Individual Tax Fundamentals - Tax Staff Essentials - Society of Louisiana Certified Public Accountants

Overview

Tax professionals can enhance their practice by studying tax-saving strategies for individual clients.

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

None

CPAs working with individual tax clients

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.