Overview
Frequent changes in legislation make it difficult to keep track of the opportunities for individuals to save on their taxes. Materials explain the latest tax law changes and the individual and business planning opportunities they provide. Explore the effects of the latest tax legislation, including the SECURE Act, the SECURE 2.0 Act, the Inflation Reduction Act, tax court decisions, and IRS guidance on the hottest tax topics affecting individual taxpayers, including those with small businesses. This course provides a wealth of tax-planning tips and strategies and addresses key tax return issues to arm you with the latest guidance to serve your new and existing clients better.
Objectives
• Determine whether an activity is passive or active.
• Determine the allowable deductions for vacation homes.
• Recognize how material participation affects the taxation of an activity.
• Determine the amounts allowable for deducting travel and transportation expenses.
• Identify income categories and entity types that qualify for the qualified business income (QBI) deduction.
• Identify the rules for amortizing and expensing start-up costs, intangible assets, and research and experimentation expenditures.
• Identify property transaction provisions that apply to installment sales, inherited property, and other capital assets.
