Staff Training Part 1: Individuals

Author: Greg White

Tax practice is a complicated field. We’ll break it down into understandable concepts, including filing status, tax brackets, and tax dependents. We’ll also cover important tax credits, including the child tax credit.

Publication Date: July 2020

Designed For
Designed for tax professionals involved in federal tax planning or tax return preparation.

Topics Covered

• Why Is Tax Practice a Great Undertaking?
• Tax Practice
• Helping Others
• Preparing for College and Retirement
• Preparing for Your Own Life
• Relearning
• Tax Law: Structure of Tax Law
• Form 1040
• Standard Deductions
• Tax Brackets
• Who Must File
• Forms
• Interconnected Topics
• Filing Status Options
• Determining Filing Status: Overview
• Inevitable Mistakes
• Dependents
• Key to Unlocking Benefits
• Qualifying Child
• Tiebreakers
• Qualifying Relative
• Credits: Dollar for Dollar Benefit
• Income and Interconnected Benefits
• Child Tax Credit and Other Dependents Tax Credits
• Form 8332

Learning Objectives

• Recognize how to choose the best filing status for your client
• Identify the tax consequences of getting married
• Identify individuals who are eligible to be claimed as dependents
• Recognize how to compute the child tax credit
• Identify an example of an above the line deduction
• Identify examples of itemized deductions
• Identify 2019 standard deductions for various types of filers
• Recognize which IRS Forms apply to various taxpayers

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (4 hours)

Program Prerequisites
None

Advance Preparation
None