(NEW) High earner scenarios and Answer Key

This module explores advanced tax preparation strategies for high-income earners, focusing on itemized deductions and self-employment income. Designed for experienced preparers, it provides practical guidance on identifying optimal deductions, handling complex income streams, and ensuring compliance.

Included Topics:

• When and why high earners should itemize
• Maximizing deductions (mortgage interest, SALT, charitable contributions, medical expenses)
• Advanced self-employment income reporting (Schedule C)
• Qualified Business Income (QBI) deduction considerations
• Common audit triggers and how to avoid them
• Case studies and scenario-based walkthroughs

Purpose:

To strengthen your ability to serve high-income clients by accurately itemizing deductions and reporting self-employment income, while minimizing tax liability and audit risk.