In this course, we review current year developments, recurring problems and planning ideas. Using a combination of humor and examples, we will focus on tax developments that affect 2024 individual income tax planning and return preparation. The materials include a review of individual income taxation including: * The Child Tax Credit, Dependent Care Credit, Premium Tax Credit and Earned Income Credit; forgiveness of debt; charitable contribution deductions; the Kiddie Tax; taxation of damage awards; tax benefits for education including the American Opportunity Tax Credit; capital gains and losses; §1031 exchanges; qualified opportunity funds; gain exclusion upon sale of principal residence; qualified plans and individual retirement accounts (including changes made by SECURE Act 2.0); interest deductions, including the home mortgage interest deduction; medical expenses; deduction for state and local taxes; home office deductions; hobby losses; and the passive activity limitations * Significant 2024 developments including: * Any new 2024 legislation; court cases, rulings and other non-legislative developments including new guidance on qualified plans, RMDs, virtual currency, green energy credits, and much more * Planning ideas, including planning with new tax legislation.

Event Level: Update
Who Should Attend: Individuals who prepare individual income tax returns or who engage in individual income tax planning.
Required Knowledge: At least one tax season
Advanced Preparation: At least one tax season
Vendor: Don Farmer
Speaker: Harden, Bill