Hi guys, Welcome to the Advanced Video Search Engine, and you are watching CPA Exam Simulation. Tax Planning. Tax Compliance and Plannings TCP CPA Exam. That video is uploaded by Farhat Lectures. The # 1 CPA & Accounting Courses at 2024-01-10T07:13:31-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [HSmr-R1X6dw]
| Name | CPA Exam Simulation. Tax Planning. Tax Compliance and Plannings TCP CPA Exam |
| Video Uploader | Video From Farhat Lectures. The # 1 CPA & Accounting Courses |
| Upload Date | This Video Uploaded At 10-01-2024 15:13:31 |
| Video Discription | In this video, I work a CPA exam simulation covering tax panning as covered on Tax Compliance and Planning on the CPA exam. Start your free trial👉https://lnkd.in/g4hZAp2 Adding a dependent to your tax return can offer significant tax planning advantages, often leading to a reduction in your overall tax liability. Here are the key points to understand: Increased Exemptions and Deductions: For each dependent, you can claim an exemption, which directly reduces your taxable income. Although the Tax Cuts and Jobs Act (TCJA) of 2017 suspended personal and dependency exemptions from 2018 through 2025, having dependents can still impact other deductions and credits. Child Tax Credit: If your dependent is a qualifying child under the age of 17, you may be eligible for the Child Tax Credit, which can significantly reduce your tax bill. For example, under the TCJA, the Child Tax Credit is up to $2,000 per qualifying child, with a refundable portion of up to $1,400. Other Dependent Credit: For dependents who don’t qualify for the Child Tax Credit (like older children or elderly parents), you might be eligible for the Credit for Other Dependents, which is up to $500 for each qualifying person. Education Credits: Having a dependent college student can make you eligible for education-related tax credits like the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit, which can offset education expenses. Child and Dependent Care Credit: If you pay for childcare for a dependent child under age 13, or for another dependent who is incapable of self-care, you may qualify for this credit, which helps offset some of the costs associated with childcare. Medical Expenses: If you itemize deductions, you can include the medical expenses paid for your dependents. This is particularly relevant if you have significant medical expenses for a dependent, as you can deduct the portion of these expenses that exceeds 7.5% of your adjusted gross income. Head of Household Filing Status: If you’re unmarried and have a qualifying dependent, you may be able to file as head of household, which offers a higher standard deduction and lower tax rates than the single filing status. Earned Income Tax Credit (EITC): The EITC is a refundable tax credit for low to moderate-income workers. The amount of the credit increases with the number of qualifying children you have, which could include dependents. State Taxes: Many states offer additional credits and deductions for dependents, so it's important to check your specific state's tax laws. I Mortgage Interest Deduction: Homeowners can deduct interest paid on a mortgage. For mortgages taken out after December 15, 2017, you can deduct the interest on up to $750,000 of mortgage debt (or $375,000 if married filing separately). This can significantly reduce your taxable income, especially in the early years of a mortgage when interest comprises a large portion of the mortgage payment. Property Tax Deduction: Property taxes paid on a primary residence can be deducted. Under the Tax Cuts and Jobs Act (TCJA), the total deduction for state and local taxes, including property taxes, is capped at $10,000 ($5,000 if married filing separately). Home Office Deduction: If you use a part of your home exclusively for business purposes, you may be eligible for the home office deduction. This can include a portion of your mortgage interest, property taxes, insurance, utilities, and depreciation. Energy-Efficient Upgrades: Certain energy-efficient home improvements (like solar panels, solar water heaters) may qualify for tax credits. These credits can directly reduce the amount of tax you owe, dollar for dollar. Points Deduction: If you paid points to get a better rate on your home loan, you might be able to deduct these points in the year you paid them. If you refinanced your mortgage or took out a home equity line of credit, you might be able to deduct these points over the loan's lifetime. Capital Gains Exclusion: When selling your primary residence, you can exclude up to $250,000 of the capital gain from your income ($500,000 if married filing jointly), provided you've lived in the home for at least two of the five years before the sale. This can be a significant tax benefit if your home has appreciated in value. Mortgage Insurance Premiums: For certain taxpayers, premiums paid for private mortgage insurance (PMI) or mortgage insurance provided by the VA, FHA, or the Rural Housing Service can be deducted as mortgage interest. Home Improvement Loan Interest: Interest on a loan taken out for home improvements can be deductible, but the improvements must add value to your home, prolong its life, or adapt it to new uses. #cpaexaminindia #cpaexaminindia #accountinglectures HSmr-R1X6dw |
| Category | Education |
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