Surgent's Individual and Financial-Planning Tax Camp

Overview

Each year brings its own set of tax planning challenges, and this year is no exception. This course aims to arm tax planners with planning strategies and ideas that all clients, but in particular, wealthy clients, middle-income clients, and closely held business owners need to consider right now to take advantage of present opportunities and plan for future tax advantages. Learn strategies that can really have an impact on client lives, while also bringing value to you and your firm. This material is continuously updated for recent legislation impacting individual taxpayers.

This course qualifies for CFP credit.

This course qualifies for IRS credit.

Highlights

• Comprehensive coverage of the SECURE Act 2.0
• Understanding the environment: what’s new, what’s expired or expiring, and what’s likely to change
• Reading a tax return for developing client-specific tax strategies
• Will there be more changes in the individual tax laws?
• Changes to the lifetime estate tax exemption in light of proposed regulations 
• The net investment income tax: planning for compliance
• Family income-splitting strategies that need to be considered
• Income tax issues: impact on timing of other income
• Selling a principal residence
• Two principal residences at the same time
• Use of life insurance to protect families
• Using Roth IRAs and Roth contribution programs to best advantage
• Conversions: do they still make sense?
• Taking distributions: matching timing to client requirements
• Qualified plan contributions to reduce current income and Social Security tax: implications for business owners and self-employed
• Social Security solvency issues
• Incentive Stock Options and Employee Stock Purchase Plan considerations
• What to do about itemized deductions
• Trans-generational planning: conversions, income, and gain-splitting
• Tax benefits of HSAs and other tax-advantaged acccounts
• Recent case law, as applicable
• Identifying tax opportunities: reviewing the prior-year return to develop a plan for the future
• Planning for middle-income taxpayers: financial planning for the young, the working, and those approaching or in retirement

Prerequisites

Experience in individual income tax planning and income tax return preparation

Designed For

Those involved in tax planning for individuals, including those who may be partners or shareholders

Objectives

• Mine a tax return for tax planning with a client
• Understand the planning implications of the current environment
• Determine the best tax strategies for retirement
• Understand tax planning for the middle-income client

Preparation

None