2013 Federal Income Tax Changes CTEC

Study Level:  Basic
Delivery Method:  Online self-study
Number of CE Hours:  3
Field of Study: Taxes
Prerequisites or Advanced Preparation:  N/A

Course Description:

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law. 
This course will examine the tax changes that took effect in 2013 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes.

In addition to these customary annual changes affecting various limits, certain other tax changes effective in 2013 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Learning Objectives:
After completing this course students will be able to
  • identify the changes made for the 2013 tax year in amounts including standard mileage deduction rates, taxpayer standard deductions and exemptions, and the alternative minimum tax exemption;
  • identify the 2013 tax credit changes affecting the Saver’s Credit, Education tax credits, Earned Income Credit, and Adoption Credit;
  • recognize the 2013 changes affecting Health Savings Account (HSA) and Archer Medical Savings Accounts (MSA) requirements and contribution limits, Roth IRA eligibility, and Traditional IRA contribution deductibility for active participants in employer-sponsored qualified plans; and
  • identify the tax changes effective for 2013 brought about by the Patient Protection and Affordable Care Act including the limitation on medical FSA contributions, increased AGI threshold applicable to medical expense deductions, and increased Medicare taxes applicable to certain taxpayers.