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| Three major tax rates changes took effect for individuals in 2003 under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA):
(1) across-the-board reduction of income tax rates on "ordinary income,"
(2) the lowering of the maximum tax rate on most net capital gains to 15 percent, and (3) the new 15 percent maximum tax on qualified dividend income.
This tax year is complicated by transitional rules for the computation of capital gains tax, which affect not only what qualifies for the lower rate but also how gains, losses, and dividends interrelate in computing and individual's overall tax for the year.
This course will review the impact of these changes on tax return preparation and tax planning.
Topics covered include:
- Acceleration of EGTRRA's individual income tax rate cuts
- Dividend income of individuals taxed at capital gain rates
- Impact of rate changes on higher-income taxpayers
- Impact of JGTRRA on families
- Potential negative impact of JGTRRA
- Choice of Entity
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 $45.00 |
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Field of Study: Taxes
Prerequisites: None
Level: Update
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