Tax professionals can enhance their practice by studying tax-saving strategies for individual clients.
DESIGNED FOR
CPAs working with individual tax clients
BENEFITS
- Identify which dividends are taxable.
- Identify individual retirement account (IRA) and qualified plan distributions.
- Recall how health savings accounts (HSAs) work.
- Recall the general rules of 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.
- Recognize the rules for taking advantage of the tax credits for higher education.
HIGHLIGHTS
Filing requirements
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 IRAs, traditional IRAs, and retirement plan options
SECURE and SECURE 2.0 changes to retirement plan distributions
Section 199A qualified business income deduction
H.R. 1, including Trump accounts and deductions for seniors, tips, overtime, and car loan interestPREREQUISITES
None
ADVANCE PREPARATION
None