Tax Credits for Individuals
Author: Barbara Weltman
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
This self-study course provides you with an overview of the rules for claiming personal tax credit and highlights planning tips to help you in your practice. The focus of this course is on tax credits for individuals. Many of these credits have been enhanced by recent legislation on a temporary or permanent basis. Credits are more valuable than deductions because they reduce tax liability on a dollar-for-dollar basis.
This course will provide an overview of the array of individual credits and the limitations that apply for each of these credits. It will also review the due diligence requirements for paid preparers.
Publication Date: December 2022
Designed For
Tax practitioners
Topics Covered
- Premium Tax Credit
- Child Tax Credit
- Dependent Care Credit
- Earned Income Tax Credit
- Education Credits, including the American opportunity credit and lifetime learning credit
- Retirement Saver's Credit
- Adoption Credit
- Credit for the Elderly and Permanently Disabled
- Recovery Rebate Credit
- Preparer due diligence for refundable credits
Learning Objectives
- Recognize how to explain the income limits for eligibility for certain personal tax credits
- Identify which personal tax credits are partially or fully refundable
- Recognize how to discuss the due diligence requirements for tax return preparers with respect to certain refundable tax credits
- Describe the premium tax credit
- Identify which tax credit is not subject to special due diligence rules
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
