Surgent's Top Individual Tax Planning Strategies

Overview

The recently enacted Inflation Reduction Act (IRA) contains certain tax law changes that many individual clients will be interested in. These changes include energy related credits and credits for energy-efficient personal autos. These changes are immediately relevant to our clients and as such we should be familiar with them. In addition, changes in student loan forgiveness, the impending loss of 100% depreciation on qualified improvement property, and new medically related changes contained within the IRA all present new tax rules that practitioners should be familiar with. Ups and downs in the stock market present clients with the opportunity to harvest tax losses; the wash sale rules, which we review, challenge clients to make sure this is done in a tax efficient and technically correct manner, both topics that we cover in this program.

Prerequisites

A basic understanding of the tax rules relating to individual income tax

Objectives

• Advise individual clients on implementing tax planning strategies in 2022 and after

Highlights

• Consider selling depreciated stock but watch the impact of the wash sale rules
• Taxpayer favorable health care-related provisions of the IRA
• Limits on costs for coverage under Medicare Part D
• Retention of government subsidized health insurance coverage for some individuals
• Carried interest rules survive unchanged
• Ins and outs of the energy-efficient home improvement credit
• New credit for a previously owned clean vehicle
• Anticipated loss of 100% bonus depreciation
• The Biden plan for student loan forgiveness
• ICHRAS as a health insurance coverage option for employers