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Sponsored by Lorman Education
Product ID: 408665EAU
 
Credit & Course Provided by:

Uncovering Overlooked Tax Breaks: Planning Considerations

OnDemand Webinar (105 minutes)

Learn year-end tax strategies that will increase income tax savings and benefits.U.S. taxpayers are still adjusting to changes in tax planning strategies due to recent U.S. tax reform under the Tax Cuts and Jobs Act of 2017, the CARES Act of 2020, and American Rescue Plan of 2021. Each of these impacts all taxpayers for the first time in more than thirty years since the 1986 Tax Act. This topic will share tax planning strategies that have not changed but are easily overlooked for individuals and businesses, including changes in tax benefits that apply now more than ever. We now live and work in a remote workplace and employees must face issues outside of the office. The range of topics include managing deductions and credits for both the employed and self-employed.

Authors

Thomas M. Kosinski, C.P.A., M.S.T., Ostrow Reisin Berk & Abrams, Ltd.

Agenda

Overlooked Tax Benefits for Individuals and Employees

• Current Issues for Investors and Traders

• New Investors in Cryptocurrency

• Capital Gains and Dividend Rates

• Retirement and Taxable Benefits

• Remote Work and Home Office Issues

• Claiming Deductions Without Itemized Expenses

Overlooked Tax Benefits for Small Business and Sole Proprietorships

• Claiming a Home Office Deduction for Business

• QBI Deduction for Flow-Through Business

• Depreciation Alternatives and Tax Elections

• Reinvestment in Real Property and Personal Property

• Current Strategies on Claiming Business Losses

• Year-End Planning for Tax Liabilities

Effective Tax Planning for Claiming Tax Credits and Refunds

• Recovery Rebate Credit

• Child Tax Credits and Extra Tax Credits

• First-Time Home Buyer Credit

• Employee Retention Credit

• Education and Retirement Credit

• Research Credit and Work Opportunity Credit

Top Examples for Year-End Planning Strategies

• Managing Level of Income for More Benefits

• Claiming Tax Losses for Past/Future Benefits

• Timing and Reporting of Income Under Cash Method

• Claiming Excess Deductions and Credits

• Home Office Deduction and Managing Limitations

• Investment Gains and Losses Planning