Tax tips and tax strategies to help guide your new and existing individual clients.
DESIGNED FOR
CPAs working with clients or employers requiring up-to-date expertise in individual income taxation
BENEFITS
- Determine whether an activity is passive or active.
- Determine the allowable deductions for vacation homes.
- Determine the proper accounting method allowed for a business entity.
- Determine the amounts allowable for deducting travel and transportation expenses.
- Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.
- Identify the rules for amortizing and expensing startup costs, intangible assets, and research and experimentation (R&E) expenditures.
- Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.
HIGHLIGHTS
Gains and losses on property transactions
Fringe benefits
Retirement plan distributions
Hobby losses
Home offices
Depreciation and amortization
Qualified business income under Section 199A
Passive activities
Business transactionsPREREQUISITES
Working knowledge of individual income taxation and Form 1040 preparation
ADVANCE PREPARATION
None