Tax Breaks, Tips, and Updates: Part 1 (Completed)

Date: Tuesday, November 24, 2020
Instructor: Eva Rosenberg
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

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.

Who Should Attend
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

  • Energy credits for home and vehicle
  • Surprise taxes — like AMT, SE, NII and Medicare
  • State Tax Refund vs Sales Tax Deduction
  • Teachers/Classroom Supplies
  • Higher Education Interest
  • Schedule C tips and traps
  • Divorce Highlights - Alimony, QDRO, and IRA
  • Travel Expenses and Per Diems
  • Employee Deductions
  • Medical Expenses in all their Glory
  • Home Mortgage Interest and Acquisition Debt
  • Debt Relief — on Home or Other Loans
  • Miscellaneous Income
  • Net Investment Income Tax
  • Foreign Tax Credit — overlooked strategies
  • First Time Abatement Penalty Relief
  • Nursing Services, Home Health Care
  • Child Care Credits you didn't know about

Learning Objectives

  • Recognize how to implement tax breaks that impact the Federal 1040 return
  • Identify the characteristics of the Child and Dependent Care Credit
  • Differentiate statements about the First-Time Homebuyer Credit
  • Recognize possible deductions on joint tax returns
  • Identify deductible medical expenses
  • Describe what a self-employed taxpayer may deduct under certain business travel expenses
  • Evaluate itemized deductions that are subject to limitations
  • Recognize credits with a refundable credit component
  • Identify the types of lawsuit related attorney fees that are actually deductible above the line as an adjustment on page 1 of Form 1040
  • Differentiate examples of Line 21 on Form 1040 miscellaneous income
  • Calculate the sales tax from a vehicle purchase that can be deducted on a Schedule A as general sales tax
  • Recognize the expenses that a school principal cannot deduct as itemized deductions on Form 2106, Employee Business Expenses
  • Recognize what qualified student loan interest can be
  • Evaluate what to do with clients Schedule-A deductions for 2015 tax returns
  • Differentiate statements regarding points paid on a home mortgage loan
  • Recognize allowable deductions in addition to the standard mileage
  • Identify the plan where reimbursements paid to an employee are not included in wages and not taxable for social security and Medicare


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax prep.

Advance Preparation

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