Tax Staff Essentials - Individual Taxation Bundle

Building your skills in individual taxation planning

Building a strong set of core skills is necessary across all areas of individual client service. You’ll learn ways to use concepts during tax planning to reduce taxes for individual clients by examining basic and intermediate topics, including:

• Income
• Deductions
• Credits
• Passive losses

Tips to help clients maximize their tax benefits

You’ll pick up tips to advise clients on the tax implications of the following:

• Sales of capital gain assets
• IRA conversions
• Self-employment

Updated for the latest in tax legislation, regulation, and judicial decisions

Tax Staff Essentials courses are updated regularly to cover topical issues in taxation, including the effects of H.R. 1, commonly referred to as OBBBA.

Select updates include:

• New deductions for tipped income, overtime income, car loan interest, and seniors
• Trump accounts and the pilot contribution credit
• Changes to charitable contribution deduction rules
• Revisions to various tax credits

Courses in this series include:

• Individual Tax Fundamentals, a basic-level course
• Intermediate Individual Taxation, an intermediate-level course

Each of these courses may be purchased individually or as part of this bundle.

Who Will Benefit

CPAs working with individual tax clients

Key Topics

• Standard and itemized deductions
• Tax credits
• Roth IRA, IRA, and retirement plan options
• H.R. 1, including Trump accounts and deductions for seniors, tips, overtime, and car loan interest
• Section 199A qualified business income deduction
• Gains and losses on property transactions
• Hobby losses
• Depreciation and amortization

Learning Outcomes

• 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.
• Determine whether an activity is passive or active.
• Determine the proper accounting method allowed for a business entity.
• Determine the amounts allowable for deducting travel and transportation expenses.
• Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.