Individual Tax Fundamentals - Tax Staff Essentials

Presented by William Harden

Presentation type = pre-record/rebroadcast

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' future
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 better help clients prepare for their future.

Decoding recent legislative changes for individual taxpayers
You'll be able to provide your clients with the most current tax planning and tax-saving strategies for their tax plans. This course is updated for recent IRS guidance and legislation, including:

IRS revenue procedures and notices

SECURE 1.0

SECURE 2.0

Inflation Reduction Act

CPAs working with individual tax clients

• Identify individual retirement account (IRA) and qualified plan distributions.
• Recognize the taxation of virtual currency.
• Recall how health savings accounts (HSAs) work.
• Recall 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.

Filing requirements and personal exemptions

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 IRA, IRA, and retirement plan options

Section 199A qualified business income deduction