1040 Preparation and Planning Series (2019 Edition) (Currently Unavailable)

This series introduces the fundamentals of preparing and planning the form 1040. These interactive on-demand courses will guide you through the various 1040 topics.

This on-demand 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.
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 discusses the various filing statuses and the related requirements, as well as innocent spouse relief. It also covers personal and dependency exemptions, and the phase-out rules for dependency exemptions.
This course, the third 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 fourth 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. A case study that walks you through calculating reportable income is included in this course.
This on-demand 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 on-demand 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 on-demand 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. It also discusses income from commercial annuities, IRAs, and retirement plans, required minimum distributions, and distribution and withholding rules for IRAs and qualified retirement plans.
This on-demand course looks at adjustments to gross income, including deductions dont 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 on-demand course discusses the current standard deduction, and reviews deductible medical expenses, deductible interest, and deductible taxes. Limitations on these deductible expenses are also discussed. In addition, the 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.
This on-demand 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 on-demand 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 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. It concludes with a review of tax withholding, when estimated tax payments are necessary and how to calculate them, and tax credits that can be used to offset tax liability.
Total: 12 courses (23 CPE hours)

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