Meet Your Wealth & Business Coach: Lashamere Seguy
Lashamere Seguy has created Several High-dollar businesses leveraging her proven system. During this masterclass, Lashamere will walk you through everything you need to know to refresh your approach to business—and explore new and exciting revenue streams.
Lashamere Seguy is your professional business coach with advanced experience on growth and business scaling!
Course Curriculum
- 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
- 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 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
- 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
- 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
- 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
THE OBJECTIVE
The objective of this course is to educate, demonstrate, and evaluate what it means to practice preparing taxes as a preparer by learning the ethics and skill as a tax professional. At the end of this lesson, the student will:
➢ Identify the due diligence requirements of the tax preparer when completing a tax return with refundable credits
➢ Explain what documentation must be maintained by the IRS when preparing refundable credits tax returns
➢ Understand what documents the tax preparer should maintain for their records
➢ Explain the qualifying child test requirements
➢ Understand where to report wages and other compensation
➢ Explain the differences between tuition and fees deduction and education credits
➢ Complete Schedule A, B, C, D and E