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LAS Tax Solutions Course
Introduction
Meet Your Wealth & Business Coach
Getting Started
How To obtain a PTIN
Filling Status
How To Determine A Filing Status, what status should I file?
Interview Pointers
Filing Status
Single
Head of Household
Married Filing Jointly
Married Filing Separately
Qualifying Widow(er) with Dependent Child
Dependents
Relationship Test: Qualifying Child
Age Test
Residency Test
Gross Income Test: Qualifying Relative
Support Test: Qualifying Relative
Credits
Refundable Tax Credit
Non-Refundable Tax Credit
Foreign Tax Credit
Form 2441: Child and Dependent Care Expenses
Child and Dependent Care Credit
Qualifying Dependents
Child and Dependent Care Credit Requirements
Dependents of Divorced or Separated Parents
Work-related Expense Requirement
Joint Return Requirement
Employer Dependent Care Assistance
Payments to Relatives or Dependents
Dependent Care Provider Information
Form 8863: Education Credits
Lifetime Learning Credit
American Opportunity Credit
Form 1098-T
Form 8880 Retirement Savings Contribution Credit
Retirement Savings Contribution Credit
Form 5695 Residential Energy Credits
Residential Energy Credits
Credits for the Elderly or Disabled
Adoption Credit or Exclusion
Child Tax Credits
Additional Child Tax Credit
Qualifying Child for Child Tax Credit
Other Dependents Credit
Qualifying Person for the ODC
Improperly Claiming the CTC, ODC or ACTC
Due Diligence
Due Diligence Requirements
MOST COMMON EIC ERRORS
CONSEQUENCES OF FILING EIC RETURNS INCORRECTLY
Questions to ask to determine EIC
Most Common CTC, ACTC, or ODC Errors
Questions to ask to Determine CTC,ACTC, ODC
Consequences of Filing CTC,ACTC,ODC Incorrectly
Consequences of Filing AOTC Incorrectly
Determining Head of Household
Head Of Household Documents
Questions to Determine Head of Household
REPORTING SCHEDULE C INCOME ERRORS
Example Schedule C Client
Questions to complete Due Diligence
Best practices for Due Diligence
Income
FEDERAL TAX LAW
Tax Withholding
Exemption from Withholding
Earned Income
Unearned Income
Government Bonds
State or Local Government Obligations
Taxable Interest
Dividends
Nontaxable Dividends
Return of Capital
Dividends on Veterans’ Insurance Policies
General Rule
Alimony Received
Alimony Recapture Rule
Business Income
Other Gains or Losses
Unemployment Compensation
Paid Medical Family Leave
Schedule C
Introduction
What Is Schedule C?
Schedule C
Who is selfemployed?
EITC Due Diligence and SelfEmployed Taxpayers
Record Reconstruction
Recordkeeping
When to ask client sufficient questions?
Consequences for not meeting your due diligence and filing incorrect EITC returns:
The assessment of return-related penalties against a tax preparer may result in:
Red Flags on Schedule C
Techniques used to obtain information from your client:
Examples of supporting documents:
If the taxpayer does not have records:
Sole Proprietorship
Limited Liability Company (LLC)
Independent Contractors (1099-NEC)
Employees (W-2)
Statutory Employees
Employees cont’d
Self Employment Tax
Contents of A Schedule C
Accounting Methods
Cash Method
Accrual Method
Hybrid Method
Mileage
Properties That Can Be Depreciated
Intangible Items
Property Owned
How to fill out a Schedule C
HOME OFFICE DEDUCTIONS
Schedule A
Introduction
Medical and Dental Expenses
State and Local Taxes
Home Mortgage Interest and Home Equity
Charitable Contributions
Federal Declared Disaster
Adjustments to Income
1040 Income Adjustments
Business Expenses, HSAs, and Moving Expenses
Qualified Performing Artists
Permanent Change of Station
Spouse and Dependents
Time and Distance Tests
Covered Expenses
Foreign Moves
Accountable Plans
Nonaccountable Plans
Self-Employed Health Insurance Deductions
Changes to Tax Treatment of Alimony
Divorce or Separation Instruments
Payments to a Third Party
Individual Retirement Account (IRA) Deductions
Student Loan Interest Deductions
Qualified Education Expenses
Other Uncommon Adjustments to Income
Marketing
Sample Tax Flyer
Example Of Client Intake Form
How To Purchase Marketing Material
Course Completion Certificate
Certificate
Bonus
Business Tax Tips to Make Filing Less Stressful
Tax Dates
What Are Taxes (Vocabulary)
Introduction To Ethics / Circular 230
Other forms/Deductions
Time and Distance Tests
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