EA Exam Prep Part 1: Tax Sample 3- Schwab (Currently Unavailable)

Author: Eva Rosenberg

This is the ninth class of the EA Exam Prep. Part 1 series. This is a hands-on course in preparing a sample tax return. TaxMama® discusses the details of this married couple’s complex return. Use your detective skills to identify missing information. Learn about constructing a critical component to tax preparation - the client question list. Get tips on various tax preparation software.

Publication Date: June 2019

Designed For
Tax practitioners of all levels, regardless of experience, who want to gain insight into individual tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at preparing a tax return for a sample client. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying

Topics Covered

• Form 1040 and associated schedules
• What to do if Social Security wages on the W-2 are wrong
• Investment income
• Gain on sale of stock
• Stock splits
• Property taxes paid
• Sales taxes paid
• Mortgage interest
• Charitable contributions
• Energy credits
• Child and dependent care expenses
• Childcare credit
• Foreign taxes
• Director fee income
• Self-employment tax
• Additional Medicare tax
• Schedule C-EZ
• Qualified Business Income Deduction
• Estimated tax payments

Learning Objectives

• Recognize how to prepare Form 1040
• Identify how to prepare Form 1040 Schedule 1 — Additional Income and Adjustments to Income, Form 1040 Schedule 3 — Nonrefundable Credits (pdf), Form 1040 Schedule A — Itemized Deductions, Form 1040 Schedule B — Interest and Ordinary Dividends, Form 1040 Schedule C-EZ — Net Profit from Business, Form 1040 Schedule SE — Self-Employment Tax, Form 1040-ES — Estimated Tax Worksheet, Form 2210 — Underpayment of Estimated Tax by Individuals, Estates, and Trusts, Form 5695 — Residential Energy Credit, Form 8283 — Noncash Charitable Contributions, Form 8582 — Passive Activity Loss Limitations, Form 8606 — Nondeductible IRAs, Form 8695 - Health Coverage Exemptions, Form 8814 — Parents' Election to Report Child's Interest and Dividends, and Form 8863 — Education Credits
• Identify appropriate filing status for taxpayers
• Recognize how to prepare returns for clients who are corporate directors
• Identify who qualifies as a dependent
• Identify if taxpayers qualify for Section 199A — Business Income Deduction
• Identify additional information needed from the client
• Recognize how to formulate critical client questions pertaining to information needed to complete the return
• Identify options for payment of taxes owed

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None