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An overview of various tax credits including child credit, hope scholarship credit, lifetime learning credit, and others. It also covers choosing the right tax form, filing methods, filing late or amended returns, reasons for audits, and preparing for an audit. Additionally, it offers resources for help in preparing taxes.
Typology: Slides
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Child credit - Hope Scholarship credit - Lifetime Learning credit - Child and dependent care credit - Earned income credit (EIC) - Adoption credit - Other credits, such as elderly and disabled taxpayercredits
Picking the right form
Determining how to file - Filing late or amended returns - Where to get help
1040 “long form”
allows the use of schedules - only form that allows you to itemize deductions - Know the schedules
Electronic Filing - Refund within 3 weeks - Less chance ofprocessing error - Cost? - Filing by mail
Random - Previous errors - High income level - Filing a Schedule C - Audits allow the IRS toconduct spot checks ofreturns to ensurecompliance to the taxlaws and regulations
Reexamine the areas in question
Gather all supporting data - Anticipate any probable questions - Hire a tax accountant or attorney (ifnecessary) - Note: the best way to win an audit is to keepexcellent records
IRS Publication 17
IRS hotline - Self-help tax publications - Computer programs - Videos - Tax specialists--be sure to start early
