This course provides participants up-to-date information on critical tax
issues, giving them 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.
Learning Objectives
• 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
