Individual Tax Fundamentals - Tax Staff Essentials
Provides participants and tax professionals up-to-date information on critical tax issues, giving them an outstanding foundation in the federal tax arena for individuals.
Format
Online
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
13.5
Author(s)
Wendy E. Kravit
Availability
1 year
Product Number
157586
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Learn to decode the IRC's complex set of provisions affecting individual taxpayers so you can provide your clients with the most current tax planning and tax-saving strategies for their tax plans.
Become up-to-date on critical tax issues including the impact of the latest tax legislation and IRS guidance to gain an outstanding foundation in the federal tax arena for individuals.
This fast-paced, real-world session will help ensure you are taking advantage of present opportunities and preparing your clients for the future.
- CPA working with clients or employers requiring up-to-date expertise in individual income taxation for the current tax season
- Filing requirements and personal exemptions
- Gross income inclusions, exclusions, and adjustments
- Travel and entertainment
- Standard and itemized deductions
- Tax credits
- Tax phase-out provisions for high income taxpayers
- 3.8% Net Investment Income Tax
- Income exclusions
- Hot tax planning strategies for individuals and small businesses
- Roth IRA, IRA and retirement plan options
- Section 199A qualified business income deduction
- Determine the filing status and interpret the filing requirements for individual taxpayers
- Determine gross income inclusions and exclusions around dividends and interest
- Differentiate the taxability of deferred income, Social Security benefits, and other taxable income
- Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns
- Recognize Education related expenses and the rules for Health Savings Accounts
- Distinguish between standard and itemized deductions including medical expenses, interest, taxes, charitable contributions, theft losses, and miscellaneous deductions
- Gather the necessary information required to include tax credits on an individual tax return
- Recognize when the Medicare Payroll Tax will impact an individual
- Identify the applicability of the Medicare tax on Net Investment Income
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