Video instructions and help with filling out and completing Who Form 8453 S Dependents

Instructions and Help about Who Form 8453 S Dependents

All right I like to start off just by saying welcome it looks like we've got a pretty good turnout for tonight tonight we're gonna be talking about dependence we're gonna be talking about who they are they are not always kids necessarily and we'll go into that detail here we're going to talk about why they are beneficial on your clients tax returns as well before we get started I just want to do a little quick overview for you guys that this might be new to you the interface that we're using on the right hand side of your screen does have a question or chat panel there please feel free to type in any questions as they come up we very well might address them kind of real-time as we're going through the presentation or we might hold off until the end when we will be doing a live question-and-answer session and we will try to bring any in all of those questions up for the benefit of the entire group as well also you'll notice there on the right-hand kind of control panel there are a two handouts set up for this presentation tonight they are the slide decks that we will be walking through please feel free to print those out use them as reference material take some notes on them or something if you'd like but they will also be available with the archived presentation in your web portal approximately 48 hours after we wrap this up this evening the second handout on there is a really nice flow chart that goes hand-in-hand with the presentation as far as who can you claim as a dependent and by the end of this hopefully you guys won't even need that flow chart but it is there for your benefit last but not least we will have a couple of polling questions that we will launch throughout the webinar those polling questions are simply there just to make sure that you guys are awake and moderately attentive on the other end of the presentation the IRS likes to know that you guys are paying attention so we simply launched those make sure that you answer the questions doesn't matter if you get the question right or wrong it's just strictly for participation weights so to speak but otherwise with that being said I'm gonna go ahead and we will turn it over here to Derek and Derek I will let you and Richard run with it here and I'll be manning the question section here so like I said feel free to fire in those questions as we go okay tonight we are going to be going over dependents who are they and what benefits do they provide basically in terms of our course objectives what we're going to do is determine the credits the exemptions and the filing status that is going to be used in regards to dependents we're gonna talk about special filing requirements discuss different types of income how they relate to dependents and the various types of credits and benefits that are there we're going to talk about some document retention and due diligence standards I very briefly we will have a future webinar or due diligence coming up in a couple of weeks but this will very briefly touch about the due diligence requirements that we have in regards to dependents and talk about the state of affairs and tax considerations with dependent filing we're gonna be going through a lot of content that in during the course of this evening and as Joe mentioned feel free to use the question panel over there on the side if we are not able to get to it's like the question for instance is highly specific then obviously feel free to call us during normal business hours as well talk about your specific scenario if we can't get to it today so first things what is a dependent so very loosely a dependent is what the IRS considers anybody who is other than the tax payer or a spouse if you're filing jointly whose presence on the return basically gives that tax payer an exemption in order to do this a dependent has to pass the series of what are known as tests in order to qualify as a dependent so if you're looking through any of the publications like pub 17 or whatever they talk about tests these are just basic series of yes-or-no quest that essentially are you know need to be answered in order to determine whether they are dependent it's the same process used on the flowchart that's over there on the side in the handout section and what dependents do is they provide the taxpayers with additional opportunities on their return for those exemptions as credits there's different filing statuses other preferential tax treatments for certain income and expense categories it just basically provides like a large array of benefits that can you know help your client out and essentially boost their boost of the refund or make them a less tax in order to be considered dependent as in who can be considered a dependent they have five tests essentially that need to be met for someone in order to beacon in order to be considered a dependent the first or the first one is called the qualifying child test that has its own tests inherent to it but that's the first one there is is this person a qualifying child we'll cover this in the in the upcoming slides next one is going to be qualifying relative if they're not a qualifying child are they considered a qualifying relative so that one right there is the next one the dependent tax payer test as in whether or not the tax payer is considered a dependent of another the joint return test as in whether or not the dependent is filing or this particular taxpayers