Canopy's new CPE and CE eligible course walks through these various tax savings opportunities, providing examples of when the credits can be applied.
1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
We all know that paying for higher education is a huge drain on any family’s resources. Happily, the tax code provides a wide variety of ways to help families pay for that higher education, including the American Opportunity Tax Credit, the Lifetime Learning Credit, §529b plans, IRAs, savings bond programs and Coverdell ESAs.
Our software does the math, of course, but we tax preparers need to understand when a taxpayer qualifies for these opportunities and what documentation is required of that taxpayer. Since the American Opportunity Tax Credit is a partially refundable credit, that’s also part of our due diligence requirements on Form 8867. We have to be very cautious when deciding that a client qualifies for that particular credit!
Canopy's new CPE and CE eligible course walks through these various tax savings opportunities, providing examples of when the credits can be applied. We’ll talk about how to allocate 529b plan distributions so as to maximize tax savings. We’ll also look at Form 8862, used to reinstate a previously disallowed tax credit, and share tips for dealing with clients who may not have all their paperwork in order.
This class will give you confidence when dealing with clients’ education expenses! After taking this course, you’ll:
Course information:
Sign up today and earn 1 credit hour!
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1 min read
Amy M. Wall, EA, MBA, is a Canopy CPE/CE course instructor.
1 min read
Canopy takes the headaches out of client management by offering a way to keep client info organized.
I love how easy it is to setup a new client in this software. Once set up, it's one click to get IRS transcripts downloaded for my review. This saves me at least an hour each week in comparison to the software I used to use.
This makes workflow for tax resolution manageable. This business is a bunch of hurry up and wait. This system helps to refresh my memory while transitioning to different clients.
The ability to securely share documents with clients as well as complete POAs from client contact data already in Canopy. The ability to route workflow between team members with color coded statuses allows us to work efficiently.
Cool features, outstanding customer service, constantly updating to make it better. I love that I can upload files easily to a secure client portal and we don't have to email files anymore. Absolutely can't imagine not having this software.
It's safe and secure. Clients are able to upload documents and the documents are saved their portal which as a result, keeps us better organized. The task feature keeps us organized and we know exactly the status of each client.
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