Family Tax Strategies (Series 100: Individuals & Families)

The taxation of income, gifts, and inheritances produces intra-family linkages down through generational lines. It is this "tax circle" from birth to death that makes family tax strategizing so important. This book provides three basic tax-saving strategies. One strategy focuses on the primary filer in a family situation, such as a single parent or both parents when filing jointly. The second strategy focuses on multiple filings in order to maximize the number of tax returns filed. The greater the number of tax returns filed, the more diluted the total family tax becomes. The final strategy focuses on gratuitous transfers-gifts and inheritances-from grandparents and other elderly members in a family and preparing returns as dependents-in-fact. This book dissects the anatomical parts of a parental tax return in order to achieve greater tax savings.