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

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11

Income Tax Reduction and Management Techniques for Individuals

The income tax planning techniques considered in this chapter can be broken down into those that essentially involve (1) tax elimination or reduction; (2) shifting the tax burden to others; (3) allowing wealth to accumulate without current taxation (postponing taxation); (4) taking returns as capital gains; and (5) deferring, and perhaps even eliminating, potential capital gains on appreciated property. Some plans involve a combination of these ideas.

TAX ELIMINATION OR REDUCTION

Techniques aimed at producing income tax deductions, exemptions, and credits that reduce otherwise taxable income (or the tax itself) and techniques that result in nontaxable income or in economic benefits ...

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