Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes that took effect as a result of passage of the Tax Cuts and Jobs Act of 2017 (TCJA) and the inflation-changed limits effective for 2020 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
Upon successful completion of this course, participants will be able to:
•Calculate the standard mileage deductions for -
•Use of a personal vehicle for business purposes,
•Use of a personal vehicle to obtain medical care, and
•Charitable use of a personal vehicle;
•Identify the 2020 standard deduction amounts available to taxpayers;
•Recognize the changes made to the alternative minimum tax exemption amount for 2020;
•Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2020; and
•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.
•Health flexible spending arrangement contribution limits;
•Small business health care tax credit; and
•Large employer shared responsibility provision.
•Recognize the eligibility rules applicable to Archer MSAs and HSAs;
•Calculate the maximum contributions that may be made to an Archer MSA;
•Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
•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 standard deduction available to taxpayers;
•Calculate the alternative minimum tax;
•Determine the amount of assets that may be passed tax-free at death; and
•Identify the qualified business income (QBI) threshold amount.
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