Learning Library Quick Answers Tax Planning

How can we avoid kiddie tax?


Scenario: How soon should families set up a situation where the child can avoid the kiddie tax? Answer: It is never too early to ....

How do you prorate the education tax credits in a divorce case?


Scenario:Client is going through divorce and is filing jointly.How do you prorate the tuition and fees deduction? Answer: Give mom....

How does a business owner account for a child's personal use of a business-owned vehicle?


Scenario: A client hires a child as an employee and provides the child with a vehicle as an employee benefit. The client deducts t....

How does child support affect a 1040 EZ tax return and an automatic zero EFC?


Scenario: A client is divorced with one child and income is below $50,000 even with child support.How does child support affect a ....

How is a real estate 1031 exchange viewed from a FAFSA or Profile standpoint?


Answer: Since there is no specific guidance here, my interpretation is that there would be no income recognition for FAFSA or Prof....