Individual Tax Fundamentals

Get familiar with the tax matters affecting individual taxpayers so you can provide your clients with the most current tax planning and tax-saving strategies for their tax plans.

Updated with the tax changes covered in SECURE 2.0, this webcast helps participants gain a foundation in the federal tax arena for individuals.

Learn how to take advantage of present opportunities and prepare your clients for the future.

Key Topics
- Filing requirements and tax rate thresholds
- Gross income inclusions, exclusions, and adjustments
- Travel and entertainment
- Standard and itemized deductions
- Tax credits
- Tax phase-out provisions for high income taxpayers
- 3.8% net investment income (NII) tax
- Income exclusions
- Hot tax planning strategies for individuals and small businesses
- Roth IRA, IRA, and retirement plan options (updated for SECURE 2.0)
- Section 199A qualified business income deduction

Learning Outcomes
- Determine the filing status and interpret the filing requirements for individual taxpayers.
- Determine gross income inclusions and exclusions around dividends and interest.
- Differentiate the taxability of deferred income, Social Security benefits, and other taxable income.
- Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns.
- Recognize education-related expenses and the rules for Health Savings Accounts.
- Distinguish between standard and itemized deductions including medical expenses, interest, taxes, charitable contributions, theft losses, and miscellaneous deductions.
- Gather the necessary information required to include tax credits on an individual tax return.
- Recognize when the Medicare payroll tax will affect an individual.
- Identify the applicability of the Medicare tax on NII.

Who Will Benefit
- CPAs working with clients or employers requiring up-to-date expertise in individual income taxation

Learning Objectives:
· Determine the filing status and interpret the filing requirements for individual taxpayers.
· Determine gross income inclusions and exclusions around dividends and interest.
· Differentiate the taxability of deferred income, Social Security benefits, and other taxable income.
· Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns.
· Recognize education-related expenses and the rules for Health Savings Accounts.
· Distinguish between standard and itemized deductions including medical expenses, interest, taxes, charitable contributions, theft losses, and miscellaneous deductions.
· Gather the necessary information required to include tax credits on an individual tax return.
· Recognize when the Medicare payroll tax will affect an individual.
· Identify the applicability of the Medicare tax on NII.

Who will benefit:
· CPAs working with clients or employers requiring up-to-date expertise in individual income taxation

THIS IS AN AICPA HOSTED WEBCAST. YOU WILL LAUNCH THE COURSE FROM YOUR OSCPA LEARNING CENTER. AICPA WILL ISSUE AND MAINTAIN YOUR CREDITS. PLEASE MAKE SURE TO DOWNLOAD YOUR CPE CERTIFICATE FROM AICPA WEBCAST PORTAL AT THE CONCLUSION OF THE WEBCAST.