Understanding tax terminology is crucial for accurate tax preparation. Clients rely on tax preparers to navigate complex language and ensure accurate returns. This course covers deductions and credits for individual taxpayers, starting with deductible expenses, followed by standard and itemized deductions, and concluding with tax credits that reduce payable tax.

Learning Objectives

• Identify expenses incurred by a taxpayer that may be deducted from gross income and correctly calculate the amount of the available deduction
• Determine the amount of itemized deductions available to a given taxpayer and determine whether the standard deduction is more advantageous
• Calculate the common tax credits available to a given taxpayer to offset the tax otherwise payable on the taxpayers adjusted gross income