Modern tax strategies for individual clients
Frequent changes in legislation make it challenging to keep track of the opportunities for individuals to save on their taxes. Materials explain the latest tax law changes and the individual and business planning opportunities they provide.
You'll gather a wealth of tax-planning tips and strategies and learn about key tax return issues so you have the latest guidance to serve your clients better.
In this course, you'll explore the effects of the latest tax legislative, regulatory, and court actions, including:
American Rescue Plan of 2021 SECURE Act 1.0 SECURE Act 2.0 Inflation Reduction Act of 2022 Tax Court decisions IRS guidance on the hottest tax topics affecting individual taxpayers
Learning Objectives
- Determine whether an activity is passive or active.
- Determine the allowable deductions for vacation homes.
- Recognize how material participation affects the taxation of an activity.
- 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 start-up costs, intangible assets, and research and experimentation expenditures.
- Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.
Major Topics
- Gains and losses on property transactions
- Fringe benefits
- Retirement plan distributions
- Hobby losses
- Home offices
- Depreciation and amortization
- Tax credits
- The qualified business income deduction under Section 199A
