Individual Tax Planning - Tax Staff Essentials

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Be in the know

Congress's frequent legislative changes to the Internal Revenue Code has many individuals and closely held businesses highly focused on the impact of taxes and tax rates on their financial well-being.

Become up to date on tax law changes, Tax Court decisions, and the latest IRS guidance, as well as the latest comprehensive tax-planning strategies to preserve your clients’ wealth.

Show your clients how you are protecting themselves from higher taxes and ensure your role as a trusted advisor.

Who Will Benefit

• CPAs
• Tax practitioners

Key Topics

• Maximizing tax benefits on the sale of a principal residence
• Tax deferral through like-kind exchanges and installment sales
• Planning strategies for the sale of capital gain assets and real property
• Maximizing the tax benefits available to self-employed individuals
• Tax planning opportunities for rental properties
• Maximizing deductions and credits for education expenses
• Planning for required minimum distributions

Learning Outcomes

• Calculate the full and partial exclusion available for the sale of a principal residence.
• Identify how to treat the conversion of a principal residence into a rental property and the interplay with Section 121 when the rental property is sold.
• Determine the basis of assets received in a like-kind exchange.
• Calculate the installment sales gain and determine if there is a gain or loss on the repossession of an installment sale.
• Recognize the tax advantages and opportunities for hiring a spouse as an employee.
• Identify the tax advantages when sole proprietors, partnerships, or S corporations hire their children.
• Calculate and compare the tax savings for a partnership and S corporation when employing a child.
• Identify tax strategies to take advantage of Section 179 or bonus depreciation.
• Recognize and apply Section 199A provisions to rental properties to take advantage of the qualified business income deduction.
• Determine the best expense allocation method to use for vacation properties that are third-party rentals for part of the year.
• Determine tax planning opportunities for the Section 121 gain exclusion when a principal residence is converted to a rental property.
• Identify tax-saving college financing maneuvers for higher-income clients who are ineligible for the well-known education tax breaks.
• Identify strategies for how parents can can take advantage of educational assistance provisions by employing their children through their closely held business.