Individual Tax Workshop Day 1

General Description:

Participants will review the rules, regulations, and forms required for the filing of the individual income tax return. This program will use the Form 1040 to highlight commonly encountered problems. This is Day 1 of a two-day program. To attend the full two-day program you must register for both days, but they do not have to be taken consecutively.

Learning Objective:

After completing Day 1 of this course the participant will be able to:

• Discuss the latest changes and legislative developments affecting individuals, including the Inflation Reduction Act as it affects the solar credit, insulation credit, new and used electric vehicles, and charging stations.
• Calculate the Kiddie Tax and complete Form 8615 and Form 8814.
• Determine the tax effect of transfers of property in a divorce or separation, filing status, which parent is entitled to the child care credit and child tax credit, and the proper tax treatment of payments for alimony and child support.
• Identify the requirements to claim a child as a qualifying child and the requirements to claim a qualifying relative.
• Discuss the inflation adjustments for 2025 and 2026.
• Discuss the credits available under the Inflation Reduction Act including the EV credit, solar credit, and energy efficient home improvement credit for a residence and a principal residence.
• Discuss the Schedule A deductions for individuals that itemize their deductions, including:
• Medical and dental expenses;
• Deductible taxes;
• Mortgage interest, including acquisition debt and investment interest;
• Charitable contributions;
• Deductions that are not subject to 2% AGI.

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

Related Courses: