Tax exemptions are comprised of Personal and Dependent exemptions. Knowledge of who qualifies for an exemption on a tax return is critical when computing the tax amount and whether someone qualifies for credits or not.
Incorrect exemptions can have significant results on a tax return that can cost taxpayers thousands of dollars.
This lesson is designed to teach you exemption qualifications for all taxpayers. By the time you are finished with this course you should be able to identify the different types of exemptions and the qualifications of a dependent exemption.
This is a tax law fundamental course that all tax preparers should know extensively. Whether you are a first time tax preparer that needs to know the basic rules or a seasoned tax professional that needs a refresher, this course is for you.
IRS CE credit of 3 hours is provided with this course.