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PricewaterhouseCoopers 2008 Guide to Tax and Financial Planning: Including Analysis of the 2007 Tax Law Changes
John Wiley and Sons Ltd, Nov 2007, Pages: 272
Introduction xv
About PricewaterhouseCoopers xvi
How to Use This Book xvii
Let’s Get Started xviii
Tax Law Changes and Financial Planning
Chapter 1: What Tax Changes Apply in 2007?
Highlights of Recently Enacted Legislation
Tax Increase Prevention and Reconciliation Act
Heroes Earned Retirement Opportunities Act
Pension Protection Act of 2006
Tax Relief and Health Care Act of 2006
Small Business and Work Opportunity Tax Act of 2007
Other Important Legislative Provisions
Increased Penalties for Failure to Disclose Foreign
Financial Accounts
Tax Rates, Tax Credits, and Deductions
Ten Percent Income Tax Bracket
Upper-Income Individuals Will Not Lose Deductions
Personal Exemptions Will Not Be Lost
Alternative Minimum Tax
Investment Income
Long-Term Capital Gains
Reduced Dividend Rates
Estate and Gift Taxes
Exemption Increases
Rate Reduction
Loss of Full Basis Step-Up
What’s Next?
Chapter 2: Investments and Stock Options
Capital Gains
Favourable Rates
Exceptions to the 15 Percent Rate
Collectibles, Qualified Small Business Stock, and
Depreciated Real Estate
No More Advantage for Five-Year Gains
Effect of Past Election to Get the 18 Percent Rate
Netting Rules
Capital Losses
Wash Sale Rule
Protecting and Postponing Stock Gains
Qualified Small Business Stock
Passive Activity Losses
Careful Record Keeping: Identification of Securities
Dividends
Mutual Funds and Real Estate Investment Trusts
Preferred Stock
Short Sales
Margin Accounts
Foreign Tax Credit
Impact of Reduced Tax Rates on Investment Allocation
Tax-Exempt and Taxable Bonds
Taxable Tax-Exempt Bonds
Bond Premium or Discount
Florida Intangibles Trust
Nonqualified Stock Options
Incentive Stock Options
Idea Checklist
Chapter 3: Retirement Planning
Employer Plans
Qualified Retirement Plans
Nonqualified Deferred Compensation Plans
Your Resources
Keogh Plans
Simplified Employee Pension Plans
Traditional and Roth Individual Retirement Accounts
Tax Credit for Retirement Saving
Charitable Remainder Trusts
Tax-Deferred Annuities
Split-Dollar Life Insurance
Universal Variable Life Insurance
Professional Retirement Services
Social Security
Required Retirement Plan Distributions
Idea Checklist
Chapter 4: Tax Advantages of Home Ownership
Tax Benefits of Owning a Home
Mortgage Interest
Home Equity Loans
Mortgage Insurance Premiums
Vacation Homes
Rental Properties
Home Office Deduction
Personal Residence Trust
Home Sales
Principal Residence Gains Exclusion
Qualifying for the $500,000 Exclusion
Partial Exclusion
Partial Exclusion Rule for Joint Filers
Home Purchases
Real Estate Taxes
Mortgage Points
Idea Checklist
Chapter 5: How to Maximize Savings for Education
Qualified Section 529 Tuition Programs
What Expenses Qualify?
Gift and Estate Tax Breaks
Coverdell Education Savings Accounts
Roth IRAs
Traditional IRAs
Helping Outstanding Pupils Educationally Scholarships
and Lifetime Learning Credits
U.S. Savings Bonds
Home Equity Loans
Student Loans
Tuition Deduction
Relatives
Income Shifting and Capital Gains
Employer Education Assistance
Idea Checklist
Chapter 6: Account-Based Health-Care Arrangements
Health Savings Accounts
Eligibility
Contribution Limits
Health Reimbursement Arrangements
Flexible Spending Accounts
Chapter 7: Estate Planning Ideas
How Estate and Gift Taxes Work
Amounts Exempt from Tax
Gift and Estate Tax Rates
Planning for Phasedown and Repeal of the Estate Tax
Draft a Will
Review How Your Property Is Owned
Consider State Death Taxes
Give Gifts
Consider Valuation Discounts
Consider Trusts
Credit Shelter or Family Trust
Life Insurance Trust
Grantor Retained Annuity Trust
Qualified Personal Residence Trust
Dynasty Trust
Charitable Remainder Trust
Charitable Lead Trust
Intentionally Defective Trust
Qualified Domestic Trust
Stock Option Trust
Effect of Reduced Tax Rates on Dividends
Trustee’s Investment Decisions
Allocation of Expenses
Give a Roth IRA
Pay Gift Taxes Now
Idea Checklist
Chapter 8: Charitable Giving
Charitable Deductions
Charitable Contributions
Deductible Contributions—Quick Guide
Nondeductible Contributions—Quick Guide
Valuation Issues
Retail Property
Stocks and Bonds
Closely Held Businesses
Notes
Life Insurance
Real Estate
Artwork: Paintings, Antiques, and Other Objects of Art
Jewellery and Gems
Used Cars, Boats, and Aircraft
Used Clothing and Household Goods
Hobby Collections
IRA Assets
Appraisals and Substantiation Requirements
Penalties for Overvaluation
Reduction of Contribution Amount
Percentage Limitations
Private Foundations
Nonoperating Foundations
Operating Foundations
Pass-Through Private Foundations
Tax Compliance and Operating Rules for Private Foundations
Alternatives to Private Foundations
The 50 Percent Limitation
The 30 Percent Limitation
The 20 Percent Limitation
Other Alternatives
Year-End Tax Savings Strategies
Chapter 9: Quick Planning Guide
Tax Reduction
Tax Deferral
Income Shifting
Year-End Capital Gains Checkup
Year-End Alternative Minimum Tax Diagnosis
Chapter 10: Accelerating Deductions
State and Local Taxes
Interest
Home Mortgage Interest
Business Interest
Investment Interest
Passive Activity Interest
Student Loan Interest
Personal Interest
Medical Expenses
Charitable Contributions
Property Donations
Substantiation Requirements
Deferred Giving
Passive Activity Losses
Casualty Losses
Miscellaneous Itemized Deductions
Moving Expenses
Idea Checklist
Chapter 11: Deferring Income
Year-End Bonuses
Deferred Compensation
Stock Options or Stock Appreciation Rights
Treasury Bills and Bank Certificates
Dividends
Instalment Sales
U.S. Savings Bonds
Annuities
Individual Retirement Accounts
401(k) Plans
Shifting Income to Family Members
Chapter 12: Alternative Minimum Tax
Understanding the Alternative Minimum Tax
Alternative Minimum Tax Computation
The More, the Not-So-Merrier
Minimum Tax Credit
Top Ten Items That May Cause the AMT
An Unpleasant Surprise for Many
Alternative Minimum Tax-Planning Strategies
Taxpayers in the Alternative Minimum Tax for 2007 Only
Taxpayers in the Alternative Minimum Tax for 2007 and Beyond
Chapter 13: Year-End Planning for Business Owners
Increased Section 179 Expense Election
Retirement Plans
Bonuses and Deferred Compensation
Income Deferral or Acceleration
Alternative Minimum Tax Planning
Accounting Method Changes
Personal Holding Company Tax
Succession Planning
Buy-Sell Agreements
Deferred Compensation Elections
Covenant Not to Compete
Earn-Out (Contingent Sale Price)
The Importance of Early Planning
Do Not Wait to Plan
C Corporation versus S Corporation Comparison
A Nuts and Bolts Review
Chapter 14: Fundamental Tax Concepts
Gross Income
Adjusted Gross Income
Modified Adjusted Gross Income
Itemized or Standard Deductions
Personal and Dependent Exemptions
Marital Status
A Tax Credit or a Deduction
Taxable Income
Marginal and Effective Tax Rates
Social Security Taxes and Benefits
Marriage Penalty
Accountable Plan
Tax Effects of Alimony
Social Security Taxes for Domestic Employees
Estimated Tax Payments
January Tax Strategy Idea Checklist
Conclusion
About the Authors
Index
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