Each year, income tax return preparation is affected by inflation-related changes to various limits and—especially pertinent in 2018—new tax laws. This course will help navigate the reader through key changes to limitations as they pertain to tax years 2017 and 2018.
In addition to customary annual adjustments, the Tax Cuts and Jobs Act of 2017 initiated major modifications to individual and corporate taxes for tax year 2018 onward. This course summarizes in a dedicated chapter the most noteworthy changes for individual taxpayers resulting from the new law, including new individual tax rates and updates and suspensions to various deductions. In taking this course, you will become familiar with the most recent updates in tax law in order to provide your clients with the best and most up-to-date service.
Upon successful completion of this course, participants will be able to:
- Calculate the standard mileage deductions for use of a personal vehicle to obtain medical care and charitable use of a personal vehicle.
- Identify the 2018 standard deduction amounts available to taxpayers.
- Recognize the changes made to the alternative minimum tax exemption amount for 2018.
- Apply the tax-free income limits for US savings bonds for taxpayers who paid qualified higher education expenses in 2018.
- Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.
- Calculate the retirement savings contribution credit available to eligible taxpayers;
- Recognize the rules and income limits applicable to eligibility for the earned income credit; and
- Apply the adoption credit rules.
- Identify the changes effective in 2018 related to the health flexible spending accounts contribution limits.
- Identify the penalty for individuals who fail to comply with the Affordable Care Act mandate to maintain minimum essential coverage in 2018.
- Determine the small business health care tax credit.
- Recognize the large employer shared responsibility provision and reporting and notification requirements.
- Recognize the eligibility rules applicable to Archer medical savings accounts and health savings accounts;
- Calculate the maximum contributions that may be made to an Archer medical savings account;
- Apply the tax treatment rules to contributions to and distributions from Archer medical savings accounts and health savings accounts;
- Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
- Recognize the MAGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.
- Identify individual tax rate changes affecting taxpayers;
- Recognize the changes made to the various exemptions and deductions available to taxpayers;
- Calculate the Child Tax Credit;
- Identify the additional educational institutions considered eligible educational institutions under IRC §529 tuition savings plans; and
- Determine the anticipated changes to the individual taxpayer penalty for failing to maintain minimum essential coverage.
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