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| Author : | Paul Winn, CLU, ChFC |
| Status : | Production |
| CPE Credits : | 6.0 |
| IRS Credits : | 6 |
| Price : | $53.95 |
| Passing Score : | 70% |
| NASBA Technical: | Yes |
| Primary Subject-Field Of Study: | Taxes - Taxes for Course Id 1321 |
| Description : |
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. In addition, the Tax Cuts and Jobs Act of 2017 became effective in 2018.
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| Usage Rank : | 0 |
| Release : | 2018 |
| Version : | 1.0 |
| Prerequisites : | None. |
| Experience Level : | Overview |
| Additional Contents : | Complete, no additional material needed. |
| Additional Links : |
The New 2018 Federal Income Tax Brackets & Rates
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| Advance Preparation : | None. |
| Delivery Method : | Self-Study |
| Intended Participants : | Anyone needing Continuing Professional Education (CPE). |
| Revision Date : | 10-Jan-2018 |
| NASBA Course Declaration : | Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam. |
| Approved Audience : | NASBA QAS - NASBA Registry - IRS Enrolled Agents - Registered Tax Return Preparers - 1321 |
| Keywords : | Taxes, Federal, Income, Tax, Changes, For, 2018, Tax, Year, cpe, cpa, online course |
| Learning Objectives : |
2018 Federal Income Tax Changes CPE Course Learning Objectives Upon completion of this course, you should be able to:
o The standard deduction, o The AMT exemption amount, o The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses, and o Deductions for qualified long-term care insurance premiums;
o Earned income credit, and o Adoption credit;
o Roth IRA eligibility, and o Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans;
o Small employer premium tax credit, and o Applicable large employer mandate; and Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
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| Course Contents : | Course Learning Objectives Chapter 1 - Changes in Various Limits Chapter Learning Objectives Introduction Standard Mileage Rates Business Use of a Taxpayer’s Personal Vehicle Personal Vehicle for Charitable Purposes Use of a Taxpayer’s Personal Vehicle to Obtain Medical Care Use of a Taxpayer’s Personal Vehicle to Move Standard Deduction Increased Standard Deduction for Blind and Senior Taxpayers Standard Deduction Eligibility Exemption Amount Alternative Minimum Tax (AMT) Tax Preference Items Added Back to Produce Alternative Minimum Taxable Income Alternative Minimum Tax Exemption Amount Increased Education Savings Bond Program Qualified Education Expenses Eligible Educational Institutions Qualified Education Expenses Reduced by Certain Tax-free Benefits Received Figuring the Tax-Free Amount Education Savings Bond Program Eligibility Subject to Income Limits/Filing Status Determining Taxpayer’s Modified Adjusted Gross Income Limitation on Itemized Deductions Qualified Long-Term Care Insurance Premiums and Benefits Favorable Benefits Tax Treatment Reserved for Chronically-Ill Tax-Qualified Long Term Care Premiums Deductible within Limits Tax-Qualified Long Term Care Insurance Benefits Tax-Free within Limits Social Security Taxable Earnings Limit Maximum Capital Gain/Dividend Tax Rate Increased for High-Income Taxpayers Summary Chapter Review Chapter 2 - Tax Credit Changes Chapter Learning Objectives Introduction Retirement Savings Contribution Credit Saver’s Credit Applicable to Range of Retirement Contributions Saver’s Credit Eligibility Based on Income and Filing Status Earned Income Credit EIC Rules Applicable to Everyone Adjusted Gross Income Limits Valid Social Security Number Required Tax Filing Status Citizenship or Residency Foreign Earned Income Investment Income Earned Income EIC Rules That Apply if Taxpayer Has a Qualifying Child Relationship, Age, Residence and Joint Return Tests Qualifying Child of More than One Person Rule Taxpayer as the Qualifying Child of Another Taxpayer Rule EIC Rules That Apply if Taxpayer Does Not Have a Qualifying Child The Age Rule The Dependent of Another Person Rule The Qualifying Child of Another Taxpayer Rule The Main Home Rule Figuring the Amount of the Earned Income Credit Adoption Credit/Exclusion Eligible Child Qualified Adoption Expenses The Benefit Timing of the Credit/Exclusion Benefit Phased-Out at Higher Taxpayer MAGI Summary Chapter Review Chapter 3 - PPACA-Related Tax Changes Chapter Learning Objectives Introduction Summary of Existing PPACA-Related Tax Requirements Health Flexible Spending Arrangement Contributions PPACA’s Individual Shared Responsibility Provision Taxpayer Options Under the Shared Responsibility Provision Minimum Essential Coverage Employer-Sponsored Coverage Individual Health Insurance Coverage Coverage Under Government-Sponsored Programs Limited Benefit Coverage May Not Provide Minimum Essential Coverage Exemptions from Penalty for Failure to Maintain Minimum Essential Coverage Gaps in Coverage Shorter Than Three Consecutive Months Exemption for Lack of Affordable Coverage Qualifying for a Statutory Exemption Individual Shared Responsibility Payment Refundable Premium Tax Credit to Assist in Purchase of Qualified Health Plan Eligibility for Credit Federal Poverty Level Qualified Health Plan Amount of the Credit Benchmark Plan Taxpayer’s Expected Contribution Calculating the Credit Adjusted Monthly Premium Special Rules Applicable to the Tax Credit Reconciling Advance Premium Tax Credits Small Business Tax Credit Eligibility Requirements Limitations Affect Health Insurance Premium Credit Full-Time Equivalent Employee (FTE) Limitation Average Annual Wage Limitation Average Premium Limitation State Premium Subsidy and Tax Credit Limitation Calculating the Credit Large Employer Shared Responsibility: The Employer Mandate Employers Not Offering Coverage Employers Offering Coverage Summary Chapter Review Chapter 4 - Changes in Archer MSAs, HSAs & IRAs Chapter Learning Objectives Introduction Medical Savings Accounts High Deductible Health Plan Requirement Archer MSA Contributions Penalty for Excess Contributions Special Rules for Employer-Installed MSAs Archer MSA Distributions Archer MSA Rollovers Account Transfer Incident to Divorce Account Transfer at Death Archer MSA Taxation Contribution Tax Treatment Distribution Tax Treatment Archer MSA Distribution Tax Penalty Health Savings Accounts HSA Eligibility HSA High Deductible Health Plan Requirement HSA Contributions HSA Contributions from Multiple Sources Additional Contributions for Age 55 and Older Account Holders First-Year Contributions for New Account Holders Maximum HSA Contributions may be Reduced Penalty for Excess Contributions Employer HSA Participation HSA Distributions HSA Rollovers Account Transfer Incident to Divorce Account Transfer at Death HSA Taxation Contribution Tax Treatment Distribution Tax Treatment Tax-Free HSA Distributions Taxable HSA Distributions HSA Distribution Tax Penalty Roth IRA Eligibility Modified Adjusted Gross Income Limits on Contributions Traditional IRA Contributions by Active Participants Tax Treatment of Contributions by Active Participants Reduced Deductibility of Traditional IRA Contributions for Active Participants Summary Chapter Review Chapter 5 - Tax Cuts and Jobs Act: Principal Individual Taxpayer Changes Chapter Learning Objectives Introduction Tax Cuts and Jobs Act of 2017 Individual Tax Rate Changes Exemptions and Deductions Credits Tuition Savings Plans IRA Recharacterization Individual Responsibility Penalty under ACA Estate and Gift Tax Exemption Summary Chapter Review Appendix A Glossary |
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