In this course, we review current year developments, recurring problems and planning ideas. Using a combination of humor and examples, we will focus on tax developments that affect 2024 individual income tax planning and return preparation. The materials include a review of individual income taxation including * The Child Tax Credit, Dependent Care Credit, Premium Tax Credit and Earned Income Credit * Forgiveness of debt * Charitable contribution deductions * The Kiddie Tax * Taxation of damage awards * Tax benefits for education, including the American Opportunity Tax Credit * Capital gains and losses * §1031 exchanges * Qualified opportunity funds * Gain exclusion upon sale of principal residence * Qualified plans and individual retirement accounts (including changes made by SECURE Act 2.0) * Interest deductions, including the home mortgage interest deduction * Medical expenses * Deduction for state and local taxes * Home office deductions * Hobby losses * The passive activity limitations * Significant 2025 developments, including * Any new 2024 legislation, court cases, rulings and other non-legislative developments, including new guidance on qualified plans, RMDs, virtual currency, green energy credits, and much more * Planning ideas, including planning with new tax legislation.
Required Knowledge: At least one tax season
Advanced Preparation: At least one tax season
Who Should Attend: Individuals who prepare individual income tax returns or who engage in individual income tax planning.