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Prepare to navigate the complexities of the 2024 tax landscape with My Tax Courses Online's comprehensive course, "2024 Tax Law Essentials," led by the renowned Dr. Bart Basi. This detailed course is designed for tax professionals eager to stay ahead in their field, covering more than 22 significant tax changes set to impact the upcoming year.
Here's what you'll conquer in this comprehensive course:
- Master the 2024 Tax Brackets: Familiarize yourself with the updated brackets for single filers, married couples, and heads of households, as well as the significant standard deduction adjustments.
- Capitalize on the Latest Tax Credits: Understand the earned income tax credit, retirement plan contribution limits, and retirement savings contribution credit. Additionally, become informed about important deadlines.
- Become Proficient in Electric Vehicle Credits: Grasp the income limits, vehicle requirements, and nuances of used vehicle credits. Delve into business vehicle credits as well.
- Enhance Your Understanding of Depreciation: Uncover the evolving bonus depreciation through 2027 and comprehend the Section 179 changes.
- Utilize the Power of the Premium Tax Credit: Learn about eligibility criteria, how Form 8962 operates, and how to make the most of this valuable credit for your clients.
- Navigate Special Rules Confidently: Gain insights into beneficial ownership, worker classification, and the Form 1099-K overhaul.
- Prepare for Estate and Gift Tax Returns: Understand historical exclusion amounts, scenarios where returns are unnecessary, and upcoming changes.
- Bankruptcy and the IRS Demystified: Learn about the three types of bankruptcy and tax lien implications.
Learning Objectives:
- Determine the correct 2024 tax bracket and standard deduction for individual clients, including single filers, married couples, and head of households.
- Identify clients who qualify for important tax credits, such as the earned income tax credit, retirement savings contribution credit, and electric vehicle credit, and keep in mind the relevant deadlines and limits.
- Apply updated depreciation rules, including bonus depreciation through 2027 and Section 179 changes, to maximize client deductions.
- Understand the Premium Tax Credit, including determining eligibility, completing Form 8962, and making the most of the credit for clients.
- Confidently advise clients on special tax rules, including beneficial ownership, worker classification, and Form 1099-K reporting, to ensure compliance and minimize potential penalties.
Throughout the course, Dr. Basi enriches the learning experience with real-world examples and personal insights, ensuring a practical understanding of each update. Plus, get a sneak peek into how upcoming IRS technological advancements might influence future tax laws.
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