This CPE course provides you up-to-date information on critical tax issues, providing an outstanding foundation in the federal tax arena for individuals. Ensure your clients receive the most current tax planning and tax-saving strategies for their tax plans.
Filing requirements and personal exemptions
Gross income inclusions, exclusions, and adjustments
Sole proprietorships and hobby loss rules
Home offices, rental properties, and vacation homes
Principal residence sale
Travel and entertainment
0.9% Medicare Payroll Tax
Tax, AMT, and tax credits
3.8 % Net Investment Income Tax
When you complete this course you will be able to:
Determine the filing status and interpret the filing requirements for individual taxpayers.
Recognize when the Healthcare Reform Acts' (HCRA) Medicare Payroll Tax will impact an individual
Identify the applicability of the HCRAs' Medicare tax on Net Investment Income
Discuss alternatives in reporting in order to reduce the income tax for an individual.
Analyze and report the business income and expenses of a sole proprietorship or a single member LLC on Schedule C to the Form 1040.
Interpret and report the rental activities on Schedule E to the Form 1040.
Identify the specific rules that apply under the “passive activity” rules.
Identify and calculate the business deduction for home office expenses and deduction limitations.
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.
Determine if a change of filing status will improve the filing position for taxpayers based on the list of itemized deductions.
Gather the necessary information required to include the claim for the tax credit in the individual income tax return.
Advanced Preparation: None
Tax Section Members Receive Additional Savings!
When you log into this website with your AICPA member user account, the section/credential discount will be automatically applied during checkout. Should you have any questions or encounter any issues, please contact the AICPA Service Center at 888-777-7077 or email@example.com.