This small business-friendly masterclass equips attendees with a clear understanding of how to navigate IRS Form 1040 for the 2024 tax year. Participants will explore the distinction between above-the-line deductions (adjustments to income) and below-the-line deductions (standard vs. itemized), as well as the function and impact of refundable and nonrefundable tax credits. The session will include real-world examples, IRS-compliant strategies, and a special focus on audit triggers and compliance best practices. This is ideal for small business professionals looking to expand their foundational tax knowledge.
Learning Objectives:
• Differentiate between above-the-line and below-the-line deductions on IRS Form 1040.
• Identify standard and itemized deductions and determine when each applies.
• Explain how refundable and nonrefundable credits affect tax liability and refunds.
• Apply real-world scenarios to estimate the tax impact of various deductions and credits.
• Recognize common mistakes that trigger IRS audits and how to maintain proper documentation.
Investment:
- NSBWEP Members: Complimentary
- Non-Members: $35.00
- Ticket Sales are Non-Refundable and Non-Transferrable.
About Our Speaker:
PAUL NELSON-WISE, EA: As a licensed Enrolled Agent, Paula brings a wealth of expertise in tax preparation, business formation, and financial consulting. Paula has dedicated her career to helping individuals and businesses navigate the complexities of the tax system. With a strong background in bookkeeping, quarterly taxes, and structuring businesses for optimal tax benefits, Paula can provide top-notch advice and services to our clients. Her extensive knowledge and personalized approach make her an invaluable asset to anyone looking to establish or improve their business operations.
