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Uncovering Overlooked Tax Breaks: Planning Considerations

Learn year-end tax strategies that will increase income tax savings and benefits.

U.S. taxpayers are still adjusting to changes in tax planning strategies due to recent U.S. tax reform under the Tax Cuts and Jobs Act of 2017, the CARES Act of 2020, and American Rescue Plan of 2021. Each of these impacts all taxpayers for the first time in more than thirty years since the 1986 Tax Act. This topic will share tax planning strategies that have not changed but are easily overlooked for individuals and businesses, including changes in tax benefits that apply now more than ever. We now live and work in a remote workplace and employees must face issues outside of the office. The range of topics include managing deductions and credits for both the employed and self-employed.

106 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overlooked Tax Benefits for Individuals and Employees

  • Current Issues for Investors and Traders
  • New Investors in Cryptocurrency
  • Capital Gains and Dividend Rates
  • Retirement and Taxable Benefits
  • Remote Work and Home Office Issues
  • Claiming Deductions Without Itemized Expenses

Overlooked Tax Benefits for Small Business and Sole Proprietorships

  • Claiming a Home Office Deduction for Business
  • QBI Deduction for Flow-Through Business
  • Depreciation Alternatives and Tax Elections
  • Reinvestment in Real Property and Personal Property
  • Current Strategies on Claiming Business Losses
  • Year-End Planning for Tax Liabilities

Effective Tax Planning for Claiming Tax Credits and Refunds

  • Recovery Rebate Credit
  • Child Tax Credits and Extra Tax Credits
  • First-Time Home Buyer Credit
  • Employee Retention Credit
  • Education and Retirement Credit
  • Research Credit and Work Opportunity Credit

Top Examples for Year-End Planning Strategies

  • Managing Level of Income for More Benefits
  • Claiming Tax Losses for Past/Future Benefits
  • Timing and Reporting of Income Under Cash Method
  • Claiming Excess Deductions and Credits
  • Home Office Deduction and Managing Limitations
  • Investment Gains and Losses Planning
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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on September 17, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Thomas M. Kosinski, C.P.A., M.S.T.

Thomas M. Kosinski, C.P.A., M.S.T.

Ostrow Reisin Berk & Abrams, Ltd.

  • Director of the Tax Practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
  • Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
  • Offers more than 25 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
  • Provides specialized tax planning services to his clients, which include high-net-worth individuals and business entrepreneurs
  • Advises on federal and state tax planning and tax compliance issues for real estate transactions and businesses
  • Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
  • M.S. degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
  • Can be contacted at 312-670-7444 or [email protected]
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Why Lorman?

Over 34 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 408665
Published 2021
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