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Description
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
Upon successful completion of this course, participants will be able to:
•Explain federal income taxes, rates, tables, and statutory amounts.
•Know the limitation on itemized deductions.
•Understand earned income tax credit and disqualified income and the means-tested programs.
•Understand filing status, martial, single, divorced, sham divorce, and annulled marriages.
•Understand gross income, compensation, fringe benefits, and rental income.
•Understand adoption credit and child tax credit.