Individual Tax Prep 101

PROGRAM CONTENT

This course provides continuing professional education (CPE) to review basic information about preparing income tax returns for individuals. Subject matter includes information about filing status, dependents, income, adjustments, deductions, and tax credits for individuals.

CPE CREDIT HOURS

5 Credit Hours. One 50-minute period equals one CPE Credit Hour.

LEARNING OBJECTIVES

• Filing Status, Filing Requirements, Dependents
  • 1-A Recognize the filing status rules.
  • 1-B Recognize the limitations for filing as Head of Household.
  • 1-C Identify filing requirements based on filing status and income.
  • 1-D Identify the tests for claiming someone as a dependent.
  • 1-E Recognize the special dependency rules for divorced or separated parents.
• Income
  • 2-A Identify taxable and nontaxable income.
  • 2-B Differentiate between total income, adjusted gross income, and taxable income on Form 1040.
  • 2-C Identify what is reported in the various boxes on Form W-2.
  • 2-D Identify when a taxpayer is required to use Schedule B.
  • 2-E Recognize the various Forms 1099 received for retirement.
• Adjustments and Deductions
  • 3-A Recognize the impact adjustments have on income.
  • 3-B Apply the rules for the student loan interest deduction.
  • 3-C Compute the allowable contribution to a health savings account.
  • 3-D Identify when a taxpayer is eligible for an increased standard deduction.
  • 3-E Recognize which taxpayers are allowed to use the tax tables.
• Credits
  • 4-A Recognize the difference between refundable and nonrefundable credits.
  • 4-B Recognize the requirements for claiming the Earned Income Credit.
  • 4-C Compute the Child and Dependent Care Credit.
  • 4-D Recognize qualifications for claiming the Child Tax Credit.
  • 4-E Calculate the excess Social Security amount withheld for a taxpayer.
• Miscellaneous Topics
  • 5-A Identify who might need to make estimated tax payments.
  • 5-B Recognize the various options a taxpayer has when he or she has a balance due.
  • 5-C Identify situations when someone other than the taxpayer may sign the return on the taxpayer’s behalf.
  • 5-D Recognize unique tax rules for military or clergy taxpayers.
  • 5-E Recognize various misconceptions taxpayers have regarding taxes.

RECOMMENDED PARTICIPANTS

Tax professionals who prepare individual income tax returns are encouraged to participate in this course.

PROGRAM LEVEL

Basic. This course provides information on a knowledge level most beneficial to tax professionals whoare new to a skill or attribute, such as staff or entry level personnel. It may also benefit a seasonedprofessional with limited exposure to the area.

*All CE hours issued by The Tax Book