Roger and Annie discuss Congress and IRS roles when it comes to taxes, how tax code is used to encourage behaviors, how tax policy scoring works, and explain deductions versus credits.Get NASBA Approved CPE or IRS Approved CELaunch the course on EarmarkCPE to get free CPE/CE for listening to this episode.Links mentioned in this episodeChapters
(00:00) - Federal Tax Update E3
(02:29) - Don't miss the Deductions on Credits on your Tax Return
(10:41) - How tax policy is scored?
(16:12) - Limitations of Deductions and Credits
(19:10) - Do you take a standard deduction or a Itemized deduction?
(23:17) - Deductions on Charitbale Donations
(25:37) - Gift Tax Returns
(29:21) - Education Credits
(36:26) - Sole Proprietorship Deducitons
(41:11) - Refundable Credits
(43:26) - What does it cost to raise a child?
(47:11) - Updates on the Employee Retention Credit
Follow the Federal Tax Updates Podcast on Social Mediatwitter.com/FedTaxPodConnect with the Hosts on LinkedInRoger HarrisAnnie SchwabReviewLeave a review on Apple Podcasts or PodchaserSubscribeSubscribe to the Federal Tax Updates podcast in your favorite podcast app!This podcast is a production of the Earmark MediaFull transcript available upon request