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Federal Income Tax Changes- 2023

Icon_Self-Study
QAS Self-Study
Icon_Level
Update
Credits
CPE Credits
4 Credits: Taxes

Course Description

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 affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some contexts will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives

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.

Course Specifics

Course ID
823321056
Revision Date
January 11, 2023
Number of Pages
89
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-02309-23-S
IRS Federal Tax Update Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1878
CTEC Federal Tax Update Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Paul J. Winn
Paul J. Winn CLU ChFC

Paul J. Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Federal Income Tax Changes- 2023

Expert Instructors
CPE CREDITS
4 Credits: Taxes

$116.00$136.00

Clear
Icon_Self-Study
QAS Self-Study
Icon_Level
Update
Credits
CPE Credits
4 Credits: Taxes

Course Description

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 affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some contexts will be supplied, as appropriate, to assist readers in understanding the changes.

Learning Objectives

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.

Course Specifics

Course ID
823321056
Revision Date
January 11, 2023
Number of Pages
89
Prerequisites

There are no prerequisites.

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-U-02309-23-S
IRS Federal Tax Update Credits: 4
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1878
CTEC Federal Tax Update Credits: 4

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Paul J. Winn
Paul J. Winn CLU ChFC

Paul J. Winn CLU ChFC is a writer with more than 30 years experience in the life insurance and securities industry as an agent/registered representative, an agency head, a marketing vice president for a life insurance company and the president of a corporate registered investment adviser. He was a long serving member of the advisory board to the New York State insurance department. He is a published book author and creator of more than 200 taxation, insurance and securities training courses.

Federal Income Tax Changes- 2023

Expert Instructors
CPE CREDITS
4 Credits: Taxes

$116.00$136.00

Clear