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Hands-On Tax Return Workshop - Individuals (Form 1040)
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Description
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This case driven training is designed to get the inexperienced accountant up to speed quickly in the most common areas of individual income taxation. The cornerstone of this course is the preparation of the Form 1040 using actual client data common to most individual income tax returns.
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Objectives
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Prepare a complete Form 1040 income tax return and related schedules with minimal review points Become familiar with tax law from a tax-form perspective with an emphasis on any newly enacted legislation Become more knowledgeable with the information gathering process (i.e. asking the right questions)
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Highlights
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Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.) the participant will prepare the Form 1040 and related tax schedules Dissect the W-2, 1099s and K-1s Schedule B interest and dividend income Schedule C & F trade or business income and deductions Form 4562 depreciation & amortization including 179 Schedule D sale or exchange of capital assets & personal residences Form 4797 sale of trade or business property including the ordinary income recapture rules under 1245 and 1250 Schedule E rental income & deductions, passive activities, flow through entities Other gross income items including alimony, state & local refunds, IRA and pension distributions, unemployment compensation and social security benefits Exclusions from gross income Adjustments to gross income including IRAs, SEPs, tuition and fees deduction, student loan interest and self-employed health insurance Schedule A various itemized deductions Calculate regular tax liability (Schedule D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Schedule SE) Overview of selected tax credits including the child tax credit, adoption credit, dependent care and education credits Tax withholdings, excess FICA withheld and estimated payments needed to avoid the underpayment penalty
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Designed For
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Tax return preparers, staff accountants and paraprofessionals with little or no experience and out of practice public accountants seeking a basic tax return preparation course.
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Recommended
CPE Credits
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16
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Prerequisites
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None
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Event Id / Acronym
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10HOWI
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Course Level
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Basic
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Field(s) of Study
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Taxes
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Producer
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Garverick Province, LLC
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Instructor
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© 2010 Business Learning Institute, an affiliate of MACPA
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