About This Chapter
Tax Deductions for Individuals - Chapter Summary
This federal income tax chapter examines concepts pertaining to individual tax deductions. Inside, you'll find short lessons that simplify complex individual tax deduction topics, including medical, marital and casualty loss deductions. You'll also explore a variety of income tax strategies. Each lesson comes with a short quiz to help you retain your knowledge. The chapter can be accessed at any time of day or night, and you can use any computer or mobile device to study the material. When you're done with the chapter, you should be able to:
- Evaluate the importance of personal tax planning
- Assess the tax implications of casualty loss, medical expenses, family limited partnerships and special circumstances
- Describe pension and retirement plans
- Analyze the impact that marriage and divorce can have on taxes
- Explain the rules regarding marital deductions in estate planning
- Apply gift and income tax strategies to plan for education costs
1. Personal Tax Planning
In this lesson, we'll discuss income tax and its purpose. You'll also learn how to reduce your tax liability with itemized deductions, flexible spending accounts, home office expenses and retirement contributions.
2. Medical Expenses: Types & Tax Implications
After reading this lesson, you'll learn what types of medical expenses are tax deductible and which ones are not. Also, learn when these medical expenses become tax deductible.
3. Understanding Retirement and Pension Plans
Businesses use many different types of retirement plans for their employees. Two of the most common are pension plans and 401(k) plans. This lesson discusses these two kinds of retirement plans.
4. Impact of Marriage & Divorce on Taxes
In this lesson, we will discuss the impact of taxes when you get married and the impact of taxes when you divorce. We will also cover the tax implication when dependents are involved.
5. Family Limited Partnerships (FLPs): Definition & Tax Implications
This lesson will define a special business partnership, the family limited partnership (FLP), and discuss the tax implications/benefits of running an FLP.
6. Tax Implications of Special Circumstances
Most tax matters are routine for individuals from year to year, but circumstances that can significantly impact someone's taxes may come up occasionally. Let's take a look at situations where a person might have major changes in his or her taxes.
7. Marital Deductions in Estate Planning: Rules & Strategies
When a person dies, the last thing the family wants to figure out is how much taxes they need to pay. In this lesson we will learn how a spouse can pass along an estate to reduce some of the tax burden.
8. Planning for Education Costs: Gift & Income Tax Strategies
In this lesson, we will review some of the tools available to minimize income tax payments and avoid gift taxes while saving and paying for a college education.
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Other chapters within the Accounting 307: Federal Income Taxes course