Individual Tax Prep 201

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 income, adjustments, deductions, and tax credits for individuals.

CPE CREDIT HOURS

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

LEARNING OBJECTIVES

• Income
  • 1-A Determine proper methods of reporting sales of capital assets.
  • 1-B Identify deductible business expenses.
  • 1-C Determine the correct form or schedule to use when the taxpayer has rental income and expenses.
  • 1-D Calculate the business use of home deduction.
  • 1-E Recognize the characteristics of pass-through entities.
• Adjustments and Deductions
  • 2-A Determine deductible amounts for contributions to IRAs.
  • 2-B Compute adjustments to income for self-employed taxpayers.
  • 2-C Calculate the amount of mortgage interest that can be included as an itemized deduction on Schedule A (Form 1040).
  • 2-D Recognize the limits for deducting charitable contributions.
  • 2-E Identify limits to the amount taxpayers may claim for certain itemized deductions.
• Taxes and Credits
  • 3-A Determine the amount of tax owed when a taxpayer has net capital gains.
  • 3-B Apply additional Medicare tax on income above threshold amounts.
  • 3-C Recognize taxpayers that are subject to self-employment tax.
  • 3-D Compute the Retirement Savings Contribution Credit.
  • 3-E Apply the rules for claiming education tax credits.
• Miscellaneous
  • 4-A Recognize the due diligence requirements for paid tax return preparers.
  • 4-B Identify signs of tax-related identity theft.
  • 4-C Recognize who can practice before the IRS.
  • 4-D Identify various tax related penalties.
  • 4-E Determine when an amended return should be filed.

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 who are new to a skill or attribute, such as staff or entry level personnel. It may also benefit a seasoned professional with limited exposure to the area.

*All CE hours issued by The Tax Book