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

Author: Eva Rosenberg

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Law Updates for EAs and OTRPs
2 hours Federal Tax Updates for CTEC

This on-demand 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 2020

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
  • Form 1040 Update
  • 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
  • Moving Expenses
  • Employee Benefits
  • Charitable Contributions
  • Required Minimum Distributions
  • Gifts, Estates and Trust
  • Kiddie Tax

Learning Objectives

  • Recognize how to implement tax breaks that impact the Federal 1040 return
  • Identify the characteristics of the Child Tax Credit
  • Differentiate true 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
  • Differentiate which itemized deductions are not subject to any 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 miscellaneous income
  • Differentiate true statements regarding moving expenses
  • 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 which Forms are used in relation to Kiddie Taxes
  • Identify which is not a permanently extended tax provision

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax prep.

Advance Preparation
None

">
 Chat — Books Support