income Taxation of Trusts and Estates
Chapter 16 Income and Deductions in Respect of a Decedent
Chapter 17 Accounting Methods and Timing Issues
Chapter 18 Choice of Entity
Chapter 19 Cost Recovery Concepts
Chapter 20 Basis
Chapter 21 Tax Basis Planning
Chapter 22 Passive Activities and At-Risk Rules
Chapter 23 Marriage and Divorce Techniques of Income Tax Planning
Chapter 24 Timing of Income and Deductions
Chapter 25 Conversion of Income
Chapter 26 Equity Based Compensation Planning
Chapter 27 Deductible Charitable Contribution Planning
Chapter 28 Like-Kind Exchanges
Chapter 29 Planning for the Sale or Exchange of Assets
Chapter 30 Retirement Planning
Chapter 31 Income Issues in Wealth Transfer Planning
Chapter 32 Income Tax Planning for Clients with Shortened Life Expectancies
Chapter 33 Discharge of Debt Income
Chapter 34 IRS Income Tax Audits
Chapter 35 Working with the IRS
Appendix A After-Tax Equivalents of Tax-Exempt Yields
Appendix B Suggested Charitable Gift Annuity Rates—Single Life
Appendix C Group Term Life Insurance
Appendix D Income Tax Rate Schedules
Appendix E Innocent Spouse Rules