Each year brings its own set of tax planning challenges, and this year is no exception. This course aims to arm tax planners with strategies and ideas that wealthy clients, and middle-income clients, need to consider right now to take advantage of present opportunities and plan for future tax advantages.
Those involved in tax planning for individuals who need to go beyond basic tax and financial planning techniques
- Mine a tax return for tax planning with a client
- Understand the planning implications of the current environment.
- Determine the best tax strategies for retirement.
- Understand tax planning for the middle-income client.
Learn strategies that can really have an impact on client lives, while also bringing value to you and your firm. This program will be continually updated for items regarding tax reform, including 2021 stimulus bill(s). Topics will include the following:
- The SECURE Act, including IRA and RMD changes
- Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
- The CARES Act changes, including QIP technical correction and section 461(l) limitation
- Review of pertinent changes from tax reform
- Reading a tax return for developing client-specific tax strategies
- Will there be more changes in the individual tax laws?
- The net investment income tax: planning for compliance
- Family income-splitting strategies that need to be considered
- Income tax issues: impact on timing of other income
- Using Roth IRAs and Roth contribution programs to best advantage
- Conversions: do they still make sense?
- Taking distributions: matching timing to client requirements
- Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed
- What to do about itemized deductions
- Trans-generational planning: conversions, income and gain-splitting
- Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
- Planning for middle-income taxpayers: financial planning for the young, the working, and those approaching or in retirement
Experience in individual income tax planning and income tax return preparation.
- This seminar qualifies for CFP credit.
- This seminar qualifies for IRS credit.