1040 Tax Credit Blueprint
In this course, students will explore IRS tax credits, which are incentives designed to reduce the amount of tax owed by eligible taxpayers, thereby lowering their overall tax liability. Through comprehensive lessons, students will learn about the different types of …
Overview
In this course, students will explore IRS tax credits, which are incentives designed to reduce the amount of tax owed by eligible taxpayers, thereby lowering their overall tax liability. Through comprehensive lessons, students will learn about the different types of tax credits, including refundable and nonrefundable credits, and how they impact individuals’ and families’ tax situations. Students will gain an understanding of the eligibility criteria, calculation methods, and maximum credit amounts for various tax credits, such as the Earned Income Tax Credit (EITC), Child Tax Credit (CTC), Saver’s Credit and American Opportunity Tax Credit (AOTC). Additionally, the course will cover how to properly claim tax credits on tax returns, ensuring compliance with IRS regulations and maximizing potential tax benefits for taxpayers.