1.   There are a considerable number of provisions which the taxpayer must carefully take into account when setting up an overseas trust.

2.   Before picking a preparer, taxpayers should first take a look at their tax pictures to decide if they need to pay someone.

3.   But the rules permit taxpayers to take deductions or credits only for the tax actually owed to the foreign entity.

4.   But there is no doubt taxpayers will take a hit.

5.   Cleaver took that action because of concerns that taxpayers would be taking a large risk if the deal was approved.

6.   If a taxpayer takes the home office deduction, the IRS may recapture some of that deduction when the home itself is sold.

7.   In addition to the deduction for home mortgages, many middle-income taxpayers take deductions for charitable contributions and state-and-local taxes.

8.   Instead, a taxpayer could take tax deductions for annual savings.

9.   One deduction most taxpayers can take on federal returns is for state and local taxes.