1040 Preparation and Planning 1: Fundamentals (2018) (Currently Unavailable)

Author: Sidney Kess, Barbara Weltman

This course reflects the tax law before the enactment of TCJA.

This course introduces the fundamentals of federal income tax and gives an overview of the general income tax structure. It also includes some basic tax accounting essentials: tax year and accounting method. It discusses taxpayer classification, the purpose of the income tax return and forms, who must file a return, recordkeeping requirements and more.

Publication Date: November 2017

Topics Covered

• Basic Federal Income Tax Structure
• Classification of Taxpayers
• Purpose of the Income Tax Return and Income
• Estimated Tax
• Who Must File a Return
• Getting Started on Preparing the Return
• Gross Income
• Standard Deduction
• Paying the Tax
• Filing the Return
• Tax Accounting - Accounting Periods and Methods

Learning Objectives

• Describe the basic federal income tax structure
• Identify who is required to file a return
• Describe the basic parts of the income tax return
• Describe payment options for taxes owed
• Discuss the concepts of tax year and accounting method

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None