This course covers the 2021/2022 annual inflation adjustments of standard deductions, tax rates, and refundable and nonrefundable credits. This course will have information on how the pandemic has changed tax season and other important events. Learn the latest changes on the regulations regarding qualified business income (QBI) and changes. Form 1040 and the schedules have changed as well and will be discussed and so much more.
Objectives
At the end of this course, the student will be able to do the following:
- Know the annual inflation adjustments
- Understand the status for tax extenders
- Recognize how to treat alimony
- Know the current tax year medical expenses limits
- Understand QBI deductions and the qualifications
Field of Study: Federal Tax Updates 3 Hours
Course Level: Intermediate to Advance
Prerequisite: General tax preparation knowledge is required
Delivery Method: Self-Study
IRS CE: 15G0B-U-00505-21-S
CTEC: 2080-CE-0019