Lifecycle Financial Planning: Tax Planning - Medicare Surtax & Social Security Income Reduction
Available Until
Self-study
1.00 Credits
Member Price $49.00
Non-Member Price $79.00
Overview
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!
Highlights
- Sec 3101
- Medicare Surtax Defined
- Are fringe benefits, tips, and other compensation subject to the Medicare Surtax?
- SE Income & the Medicare Surtax
- Different Entity Types & the Medicare Surtax
- Taxation of Social Security Income
- Planning Tips
- Taxation of Social Security
Prerequisites
A basic understanding of individual income tax and the inclusion of items into gross income.
Designed For
Tax practitioners and financial advisors who work with high income earners or retirees who value proactive tax planning.
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.
Preparation
None
Notice
This is a self-study/on demand course offered by a 3rd party vendor. Course access information will be emailed directly to you by Peters Professional Education (PPE). The course expires one year from the purchase date.
Leader(s):
Leader Bios
David Peters, Peters Professional Education LLC
DAVID R. PETERS, CPA, CFP, MST, CPCU, CLU
David Peters is the Founder and Owner of Peters Professional Education and Peters Tax Preparation & Consulting, PC. He is also a financial advisor for Peters Financial, LLC. David has over twenty years of experience in financial services, including 3 years in the hedge fund industry and 14 years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for more than three years.
In addition to running his own professional education website, David is a National Instructor for the AICPA, Surgent, Kaplan, and Don Farmer Tax Seminars. He was a recipient of Surgent's Outstanding Discussion Leader award in 2019 and 2022, as well as the AICPA's Outstanding Facilitator Award in 2021 and 2023. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States. David holds four masters degrees, and is currently pursuing his PhD in Financial Planning. He contributes regularly to various CPA publications, including NCACPA's Interim Report, SCACPA's CPA Report, and VSCPA's Disclosures. David was also a co-author of the 2018, 2019, and 2020 Virginia CPA Ethics courses - a required course for all CPA's licensed in the Commonwealth of Virginia.
- Website: www.petersprofessionaleducation.com
- YouTube: www.youtube.com/@DavidPetersFinancial
- LinkedIn Company: https://www.linkedin.com/company/95657499/admin/analytics/updates/
- LinkedIn Personal: https://www.linkedin.com/in/david-peters-financial/
- Facebook: https://www.facebook.com/davidpetersfinancial
- Twitter/X: https://x.com/DavidPFinancial
Non-Member Price $79.00
Member Price $49.00