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This course provides a comprehensive review of OBBB deductions for individuals, focusing on strategies to maximize tax savings through allowable deductions. Participants will learn how to identify qualifying expenses, apply IRS rules, and optimize itemized deductions such as charitable contributions, mortgage interest, and medical expenses. Gain practical insights to reduce taxable income and enhance client advisory services.
Who Should Attend
This webinar is ideal for CPAs, enrolled agents, tax preparers, and financial professionals who assist individuals with tax planning and compliance. Whether you prepare returns or provide advisory services, this session equips you with the tools and strategies to deliver exceptional value and ensure compliance.
Topics Covered
- Tip and overtime income deductions
- Senior deduction
- Deduction for interest on certain car loans
- Changes to itemized deductions
- Standard deduction
- Changes to tax credits for individuals
Learning Objectives
- Identify key individual deductions and credits added or modified by the OBBBA and their eligibility requirements
- Explain key OBBBA deductions such as for tip and overtime income, seniors and certain car loan interest
- Explain modifications to charitable contribution deduction, state and local taxes, mortgage interest, gambling losses, miscellaneous itemized deductions and an overall limit on itemized deductions
- Explain the treatment of interest on debt secured by a principal or second residence
- Describe planning and due diligence considerations for new and modified deductions and credits in the OBBBA
- Apply IRS guidelines to accurately calculate and report deductions and credits
- Analyze common compliance issues and implement best practices
- Develop actionable plans for advising clients on deduction and credit optimization
Level
Update
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Basic Understanding of Individual Taxes
Advance Preparation
None
Instructor
Annette Nellen
Annette Nellen, CPA, CGMA, Esq., is a professor at San Jose State University. Her courses include tax research, taxation of property transactions, taxation for accounting majors, and financial accounting.
Annette chairs the AICPA Digital Asset Tax Task Force and is a member of the AICPA SALT Committee. She formerly served on the AICPA Tax Executive Committee, including 2 ½ years as chair. In 2023 she was appointed to the IRS Advisory Council (IRSAC) and served as the IRSAC chair for 2024 and was reappointed for a 4th year. Annette is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation. In June 2023, she was awarded the Sid Kess Award for Excellence in Continuing Education. She is the recipient of the 2026 CalCPA Distinguished Service Award. Annette was named one of the Top 100 Most Influential People in Accounting for 2024 and 2025 by Accounting Today.
Annette is a regular contributor to Tax Notes State, and is the author of Bloomberg Tax Portfolio #533, Amortization of Intangibles. She is co-author and co-editor of four tax textbooks from Cengage. Annette has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. She maintains the 21st Century Taxation website and blog (www.21stcenturytaxation.com). Prior to joining SJSU in 1990, Annette was with EY and the IRS.