Upon completion of this course, you should be able to:

Chapter 1

• Identify the individual income tax rate changes affecting taxpayers;
• 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 2023 standard deductionamounts available to taxpayers;
• Recognize the changes made to the alternative minimum tax exemption amount for 2023;
• Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2023; and
• Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts;
• Determine the amount of assets that may be passed tax-free at death; and
• Identify the qualified business income (QBI) threshold amount.

Chapter 2

• 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.

Chapter 3

• Health flexible spending arrangement contribution limits;
• Small business health care tax credit; and
• Large employer shared responsibility provision.

Chapter 4

• 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.

Chapter 5

• Recognize the rule change affecting deductibility of business meals in 2023;
• Describe the energy-efficient home improvement provisions of the Inflation Reduction Act;
• Recognize the tax credits available for a new or previously-owned clean vehicle; and
• Describe the qualified refueling property credit.