Study Guide - Federal Income Tax Changes

The study guide is provided to guide you through the course material in a step by step format.

Course material is an online PDF document available immediately upon purchase.

Prerequisite: None

Course level: Basic

Advanced preparation: None

Teaching method: Online study and exam

Chapter 1 – Changes in Various Limits

The objective of this chapter is to review how to:

  • Calculate the standard mileage deductions for –
    • Business use of a personal vehicle,
    • Use of a personal vehicle to obtain medical care,
    • Charitable use of a personal vehicle, and
    • Use of a personal vehicle to relocate a personal residence in connection with a new job;
  • Identify the 2015 standard deduction and exemption amounts available to taxpayers;
  • Recognize the changes made to the alternative minimum tax exemption amount for 2015;
  • Apply the tax-free United States savings bond income limits for taxpayers who paid qualified higher education expenses in 2015; and
  • Calculate the tax-deductible premiums for and tax-free benefits received under qualified long-term care insurance contracts.

Chapter 2 – Tax Credit Changes

The objective of this chapter is to review how to:

  • Calculate the retirement savings contribution credit available to eligible taxpayers; 
  • Recognize the rules and income limits applicable to eligibility for the earned income credit; and
  • Apply the adoption credit rules.

Chapter 3 –PPACA-Related Tax Changes

The objective of this chapter is to review how to identify the changes made by the PPACA effective in 2015 related to the –

  • Health flexible spending arrangement contribution limits;
  • Penalty for individuals who fail to comply with the PPACA mandate to maintain minimum essential coverage in 2015;
  • Small business health care tax credit;
  • Large employer shared responsibility provision; and
  • Large employer reporting and notification requirements.

Chapter 4 – Changes in Archer MSAs, HSAs & IRAs

The objective of this chapter is to review how to:

  • Recognize the eligibility rules applicable to Archer MSAs and HSAs;
  • Calculate the maximum contributions that may be made to an Archer MSA;
  • Apply the tax treatment rules to contributions to and distributions from Archer MSAs and HSAs;
  • Calculate the traditional IRA tax deduction available to a taxpayer who is an active participant in an employer-sponsored retirement plan; and
  • Recognize the AGI limits that apply to a taxpayer’s eligibility to make a Roth IRA contribution.

CPA Information

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