Dependents, Child Tax Credit and Earned Income Credit: Who Can Claim Whom?
Join us this March to learn about a foundational aspect of individual tax returns - claiming dependents. Tax law lays out two types of dependents – qualifying children and qualifying relatives. The rules have some overlap but there are significant differences between the two. A qualifying child opens the door for more tax benefits and credits than a qualifying relative.
We will also discuss the oddities relating to divorce and claiming kids. We then shift into covering some of those benefits, namely the child tax credit and the earned income credit, as well as head of household filing status. These credits can help low-to-moderate income families and workers reduce the tax they owe.
We close with a discussion of Form 8867 – tax preparer due diligence relating to various credits and head of household filing status.
-Understanding the IRS’s “tiebreaker rules”
-Defining the child tax credit
-Defining other dependents credit
-Applying phaseout limitations to the child tax credit and other dependents credit
-Earned income credit – the 15-rule test the IRS lays out
-Form 8867 – tax preparer due diligence
-How to define a qualifying child
-How to define a qualifying relative
-Dealing with divorce and children
-Head of household filing status
Who will Benefit
Jason Dinesen is a taxation specialist and one of most experienced keynote speakers on Clatid. He currently has the record of conducting most successful taxation sessions with us.
He is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. He prepares over 200 tax returns every year and deals with a variety of situations ranging from individual taxes to business taxes. He has been presenting amazing training sessions since 2012.
Clatid is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
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