Course Description

As practitioners, we often find ourselves trying to advise clients on how to avoid the unwanted tax surprise. Two areas that can have damaging effects on a client’s tax liability are the Medicare Surtax and taxes on Social Security. The key to mitigating these negative tax effects is understanding the details of these tax calculations, so you can adjust tax strategy! In this course, we will explore the details of these taxes that too often sneak up on clients. We will talk about where the pitfalls are and how to avoid the taxes where it is possible. If you work with clients who value proactive tax planning, this is the course for you!

Learning Objectives

  • Identify what income is subject to the Medicare surtax.

  • Recognize strategies to minimize the Medicare surtax.

  • Identify how to reduce the taxable amount of social security income.

Additional Required Materials

  • Level: Intermediate

  • Field of Study: Taxes (NASBA); Tax Planning (CFP); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners and financial advisors who work with high income earners or retirees who value proactive tax planning.

  • Required Knowledge: A basic understanding of individual income tax and the inclusion of items into gross income.

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.