IRS Form 1040 Preparation: Filing Status

$199.00

SKU: 410464

Description

Identify opportunities to pay less taxes depending on different deductions taken and classifications of income.
This presentation will identify opportunities to claim a filing status that may reduce income taxes depending on different deductions taken and classifications of income. U.S. taxpayers are still considering changes in tax strategies due to recent changes in the child tax credit (CTC) and the child and dependent care tax credit (CDCTC). Many aspects of tax planning and preparation have changed for all taxpayers since the Tax Cuts and Jobs Act (TCJA) impacted tax rules in 2018.
This topic will provide an overview of choosing the proper tax filing status based on changes in tax rates and brackets, elimination of personal exemptions for dependents, and current changes in credits and deductions for children. The range of topics includes headofhousehold benefits, married filing status options, divorce, support agreements, and state tax differences.

Date: 2023-03-17 Start Time: 1:00 PM ET End Time: 2:40 PM ET

Learning Objectives

* You will be able to identify new tax law changes which impact current U.S. filing status alternatives.

* You will be able to review U.S. considerations for claiming dependent benefits and deductions.

* You will be able to discuss U.S. tax benefits of married filing status and head of household status.

* You will be able to explain yearend tax strategies to manage divorce and support situations and agreements.

Comparing Filing Status for Single and Married Taxpayers
• Review of Updated Tax Rates and Brackets
• Comparison of Married Separate and Married Joint Filing
• Criteria for Qualifying for Each Filing Status
• Tax Strategies for Obtaining Tax Benefits
• State Tax Issues and State Filing Alternatives

Identifying Head of Household Qualifications
• Tax Law Issues and Considerations
• Qualifying Dependents for Your Household
• Impact of Death and Divorce
• Impact of Support Agreements
• The Federal Loss of Claiming Exemptions

Tax Planning Update for Dependents
• Child Tax Credit Updates
• Education Credits and Benefits
• Medical Deductions for Household
• Review of Support and Income Tests
• Spending Issues and Needs

New Issues and Special Situations for Filing Status
• Same-Sex Marriage and Filing Status
• Adoption and Elderly Dependent Issues
• Innocent Spouse Relief and Divorce Issues
• Filing Tax Returns for Low-Income Filers

AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Thomas M. Kosinski, C.P.A., M.S.T.-Ostrow Reisin Berk & Abrams, Ltd.