Video: Introduction to Individual Tax Compliance and Planning

Individual tax compliance and planning refers to the adherence to tax regulations and the strategic approach individuals use to minimize their tax liability. This includes understanding and applying tax laws, accurately reporting income and deductions, and utilizing tax planning opportunities to optimize one's financial situation.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Welcome to our great, wonderful lesson on individual tax compliance and planning. Just as with all of the other individual income tax lessons, I'm going to make the plug that pay extra attention to this one, because this may help you in your real life, in your personal individual life, not your life as a C corp or as an S corp, as a partnership. But this may actually help you. This is not tax advice. Obviously, we're just training you to prepare you for the CPA exam. However, you may find some items in here that actually do help you in your future because guess what? If you are alive, you will pay taxes. That is how existence works. You, you live, you breathe, you eat, you pay taxes. And in terms of being compliant and planning out your own tax situation, kind of view it like that. View it like you're helping yourself here because that maybe will give you more extra motivation to study even harder in this section to do even better, to do well on this. Obviously you need to focus on all the lessons on all of the sections, but trying to give extra motivation where I can. Let's dive into our learning objectives and see what we got. All right, we got a few items here, but if I had to really just kind of group them all together, essentially we are receiving a bunch of different items as an individual. We're going to see how they affect our taxable income, how to properly report them and then plan for them. Maybe we can kind of adjust our income. We've got five new lessons that are new to TCP that are going to be dealing with this. And I'll mention this as we

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Individual compliance, tax & financial planning

Module: 2 Concepts, 23 Videos

Introduction to Individual Tax Compliance and Planning

6:41

Impact of Equity Compensation Awards on Taxable Income

8:53

Alternative Minimum Taxable Income

6:29

Imputed Interest and Foreign-Earned Income