Learn tax credits and payments, and understand the differences between a tax credit and a deduction. Start learning now!
Read more.Instructor
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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Who this course is for:
- Tax preparers
- Bookkeepers
- Accountants
What you’ll learn:Â
- Tax preparation for credits and payments
Requirements:Â
- No prior knowledge is required to take this course
This course will focus on tax preparation related to credits, including the child tax credit, the credit for other dependents, the earned income tax credit, child and dependent care expenses credit, and education credits.
We will look at each new concept of tax credits and payments from various angles, starting with a presentation that delves into the subject to explore practical applications through examples, employing tax forms to solve problems.
Additionally, we’ll utilize an accounting equation approach using Excel, providing learners with insights into how these concepts manifest in actual tax returns, to enhance understanding and visualization of the concepts through a tax formula.
Tax credits can have a considerable impact on the amount a taxpayer pays. We will discuss the differences between a tax credit and a deduction.
Learners will understand how the child tax credit works, including the idea of an advanced child tax credit and what nonrefundable and refundable credits are.
The course will cover and show examples of the earned income tax credit, one of the most complicated tax credits to understand.
We will explore the categories of expenses that merit the child and dependent care expenses credit.
Learners will understand education credits and how to calculate them.
Learn the complete series, and other accounting and finance courses, visit my profile to know more!
Our Promise to You
By the end of this course, you will have learned credits and payments in tax preparation.
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Course Curriculum
| Section 1 - Tax And Payment Lines Of Form 1040 | |||
| 7020 Tax – Line 16 | 00:00:00 | ||
| 7250 Tax – Line 16 Example | 00:00:00 | ||
| 7262 Payments Example | 00:00:00 | ||
| 7260 Payments | 00:00:00 | ||
| Resources – Tax Preparation Part 5 – Credits And Payments | 00:00:00 | ||
| Section 2 - Credits | |||
| 8230 Earned Income Tax Credit (EIC) Questionnaire And Table | 00:00:00 | ||
| 8242 Earned Income Tax Credit (EIC) One Child Example | 00:00:00 | ||
| 8244 Earned Income Tax Credit (EIC) Two Child Example | 00:00:00 | ||
| 8246 Earned Income Tax Credit (EIC) Three or More Children Example | 00:00:00 | ||
| 8732 American Opportunity Credit – Can You Claim The Credit | 00:00:00 | ||
| 8734 American Opportunity Credit – What Expenses Qualify | 00:00:00 | ||
| 8735 American Opportunity Credit – Who Is an Eligible Student | 00:00:00 | ||
| 8737 American Opportunity Credit – Who Can Claim A Dependent’s Expenses | 00:00:00 | ||
| 8739 American Opportunity Credit – Figuring The Credit | 00:00:00 | ||
| 8752 Lifetime Learning Credit – Can You Claim The Credit | 00:00:00 | ||
| 8756 Lifetime Learning Credit – Figuring The Credit | 00:00:00 | ||
| 8754 Lifetime Learning Credit – What Expenses Qualify | 00:00:00 | ||
| Section 3 - Child Tax Credit And Credit For Other Dependents | |||
| 8020 Credits for Qualifying Children and Other Dependents Overview | 00:00:00 | ||
| 8022 Credits for Qualifying Children and Other Dependents – General Instructions | 00:00:00 | ||
| 8025 Credits for Qualifying Children and Other Dependents – Specific Instructions | 00:00:00 | ||
| 8030 Credits for Qualifying Children and Other Dependents – Dependent Questioner | 00:00:00 | ||
| 8125 Child Tax Credit and Other Dependent Credit Example | 00:00:00 | ||
| Section 4 - Earned Income Credit (EIC) | |||
| 8220 Earned Income Tax Credit (EIC) Overview | 00:00:00 | ||
| 8240 Earned Income Tax Credit (EIC) No Children Example | 00:00:00 | ||
| Section 5 - Child And Dependent Care Expenses Credit | |||
| 8520 Child & Dependent Care Expenses Credit Overview | 00:00:00 | ||
| 8530 Child And Dependent Care Expenses Credit – Can You Claim the Credit. | 00:00:00 | ||
| 8532 Child And Dependent Care Expenses Credit – Can You Claim the Credit Part 2 | 00:00:00 | ||
| 8540 Child And Dependent Care Expenses Credit – Flowchart – Can You Claim the Credit. | 00:00:00 | ||
| 8610 Child And Dependent Care Expenses Example | 00:00:00 | ||
| Section 6 - Education Credits | |||
| 8710 Education Credits Overview | 00:00:00 | ||
| 8730 American Opportunity Credit – Introduction | 00:00:00 | ||
| 8750 Lifetime Learning Credit – Overview | 00:00:00 | ||
| 8835 American Opportunity Credit Example | 00:00:00 | ||
| 8850 Lifetime Learning Credit Example | 00:00:00 | ||
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