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.
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Why Lorman?
Over 36 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 36 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 December 27, 2019.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
MP3 Download
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 36 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)
- 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 clients, which include high-net-worth individuals and business entrepreneurs
- 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, DePaul University; 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 36 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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