Individual Tax Fundamentals - Tax Staff Essentials

Overview

Basic, but not boring
Newcomers to tax return preparation are exposed to the many topics that encompass individual taxation. Topics, discussed in an approachable format, include:

Filing requirements and dependents Gross income inclusions and exclusions Adjustments to income Standard and itemized deductions Refundable and nonrefundable tax credits Tax computations Penalties

Taking advantage of present opportunities for your clients' future
Tax planning involves understanding a client's current situation to anticipate areas of future tax savings. You'll review common individual tax planning topics to better help clients prepare for their future.

Decoding recent legislative changes for individual taxpayers
You'll be able to provide your clients with the most current tax planning and tax-saving strategies for their tax plans. This course is updated for recent IRS guidance and legislation, including: IRS revenue procedures and notices SECURE 1.0 SECURE 2.0 Inflation Reduction Act

Prerequisites

None

Objectives

• Identify individual retirement account (IRA) and qualified plan distributions.
• Recognize the taxation of virtual currency.
• Recall how health savings accounts (HSAs) work.
• Recall the self-employed health insurance deduction.
• Recall the deductibility of charitable contributions.
• Recall the steps to figuring the qualified business income deduction under Section 199A.
• Recall the net investment income tax (NIIT) on unearned income.

Highlights

Filing requirements and personal exemptions Gross income inclusions, exclusions, and adjustments Standard and itemized deductions Tax credits Tax provisions for high-income taxpayers 3.8% net investment income tax Roth IRA, IRA, and retirement plan options Section 199A qualified business income deduction