Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. This course will examine the tax changes affecting 2023 as a result of passage of the Inflation Reduction Act and the inflation-changed limits effective for 2023 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.
No advance preparation needed
Program Level – Basic
Program prerequisites – None
Delivery method – QAS self-study
Recommended CPE credits – 6
Recommended field of study – Taxes
Course Learning Objectives
Upon completion of this course, you should be able to:
- List the 2024 changes in various amounts including the –
- Standard mileage rates,
- Standard deduction,
- AMT exemption amount,
- Limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and
- Deductions for qualified long-term care insurance premiums;
- Identify the 2024 tax credit changes affecting the –
- Saver’s credit,
- Additional Child Tax Credit,
- Earned income credit, and
- Adoption credit;
- Recognize the 2024 changes affecting –
- Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits,
- Roth IRA eligibility, and
- Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
- List the changes effective for 2024 with respect to the –
- Small employer premium tax credit, and
- Applicable large employer mandate; and
- Describe the principal Inflation Reduction Act (IRA)provisions affecting taxpayers in 2024.
Copyright 2024 by Winn Publications ALL RIGHTS RESERVED. NO PART OF THIS COURSE MAY BE REPRODUCED IN ANY FORM OR BY ANY MEANS WITHOUT THE WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. All materials relating to this course are copyrighted by Winn Publications. Purchase of a course includes a license for one person to use the course materials. Absent specific written permission from the copyright holder, it is not permissible to distribute files containing course materials or printed versions of course materials to individuals who have not purchased the course. It is also not permissible to make the course materials available to others over a computer network, Intranet, Internet, or any other storage, transmittal, or retrieval system. This document is designed to provide general information and is not a substitute for professional advice in specific situations. It is not intended to be, and should not be construed as, legal or accounting advice which should be provided only by professional advisers. No advance preparation needed Program Level - Basic Program prerequisites - None Delivery method - QAS self-study Recommended CPE credits - 6 Recommended field of study - Taxes
