This course will take new and administrative staff from the most basic concepts to a full understanding of individual tax return preparation -- just in time for the crunch of busy season! Updated for impacts of recent legislation. The course builds from a strong technical foundation, to prepare simple, to moderate, to complicated individual tax returns.
Learning Objectives
- Prepare simple, to moderate, to complicated individual tax returns
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797, and Alternative Minimum Tax
- Overview of passive activity rules
- Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided
Major Topics
- Effects of recent legislation
- SECURE Act 2.0
- The Qualified Business Income deduction
- Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
- Wages and salaries
- Interest income, dividend income, mutual funds, Social Security
- Figuring tax
- Basic income tax preparation, Form 1040, and Schedules 1 – 3
- Capital gains and losses
- Medical and dental expenses, charitable contributions
- IRA contributions and distributions
- Distributions from qualified retirement plans, pensions, and annuities
- Profit and loss from business or profession and self-employment tax
- Depreciation
- Rental income and expenses
- Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more
