Basic Concepts of Individual Taxation (Completed)

Join Allison McLeod, CPA, for an introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed.

Who Should Attend
CPAs, CFPs, EAs and other tax preparers.

Topics Covered

• Fundamentals of preparing and filing an individual federal income tax return
• What the federal income tax is and how it is computed

Learning Objectives

• Identify how the federal income tax differs from other types of federal taxes
• Recognize the steps in computing a taxpayer's federal income tax liability
• Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," "qualifying child," "tax credits," "filing status," and "kiddie tax"
• Recognize how an individual's standard deduction is determined
• Recognize how to explain differences in the tax for ordinary income, capital gains, and qualified dividend income
• Differentiate between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None