Tax Breaks, Tips, and Loopholes: Part 1 (Currently Unavailable)

Author: Eva Rosenberg

Reduce Taxes, Spot Potential Problems, Save Clients Money
Long a favorite with tax preparers, this updated two-hour CPE course provides information on tax strategies to help reduce your clients’ taxes, explains how extra tax assessments (AMT, SE, etc.) can be reduced. You will learn about often overlooked credits and deductions. In this first of two parts, Presenter Eva Rosenber will make sure you have the tools to make you a hero to your clients and perhaps their bosses.

Part 1 of a 2 part series on a variety of tax tips and updates.

Publication Date: January 2019

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

• 2017‐18 Personal Exemptions
• 2018 Standard Deductions
• TCJA Tax Brackets — Single & HOH
• TCJA Tax Brackets — Married & Widower
• Social Security Limits
• The New Form 1040
• Form 1040 Simplified?
• Notes about the "Postcard" Forms
• Tax Credits Changes 2018
• Don't Forget— First‐Time Homebuyers Credit
• Home Mortgage Interest and Acquisition Debt
• Line 21— Miscellaneous Income
• The Usual Adjustments to Income
• Educator's Expenses
• Limit to Educator Expense Adjustment
• Student Loan Interest
• The Invisible Adjustments
• Itemized Deductions
• State Tax Refund vs Sales Tax Deduction
• IRS' Proposed Regs on Tax Credits for State Taxes Paid
• Medical Expenses
• Medical and Dental Expenses
• Medical Expenses‐ Tips
• Special Education
• Medical for Non‐Dependent
• Medical Gifts
• Nursing Services & Home Health Care
• Home Care Compensation Tip
• Medical Expenses & Retirement Accounts
• Home Mortgage Interest
• Mortgage Interest Limits ‐ 2018 ‐ 2025
• Mortgage Interest— Per House or Per Taxpayer?
• Additional Acquisition Debt
• Parents or Others Main Borrowers
• Equitable or Beneficial Owner issues
• Equitable Done Right — and Wrong
• Points
• Moving Expenses
• Employee Benefits
• Don't Overlook Education
• Vehicle Expenses
• Standard Mileage — and Related Depreciation
• Vehicle Depreciation Limits ‐ 2018
• Depreciation Election
• Home Schooling Costs?
• Charitable Contributions
• Which Deductions Don't Phase Out?

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the characteristics of the Child and Dependent Care Credit
• Differentiate statements about the First-Time Homebuyer Credit
• Recognize possible deductions on joint tax returns
• Identify deductible medical expenses
• Evaluate itemized deductions that are subject to limitations
• Recognize credits with a refundable credit component
• Identify the types of lawsuit related attorney fees that are actually deductible above the line as an adjustment on page 1 of Form 1040
• Differentiate examples of Line 21 on Form 1040 miscellaneous income
• Calculate the sales tax from a vehicle purchase that can be deducted on a Schedule A as general sales tax
• Recognize the expenses that a school principal cannot deduct as itemized deductions on Form 2106, Employee Business Expenses
• Recognize what qualified student loan interest can be
• Evaluate what to do with clients Schedule-A deductions
• Differentiate statements regarding points paid on a home mortgage loan
• Recognize allowable deductions in addition to the standard mileage
• Identify a permanently extended tax provision

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None