I’m studying for my Accounting class and don’t understand how to answer this. Can you help me study?
Explain two (2) income tax credits available to your client to reduce their income tax liability. Provide the two (2) benefits of granting income tax credits to the US government.
Explain the four (4) factors where the premium tax credit (PTC) applies. Provide an example on each factor. Go to https://www.irs.gov/pub/irs-pdf/f1040.pdf) and obtain a form 1040 income tax return. Determine where the PTC applies on the form.