Designed to make the practitioner comfortable with -high traffic- issues, this program enables participants to discuss and handle individual tax essentials. The course examines and explains the practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.
Learning Objectives
• Identify tax sources, calculate tax liability, and assess withholding or estimated tax responsibilities.
• Explain filing statuses, requirements, and their advantages and disadvantages.
• Define gross income under §61 and recognize key income exclusions like gifts, inheritances, and foreign earned income.
Major Topics
• Tax rates and tables
• Filing status
• Gross income
• Dividends and distributions
• Discharge of debt income
• Exclusions from income
• Nonbusiness and personal deductions
• Education and medical expenses
• Casualty and theft losses
• Tax credits
