Description
Identify opportunities to pay less taxes depending on different deductions taken and classifications of income.U.S. taxpayers are still learning about changes in tax strategies due to recent U.S. tax reform under the Tax Cuts and Jobs Act of 2017 (TCJA). Many aspects of tax planning and preparation have changed for all taxpayers for the first time in more than thirty years since the 1986 Tax Act. This topic will provide you with an overview of choosing the proper tax filing status, based on changes in tax rates and brackets, elimination of personal exemptions for dependents, and changes in credits and deductions for children. The range of topics include head of household benefits, married filing status options, divorce and support agreements, and state tax differences.
Date: 2020-02-14 Start Time: End Time:
Learning Objectives
Comparing Filing Status for Single and Married Taxpayers
• Review of Updated Tax Rates and Brackets
• Comparison of Married Separate and Joint Filing
• Criteria for Qualifying for Each Filing Status
• Tax Strategies for Obtaining Tax Benefits
• State Tax Issues and Alternatives
Identifying Head of Household Qualifications
• New Tax Law Issues and Considerations
• Qualifying Dependents for Your Household
• Impact of Death and Divorce
• Impact of Support Agreements
• The Federal Loss of Exemptions
Tax Planning Update for Dependents
• Child Tax Credit Improvements
• 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 Issues
• Filing Tax Returns for Low Income Filers
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.
