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Trained tax professionals can make a lucrative income preparing individual and business tax returns. Many tax professionals take classes to prepare them to prepare tax returns. They are trained to help their clients obtain the highest possible refunds and to reduce their tax liability by as much as possible.
Students who take quality tax courses will learn how to conduct interviews with their clients. They will learn which questions to ask to determine whether or not the taxpayer qualifies for certain deductions. For example, many people qualify for the earned income credit if they have a qualifying child. Without asking the right questions, tax professionals will not know if a child residing in a taxpayer’s home will qualify the taxpayer for the earned income credit.
Students will also learn the tax filing statuses to determine which one their tax clients should filed under. The filing statuses include single, married filing joint, married filing separately, head of household and qualifying widow or widower. If a person is married, the tax professional must find out if the taxpayer is separated from his or her spouse. This question will determine if the taxpayer should file as married filing separate or married filing jointly.
It is very important for students to learn the requirements of claiming personal and dependency exemptions on their tax returns. Due to the fact that many taxpayers try to claim dependents that they cannot claim, tax professionals must become knowledgeable to the rules. Tax preparation classes will provide in depth information concerning exemptions. Tax preparers will learn that parents can claim their child up until a certain age depending upon whether the child attends college. Also, they will learn whether or not a taxpayer can claim a parent who lives in their home. There are many other rules that tax students will learn by attending tax school.
Students will also learn how to provide tax planning. They will learn how to advise small businesses on structuring large transactions to eliminate any unnecessary tax liabilities. Students will work through real life tax situations in class to prepare them to provide effective tax planning and quality preparation services for their future clients.
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