Highlights

ú Filing requirements and personal exemptions ú Gross income inclusions, exclusions, and adjustments ú Travel and entertainment ú Standard and itemized deductions ú Tax and tax credits ú 0.9% Medicare Payroll Tax ú 3.8% Net Investment Income Tax ú Income exclusions ú Hot tax planning strategies for individuals and small businesses ú Roth IRA, IRA and retirement plan options

Objectives

ú Determine the filing status and interpret the filing requirements for individual taxpayers ú Determine gross income inclusions and exclusions around dividends and interest ú Differentiate the taxability of deferred income, Social Security benefits, and other taxable income ú Apply the specific rules for the deductibility of travel and entertainment expenses as they relate to business or rental transactions in preparing income tax returns ú Recognize Education related expenses and the rules for Health Savings Accounts ú Distinguish between standard and itemized deductions including medical expenses, interest, Taxation, charitable contributions, theft losses, and miscellaneous deductions ú Gather the necessary information required to include tax credits on an individual tax return ú Recognize when the Medicare Payroll Tax will impact an individual ú Identify the applicability of the Medicare tax on Net Investment Income

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