What You'll Learn
Preparing a tax return is an annual ritual that brings a lot of pain to many Americans, but by analyzing your client's 1040, you can find a plethora of valuable financial planning opportunities. In this webinar with CPA Larry Pon, you will learn how to efficiently…
Preparing a tax return is an annual ritual that brings a lot of pain to many Americans, but by analyzing your client's 1040, you can find a plethora of valuable financial planning opportunities. In this webinar with CPA Larry Pon, you will learn how to efficiently read a tax return and find financial planning guidance for our clients by covering the following:
I. The 1040 Form: A Gateway to Client Insights (10 minutes)
Understanding the structure of Form 1040
Key lines to review and what they tell us about the client
Recognizing income patterns and their implications
II. Schedule A – Deductions and Financial Behavior (10 minutes)
Analyzing itemized deductions for financial habits
Opportunities for mortgage interest and charitable contribution strategies
Uncovering potential for debt restructuring and philanthropic advising
III. Schedule B – Interest and Dividends (10 minutes)
Interpreting interest and dividend income for investment strategies
Assessing the diversification and risk profile of a client’s portfolio
Identifying opportunities for tax-efficient investing
IV. Schedule D – Capital Gains and Losses (10 minutes)
Capital gains analysis for asset turnover and tax-loss harvesting opportunities
Strategies for balancing portfolio growth and tax implications
V. Schedule E – Supplemental Income and Loss (10 minutes)
Real estate income and deductions as indicators for property investment advice
Passive activity losses and their role in tax planning and investment strategies
VI. Identifying Retirement Planning Opportunities (10 minutes)
Contributions and distributions: Signals for retirement planning
Roth conversions and retirement income stream planning
VII. Advanced Topics and Strategies (10 minutes)
Alternative Minimum Tax (AMT) considerations
Self-employment and small business income analysis for business planning
Estate and gift tax insights for legacy planning
*CE/CPE Eligible: 1 CE credit is available to subscribers with these designations: CFP, CLU, ChFC and RICP. CPA subscribers will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.