IRS Form 1040 Preparation Part 2: Filing Status

Identify opportunities to pay less taxes depending on different deductions taken and classifications of income.

U.S. taxpayers are still learning about changes in tax strategies due to recent U.S. tax reform under the Tax Cuts and Jobs Act of 2017 (TCJA). Many aspects of tax planning and preparation have changed for all taxpayers for the first time in more than thirty years since the 1986 Tax Act. This topic will provide you with an overview of choosing the proper tax filing status, based on changes in tax rates and brackets, elimination of personal exemptions for dependents, and changes in credits and deductions for children. The range of topics include head of household benefits, married filing status options, divorce and support agreements, and state tax differences.

Learning Objectives

• You will be able to identify new tax law changes which impact current U.S. filing status alternatives.

• You will be able to review U.S. considerations for claiming dependent benefits and deductions.

• You will be able to discuss U.S. tax benefits of married filing status and head of household status.

• You will be able to recognize year-end tax strategies to manage divorce and support situations and agreements.

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