Tax Breaks, Tips, and Updates: Part 2

Author: Eva Rosenberg

This course covers the gig economy, Schedule C tips and traps, alimony updates, employer amnesty, and more. Learn how to how to implement tax breaks that impact the Federal 1040 return – and to start doing tax planning for 2022.

Part 2 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 Deadlines and penalties — and New Legislation
• Retirement Contributions Overview
• Schedule C and Expenses
• State taxes, Nexus and Gig Income
• Vehicle Updates
• Depreciation
• Sec 199A (20% QBI Deductions)
• Energy Credits
• Foreign Tax Issues
• Taxpayer Relief Initiative and Penalty relief
• IRS Operations and Collections updates

Learning Objectives

• Recognize how to implement tax breaks that impact the Federal 1040 return
• Identify the maximum contribution amount allowed to a 401(k) and Roth IRA
• Recognize the changes to filing deadlines and the new form due dates
• Identify the maximum earning subject to social security tax
• Describe the standard per diem rates and how they work
• Recognize and apply the new rules for depreciation
• Identify the new alimony rules and dispel myths
• Identify how to avoid taxes on cancellation of debt income
• Identify and apply gift and estate tax rates
• Identify how Nexus describes individuals or businesses who have a specific connection or agency relationship to a merchant outside their state

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of tax prep.

Advance Preparation
None