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 head-of-household benefits, married filing status options, divorce, support agreements, and state tax differences.
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Why Lorman?
Over 38 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 Married Joint Filing
- Criteria for Qualifying for Each Filing Status
- Tax Strategies for Obtaining Tax Benefits
- State Tax Issues and State Filing Alternatives
Identifying Head of Household Qualifications
- Tax Law Issues and Considerations
- Qualifying Dependents for Your Household
- Impact of Death and Divorce
- Impact of Support Agreements
- The Federal Loss of Claiming Exemptions
Tax Planning Update for Dependents
- Child Tax Credit Updates
- 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 and Divorce Issues
- Filing Tax Returns for Low-Income Filers
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Why Lorman?
Over 38 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
OnDemand Course
This course was last revised on March 17, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 38 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.
Ostrow Reisin Berk & Abrams, Ltd.
- Director of the tax practice of Ostrow Reisin Berk & Abrams, Ltd. (ORBA)
- Offers more than 30 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 clients and businesses
- 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
- 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; B.S. Degree in accounting, summa cum laude, DePaul University
- Can be contacted at [email protected] or 312-670-7444
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Why Lorman?
Over 38 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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