Taxes

The income tax has made liars out of more Americans than golf. — Will Rogers

• Tax Structure: Tax Base, Tax Rate, Proportional And Progressive Taxation
• Tax Policy Objectives
• Types of Taxes
• Tax Basis
• Tax Planning

Income Taxation

• Tax Formula to Determine Taxable Income from Gross Income
• Itemized Deductions and the Standard Deduction
• Personal and Dependency Exemptions
• Qualifying Child and Qualifying Relative
• Filing Status
• Gross Income, Tax Year, and Accounting Methods
• Wages, Salary, And Other Compensation
• Kiddie Tax
• Taxation of Dividends
• Taxation of Alimony, Separate Maintenance Payments, and Child Support
• Imputed Interest On Below-Market Loans
• Taxation Of Social Security Benefits and Tier 1 Equivalent Railroad Retirement Benefits
• Tax Savings on Capital Gain of a Principal Residence
• Alternative Minimum Tax (AMT) for Individuals
• Taxation of Employee Stock Options
• Taxation Of Restricted Stock Compensation

If Patrick Henry thought that taxation without representation was bad, he should see how bad it is with representation. — Old Farmer's Almanac

Taxation of Investments

• Capital Gains and Losses
• Holding Periods For Property
• Taxation of Security Transactions
• Taxation of Bond Income
• Taxation Of Options and Convertible Securities
• Constructive Sales Of Appreciated Financial Positions
• Taxation of Short Sales
• Wash Sales
• Passive Activity: Material Participation Tests
• At-Risk Limitation Rules
• Passive Activity Rules
• Rental Income: Active or Passive

Deductions

• Itemized Deductions For Home Mortgage Interest, Points, and Qualified Mortgage Insurance Premiums
• Moving Expense Deductions
• Miscellaneous and Job-Related Deductions
• Deductibility of Real Estate Rental Losses
• Standard Mileage Rate For Deducting Car And Truck Expenses
• Deductibility of Investment Expenses
• Deductibility Of Taxes: State, Local, and Foreign Income Taxes, General Sales Taxes, and Real Estate Taxes

Tax Credits

• Tax Credits
• Earned Income Credit (EIC)
• Child Tax Credit
• Credit for Child and Dependent Care Expenses
• Credit for The Elderly and Disabled
• Education Tax Credits: American Opportunity Credit, Hope Scholarship Credit, Lifetime Learning Credit
• Adoption Credit for Qualified Adoption Expenses
• Retirement Savings Contribution Credit (Saver's Credit)
• The Retirement Savings Contribution Credit—Not The Bonanza That It Seems
• Foreign Tax Credit (FTC)
• Residential Energy Credits

Other Tax Topics

• Liability Relief On Joint Returns: Innocent Spouse Relief, Separation Of Liability, Equitable Relief, Relief From Liability Arising From Community Property Law, and Injured Spouse Claims for Refund
• Tax-Free Like-Kind Exchanges Of Property
• Tax-Free Exchanges
• Taxation of Involuntary Conversions
• Taxation of Fringe Benefits
• Fringe Benefits: Health And Accident Coverage, Flexible Spending Arrangements, Health Reimbursement Arrangements, Access Rules And COBRA Coverage
• Health Savings Accounts (HSA)
• Statute Of Limitations For Tax Penalties and Refunds
• Tax Penalties

Business Taxes

• Self-Employment Tax
• Home Office Deduction
• Tax Classifications For Workers: Employees, Independent Contractors, Statutory Employees, And Statutory Nonemployees
• Misclassifying Workers as Independent Contractors
• Employee Expense Reimbursements: Accountable and Nonaccountable Plans
• Net Operating Losses (NOLs)
• Section 179 Deduction
• Partnerships
• Limited Liability Companies
• C Corporations
• S Corporations
• Family Businesses
• Personal Service Corporations
• Retirement Plans
• Types of Retirement Plans: Traditional and Roth IRAs, SIMPLE IRAs, SIMPLE 401(k)s, Simplified Employee Pensions; Safe Harbor 401(k)s, Traditional and Roth 401(k)s, Profit-Sharing Plans; Defined-Benefit Plans

Gratuitous Transfer Taxes

• Federal Gift Tax – Overview
• Gross Estate
• Estate Taxes
• Generation-Skipping Transfer Taxes
• Gift, Estate, And Generation-Skipping Transfer Tax Calculations
• Reducing Gift, Estate, And Generation-Skipping Taxes
• Why the Estate Tax?

The only difference between death and taxes is that death doesn't get worse every time Congress meets. — Will Rogers