Welcome To Biggest Online compliance Platform By LOCGFX Pvt. Ltd.

Human Resource & Payroll

IRS on Earned Income Credit and Child Tax Credit: Claiming the Dependents in 2023

Dependents, Child Tax Credit and Earned Income Credit: Who Can Claim Whom? 

Join us this March to learn about a foundational aspect of individual tax returns - claiming dependents. Tax law lays out two types of dependents – qualifying children and qualifying relatives. The rules have some overlap but there are significant differences between the two. A qualifying child opens the door for more tax benefits and credits than a qualifying relative. 

We will also discuss the oddities relating to divorce and claiming kids. We then shift into covering some of those benefits, namely the child tax credit and the earned income credit, as well as head of household filing status. These credits can help low-to-moderate income families and workers reduce the tax they owe. 

We close with a discussion of Form 8867 – tax preparer due diligence relating to various credits and head of household filing status.

 

Session Highlights 

-Understanding the IRS’s “tiebreaker rules”
-Defining the child tax credit
-Defining other dependents credit
-Applying phaseout limitations to the child tax credit and other dependents credit
-Earned income credit – the 15-rule test the IRS lays out
-Form 8867 – tax preparer due diligence

 

Takeaways 

-How to define a qualifying child
-How to define a qualifying relative
-Dealing with divorce and children
-Head of household filing status

 

Who will Benefit 

-Business owners
-Office managers
-Controllers
-Bookkeepers
-Managers
-CFOs
-Accountants
-EAs

img
0.00

Live Webinar


Recorded Options


Value Packs



0.00