The Tools & Techniques of Income Tax Planning, 8th Edition

With the passage of the SECURE Act in late 2019 and the SECURE Act 2.0 of 2022, financial advisors, planners, and insurance professionals are in need of up-to-date, reliable tools and expert insights into income tax planning techniques.

Every area of tax planning covered in this book is accompanied by the tools and techniques you can use to:

• Help your clients successfully navigate the latest income tax rules and regulations;
• Quickly simplify the tax aspects of complex planning strategies; and
• Confidently advise your individual clients as well as small- and medium-size business owners.

You'll find:

• Detailed explanations of complex real-world tax issues
• Easy-to-read explanations of how various tax strategies work and when they should and should not be employed
• Clear, thorough examples that show exactly when certain tax rules apply and how planners can help their clients avoid "tax traps" that can lead to unexpected and unnecessary tax liability
• Comprehensive explanation of investment-related tax concepts, which help investors and planners devise tax-efficient strategies
• Thoughtful, independent advice about the best strategies for specific situations

New in the 8th Edition:

• Updated SECURE Act chapter and a brand new chapter on the SECURE 2.0 Act, including legislation updates through the year 2033
• New SECURE 2.0 Act chapter includes legislation updates on topics such as catch-up contributions, Roth IRA plan changes, and automatic enrollment
• Details on IRS and DOL regulatory changes
• Updates to keep all chapters up-to-date, such as changes to form 1040 made in 2018 for Chapter 7 and new like-kind rules from 2018 for Chapter 29
• Updated advice on retirement planning issues, the unwinding of COVID-19 legislation, and changing RMD withdrawal and penalty requirements
• New plan contribution and catch-up provisions, including updated student loan matching options and Roth contribution options for SEP and SIMPLE retirement plans
• Updated plan and IRA distribution options including new 10% penalty waivers, and new withdrawal types for domestic abuse, family emergencies, 529 Roth conversions, and more
• Litigation updates

Key Topics Covered:

• SECURE Act and SECURE Act 2.0
• Contribution limitations, including Roth IRAs and mandated employer contributions
• Capital gains and losses, including both long-term and short-term gain
• Tax planning for small and medium-sized businesses as well as individuals
• Information on tax filing, including filing status, when to file, and failure-to-pay penalties
• Asset planning and retirement planning, including required minimum distributions