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Private Wealth Management: The Complete Reference for the Personal Financial Planner, 9th Edition by Jerry Rosenbloom, G. Victor Hallman

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10

Income Tax Fundamentals

Tax planning in itself is an important part of wealth management, as noted in Chapter 1. Tax issues also affect virtually all other areas of wealth management, such as capital accumulation, retirement planning, education planning, estate planning, and others. Such tax issues are discussed in the chapters dealing with those subjects.

This chapter and the next one cover the structure and planning techniques for individuals for the federal income tax. In terms of government revenue, this is the most important tax in that it constitutes about 48 percent of all federal revenue. The federal transfer tax system (i.e., the gift tax, estate tax, and generation-skipping transfer tax) is discussed in Part VII, Estate Planning. ...

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