Description
Navigating the continually shifting landscape of the tax code adds an element of ongoing discovery to the preparation of Form 1040.
This course is designed to immerse participants in the core aspects of Form 1040 preparation, drawing from real client data that accurately represents the intricacies of typical individual income tax returns. We will explore Passive Activity Limitations under §469, uncovering the complexities of real estate activities and the rules governing rental income.
This Course covers various deductions and credits crucial for optimizing tax outcomes. Participants will explore educator expenses, traditional and Roth IRAs, simplified employee pension (SEP), and SIMPLE IRA plans. The course will also delve into student loan interest deductions, moving expenses, self-employed health insurance deductions, and alimony payments. Understanding these intricacies is essential for tax professionals and individuals alike, ensuring they can maximize eligible deductions and credits in their financial planning.
This course is Part 2 of the Individuals (Form 1040) series, it includes an examination of the standard deduction and an overview of itemized deductions, encompassing medical and dental expenses, taxes, interest expenses, and charitable contributions. Armed with this knowledge, participants will be adept at guiding clients through strategic decisions in optimizing their deductions based on their unique financial situations.
Major Topics covered in this CPE Course:
Sale of Business Property and like-kind Exchanges
Rental Real Estate & Passive Activities
Adjustments to Income
Standard & Itemized Deductions
Taxes, Penalties & Tax Return Filing Issues
Income Tax Credits
Join this CE Tax Course for a detailed discussion on individual income tax rates, additional taxes, and alternative minimum tax in the upcoming modules, culminating in a comprehensive understanding of the intricate web of tax regulations.
Note: The handout has two parts. Part 1 covers pages 1 to 289, and Part 2 covers pages 289 to 674.
Learning Objectives
To know how to identify Ordinary Income Recapture under §§1245 & 1250 and navigate the complexities of Passive Activity Limitations (§469), with a focus on special rules for rental real estate.
To gain expertise in educator expenses, retirement savings plans, student loan interest deductions, and health-related deductions, empowering you to provide strategic tax advice for optimal outcomes.
To explore nuances of itemized deductions, covering medical and dental expenses, taxes, interest, and charitable contributions, guiding clients through decisions between standard and itemized deductions.
To develop a comprehensive understanding of individual income tax rates, additional taxes, and alternative minimum tax, preparing you to navigate the broader tax landscape with confidence.