Last Call 1040 Tax Update
All the Last Minute 1040 Tax Updates You Need to Know Before This Tax Season Gets Really Crazy.
The Consolidated Appropriations Act of 2021 (CAA) was signed into law on December 27 of 2020, and along with it came more changes to the tax law that we have barely been able to sort out after the crazy COVID year of 2020 and all the tax changes that came about (Like the CARES act for example).
With so many of these changes effective for 2020 as well as new changes for 2021, it is more important than ever to be on top of what you need to know for your clients this tax season and into the year beyond. This course will cover the numerous changes to tax law from the CAA as well effects of the CARES act and other considerations you will need in order to accurately prepare returns for your clients and advise them regarding the effect of these changes.
In this course, we will cover provisions that affect individual taxpayers primarily, like the Economic Impact Payments (round 1 & 2), changes to extenders, unemployment, deductions, credits, and other changes to the landscape of the individual tax return, and it will enable you to quickly grasp recent tax changes and prepare you for tax season and beyond.
If you have wanted a comprehensive, easy to follow tax update course on the 2020/2021 tax law changes, this course is definitely for you!!
Understand key early tax season strategies to maximize refunds for your clients and minimize hassles for yourself (Recovery Rebate Credit, Earned Income Credit “Look Back” Option, etc.)
Identify new and improved tax deductions and tax credits that we might miss on 2020 tax returns if we’re not careful.
Hone in on new retirement account withdrawal rules, Social Security tax deferrals for self-employed clients, and other “loopholes” that can help your clients and you this tax season and beyond.
Understand the new economic stimulus payments (round 1 and 2) and how they are reconciled on the 2020 tax return
Learn changes to EITC to allow 2019 income to be used towards 2020 if better
Discover deduction changes like charitable deductions, medical expense, Tuition Deduction and Mortgage Interest Deduction
Learn how CARES Act and CAA affects withdrawals from IRAs, deferral accounts, and in-service money purchase plans in 2020 and 2021
Discover how employees requesting a Social security tax deferral may have different reporting on their 2020 tax return, and long term impacts of this deferral into 2021
Tanya Baber, EA, CTRS, NTPI® Fellow
Tax Edge
*** Before You Start, PLEASE READ THIS!
Getting Started Quiz
Glossary
Presentation Slides (PDF)
Webinar Recording (video)
Review Questions
Exam Questions
Q & A from Webinar
IMPORTANT --> Finalizing Your CE / CPE Credits, Hours Reporting Timeline, Etc.
5 Minute Feedback
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