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IRS Form 1040 Preparation Part 2: Filing Status

Identify opportunities to pay less taxes depending on different deductions taken and classifications of income.

The federal tax system for individuals can be challenging to understand. However, the more you learn about income classifications, how they are taxed, and deductions that can be taken against income, the more you will save in taxes. This is Part II of this conversation that expands on what was learned in Part I. This topic is beneficial for both taxpayers and tax professionals.

Runtime: 94 minutes
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

OnDemand Course

This course was last revised on December 27, 2019.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Thomas M. Kosinski, C.P.A., M.S.T.

Thomas M. Kosinski, C.P.A., M.S.T.

Ostrow Reisin Berk & Abrams, Ltd.

  • Director of the Tax Practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
  • Frequent speaker with the Illinois CPA Society covering federal tax updates, IRS representation, individual and corporate tax compliance, and income tax strategies for business transactions
  • Offers more than 25 years of experience providing tax planning and technical advice for individuals and the owners of closely held companies
  • Provides specialized tax planning services to his clients, which include high net worth individuals and business entrepreneurs
  • Advises on federal and state tax planning and tax compliance issues for real estate transactions and businesses
  • Member of the American Institute of Certified Public Accountants (AICPA) and Illinois CPA Society and former president of Chicago South Chapter
  • M.S. degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
  • Can be contacted at 312-670-7444 or [email protected]
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Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 406119
Published 2019
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