Master tax credits to save your clients money! Learn how the Internal Revenue Code offers numerous credits for individuals, families, and businesses to reduce tax liabilities. Master the rules for common credits, including the Earned Income Tax Credit, and discover how to minimize your clients’ taxes.

• identify the three methods available on Form 1040 for reporting foreign taxes paid, and the limits on claimable amounts and carryover if Form 1116 is not filed
• recognize the differences between the American Opportunity Credit and the Lifetime Learning Credit and taxpayer eligibility criteria for each
• identify taxpayer eligibility criteria for claiming various tax credits
• identify the conditions that must be met for a taxpayer to claim the Earned Income Credit, and the due diligence requirements for tax practitioners who file such claims
• recognize the options available for taxpayers who are eligible to claim the Premium Tax Credit to offset their healthcare costs
• recognize when a client has excess Social Security and Tier 1 RRTA tax withheld and determine the amount of the available credit

Tax Year: 2022

CPAs, EAs, and other tax professionals