Tax Breaks, Tips, and Updates: Part 1

Author: Eva Rosenberg

This course provides basic information to help you prepare your clients’ 2022 tax returns – and to start doing tax planning for 2023. Along the way, you will get some tips and tax strategies to help reduce your clients’ taxes. You will learn about often overlooked credits and deductions. You will get the tools to make you a hero to your clients and perhaps their bosses.

Part 1 of a 2 part series on a variety of tax tips and updates.

Publication Date: January 2023

Designed For
Practitioners at all levels regardless of practice concentration, who would like to learn more about tax planning and legal tax reduction strategies. Also good for taxpayers preparing their own tax returns who want to learn about loopholes.

Topics Covered

• Major Tax Legislation, helpful resources, filing deadline and important renewal or updates
• Standard deductions, capital gains, Social Security and Federal Pandemic Unemployment Compensation (FPUC)
• Form 1040 Forms updates
• Miscellaneous Income and Adjustment to Income
• Key Credits and other taxes
• Itemized Deductions
• Employee Benefits, Dependent Care, Student Loan discharge
• Required Minimum Distributions
• Gifts, Estates and Trust
• Kiddie Tax

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the characteristics of the Child and Dependent Care Credit
• Identify deductible medical expenses, even if the taxpayer didn't pay them directly
• Recognize how to evaluate itemized deductions that are subject to limitations
• Identify the 2022 standard deduction for single taxpayers
• Identify the 2022 Social Security rates
• Identify a Part 1 additional income item included within Schedule 1 of Form 1040
• Identify the 2022 adoption credit amount

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax prep.

Advance Preparation
None