1040 Preparation and Planning Series (2018 Edition) (Currently Unavailable)

Filing status is the status used to determine the applicable tax liability from the tax table or rate schedules. It also impacts certain limitations, thresholds, and other rules. While filing status may seem like the simplest entry on the tax return, there is often much confusion. This interactive on-demand course, 1040 Preparation and Planning 2: Filing Status (2017), discusses the various filing statuses and the related requirements, as well as innocent spouse relief.

This course, the third in the 1040 Preparation and Planning series, covers personal and dependency exemptions, and the phase-out rules for dependency exemptions.

This course, the fourth in the 1040 Preparation and Planning series, covers gross income and different inclusions and exclusions, as well as reporting wages and benefits, taxable benefits, and benefits excluded from income.

This fifth course in the 1040 Preparation and Planning series covers gross income from interest, dividends, Social Security, alimony, unemployment benefits, cancellation of debt, and other income.

This course discusses gains and losses. It defines basic terms, such as amount realized, basis, realized gain, and realized loss. It explains the basic requirements for nonrecognition of gain on involuntary conversions, and computation of the basis of property. The course looks at the distinction between capital and ordinary assets, which is important because capital gains and losses are reported differently from ordinary gains and losses, and the deduction of capital losses is sharply limited. It also covers Form 8949 and Schedule D of Form 1040.

This course covers exclusion of gain from sale of a principal residence, and how the business use of a home affects that. It also explains expenses that can increase or decrease the basis in a principal residence. Additionally, it covers how to handle like-kind exchanges (including exchanges of insurance policies) property settlements on marital dissolutions, involuntary conversions, and special exchange rules.

This course looks at expenses and deductions for business, including: travel, entertainment, home office, work-related education, depreciation, losses, farming, rents and royalties, investments and income-producing activities. It also covers research and development expenditures, the domestic activities deduction, expenses that are part business and part personal, and much more.

Gross income is all wealth that flows to the taxpayer other than as a mere return of capital, provided that it is not specifically excluded. This course explains what an exclusion is, reviews exclusions from gross income, including tax treatment of gifts and inheritances, taxable and tax-free damages, and miscellaneous tax-free income.

This course discusses income from commercial annuities, IRAs, and retirement plans, required minimum distributions, and distribution and withholding rules for IRAs and qualified retirement plans.

This course looks at adjustments to gross income, including deductions don’t require itemizing such as educator expenses, expenses of Reservists, performing Artists, and fee-Basis Government Officials. It also discusses HSAs, IRA deductions; tax treatment of alimony, child support, and property settlements; and much more. Finally, it explains how to arrive at adjusted gross income.

This course discusses the current standard deduction, and reviews deductible medical expenses, deductible interest, and deductible taxes. Limitations on these deductible expenses are also discussed.

This course reviews the following itemized deductions: charitable contribution deductions, including which organizations qualify to receive deductible contributions, how different types of contributions are handled, and substantiation requirements; casualty and theft losses; unreimbursed employee business deductions; and other miscellaneous itemized deductions. It also discusses the phase-out for high-income taxpayers.

After entering income and deductions on the tax return, there is an additional subtraction for personal exemptions, and itemized or standard deductions to arrive at taxable income. This is the amount on which the tax is figured. The tax is reduced by tax credits to which a taxpayer is entitled and is increased by additional taxes, recapture amounts, and tax penalties. This course examines figuring tax liability: figuring taxable income; Tax Tables; Tax Computation Worksheet; Schedules D and J; computations for lump-sum distributions; kiddie tax; tax on child’s investment income; and other issues.

This course covers types of tax credits, including refundable and nonrefundable tax credits; figuring each type of personal tax credit; which credits are reported in Tax and Credits and which in Other Taxes; and business tax credits.

This CPE course addresses the alternative minimum tax, employment taxes for the self-employed and household employees, the net investment income tax and additional Medicare taxes, as well as the individual healthcare mandate exemptions and penalties. It also discusses the recapture of the first-time homebuyer credit.

This course reviews tax withholding, when estimated tax payments are necessary and how to calculate them, and tax credits that can be used to offset tax liability.

This course looks at issues affecting tax practice, such as when and where to file returns; payment options; filing extensions; electronic filing; amended returns; offers in compromise; audit issues; and rules for return preparers. It also reviews installment agreements, interest and penalty suspension, electronic filing, special time limit situations, and interest on underpayments and overpayments.