Cut Your Client's Tax Bill

Bill Bischoff, CPA, has been a licensed professional tax adviser and nationally known author on tax and financial planning matters for 30 years. He has authored or coauthored 15 professional books and continuing professional education courses and has written hundreds of articles for CPAs, tax attorneys, and financial planners.

• Chapter 1 1-1Maximizing Tax Benefits for Sales of Capital Gain Assets and Real Property 1-1Current capital gain and dividend tax rates 1-3Tax-smart strategies for capital gain assets 1-8Tax-smart strategies for fixed-income investments 1-12Planning for mutual fund transactions 1-14Converting capital gains and dividends into ordinary income to maximize investment interest write-offs 1-19Planning for capital gain treatment for subdivided lot sales via IRC Section 1237 relief 1-22Land is not always a capital asset 1-29Beneficial capital gain treatment allowed for sale of right to buy land and build condo project 1-33Escape taxable gains altogether with like-kind exchanges 1-35Primer on the 3.8% net investment income tax 1-49Chapter 2 2-1Planning for Employer Stock Options, Employer Stock Held in Retirement Accounts, and Restricted Stock 2-1Employer stock options: Tax implications 2-2How to handle employer stock received in a qualified retirement plan distribution 2-12Restricted stock: Tax implications 2-14Chapter 3 3-1Maximizing Tax Benefits for Personal Residence Transactions 3-1Qualification rules for gain exclusion privilege 3-2Excluding gain from sale of land next to residence 3-13Excluding gains in marriage and divorce situations 3-14“Electing out” of gain exclusion privilege 3-18Sale of former principal residence “freed up” suspended PALs from rental period even though gain on sale was excluded 3-19Understanding the tax implications of personal residence short sales and foreclosures 3-21Tax angles when client converts personal residence into rental property 3-29How the TCJA affects homeowners 3-33Chapter 4 4-1Tax Planning Opportunities with Vacation Homes, Timeshares, and Co-Ownership Arrangements 4-1Rules for “regular” vacation homes (as opposed to timeshares and co-ownership deals) 4-2Rules for timeshares and vacation home co-ownership arrangements 4-7Playing the gain exclusion game with multiple residences 4-10Chapter 5 5-1Tax Planning for Marital Splits and Married Same-Sex Couples 5-1Separate versus joint returns for pre-divorce years 5-3Avoiding pre-divorce tax fiascos with IRA and qualified retirement plan assets 5-11Planning to achieve tax-effective splits of IRA and QRP assets 5-12Planning to achieve equitable after-tax property divisions 5-18Treating payments as deductible alimony 5-21Tax developments affecting married same-sex couples 5-29Chapter 6 6-1Tax-Saving Tips for Self-Employed Clients 6-1“Heavy” SUVs, pickups, and vans are still big tax-savers 6-2Combine “heavy” vehicle with deductible home office for major tax savings 6-8Home office deduction options 6-10What to do when both spouses are active in the self-employment activity 6-20Simplified compliance rules for unincorporated husband-wife businesses in non-community property states 6-27Update on tax-smart health savings accounts 6-30Section 199A – The qualified business income deduction 6-37Should your client’s business switch to C corporation status? 6-44Chapter 7 7-1Tax-Smart College Financing Strategies 7-1Education tax credits 7-2Deduction for higher education tuition and fees 7-8Deduction for student loan interest 7-9Coverdell Education Savings Accounts 7-11Tax-free interest from U.S. Savings Bonds 7-12Electing the accrual method for U.S. Savings Bonds 7-15Splitting investment income with the kids 7-17How a closely held business can deduct college expenses paid for the owner’s adult child 7-30“Last-minute” suggestions for procrastinators 7-32Glossary Glossary 1Index Index 1Solutions Solutions 1Chapter 1 Solutions 1Chapter 2 Solutions 4Chapter 3 Solutions 5Chapter 4 Solutions 7Chapter 5 Solutions 8Chapter 6 Solutions 10Chapter 7 Solutions 13