Course ID: FIT

Fundamentals of Individual Taxation

This course provides participants with a strong foundational knowledge of individual taxation concepts that are crucial to successful compliance and planning. We focus on the fundamental principles of taxation, dependency and filing status rules, and discuss the computation of income and deductions for individuals. The course includes practical application, problem solving, and discussion of planning opportunities.

In-person and live webcast CPE credit: up to 8.0

Learning Objectives

After completing this course, you will be able to:

Recall the eight foundational principles of income taxation.
Distinguish who is a dependent and determine the correct filing status.
Recognize the all inclusive definition of income when computing taxable income as it relates to various activities and income.
Estimate an individual’s taxable investment income and determine the treatment of capital gains/losses.
Estimate the total deductions for AGI and from AGI for an individual taxpayer.
Distinguish between refundable and nonrefundable credits, and calculate the most common credits.

Major Topics

Learn the eight foundational principles of income taxation
Understanding dependency and filing status rules
Applying the framework for income recognition as it applies to various activities
Understanding the taxation of investment income
Determining deductions for AGI and itemized deductions
Analyze and calculate individual tax credits

Who Should Attend

This course is designed for entry level tax practitioners and any tax practitioner who needs a refresher on the fundamentals of individual taxation.

Fields of Study

Taxes

Prerequisites

None

CPE Credits

8.0

Level

Basic

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