Objective
- Prepare simple, to moderate, to complicated individual tax returns
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797 and Alternative Minimum Tax
- Overview of passive activity rules
- Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided
Highlights
- Effects of recent legislation, including the recently enacted Inflation Reduction Act
- The Qualified Business Income deduction
- Filing information, filing status, personal exemptions, dependents, the standard deduction, etc.
- Wages and salaries
- Interest income, dividend income, mutual funds, Social Security
- Figuring tax
- Basic income tax preparation, Form 1040 and Schedules 1 – 3
- Capital gains and losses
- Medical and dental expenses, charitable contributions
- IRA contributions and distributions
- Distributions from qualified retirement plans, pensions, and annuities
- Profit and loss from business or profession and self-employment tax
- Depreciation
- Rental income and expenses
- Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more
Designed For
New staff, rusty or those returning to the profession, who desire to prepare individual returnsPrerequisite
NoneAdvanced Preparation
None