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' futures

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 help clients prepare for their futures.

Decoding recent legislative changes for individual taxpayers

H.R. 1, commonly referred to as OBBBA, has created new tax planning opportunities for individual clients across the income and activity spectrums. You'll be able to provide your clients with the most current tax planning and tax-saving strategies for their tax plans.

Course materials include discussions of the major H.R. 1 provisions affecting individual taxpayers, further informed by IRS guidance.

This course has also been updated for IRS guidance related to other recent legislation, including SECURE (1.0 and 2.0) and the Inflation Reduction Act.

Part of Tax Staff Essentials Level 1
This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.

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 interest

Prerequisites

None

Designed For

CPAs working with individual tax clients

Objectives

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.