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Ernst & Young's Profit From the New Tax Law

ISBN: 978-0-471-21745-9
288 pages
January 2002
Ernst & Young's Profit From the New Tax Law  (047121745X) cover image
The Final Word on How to File, Save and Plan Under the New Tax Law

Now that the Economic Growth and Tax Relief Reconciliation Act of 2001 is here, isn't it time you learned how to take advantage of it? Ernst & Young's Profit from the New Tax Law explains the new legislation in an easy going and friendly way, helping you understand the new rules and how they affect someone in your tax bracket. This indispensable guide, from one of the country's leading authorities on tax planning, removes all confusion about the new law and shows you how to keep more of your money. Simple explanations and smart tips let you take advantage of the new law today while identifying your best tax-saving moves tomorrow.
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About the Authors.

Introduction.

The Big Changes.

What You Need to Know.

Tax Law Changes: Year at a Glance.

Tax Law Changes: Topics at a Glance.

Advance Payment Checks.

Income Tax Rates.

Alternative Minimum Tax Exemption.

Married Couples.

Child Credit.

Individual Retirement Acounts.

Qualified Retirement Plans.

Education.

Estate and Gift Tax.

How the New Tax Law Was Won.

New Tax Rates and Income Brackets.

Brief History of the U.S. Income Tax.

Federal Income Tax Rates (1913-2001).

PART I: WHAT YOU NEED TO KNOW NOW.

Questions About the New Tax Law.

How to Profit from the New Tax Law in 2001.

How to Profit from the New Tax Law in 2002.

How to Reduce Your Adjusted Gross Income.

Tax-Return Mistakes That Raise IRS Red Flags.

PART II: PROFITING FROM THE NEW TAX LAW.

1. Advance Payment.

The Big News.

Background.

The New Law.

What You Need to Know.

Q&A.

2. Tax Rates.

The Big News.

The First Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

The Third Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Fourth Change.

Background.

The New Law.

What You Need to Know.

Q&A.

3. Alternative Minimum Tax.

The Big News.

Background.

The New Law.

What You Need to Know.

Q&A.

4. Married Couples.

The Big News.

The First Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

What You Need to Know.

Q&A.

5. Tax Credits for Children.

The Big News.

The First Change.

Background.

The New Law.

What You Need to Know.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

What You Need to Know.

Q&A.

6. IRAs.

The Big News.

The First Change.

Background.

The Two Types.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

What You Need to Know.

Q&A.

7. 401(k) and Other Company Retirement Plans.

The Big News.

The First Change.

Background.

The 401(k) Plan.

The 403(b) Plan.

SIMPLE Plan.

SEP Plan.

457 Plan.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

Q&A.

The Fourth Change.

Background.

The New Law.

What You Need to Know.

The Fifth Change.

Background.

The New Law.

What You Need to Know.

Q&A.

8. Education.

The Big News.

The First Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

What You Need to Know.

The Fourth Change.

Background.

The New Law.

What You Need to Know.

The Fifth Change.

Background.

The New Law.

What You Need to Know.

9. Estate, Gift, and GST Tax.

The Big News.

The First Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Second Change.

Background.

The New Law.

What You Need to Know.

Q&A.

The Third Change.

Background.

The New Law.

What You Need to Know.

The Fourth Change.

Background.

The New Law.

What You Need to Know.

10. Sunset Provision.

What You Need to Know.

Index.

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ERNST & YOUNG LLP is one of the nation?s leading professional services firms, providing tax, assurance, and advisory business services to thousands of individuals as well as domestic and global businesses.
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