Tax strategy scan

The first step is to account for any obligations or costs, an expert says.

The right debt strategy can help clients make better decisions with capital allocations.

The American Opportunity Tax Credit can save clients $2,500, while they can claim up to $2,000 with the Lifetime Learning Credit.

Less than $5 million in gross receipts during a five-year period and qualified R&D expenses are required.

Clients could face a 100% penalty of taxes owed for filing late.

Clients under 35 are the only age group with a negative savings rate. These tools can help them prepare.

Giving securities that have appreciated in value allows investors to claim a deduction and avoid capital gains taxes if they opt to sell the shares.

Certain laws may require them to maintain the coverage with their former spouse.

Making excess withdrawals could result in taxes on the earnings and a hefty 10% penalty.

Congress may have a difficult time closing tax code loopholes that benefit households more than corporations, an expert suggests.