Bookstore  
  Home > UncleFed's Bookstore > Holmes F. Crouch > Holmes F. Crouch

Family Tax Strategies (103)
Author: Holmes F. Crouch
Pages: 224
List Price: $19.95
  • Order from Amazon.com
  • Order from Barnes & Noble.com

  • Summary

    FAMILY TAX STRATEGIES (T/G 103) covers the anatomical parts of a parental return for achieving tax savings; the ages of children for the dependent care, adoption, and child credits; educational tax credits and their AGI "phase outs"; employer assistance exclusions; and gifts and inheritances (gratuitous transfers and life insurance proceeds) as they apply to the primary filer in a family situation of multiple filers. Also covered:

    • Benefit trade-offs between divorced parents
    • The "Kiddie Tax": Form 8615 or 8814?
    • Treatment of "gift loans" & injury awards
    • Job education expenses & lifetime learning
    • Meaning of "qualified" state tuition programs
    • The "nanny tax" vs. independent contractors

    Table of Contents
    Family Tax Strategies
    Book: 103
    Table of Content
    
    1.  FILING STATUS CHOICES                       1-1
    
        The Checkboxes: Five                        1-2
        Tax Rate Dependency                         1-4
        Multiple Uses of “Single”                   1-6
        Variations of “Married” Status              1-8
        Married Filing Separately                   1-10
        Head-of-Household Status                    1-12
        Head-of-Household Versatility               1-13
        Another Status: Form 1040EZ                 1-15
        When Form 1040 Required                     1-17
        
    2.  DEPENDENTS & EXEMPTIONS                     2-1
        
        How “Dependent” is Defined                  2-2
        Other Definitional Aspects                  2-3
        Age “Levels” of Children                    2-4
        What Constitutes “Support”?                 2-6
        Multiple Support Agreements                 2-8
        Children of Divorced Parents                2-9
        Dependency Exemption: How Much ?            2-12
        How Exemptions Are Claimed                  2-13
        When a Dependent Files                      2-15
        
    3.  DEPENDENT CARE CREDIT                       3-1
    
        Basic Law: Section 21                       3-2
        If Married, Must file Jointly               3-3
        Identifications Required                    3-5
        What Expenses Qualify?                      3-6
        Dependent Care Assistance                   3-8
        Part III, Form 2441                         3-10
        Exclusion or Credit: Which is Better?       3-12
        When “Married Filing Separately”            3-13
        What If Legally Unmarried?                  3-15
        Children of Divorced Parents                3-16    
    
    4.  CHILD ADOPTION CREDIT                       4-1
    
        Adoption Credit Overview                    4-2
        Who is an “Eligible Child”?                 4-4
        Credit is “Per Child” Amount                4-6
        Employer-Provided Assistance                4-7
        Credit “And/Or” Exclusion                   4-8
        Make Claim on Form 8839                     4-10
        Separate Computation: Each Child            4-12
        When Benefits “Phase Out”                   4-15
        Unused Credit Carryforwards                 4-17
    
    5.  THE CHILD TAX CREDIT                        5-1
    
        Overview of Section 24                      5-2
        Who is a Qualifying Child?                  5-4
        Use Worksheet for Phaseouts                 5-5
        Other Intervening Credits                   5-7
        When 3 or More Children                     5-9
        Abridgment of Form 8812                     5-10
        Synopsis of Page 2 (Form 1040)              5-11
    
    6.  WEIGHING THE “NANNY TAX”                    6-1
        
        Household Employees Defined                 6-2
        Who are Nonemployees?                       6-4
        Rationale of Section 3510                   6-5
        Highlights of Section 3510                  6-7
        Schedule H (Form 1040)                      6-8
        There’s More than Schedule H                6-11
        California Goes Bonkers                     6-13
        Other States More Realistic                 6-14
        Rethink Your Household Needs                6-15
        The Disabled & Elderly                      6-17
        Independent Contractors: Yes; No            6-18
    
    7.  GRATUITOUS TRANSFERS                        7-1
        
        First Things First                          7-2
        Gifts & Inheritances                        7-3
        Distributions from Trusts                   7-6
        Who Pays the Gift Tax?                      7-7
        Exclusions from Gift Tax                    7-9
        Life Insurance Proceeds                     7-11
        Personal Injury Awards                      7-12
        Treatment of “Gift Loans”                   7-14
        The GST Exemption                           7-16
    
    8.  THE “KIDDIE TAX” EXPLAINED                  8-1
    
        Introduction to Section 1 (g)               8-2
        Basic Premise challenged                    8-3
        Net Investment Income                       8-5
        Now, on to Form 8615                        8-7
        Child’s “Higher of” Tax                     8-10
        Role of Capital Gains                       8-11
        One Alternative: Form 8814                  8-12
        Another Alternative: Tax Exempts            8-15
    
    9.  EDUCATION TAX INCENTIVES                    9-1
    
        The Scholarship Exclusion                   9-2
        Employer Education Assistance               9-4
        Higher Education bonds                      9-5
        Student Loan Interest                       9-7
        Job Education Expenses                      9-9
        Hope Postsecondary Credit                   9-10
        Lifetime Learning credit                    9-12
        Form 8863, Part I and II                    9-13
        Part III of Form 8863                       9-15
        Education IRAs                              9-16
        Qualified State Tuition Program             9-17
        Summary Commentary                          9-20 
    
    10. SAVINGS BEHIND THE LINES                    10-1
    
        The 15 Income Lines                         10-2
        First Look: Form (s) W-2                    10-4
        Other Box 1 Reductions                      10-6
        Tax Exempt Interest                         10-7
        Small Business Elections                    10-9
        Self-Employed “Adjustments”                 10-10
        Transactional Gains & Losses                10-13
        Supplemental Income/Loss                    10-14
        Other Income/Other Offsets                  10-18
    
    11. DEDUCTION PHASEOUTS & AMT                   11-1
        
        The Schedule A Phaseout                     11-2
        Phaseout of Personal Exemptions             11-4
        Recap of Other Phaseouts                    11-5
        Introduction to AMT                         11-6
        Introduction to Form 6251                   11-8
        AMT Exemptions & Phaseouts                  11-11
        Part III of Form 6251                       11-12
        Credit for Prior AMT                        11-14
        Any Relief from AMT?                        11-16
    
    12. YOUR DEPENDENTS’ RETURNS                    12-1
    
        Notice from the IRS                         12-2
        Behind the Notice (s)                       12-4
        Guidelines for Oversight                    12-5
        Form 1040EZ & TeleFiling                    12-7
        Form 1040A More Versatile                   12-10
        When Form 1040 Required                     12-11
        Assigning Assets to Minors                  12-13   
        Employing Your Children                     12-15
        Dependent-in-Fact I                         12-16
        Dependent-in-Fact II                        12-17

    UF Bookstore Main | Home