Individual tax is one of the most productive and income generating subjects for tax practitioners. Though there are specifics available for each individual topics in Individual tax, there is a requirement for a best overview of the update every year. Qualified EA, LPA, and Advisor Mr. Jason Dinesen provides us a birds-eye view with special focus on individual tax updates including itemized deduction for 2020, comprehensive planning techniques for children of all ages, latest guidance on taxes for crypto currency and digital assets, section 199A updates, latest update on educational tax credits, and key tips to reduce taxes for your clients in this comprehensive live webinar. This webinar would not only give you a highlight of the tax for your individual tax clients, but also prove to be a real winner to be the best tax practitioner.
Session-1: INDIVIDUAL TAX UPDATE 2020
Tax laws are constantly changing. Tax and financial professionals need to stay current to understand the impact of these changes and to minimize taxes. This practical webinar provides a comprehensive update and an instant working knowledge of all key tax provisions. This course covers all the aspects with regard taxation and latest developments in tax laws. It includes basic formulas and methods that how the income tax is calculated. Further there are which deductions are available for individual tax clients which helps to minimize tax burden of your clients. You will come to know latest amendments from this course and enhance your knowledge to serve best to your individual tax clients.
MAJOR TOPICS COVERED
- Essentials of Income Taxation
- Basic Formulas for calculating Income tax
- Various types of tax years
- Identification of income and deduction with examples
- Incomes and Exclusions
- Factors affecting and determining filing status
- General tax concepts
- Estimated Payments
Session-2: CHILDREN OF ALL AGES - COMPREHENSIVE PLANNING TECHNIQUES (NEW)
In light of the Tax Cuts and Jobs Act, this course offers practitioners planning techniques with regards to children. Many clients who are parents are unsure of how to navigate dependency exemptions due to foreseen and unforeseen changes in their lives. What are clients’ options when they marry a person who has children from a prior relationship? What happens should those parents then divorce? Can the stepparent still claim the children as dependents? And if not, what options are available to the stepparent instead?
MAJOR TOPICS COVERED:
- Learning about tax rules as they pertain to claiming children as dependents in varying degrees of life circumstances i.e., birth children, adopted children, and stepchildren
- Identifying the factors that affect dependency such as divorce and issues of custody : Dependency Exemption, Head of Household Status, Earned Income Credit, Child Tax Credit, Child Dependent Care Credit
- Navigating options to which parents are entitled when they are unable to continue claiming children as dependents as a result of divorce : Form 8332
- Understanding the definition of a qualified child and learning the 5 tests of qualifications: Child’s relation to taxpayer, Age, Child’s location and length of residency with taxpayer, Child support, Joint return restriction
Session-3: TAXES ON CRYPTOCURRENCY & DIGITAL ASSETS WITH LATEST IRS GUIDANCE
Blockchain technology and cryptocurrencies such as bitcoin and ether are two trending topics in the fin-tech world. Yet, few business professionals can grasp the intricacies, opportunities, and challenges posed by this new technology. Millions of crypto traders are searching daily for tax professionals with expert knowledge of crypto taxation. This free CPE webinar provides you with the up to date training and answers you need to ad crypto tax prep to your practice.
Average return fees are 400% higher for crypto returns. A limited supply of crypto tax experts = more clients for you!
MAJOR TOPICS COVERED:
- What block-chain is?
- What you can do with it?
- How to treat the tax returns of your clients who are active in the cryptocurrency market?
- What is “cryptocurrency” (i.e., Bitcoin)?
- How the U.S. federal tax system treats common property dispositions and how those rules relate to analogs in cryptocurrency.
This session also covers current developments surrounding this topic, and especially on how to successfully navigate through tax notices such as :
- Letter 6173
- Letter 6174
- Letter 6174-A
This session should prepare you to take on clients in block-chain businesses as well as ensure that you understand the full compliance measures to give tax advice and complete tax returns for any cryptocurrency use situation by your clients.
Session-4: ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
The qualified business income (QBI) deduction under Sec. 199A brought issues that ranged from learning and understanding the new Code section to simply making sure the tax software was calculating the deduction correctly. IRC 199A, the new 20% of qualified business income deduction, is the best new tax deduction from the Tax Cuts and Jobs Act. The deduction has a lot of complexities to it, and without proper knowledge of how the deduction works, taxpayers can see large penalties and taxes due.
The IRS has processed its final regulations on IRC 199A, so practitioners now have more clarity on the different intricacies for the deduction. These create amazing tax opportunities for business owners to increase their deductions to continue to save on their taxes.
This session will look at all the different scenarios involved when calculating the IRC 199A deduction. It will also look at different ways practitioners and taxpayers can protect themselves from some of the more grey areas involved with the 199A deduction. What new info, opportunities, and requirements) do these new forms and guidance throw at our feet? What does it mean for tax returns claiming QBID? Take our all-new, fresh look CPE webinar and learn to command the topic.
Paying for educational expenses isn’t easy. At tax time, there are certain educational tax credits that can help offset some higher education costs by lowering the tax liability of households with eligible students. There are even some circumstances where one may be eligible for a tax refund.
If your clients paid for education expenses in the last year, you may be able to save money on their taxes by claiming the American opportunity credit or lifetime learning credit, or opting for the the tuition and fees deduction. The American opportunity credit is generally the most valuable, if they qualify. You clients can claim these education tax credits and deductions even if you paid with a student loan. Parents can take advantage, too, so long as they don't choose a married filing separately status. Here's what to know about each option.
MAJOR TOPICS COVERED
- The American Opportunity Credit
- The Lifetime Learning Credit,
- The deduction for tuition and fees.
- Section 529 College Savings Plans.
- Case studies & Tax planning strategies.
Session-7: 12 TIPS TO REDUCE TAXES FOR YOU CLIENTS
We know you’re already well aware of the fact that there are significant changes made to the tax code on an annual basis. You’re also familiar with how detailed these new regulations can be, and how challenging it sometimes is to commit them to memory or to even make sense of them in the first place.
With the far-reaching changes brought about by recent tax reform, careful planning takes on new importance. This webinar presents the most important income tax planning ideas for your clients which you need to consider this year to take advantage of the present and plan for the future. It highlights areas in the income tax return that suggest future opportunities for the individual client.
MAJOR TOPICS COVERED
- HSA’s and HRA’s to reduce medical costs
- Use of the new version of Kiddie Tax
- IRS agents’ hit list including Meals & Travel
- Like-Kind Exchanges – IRC 1031 – The Best Tax Shelter ever
- IRC 121 – Exclusion of gain on sale of personal residences
- Medical Dependents – A missed opportunity to save families money
- Reasonable compensation – Save Payroll Taxes while generating QBI deductions
- Understanding IRC 754 to avoid malpractice