Course Description
Introduces students to current tax laws, regulations, principles, and practices that affect families and individuals. The perspective of this course is planning; namely, how families as producers and investors can manage their tax liability through proper financial planning.
Athena Title
Family Tax Planning
Prerequisite
FHCE 3200 or FHCE 3200E or FHCE 3250 or FHCE 3250E or HACE 3200 or HACE 3200E or HACE 3250 or HACE 3250E
Semester Course Offered
Offered fall
Grading System
A - F (Traditional)
Course Objectives
1)Understand the importance of tax planning in the overall process of financial planning. 2) Demonstrate the ability to recognize tax related issues that will help or hinder an individual's overall financial plan. 3) Demonstrate the ability to apply tax laws and principles to specific situations. 4) Demonstrate a working knowledge of tax code provisions relating to investing, retirement planning, and risk management. 5) Demonstrate the ability to utilize specific tax provisions in developing a financial plan. 6) Understand the consequences of taxation alternatives. 7) Understand tax code provisions specific to families as producers and investors.
Topical Outline
a) Tax calculation and types of Federal taxes b) Overview of income, adjustments to income, deduction, exemptions, taxable income, tax liability, credits, and payment c) Tax law authority and reference sources d) Personal investment taxation (focus on financial investments) e) Treatment of various types of gains, losses, and exchanges f) Passive activity rules g) Family structure changes and tax implications h) Children, divorce, and death tax implications i) Tax planning through itemization j) Family planning and tax credits k) How different family related entities record and report income l) Home-based and self-employed taxation m) Tax planning based on differences in tax treatment and taxation of various forms of income n) Alternative minimum taxation o) Income tax compliance
Syllabus