Tax Planning for Individuals: A Review & Update Self-Study Webinar

To provide tax and other professionals with an update on important legislative, regulatory and judicial actions including the One Big Beautiful Bill Act (OBBBA) impacting individual taxpayers. You’ll leave with a thorough understanding of the current laws, regulations and a host of planning strategies to help you and your clients minimize tax exposure now and in the future.

DETAILED LEARNING OBJECTIVES

• Identify the highest marginal individual income tax rate under current law

• Recognize the key changes introduced by the OBBBA legislation

• Recall the 2025 standard deduction amounts for various filing statuses

• Determine eligibility and amounts for the senior additional standard deduction

• Calculate the limitation on SALT deductions under OBBBA

• Distinguish the mortgage interest deduction limits based on acquisition date

• Understand the rules surrounding home equity interest deductibility

• Describe the updated Child Tax Credit and its refundability provisions

• Identify when car loan interest may be deductible

• Recognize the continued availability of the educator expense deduction

• Understand the permanent extension of bonus depreciation under OBBBA

• Recall the standard deduction for head of household filers

• Explain the phaseout rules for the $6,000 senior deduction

• Calculate the itemized deduction limitation using the 2/37 formula

• Identify the current treatment of personal exemptions under OBBBA

• Determine the refundable portion of the Child Tax Credit for 2025

• Recognize income thresholds for the Child Tax Credit phaseout

• Identify the new floor for charitable contributions under OBBBA

• Recall the tax years during which the senior deduction applies

• Determine whether mortgage insurance premiums are deductible

• Identify the cents-per-mile rate for charitable driving

• Recognize which disaster losses are permanently deductible

• Recall the student loan interest deduction limit for 2025

• Determine eligibility for the new overtime pay deduction

• Recognize qualified tip income for the new above-the-line deduction

• Understand the phaseout of IRA deductibility for covered employees

• Recall the maximum value of the American Opportunity Credit

• Identify the increased maximum adoption credit under OBBBA

• Recognize tax-free employer-paid student loan benefits

• Identify types of income eligible for the Earned Income Tax Credit under OBBBA

• Overview of the One Big Beautiful Bill Act 
  – Extension and enhancements on reduced rates for individuals 
  – Deductions for seniors 
  – Limitation on SALT deductions 
  – Potential impact on the Tax Cuts and Jobs Act 
  – Corporate tax provisions 
  – Tax credit for contributions 
  – Impact on energy credits 
  – Excise tax on transfers
• Individual Tax Brackets, Standard Deductions
  – Personal exemptions
  – Effects of the TCJA extension or expiration
  – Future projections based on passage of OBBBA
• Itemized Deductions
  – Medical and dental deduction changes
  – Mortgage interest
  – SALT and the PTE tax filing alternative
  – Charitable contributions
  – Casualty and theft
  – Planning considerations based on passage of OBBBA
• Mortgage & Other Interest Expense
  – Qualified residence
  – Investment
  – Business
  – Higher education loan
  – Passive activity
  – Personal
• Capital Gains & Carried Interest
  – Qualified dividend tax rates
  – Unrecaptured §1250 gain
  – Form 8949—Sales and Other Dispositions of Capital Assets
• Adjustments to Income & Income Exclusions
  – Alimony and separate maintenance agreements
  – Moving expense reimbursement
  – Principal residence
  – OBBBA changes
• Child Tax Credit & Kiddie Tax
• Health insurance & 529 College Savings Plans
  – Affordable Care Act and the Premium Tax Credit
  – OBBBA changes to premium tax credits and 529 plans
  – Planning opportunities
• 199A Qualified Business Deduction
  – OBBBA changes to Section 199A planning
  – Qualified trades and businesses
  – Taxable income limitation
  – Qualifying property
  – Carryover of losses
  – Planning considerations
  – Type of entity (sole proprietor, S Corp, C Corp)
  – Employees and contractors
  – Retirement contributions
• Estates, Gift Tax & GST Tax
  – OBBBA planning considerations
• Other Changes
  – Contesting IRS levy changes
  – Additional due diligence
  – Earned income tax credits
• Residential Rental Property
• Sale of a Principal Residence
• Passive Loss Rules
  – Including OBBBA changes
• Retirement Plans & Stock Options
  – OBBBA Trump accounts
• Alternative Minimum Tax—Individuals