Assets, Income and Cash - Mini CourseCode: 25-AIC2

61 pages
Course description and objectives:

This presentation integrates federal taxation with overall financial planning. The course will explore 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. This course will give the participant practice in analyzing problems, developing solutions, and presenting final personal financial plans to clients. The emphasis is on practical simplicity in dealing with the self-employed and highly compensated individual.

Learning Objectives
After completing this course, you should be able to:

Critique investment purposes and retirement misconceptions, and assist clients in implementing the five-step retirement process and in identifying the three basic elements of investment planning.

Identify four types of income, from a tax perspective, to be budgeted into cash so that income-producing assets can be acquired and managed for an effective investment plan.

Discover at least three means of achieving tax deferral, including like-kind exchanges, retirement plans and installment sales, and realize a double financial benefit of not only tax postponement like an "interest-free loan" but even possible tax elimination.

4.

Illustrate how to use tax credits, estimated taxes, and basic deductions to effectively reduce federal income tax and thereby increase discretionary income for investment purposes.

Explain six major 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.

Use the 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.

Presentation Method: QAS Self-Study

Category: Taxation

CPE credit: 3 Hours

Program Level: Update

Prerequisites: None

Advance Preparation: None

Exam expiration date: Participants must submit exams for grading within one year from the date of purchase