Getting the most of this course
Section 1: Definitions
Basic definitions commonly used in tax planning
Section 2: Tax Law Changes
Discussion of some of the 2018 tax law changes
- Tax law changes excel template
- Personal Standard Deduction
- Tax Rate Changes – Individual
- Tax Rates – Corporation
- Moving expenses
- Medical expenses
- Mortgage interest
- State taxes
- Casualty loss
- Miscellaneous itemized deduction
- Child tax credit
- Opportunity Zones
- Employee credit for paid family and medical leave
- Tax Law Change Quiz
Section 3: Qualified Business Income Deduction
QBI- new deduction for 2018
Section 4: Tax Planning
Section 5: Tax issues specific to married entrepreneurs
Section 6: Multi year tax planning issues
In 2018, the standard deduction was raised which makes it difficult to itemize. However, by doing multi year tax planning, you could choose to donate every other year.
This increases your itemized expenses every other year. As a result you are able to take the itemized deduction bi-annually.
Over the long run, this saves you more taxes when compared with missing the threshold to itemize each year.
Let’s take a look at an example:
In the example above, we see this taxpayer saved $13,440 in taxes by using this multi year tax planning strategy.
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