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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.

94 minutes
Certificate of Completion
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Over 35 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 35 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.

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Why Lorman?

Over 35 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.

  • Member of the Tax Department at Ostrow Reisin Berk & Abrams, Ltd., since 1994, and became a director in 2001
  • Frequent speaker with the Illinois CPA Society covering Federal and State Tax Updates, IRS matters, individual and corporate tax compliance, and flow-through income tax strategies
  • Offers more than 25 years of experience providing strategic 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
  • Has significant industry experience including real estate and commodities/securities
  • Researches and implements a wide range of federal and Illinois tax strategies, and represents numerous Illinois taxpayers during IRS and Illinois Department of Revenue audits
  • Consults with firm clients on state and local taxation issues and manages firm issues relating to international taxation
  • Assists U.S.-based entities in planning for foreign operations as separate entities, branches, or divisions
  • Active member and a former president of the Illinois CPA Society Chicago South Chapter and a member of the American Institute of Certified Public Accountants
  • Contributing author for a tax newspaper column and previously a co-author for a tax savings publication for individual taxation
  • Master’s degree in taxation and B.S. degree in accounting, summa cum laude, DePaul University
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Product ID: 406119
Published 2019
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