Tax credits and deductions play a crucial role in minimizing tax liabilities for individuals and businesses. However, understanding eligibility rules, limitations, and IRS compliance requirements can be challenging. This IRS-approved 2-hour webinar will provide a comprehensive breakdown of key tax credits and deductions, equipping tax professionals with strategies to optimize client tax outcomes while ensuring compliance with tax laws.
Attendees will learn to distinguish between above-the-line and below-the-line deductions, explore business and personal tax credits, and identify common audit triggers related to improper claims. Whether you’re advising individuals or businesses, this session will help you confidently apply tax-saving strategies for your clients.
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.
- Get a grasp on how the new tax bill affects credits and deductions.
- 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.
About The Presenter:
Roman A Basi Attorney/CPA
Roman Basi is the President of the Center for Financial, Legal & Tax Planning, PC. He is an Attorney and CPA and holds a Master’s Degree in Business Administration. Roman is also a Real Estate Broker, Title Insurance Agent, and a Private Pilot with an instrument rating. His law and accounting practice focuses on Mergers and Acquisitions of Privately Held Companies across the U.S., as well as Business Valuations, Succession Planning, Estate Planning, Corporate Law, Tax Law, and Real Estate. Roman is a highly sought after speaker touring the nation on a continuous basis speaking to numerous Associations. He is also the President and Managing Broker of Heartland Realty & Rentals, Inc. and the Managing Member of Woodland Rental Properties, LLC – companies that own and manage approximately 300 units of real estate located in Southern Illinois and Southwest Florida. Roman and his wife Brandi of 27 years, reside on Clearwater Beach, Florida. They have two daughters, Alexis, 22, is a third-grade teacher in Nashville, Tennessee, and Marissa, 25, is a pilot with Envoy (American Airlines).
