Individual Tax Fundamentals - Tax Staff Essentials

Basic, but not boring

Newcomers to tax return preparation are exposed to the many topics that encompass individual taxation.

Topics, discussed in an approachable format, include:

• Filing requirements and dependents
• Gross income inclusions and exclusions
• Adjustments to income
• Standard and itemized deductions
• Refundable and nonrefundable tax credits
• Tax computations
• Penalties

Taking advantage of present opportunities for your clients' futures

Tax planning involves understanding a client's current situation to anticipate areas of future tax savings. You’ll review common individual tax planning topics to help clients prepare for their futures.

Decoding recent legislative changes for individual taxpayers

H.R. 1, commonly referred to as OBBBA, has created new tax planning opportunities for individual clients across the income and activity spectrums. You’ll be able to provide your clients with the most current tax planning and tax-saving strategies for their tax plans.

Course materials include discussions of the major H.R. 1 provisions affecting individual taxpayers, further informed by IRS guidance.

This course has also been updated for IRS guidance related to other recent legislation, including SECURE (1.0 and 2.0) and the Inflation Reduction Act.

Part of Tax Staff Essentials Level 1 This self-study online course is part of Tax Staff Essentials Level 1, a comprehensive learning program that provides tax staff with the technical training required to support their teams.

Key Topics

• Filing requirements
• Gross income inclusions, exclusions, and adjustments
• Standard and itemized deductions
• Tax credits
• Tax provisions for high-income taxpayers
• 3.8% net investment income tax
• Roth IRAs, traditional IRAs, and retirement plan options
• SECURE and SECURE 2.0 changes to retirement plan distributions
• Section 199A qualified business income deduction
• H.R. 1, including Trump accounts and deductions for seniors, tips, overtime, and car loan interest

Learning Outcomes

• Identify which dividends are taxable.
• Identify individual retirement account (IRA) and qualified plan distributions.
• Recall how health savings accounts (HSAs) work.
• Recall the general rules of the self-employed health insurance deduction.
• Recall the deductibility of charitable contributions.
• Recall the steps to figuring the qualified business income deduction under Section 199A.
• Recall the net investment income tax (NIIT) on unearned income.
• Recognize the rules for taking advantage of the tax credits for higher education.

Who Will Benefit

• CPAs working with individual tax clients