Identifying Tax Benefits Available to Families Caring for Special Needs Children
- Deducting the cost of a special school or institution
- Deduction for medical conferences and seminars
- Special diet foods
- Prescribed vitamin therapy; hyperbaric oxygen therapy; chelation therapy; equestrian therapy; summer camps, etc.
- Medical travel and transportation
- Flexible Spending Account (FSA) Health Care Plan if ineligible for medical expense deduction
- Impairment-related work expenses
- Expanded definition of a "qualifying child"
- Credit for special needs adoption expenses
- 10% penalty exception for retirement plan and IRA distributions
To discuss a variety of unique tax and financial planning issues related to families and their members, and include recent tax changes under the Tax Cuts and Jobs Act that affect such planning. We will be comparing 2017 to 2018 legislation.
This course reviews the tax planning issues (including up-to-date tax changes) confronted by families caring for those with special needs.
The course addresses the various statutory and court-determined requirements that must be met for a dependency deduction exemption, a medical expense deduction, impairment-related work expenses, and the child and dependent care credit. In addition, other credits are reviewed, including the adoption credit, and the earned income tax credit. Furthermore, the session will focus on some financing nuances associated with the medical expense deduction (i.e., retirement planning distributions and home equity loans), the tax benefit rule, and the interaction of the medical expense and home equity deductions, as well as other financing techniques, with the Alternative Minimum Tax. As the definition of "family" expands, CPAs and other financial advisors need to understand the income tax and financial planning opportunities available in assisting families as they plan for their unique situation. A Case Study will also be provided.
Information will also be provided on the top mistakes made on planning for a special needs dependent.
For CPAs and financial advisors
Early Registration Member Fee
Applicable if you are a HSCPA member in good standing and register by July 13, 2018.
Applicable if you are a HSCPA member in good standing.
Early Registration Non-Member Fee
Applicable if you are not a HSCPA and register by July 13, 2018.
Applicable if you are not a HSCPA member.