There are no prerequisites.

Course Description

Introduction to Financial Tax Planning is designed to present a unified, consistent, and understandable explanation of financial planning. The course integrates federal taxation with financial planning and is consistent in its synthesis of the major financial concepts and cradle-to-grave approach. You'll explore tax strategies relating to the central financial tactics of wealth building, capital preservation, and estate distribution. Other key topics covered include:

  • Tax issues related to education, retirement, and financial stability
  • Setting investment goals
  • Building an estate
  • Tax deferral, reduction, and elimination
  • Income splitting

*Please note: some of the material in this course is also covered in Tax and Financial Planning for Retirement.


Danny Santucci, JD

Danny Santucci, BA, JD, is a prolific author of tax and financial books and articles. His legal career started with the business and litigation firm of Edwards, Edwards, and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines, and Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter, and Leanders in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law, and estate planning. Speaking to more than 100 groups nationally each year, he is known for spicing up his extensive expertise with an incredible sense of humor.

Course Specifics

May 18, 2017
There are no prerequisites.

Compliance Information

IRS Provider #: 0MYXB
IRS Course ID: 0MYXB-T-00914-15-S
IRS Federal Tax Law Credits: 12
CTEC Provider #: 2071
CTEC Course ID: 2071-CE-0892
CTEC Federal Tax Law Credits: 12
Qualifies for CA Fraud: No

Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Identify short-term financial goals, investment purposes, and realistic goals, noting the retirement myths, financial independence, and investment allocation based on investor's age
  • Recognize the various types of investment vehicles and entities, noting the characteristics of each format and applicable tax benefits and drawbacks of title holding methods
  • Recognize the importance of retirement planning postponement, noting the steps involved in early planning, portfolio diversity, historical savings rates, and strategies for retirement saving

Chapter 2

  • Recognize the goals and components of money management
  • Identify the types of taxable income, noting causes of increased taxable income for itemizing taxpayers and proper information reporting
  • Note the characteristics and requirements associated with of tax-free municipal bonds and fringe benefits in generating tax-free income
  • Cite the benefits of tax deferral, noting examples of tax-deferred investments
  • Identify ways to shelter income, noting examples and how income sheltering amplifies investment return
  • Recognize key budgeting rules to follow to turn income into cash, acquire assets, or purchase investments

Chapter 3

  • List the basic barriers that prevent individuals from preserving their estates
  • Identify spending habits, noting how to design a budget to increase discretionary income, determine net worth using a balance sheet, and select assets and liabilities for an inventory on which to base financial goals
  • Identify reasons for individuals to take primary responsibility for investment planning
  • List basic tax planning strategies

Chapter 4

  • Recognize the elements of a like-kind exchange, noting the mechanics and tax deferral advantage under §1031
  • Identify the rules and regulations governing related party exchanges, foreign real property exchanges, personal and multiple property exchanges, and delayed/deferred exchanges
  • Identify the basic steps in constructing retirement plans and sources of retirement income
  • Cite the requirements for an installment sale
  • Specify the types of deferred compensation agreements, noting the usage of a property option to receive income and postpone cash

Chapter 5

  • Identify the rules and regulations applicable to tax-saving credits, noting their tax reduction function, qualified computational expenses, limitations, and restrictions
  • Recognize the estimated tax rules and procedures including cash saving strategies, underpayment penalties, and the tax refund trap
  • Specify the rules and requirements related to interest deductions, business and personal automobile deductions, commuting, and business entertainment, noting applicable limitations and potential tax traps
  • Note depreciation and cost recovery requirements under §167 and §168 and net operating losses under §172
  • Identify tax breaks for nonitemizing taxpayers and the safest ways to amend returns

Chapter 6

  • Recognize the major formats for income splitting, noting the tax treatment of employee and self-employed business expenses
  • Identify tax opportunities available to an unincorporated business including retirement plans, the hiring of family members, travel expenses, casualty losses, bad debts, and self-employment tax
  • Identify the uses and tax characteristics of regular and S corporations, noting circumstances when incorporation is desirable, the ability of these entities to split income, capitalization issues, and tax form filings
  • Recognize the use of partnerships to split income among partners including the use of §704(e) family partnerships and the consequences of gifting a partnership interest to a child or to another family member
  • Identify the use of a custodianship to split income and contain the kiddie tax, noting initial planning considerations and good investments for children
  • List deductions and credits for childcare, education, children, and §7872 loans

Chapter 7

  • Recognize the rules and regulations regarding the §121 home sale exclusion, noting prior law and tax elimination techniques
  • Cite the qualifications for tax-free state or local obligations including private activity bonds
  • Specify the characteristics and tax treatment of family transactions such as gifts, bequests, inheritances, life insurance, and divorce
  • Specify the rules for excluding fringe benefits under §132 and their proper reporting on the W-2
  • Recognize the characteristics and rules associated with popular employee fringe benefits, noting the tax treatment and valuation of the benefits and ERISA compliance requirements
  • Specify the reporting requirements for employee expense reimbursement and the eligibility requirements for retirement benefits exempt from social security taxes

Chapter 8

  • Identify the elements of estate tax planning that have remained unchanged by recent legislation
  • Recognize the requirements of the unlimited marital deduction, noting its effect on the gross estate of the value of property
  • Define applicable exclusion, noting amounts for various years of death
  • Recognize the rules and requirements for stepped-up basis and modified carryover basis
  • List basic estate-planning goals and the benefits and drawbacks of the primary dispositive plans
  • Differentiate between various types of trusts, noting important family documents and the advantages and disadvantages of the former private annuity format

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