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.
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:
Infinity Schools is one of the most experienced and widely used insurance schools providing insurance continuing education and prelicensing training in the nation.
We have been providing insurance training to individuals nationwide since 1993. Over a quarter million individuals have used our insurance school since our inception in 1993.
Identify potential tax-saving strategies hidden within your Profit & Loss statement and Balance Sheet, unveiling opportunities that can drastically impact your financial health.
Tax season can be the most grueling time of year for practitioners so having the ability to prepare a client tax return efficiently and accurately will help you minimize extra time during the busy season.
Nearly all citizens are subject to various forms of taxation by their governments. Taxes represent a sizable component of most people’s budgets, but often are overlooked because they usually are deducted automatically.
In the tax prep training, students will learn basic instruction of the current IRS laws, while implementing a working knowledge of preparing taxes for individuals.
This course explores individual income taxation issues, including tax determination; personal and dependents exemptions; concepts and inclusions of gross income; general deductions and losses; deduction of certain business expenses and losses.
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