Course Overview:
Gain a competitive edge as a tax professional with our IRS-approved Tax Deductions and Credits course. This comprehensive training covers the latest strategies to maximize tax savings for your clients while ensuring full compliance with current IRS regulations. Discover practical applications for key deductions and credits, including home office, business meals, electric vehicle credits, and more. Whether you're preparing individual returns or managing business tax filings, this course equips you with actionable knowledge to minimize tax liability and increase client satisfaction.
This course counts for 2 hours of IRS CE under the category of Federal Tax Law Related Matters.
Learning Objectives:
✅ Understanding Tax Credits
- Differentiate between refundable and nonrefundable tax credits and their impact on tax liability.
- Explore key individual tax credits, including the Child Tax Credit, Earned Income Tax Credit (EITC), and education credits.
- Understand requirements and how to claim different home and vehicle credits.
- Review business tax credits, such as the R&D tax credit, Work Opportunity Tax Credit (WOTC), and small business healthcare tax credits.
- Learn compliance best practices to avoid IRS audits when claiming credits.
✅ Mastering Tax Deductions
- Identify and apply above-the-line vs. below-the-line deductions for maximum tax benefits.
- Understand business expense deductions, including home office, vehicle, and depreciation deductions.
- Explore common personal deductions, such as mortgage interest, student loan interest, medical expenses, and charitable contributions.
- Recognize IRS rules on deduction limitations, substantiation requirements, and phaseouts.
- Get a grasp on deductions that may be phasing out to the Tax Cuts and Jobs Act (TCJA).
✅ Advanced Strategies for Maximizing Tax Savings
- Learn how to strategically time deductions and credits to optimize tax outcomes.
- Understand carryforwards and carrybacks for credits and deductions.
- Identify common audit risks and red flags associated with improperly claimed credits and deductions.
- Stay updated on recent tax law changes and IRS guidance affecting credits and deductions.
This course counts for 2 hours of IRS CE under the category of Federal Tax Law Related Matters.
About The Presenters:
Lacie Henson, CPA
Lacie Henson, CPA, is the current Senior Partner at Basi, Basi, Henson, and Associates. Lacie is the Treasurer of The Center for Financial, Legal & Tax Planning, Inc. Lacie is a fully licensed federal tax preparer and a CPA. Lacie works on personal, business, trust/estate tax returns and necessary amendments. On top of tax filings, Lacie specializes in preparing valuations and presentation packages, tax minimization analysis and summary reports, and tax implications of business decisions.
Roman A Basi Attorney/CPA
Roman Basi is the current President of The Center for Financial, Legal & Tax Planning, Inc. Roman is an Attorney, a CPA, Managing Real Estate Broker, Title Insurance Agent and an instrument rated private pilot. Roman is also one of the Tax Course Instructors for the Internal Revenue Service’s Annual Filing Season Program for Tax Return Preparers throughout the United States. Roman is admitted to practice in Illinois, Florida, Arizona, Missouri, Federal District Court of Illinois Southern District, the United State Court of Appeals for the 7th Circuit, and Roman is also admitted to practice in the United States Supreme Court being sworn into the highest court in the summer of 2015 in front of all nine Supreme Court justices.
