1040 Preparation and Planning 11: Tax Credits (2021) (Currently Unavailable)
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This on-demand course covers types of tax credits, including refundable and nonrefundable tax credits; figuring each type of personal tax credit; which credits are reported directly on the return and which must first be reported on Schedule 3 of Form 1040 and 1040-SR; and business tax credits.
Publication Date: November 2020
Designed For
Tax practitioners
Topics Covered
- Overview of Tax Credits
- Premium Tax Credit
- Health Coverage Tax Credit (HCTC)
- Earned Income Credit
- Credit for Child and Dependent Care Expenses
- Child Tax Credit
- American Opportunity Credit and Lifetime Learning Credit
- Adoption Credit
- Retirement Savings Contributions Credit (Saver's Credit)
- Nonbusiness Energy Property Credit
- Residential Energy Efficient Property Credit
- Credit for Plug-In Electric Vehicles
- Mortgage Interest Credit
- Minimum Tax Credit
- Credit for the Elderly or the Disabled
- Foreign Tax Credit
- General Business Credit
- Rehabilitation Credit
- Work Opportunity Credit
- Employer Credit for FICA on Tips
- Wage Differential Payment Credit
- Tax Credit for Increasing Research Activities
- Low-Income Housing Credit
- Disabled Access Credit
- Credit for Construction of Energy-Efficient Homes
- Small Employer Pension Plan Startup Credit
- Auto-Enrollment Option in Retirement Plans Credit
- Employer-Provided Child Care Credit
- New Markets Tax Credit
- Business Energy Credits
- Small Employer Health Insurance Credit
- Family and Medical Leave Credit
- Empowerment Zone Employment Credit
Learning Objectives
- Distinguish between refundable and nonrefundable credits
- Figure each type of personal tax credit
- Determine which credits are reported in Tax and Credits and which in Other Taxes
- Identify business tax credits and understand the limitations under the general business credit
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
