- NY Credits : 7.0
- TX Credits : 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 4.0
Tax Strategies for Middle-Income Households
This course examines numerous issues that are of interest to middle-income households in order to minimize their tax burden. Retirement plans are discussed in depth, including employer retirement plans and IRAs, both traditional plans and Roth-type plans. Many tax credits are presented, such as the child tax credits, the dependent care credit, education credits, the adoption credit, and energy credits. Kiddie tax, additional Medicare tax, net investment income tax, and alternative minimum tax are discussed, and how middle-income households can manage these taxes. Selection of proper filing status is discussed. Tax-free items are presented and itemized deductions are discussed. Specific actions for taxpayers during high-income and low-income years are suggested, and a discussion of penalties and how to avoid them is included. As a basic level course, it is most beneficial to CPAs new to personal tax saving strategies. However, this course may also benefit an experienced professional with limited exposure to such strategies.
Upon successful completion of this course, the user should be able to:
recognize various details related to employer retirement plans and IRAs,
determine tax efficient moves related to portfolio income items,
recognize cash, goods, and services a taxpayer may receive without an income tax obligation,
identify the various filing statuses,
recognize the kiddie tax, the additional Medicare tax, the net investment income tax and alternative minimum tax,
determine the available tax credits,
identify types of itemized deductions, including mortgages, and charity,
determine proper worker classifications, and
identify ways to avoid IRS penalties.