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.