Income Tax Planning

Income tax history and law, tax formulas and calculations, credits and deductions, business entities, tax doctrine, and various tax planning strategies.

Here are the topics covered in the Income Tax Planning section:

  • Income tax law fundamentals
  • History of income taxation
  • Types of income tax authority
    • Primary tax authority
    • Secondary tax authority
    • Tax research sources
  • Tax compliance
    • Tax return filing requirements
    • Military servicemembers tax information
    • IRS Audits
    • Tax Penalties
    • Tax Fraud Alerts
    • Tax Protest Movement
  • Income tax fundamentals and calculations
    • Income tax filing status
    • Tax law doctrines
      • Constructive receipt doctrine
      • Assignment of income doctrine
      • Business purpose doctrine
      • Step transaction doctrine
      • Sham transaction
      • Substance over form doctrine
    • Gross income
      • Gross income inclusions
      • Gross income exclusions
        • Hospitalization premiums
        • Group life insurance premiums
        • Group legal services plans
        • Accident and health plans
        • Employee death benefits
        • Merchandise distributed to employees on holidays
        • Expenses of your employer
        • Meals and lodgings
        • Employee discounts
        • Workers’ compensation
        • Cafeteria plans and flexible spending accounts
        • Dependent care assistance program
        • Employer educational assistance
        • Employee awards
        • Clergy housing allowance
        • Miscellaneous fringe benefits
        • Gifts, bequests, and inheritances
        • Scholarships and fellowships
        • Prizes and awards
        • Qualified Charitable Distributions (QCDs)
        • Interest on State and Municipal Obligations
        • Public Assistance Payments
        • Social Security and Other Retirement Benefits
        • Annuities
        • Sale of Your Home
        • Other Home-Related Exclusions
        • Carpool Receipts
        • Damages
        • Divorce and Separation Arrangements
        • Life Insurance
        • Qualified State Tuition Programs (529 Plans)
        • Disabled Veteran Payments
        • Exclusion of Income for Volunteer Firefighters and Emergency Medical Responders
        • Unemployment Benefits
        • Homeowner Security
        • Reimbursed Costs to Parents of Children with Disabilities
        • Wrongful Conviction and Incarceration
        • Restitution Payments
        • Frequent Flier Miles
        • Hurricane Sandy
        • Cancellation of Indebtedness
        • Medicaid Payments for Foster Care of Related Indviduals
      • Imputed income
      • Adjustments to income
    • Tax credits
      • Earned Income Credit
      • Excess Social Security Tax
      • Child and Dependent Care Credit
      • Credit for the Elderly or Permanently and Totally Disabled
      • Work Opportunity Credit
      • Welfare to Work Credit
      • Research Tax Credit
      • Orphan Drug Tax Credit
      • Adoption Assistance
      • Hope Scholarship Credit
      • American Opportunity Tax Credit
      • Lifetime Learning Credit
      • Child Tax Credit
      • Disability Credits
      • Health Insurance Credit
      • Saver’s Credit
      • Small Employer Credit
      • Electric Vehicle Credit
      • Credit for Residential Energy Efficient Property
      • Energy Saving Home Improvement Credit
      • Hybrid Vehicles Credit
      • Telephone Tax Refund
      • First-Time Home Buyer Credit
      • Rehabilitation Credit for pre-1936 or Certified Historic Structures
      • Making Work Pay Tax Credit
      • Plug-in Electric Drive Vehicle Credit
      • Plug-in Electric Vehicle Credit
      • Conversion Kits
      • Treatment of Alternative Motor Vehicle Credit as a Personal Credit Allowed against AMT
      • Small Business Health Insurance Credit
      • Foreign Tax Credit
      • The Premium Tax Credit
    • Above-the-Line Deductions
      • Trade and business deductions
      • Employee business expenses of Actors and Other Performing Artists
      • Employee Business Expenses
      • Alimony
      • Interest on Qualified Education Loans
      • Retirement Plan Payments
      • Self-Employment Tax
      • Health Insurance Deduction for Self-Employeds
      • Moving Expenses
      • Clean Fuel Vehicles
      • Deduction for Qualified Higher Education Expenses-Tuition and Fees
      • Legal Fees
      • Classroom Materials
      • Archer Medical Savings Accounts
      • Health Savings Accounts
      • Sales Tax Deduction on Motor Vehicles
    • Below-the-Line Deductions
      • Medical Expenses
      • Income Taxes
      • Real Property Taxes
      • Interest
      • Mortgage Insurance
      • Charitable Contributions
      • Casualty Losses
      • Theft Losses
      • Miscellaneous Trade and Business Deductions of Employees
      • Job Loss Insurance
      • Travel Expenses
      • Transportation Expenses
      • Meals and Entertainment Expenses
      • Educational Expenses
      • Limit on Itemized Deductions
      • Medical Deductions
      • Deductible Taxes
      • Charitable Deductions
      • Casualty and Theft Loss Deductions
      • Miscellaneous Deductions
      • Employee Miscellaneous Deductions
      • Investor Deductions
    • Standard Deductions
    • Personal and dependency exemptions
    • Taxable income
    • Tax liability
    • Kiddie Tax
    • Self-employment tax
    • Medicare surtax
    • Payment of tax
      • Income tax withholding
      • Estimated tax payments
    • Tax accounting
      • Accounting periods
      • Accounting methods
      • Cash receipts and disbursements
      • Accrual method
      • Hybrid method
      • Change in accounting method
      • Long-term contracts
      • Installment sales
      • Inventory valuation and flow methods
      • Net operating losses
    • Tax Information For International Businesses
    • Business Entity types (Business Structures)
      • Sole proprietorship
      • Partnerships
      • Limited Liability Company (LLC)
      • C Corporations
      • S Corporations
      • Business entity trusts
      • Associations
      • Cooperatives
    • Taxation at entity and owner level
      • Taxation upon formation
      • Flow through of an entity’s income and losses
      • Special entity-taxes
      • Entity distributions
      • Dissolution of entity
      • Disposition of entity
    • Income taxation of trusts and estates
      • General issues
        • Filing requirements for trusts and estates
        • Filing deadlines for trusts and estates
        • Choice of tax year for trusts and estates
        • Tax treatment of distributions to beneficiaries
        • Tax rate structure for trusts and estates
        • Grantor/Non-grantor trusts
        • Simple/Complex trusts
        • Revocable/Irrevocable trusts
      • Trust income
        • Trust accounting income
        • Trust taxable income
        • Distributable net income (DNI)
        • Estate income tax
      • Basis
        • Original basis
        • Adjusted basis
        • Amortization, Accretion, and Depletion
        • Basis of property received by gift and in nontaxable transactions
        • Basis of inherited property (community and non -community property)
    • Depreciation/cost-recovery concepts
      • Modified Accelerated Cost Recovery System (MACRS)
      • Expensing policy
      • §179 deduction
      • Amortization
      • Depletion
    • Tax consequences of like-kind exchanges
      • Reporting requirements of like-kind exchanges
      • Qualifying transactions in like-kind exchanges
      • Liability assumption in like-kind exchanges
      • Boot in like-kind exchanges
      • Related party transactions in like-kind exchanges
      • Calculation of realized gain, recognized gain, and substitute basis
    • Tax consequences of the dispostion of property
      • Capital assets (§1221)
      • Holding period
      • Sale of residence
      • Depreciation recapture
      • Related parties
      • Wash sales
      • Bargain sales
      • Section 1244 stock (small business stock election)
      • Installment sale taxation
      • Involuntary conversions
    • Alternative minimum tax (AMT)
      • AMT Mechanics
      • AMT Preferences and adjustments
      • AMT Exclusion items vs. deferal items
      • AMT Credits: creation, usage, and limitations
      • AMT Application to businesses and trusts
      • AMT Planning strategies
    • Tax reduction/management techniques
      • Tax credit strategies
      • Accelerated deductions
      • Deferral of income
      • Intra-family transfers
    • Passive activity and at-risk rules
      • Definitions and Rules
      • Computation of passive activity gains/losses
      • Treatment of disallowed losses
      • Dispostion of passive activities
      • Real Estate exceptions
    • Tax implications of being married/widowed
      • Filing status in special situations
      • Children in special situations
      • Community and non-community property
    • Tax implications of divorce
      • Alimony
      • Recapture of alimony
      • Property division
      • Child support
    • Charitable contributions and deductions
      • Qualified entities
      • Public charities
      • Private charities
      • Search for Eligibile Charities
      • Deduction limitations
      • Carryover periods
      • Appreciated property
      • Non-deductible contributions
      • Qualified appraisal of charitable gifts
      • Substantiation requirements
      • Charitable contributions by business entities
      • Charitable donations from IRAs
    • Tax Protesting
    • Tax Shelters
      • Real Estate
      • Fees in Public Real Estate Partnerships
      • Oil & Gas
      • Equipment Leasing
      • Single-Premium Life Insurance
      • Cattle Feeding Programs
      • Cattle Breeding Programs
      • Tax Straddles
      • Art Reproduction
      • Noncash Gift Shelters
      • Municipal Bond Swaps
      • Unearned Income of Minor Children
      • Outright Gifts
      • Clifford Trusts
      • Interest-Free Loans
      • Family Partnerships
      • Family Trusts
      • Employing Members of the Family
      • Author’s Transfer of Royalty Ownership
    • Tax Deduction Strategies for Running Your Own Business
      • Hobby Loss Rules
      • Your Home
      • Your Car
      • Meals and Entertainment
      • Travel and Vacation
      • Gifts
      • Advertising
      • Deductible Clothes
      • Medical Premiums
      • Borrowing From Your Company
      • Miscellaneous Corporate Benefits
    • Tax Planning for Investors
      • Short Sales
      • Broad-Based Index Options and Regulated Futures Contracts
      • Wash Sales
      • Premiums on Taxable and Tax-Exempt Bonds
      • Original Issue Discount-Taxable Bonds
      • Original Issue Discount-Tax-Exempt Bonds
      • Market Discount
      • Municipal Bond Swaps
      • Nonqualified Employee Stock Options
      • Incentive Stock Options
      • Year-End Stock Sales
      • Fund Strategies
      • Dividends
      • Tax-Exempt Income
      • Old Prices
      • U.S. Savings Bond Exclusion
      • Madoff Losses
    • Miscellaneous Tax Planning Strategies
      • personal taxation
      • payroll tax planning
      • income tax planning
      • real estate tax planning
      • corporate taxation
      • wealth transfer
      • international tax issues/expatriation (5 Flags theory, etc.)
      • Last-Minute Tax Planning

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