2022 Tax Toolbox

It seems the number one question on many self-employed taxpayers’ minds is, “How can I lower my tax bill?!?” Effective use of retirement plans can often lower tax bills as well as help people meet their retirement goals.   Learn the rules and benefits of SEPs, SIMPLEs, 401(k) plans, traditional and Roth IRAs, back-door Roths, mega back-door Roths, HSAs, and more. Helpful charts will help you keep it all straight, so you can determine what will work best for each of your clients. 

BONUS: Form 5500 filing requirements, penalties and abatement.

Partnership and S-corp basis is the boogeyman in the closet for many tax professionals -- they are afraid of it so they ignore it and hope for the best, but new basis reporting requirements on Form 7203 now require tax preparers to face this problem. In reality, there is nothing to be afraid of! Using our desktop reference card, we will show you how to easily calculate basis in your individual tax clients’ partnerships and S-corps, as well as learn what the heck it means to be “at-risk” and whether you really need to track both basis and “at-risk”.

In today's world, people earn their livings in ways that didn't exist even 10 years ago. Social influencers, bloggers, cryptocurrency investors, van-lifers, professional gamers, Uber and Lyft drivers, E-Bay and Pinterest sellers, game show contestants, reality TV cast members, gig workers, part-time landlords, remote workers... Determining how old tax laws impact these new occupations is like trying to fit a square peg into a round hole...  

There are always a few details of a new tax law that some preparers miss hearing about, or their understanding is just a little bit off, and with as many new tax laws as we have had in recent years there are lots of opportunities to have missed something. We won't waste time going through all the details you already know. We will skip right to the thing that you might be getting wrong. And we will have a whole new batch of issues to discuss this year. You may need to prepare some amended returns after this session!