Tax Breaks, Tips, and Updates: Part 1 (Currently Unavailable)

Author: Eva Rosenberg

This course reflects tax law after enactment of TCJA.

This course provides information on tax strategies to help reduce your clients’ taxes, explains how extra tax assessments (AMT, SE, etc.) can be reduced. You will learn about often overlooked credits and deductions. And you will get the tools to make you a hero to your clients – and perhaps their bosses.

Part 1 of a 2 part series on a variety of tax tips and updates.

Publication Date: January 2018

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

• Routine Changes & Key Extenders
• Miscellaneous Income
• State Tax Refund vs Sales Tax Deduction
• Teachers/Classroom Supplies
• Higher Education Interest
• Medical Expenses in all their Glory
• Nursing Services, Home Health Care
• Home Mortgage Interest and Acquisition Debt
• Employee Deductions
• Travel Expenses and Per Diems

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the new rates for filers
• Recognize the 2018 standard deduction for head of household
• Differentiate correct statements with respect to student loan interest changes
• Describe mortgage interest limits
• Identify the maximum salary reduction for cafeteria plans for 2018
• Recognize 2018 standard mileage rates
• Describe the amount the deduction for state and local taxes is limited to
• Identify the 2018 maximum earnings subject to social security tax with respect to an employee's portion of FICA
• Recognize adjustments to income are normally included within Line 21 related to miscellaneous income
• Differentiate characteristic requirements for student loan interest
• Identify qualified transportation benefits
• Recognize characteristics of an accountable plan
• Identify how to handle an expiring ITIN and which form to utilize

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None