View More Self-Study Courses

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

View More Self-Study Courses