Individual Tax Fundamentals - Tax Staff Essentials

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

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 IRS guidance related to recent legislation, including:

• SECURE 1.0
• SECURE 2.0
• Inflation Reduction Act

Key Topics

• 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

Learning Outcomes

• 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.

Who Will Benefit

• CPAs working with individual tax clients