Legislation, including H.R. 1, commonly referred to as OBBBA, has kept the federal individual tax arena on its toes. This course provides up-to-date information on critical tax issues affecting individuals, with a focus on compliance and tax planning strategies. This fast-paced, real-world session will help participants look like a hero in the eyes of their clients. Course materials include the latest legislative and IRS guidance on key tax topics.
Learning 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 Section199A
- Recall the net investment income tax (NIIT) on unearned income
- Recognize the rules for taking advantage of the tax credits for higher education
Major 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
- SECURE and SECURE 2.0 changes to retirement plan distributions
- Section 199A qualified business income deduction
- Individual tax provisions of H.R. 1, commonly referred to as OBBBA
