This course aims to arm tax planners with strategies and ideas that all clients - but, in particular, wealthy clients, middle-income clients, and closely held business owners - need to consider right now to take advantage of current opportunities and plan for future tax advantages.
DESIGNED FOR
Those involved in tax planning for individuals who need to go beyond basic tax and financial planning techniques
BENEFITS
- Mine a tax return for tax planning with clients
- Understand the planning implications of the current environment.
- Determine the best tax strategies for retirement.
- Understand tax planning for middle-income clients.
HIGHLIGHTS
Learn strategies that can really have an impact on client lives, while also bringing value to you and your firm. This material is continuously updated for recent legislation impacting individual taxpayers. Topics include:
- Comprehensive coverage of the Inflation Reduction Act of 2022 and the SECURE Act 2.0
- Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
- Reading a tax return for developing client-specific tax strategies
- Will there be more changes in the individual tax laws?
- Changes to the lifetime estate tax exemption in light of proposed regulations
- The net investment income tax: planning for compliance
- Family income-splitting strategies to be considered
- Income tax issues: impact on timing of other income
- Selling a principal residence
- Use of life insurance to protect families
- Using Roth IRAs and Roth contribution programs to the best advantage
- Conversions: do they still make sense?
- Taking distributions: matching timing to client requirements
- Qualified plan contributions to reduce current income and Social Security tax - implications for business owners and self-employed
- Incentive stock options and employee stock purchase plan considerations
- What to do about itemized deductions
- Trans-generational planning: conversions, income, and gain-splitting
- Tax benefits of HSAs
- Recent case law
- Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
- Planning for middle-income taxpayers: financial planning for the young, the working, and those approaching or in retirement
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in individual income tax planning and income tax return preparation
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Qualifies for CFP credit
- Qualifies for IRS credit