This course will take new and administrative staff from the most basic concepts to an understanding of individual tax return preparation - just in time for the crunch of busy season!
- Preparation of various Form 1040 individual tax returns and schedules; provided answers include 'filled-in' forms
- Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
- Wages and salaries
- Dividends and interest -- Ordinary, return of capital, and capital gain distribution dividends; tax-exempt interest, original issue discount, etc.
- Security transactions -- From Form 1099-B to Form 8949 to Schedule D, plus mutual fund sales and related basis issues
- Figuring tax, including regular tax, Net Investment Income and the tax on minor children with investment income
- Basic income tax preparation -- From 1040A to Form 1040
- Medical and dental expenses, charitable contributions
- Interest deductions
- Miscellaneous itemized deductions
- Individual problems illustrating form preparation for various items
- Impact of recent legislation and forms changes on the 1040
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete an introductory problem related to Form 1040A
- Complete a comprehensive problem related to Form 1040
- Complete a comprehensive problem related to Schedule A -- Itemized Deductions
- Complete a comprehensive tax return; answers with filled-in forms are provided.
Who should take this course:
New staff, rusty or those returning to the profession, who desire to prepare individual returns