1040 Tax Credits

by Infinity Schools Claim Listing

The Internal Revenue Code offers numerous tax credits for individuals, families and many different types of businesses and industries. Although these credits cover many different situations, they all have the common goal of reducing the taxes otherwise payable by the recipients.

$20.95

Contact the Institutes

Fill this form

Advertisement

Infinity Schools Logo

img Duration

2 Hours

Course Details

The Internal Revenue Code offers numerous tax credits for individuals, families and many different types of businesses and industries. Although these credits cover many different situations, they all have the common goal of reducing the taxes otherwise payable by the recipients.

Tax credits can be very helpful to reduce your client's tax liability, and knowing the rules for each credit can drastically reduce their liability.

The course will focus on the more common credits you might see in your tax practice, including the supporting schedules and forms that are used to calculate the credits. We will discuss the Earned Income Tax Credit but will focus mainly on your responsibility as a tax preparer when a client claims the credit.

 

Learning Objectives:

Upon completion of this course, you will be able to:

  • identify the three methods available on Form 1040 for reporting foreign taxes paid, and the limits on claimable amounts and carryover if Form 1116 is not filed
  • recognize the differences between the American Opportunity Credit and the Lifetime Learning Credit and taxpayer eligibility criteria for each
  • identify taxpayer eligibility criteria for claiming various tax credits including; the Child and Dependent Care Tax Credit, Additional Child Tax Credit, Residential Energy Credit, and the Retirement Savings Contribution Credit
  • identify the conditions that must be met for a taxpayer to claim the Earned Income Credit, and the due diligence requirements for tax practitioners who file such claims
  • recognize the options available for taxpayers who are eligible to claim the Premium Tax Credit to offset their healthcare costs, including the requirement to report any changes in circumstances that occur during the year
  • recognize when a client has excess Social Security and Tier 1 RRTA tax withheld and determine the amount of the available credit
  • Los Angeles Branch

    361 Van Ness Way Suite 302, Los Angeles

Check out more Taxes courses in USA

Global Tax Service Logo

Tax

Our services include: individual and small business tax preparation services, bookkeeping services for start-ups and small businesses, and a variety of business consultation services.

by Global Tax Service [Claim Listing ]
Santa Monica College Logo

Income Tax Preparation (Accounting 17)

This comprehensive course is intended for individuals to enter the tax profession and enable them to prepare individual tax returns for the public, including individual taxpayers who operate sole-proprietor businesses.

by Santa Monica College [Claim Listing ]
AZ Training Center Logo

Tax Preparation Course

Become a Tax Professional and be ready to work during the next Tax season. This course is designed for new preparers or preparers who need to refresh their knowledge in Tax Law.

by AZ Training Center [Claim Listing ]
TXCPA Austin Logo

Tax Incentives Boot Camp And Legislative Updates

Learn how you can put money back into a business through specialty tax incentives such as the R&D Tax Credit, Employee Retention Tax Credit, 45L Tax Credit, 179D Deduction, and Cost Segregation.

by TXCPA Austin [Claim Listing ]
Hunter College Logo

Introduction to Individual Taxation

A comprehensive study and application of the Internal Revenue Codes governing individual taxation and income tax returns. In addition to Circular 230 – Practice and Representation before the IRS.

by Hunter College [Claim Listing ]

© 2024 coursetakers.com All Rights Reserved. Terms and Conditions of use | Privacy Policy