- NY Credits : 7.0
- TX Credits : 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 7.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 7.0
Individual Income Tax - Taxes, Credits, and Penalties
Taxpayers have the opportunity for significant savings if they take advantage of any tax credits for which they qualify; and they can avoid penalties if they timely calculate and pay their income tax liability. This course highlights many common tax credits such as the dependent care credit, the child tax credit and credit for other dependents, and education credits, and then analyzes the taxpayers who qualify for these credits. The course discusses other taxes, such as self-employment tax, to which a taxpayer may be subject, and where there are exceptions to the rules. The course also provides the relevant tax rates, income thresholds, and phaseout ranges that apply. Finally, it provides examples of how these credits, taxes, and payments are calculated by illustrating cases on the proper tax forms and schedules. This course has been updated for the relevant provisions of the Tax Cuts and Jobs Act. This basic level course is most beneficial to professionals new to this subject area who may be at the staff or entry level in an organization, but also for a seasoned professional with limited exposure to this topic.
NOTE: This course has been updated for the relevant 2017 provisions of the Tax Cuts and Jobs Act.
Upon successful completion of this course, the user should be able to:
calculate estimated tax liability and due dates,
calculate any underpayment penalties, and
assess and calculate available tax credits.