Course Description:

Participants who attend this course will be better able to understand key provisions of the current tax law through relevant, real-life illustrations, and workbook exercises. Participants will learn the tax implications affecting retirement, investments, homes, charitable giving, estate planning, education, and children.

Course Objectives:

• Review the income, capital gains, estate, and gift tax rates currently in effect.
• Figure taxes using the regular and AMT (alternative minimum tax) calculations.
• Navigate clearly through the estimated tax rules.
• Identify twelve essential tax planning terms.
• Review over two dozen frequently overlooked tax deductions.
• Define the contribution and "catch-up" limits for employer retirement plans and IRAs.
• Distinguish between the traditional IRA and the Roth IRA.
• Determine how investment income from stocks, bonds, and mutual funds is taxed.
• Use a formula to determine whether taxable vs. tax exempt income yields a higher after-tax return.
• Identify four methods allowed by the IRS to figure investment gains and losses.
• Report gains and losses correctly on the IRS Schedule D form.
• Examine the wash sale rule and how to write off worthless securities.
• Learn how to minimize taxes through pre-tax, tax deferred, and tax free investments.
• Uncover twenty investments that provide tax advantages.
• Practice using the IRS home sale rules for capital gain exclusion.
• Discover what records must be kept to back up charitable donations.
• Learn how to receive maximum dollar amount for all donated property using a special valuation guide.
• Discuss the tax-free benefit and contribution features of Section 529 college savings plans and Education Savings Accounts.
• Learn how to set up a Roth IRA for a child, maximize income earned, and minimize taxes paid for children.
• Learn ten necessary questions to ask before choosing a tax preparer.
• Identify IRS audit triggers and how to avoid them.

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