Tax Cuts and Jobs Act Impact: Understanding Key Changes

The Tax Cuts and Jobs Act of 2017 (TCJA), signed into law at the end of 2017, significantly impacts tax planning and income tax liability for many taxpayers. This course explores the principal changes affecting individual taxpayers introduced by the TCJA. It will also discuss the current limits applicable to them.

Key Areas Affected by the TCJA

This course examines the TCJA provisions with the highest potential to affect individual taxation. These include changes in individual and capital gains tax rates, the standard deduction, exclusions, and income adjustments. We will cover itemized deductions on Form 1040 Schedule A, and Form 1040 Schedule C, as well as tax credits. Additionally, the course discusses the alternative minimum tax (AMT), and the taxation of unearned income of minor children.

Moreover, the course covers changes to qualified tuition plans, ABLE accounts, and tax treatment of student loan indebtedness discharges. We will also explore net operating losses and the Affordable Care Act individual responsibility requirement.

Business-Related Provisions

Additionally, this course covers business-related TCJA provisions affecting individual taxpayers. This includes the pass-through deduction for qualified trades or businesses under IRC §199A.

Learning Objectives: Mastering TCJA Changes

Upon completing this course, you should be able to:

• Recognize and apply the individual income and capital gains tax rates for the current year.
• Identify the current year deductions, exclusions, adjustments, and tax credits.
• Calculate the alternative minimum tax (AMT) and Kiddie tax.
• List the changes affecting Section 529 plans, ABLE accounts, and discharge of student loan indebtedness.
• Understand accounting for net operating losses and the individual responsibility requirement under the Affordable Care Act.
• Calculate the pass-through deduction available under IRC §199A.

Ideal Audience for This Course

This course is ideal for individual taxpayers, tax professionals, and financial advisors. It helps them understand the impact of the Tax Cuts and Jobs Act on individual taxation. Enroll now to enhance your tax planning strategies and stay compliant with the latest tax laws.