Tax Credits for Families with Children

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• published: 16 Oct 2015
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Lecture Content Rules surrounding a variety of benefits available to families with children are complex and often confusing. Allowable credits are subject to varying restrictions and may be dependent upon filing status, gross income and other limiting factors. This lecture covers important rules and offers numerous tax scenarios to help clarify understanding of these topics. Topics Covered * Refundable vs nonrefundable credits * Rules for claiming the credit for child and dependent care expenses * Figuring the amount of childcare expense and completing Form * * 2441 - Child and Dependent Care Expenses * Rules for claiming the child tax credit * Definition of qualifying child for purposes of the child tax credit * Children of divorced or separated parents * Rules for claiming the adoption credit * Figuring the amount of adoption credit and completing Form 8839 - Qualified Adoption Expenses * Earned Income Credit rules for taxpayers without qualifying children * EIC rules for taxpayers who have qualifying children * Preparation of Schedule EIC * Special EIC rules for military/clergy/ disability income * Reclaiming the earned income credit after denial and requirements for Form 8862 * Due diligence requirements for paid preparers with respect to EIC claims * Best practices with respect to EIC due diligence rules * IRS enforcement efforts and penalties impacting tax practitioners * Rules for claiming the additional child tax credit * Preparation of Schedule 8812 Terms of Use or Enrollment Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.