This tax course is three hours and covers three overarching segments of 2023 Tax Brackets and Important Thresholds / Inflation Adjustments, Tax credits and Depreciation, and Special Rules and Unusual Circumstances. Each section discusses the tax law changes that have been implemented for the 2023/2024 tax season.
The learning objectives for this course are:
- Understand the 2023 tax brackets and important thresholds.
- Identify the tax credits and depreciation that may be available to you or your clients.
- Determine whether a client is an employee or an independent contractor.
- Understand the 1099-K and how it affects businesses.
- The importance of estate tax returns and gift tax returns.
- The different types of bankruptcy and how they may affect your clients.
Section #1 covers the tax rate for each income bracket for single filers, married filing jointly, married filing separately, and head of household.
Section #2 covers the Employee retention tax credit, electric vehicle tax credits, bonus depreciation, research and development tax credits, and the premium tax credit. Dr. Basi goes into important detail for each, which includes the employee retention tax credit, who qualifies, the scams around it, and more. Then he discusses the details of the Electric Vehicle Tax Credit, including which vehicles qualify and which tax brackets can utilize the credit. Also, learn about the Bonus Depreciation and the plan to phase it out. He takes a deep dive into the research and development tax credits and the premium tax credits.
Section #3 discusses worker classification, how you can determine whether a client is an employee or an independent contractor, and what to do if there is a misclassification. Dr. Bart covers the 1099-K for third-party transactions, the importance of estate tax returns, and why gift tax returns are needed. He then covers the different types of bankruptcy and how each one can affect your clients.