Don Farmer’s Tax Ninja: Essential Principles of Taxation

Overview

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Looking to make your workday easier and your clients happier? This fast-paced, practical seminar will walk you through smart planning opportunities you might be overlooking. We’ll cover everything from hidden tax savings ideas and must-know judicial concepts (yes — even that tricky “3rd party debt” rule) to clever accounting method changes that can put real money back in your clients’ pockets. You’ll also get clear, confident answers to those common client questions that always seem to pop up — so you’re ready with solid advice when it counts. If you’re looking to sharpen your skills, save time and uncover new value for your clients, this session is for you.

Highlights

• Allocating purchase price for real estate and business acquisitions.
• Practical time saving strategies that allow you to spend less time at work.
• When clients can claim deductions for amounts that another person paid on their behalf.
• Running a tax practice efficiently, so that you can leave the officer earlier.
• Creating tax losses in inherited property
• Judicial doctrines
• Choosing taxable years
• Picking the right type of entity for different types of businesses.
• Choosing accounting methods
• Including changes from accrual to cash, and also changes from keeping inventories to not eliminating inventories
• Maximizing interest deductions using the interest tracing rules

Prerequisites

None

Objectives

• Recognize and apply concepts and strategies to implement into your tax planning.
• Learn strategies for making tax practice less overwhelming.
• Identify how to allocate purchase price in real estate and business acquisitions.
• Recognize how to determine when clients can claim a deduction for amounts that another person paid on their behalf.
• Recognize how to choose the best taxable year for a new client.
• Recognize how to maximize interest deductions using the interest tracing rules.
• Recognize how to reduce taxes on the sale of a business.

Preparation

None