Video: Miscellaneous Credits

In this lesson, Nick Palazzolo, CPA, energizes the discussion with an overview of various miscellaneous credits that could show up on the CPA exam. With a mix of practical advice and humor, he breaks down the complexities of incentives like the Small Employer Retirement Plan Startup Costs Credit, aimed at assisting small businesses in setting up retirement plans. Nick also covers the Small Business Healthcare Tax Credit, which helps smaller employers provide health insurance by covering a portion of the premium costs. Additionally, he delves into the Residential Energy Credit that incentivizes homeowners to invest in solar energy, wrapping up with insights on the Premium Tax Credit for families needing assistance to cover health insurance premiums. While not the centerpiece of exam questions, these credits are essential footnotes that could provide the edge needed to succeed.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Just checking in, making sure you're having a good time. Let's have some fun, let's power through. We got a few more slides. Let's keep the energy up. Get some stretches, go for a walk, take the dog out, get some coffee, do what you gotta do, have a smoothie. I'd love a smoothie right now. Drink some water, take care of yourself, and we will continue. The Small Employer Retirement Plan Startup Costs Credit. I just, I'm saying that slow because say that five times fast. This is gonna help small businesses establish retirement plans by offering tax credit for the first three years of the plan. These are not gonna be as mission critical and not as important. These are just technically gonna be covered, tested. If they mention them, this just is what they are. You're probably not gonna see multiple choice questions on this though. The Small Business Healthcare Tax Credit. This provides eligible employers with a credit of up to 50% of their costs of plan premiums as long as they contribute a minimum of 50% of the premium costs, helping small businesses to offer health insurance to their employees. Sounds like a very great cause. The Residential Energy Credit. This is a tax incentive that provides a 26% credit on qualifying solar expenses for homeowners, encouraging the adoption of solar energy systems. Probably all you New Mexicans, Texans, Arizonans, Californians, gotta love that. But New York, you're probably not gonna see that with all the clouds. The Premium Tax Credit. This is gonna be a refundable tax credit designed for low to moderate income families who purchase health insurance through the health insurance marketplace, helping them to afford their insurance premiums.

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Federal Taxation of Individuals: Passive Activity, & Tax Credits

Module: 2 Concepts, 28 Videos

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Introduction to Passive Activity Losses and Loss Limitations

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Tax Basis vs. At-Risk Basis