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Educational Tax Credits Latest Update

4.8 (4)

Jason Dinesen, EA, LPA

Dinesen Tax & Accounting, P.C.

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CPA/PFS
  • CTEC

Published: January, 2021

1 Credit

$10

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-U-00262-20-S)

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273) (Approval No. 6273-CE-0270)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CPD credit (Verifiable) of Personal Financial Planning Process for PFSs

1 CE credit of Federal Tax Update for Oregon Tax Preparers (Approval No. GEHNZ-U-00262-20-S)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-U-00262-20-S)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

Overview

  • Common Provisions
    2 mins
  • American Opportunity Credit
    12 mins
  • Tuition and Fees Deduction
    20 mins
  • Coordination with Credits
    30 mins
  • Scholarships and Kiddie Tax
    40 mins

Course Description

Paying for educational expenses isn’t easy. At tax time, there are certain educational tax credits that can help offset some higher education costs by lowering the tax liability of households with eligible students. There are even some circumstances where one may be eligible for a tax refund.

If your clients paid for education expenses in the last year, you may be able to save money on their taxes by claiming the American opportunity credit or lifetime learning credit, or opting for the the tuition and fees deduction. The American opportunity credit is generally the most valuable, if they qualify. You clients can claim these education tax credits and deductions even if you paid with a student loan. Parents can take advantage, too, so long as they don't choose a married filing separately status. Here's what to know about each option.

This course will cover all aspects of planning for higher-education expenses including:

  • The American Opportunity Credit
  • The Lifetime Learning Credit,
  • The deduction for tuition and fees.
  • Section 529 College Savings Plans.
  • Case studies & Tax planning strategies.

Learning Objectives

  • To identify different types of credits and deductions available for college expenses
  • To identify how taxpayers can use Section 529 plans
  • To identify which scholarships are taxable and which are not
  • To recall when a dependent needs to file a tax return
  • To recall various planning strategies

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Bookkeeper
  • CPA (Industry)
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Young CPA

Testimonial

4.8

(4)
75%
25%
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LD

Good overview of Education tax benefits.