Tax Planning

2022 CFPⓇ Board Principal Knowledge Topics and Learning Objectives

• Compare and contrast the fundamental components of the income tax system including filing forms, filing status, income, exemptions, exclusions, deductions, adjustments, credits and tax rates. (E.36.a)
• Complete a Form 1040 including the receipt of wages, retirement income, interest, dividends; capital gains, self-employment, rental income or losses; itemized deductions; credits and estimated or carryover payments. (E.37.a)
• Differentiate between the organizational form and the tax treatment of income, expenses, payroll and wage taxes for sole proprietorships, partnerships, LLPs, LLCs, S-corps and C-corps. (E.38.a)
• Contrast the trust and estate income tax rules with personal income tax rules. (E.39.b)
• Differentiate between lawful tax avoidance and unlawful tax evasion and identify tax reduction/management techniques (E.40.a)
• Differentiate between the taxation of capital gains and ordinary income, including the difference in applicable tax rates. (E.41.a)
• Explain the tax implications of supporting an elderly parent, adult child, or a family member with special needs. (E.42.a)
• Explain the tax implications of divorce, including alimony, child support and property transfers. (E.42.c)
• Identify qualified charitable contributions of cash, property and the advantages, disadvantages and tax effects of such gifts. (E.43.a)

The complete CFPⓇ Certification Learning Objectives, for this and other CFPⓇ courses, may be reviewed [HERE](https://www.cfp.net/-/media/files/cfp-board/cfp-certification/2021-practice-analysis/2021-cfp-certification-learning-objectives.pdf).