Basic Individual Taxation Course

Overview

Please join us for an introductory course on the fundamentals of preparing and filing an individual federal income tax return. We will cover topics such as what the federal income tax is and how it is computed. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Highlights

The major topics covered in this class include:

• Defining Federal Income Taxes
• Computing federal income tax liability
• Calculating adjusted gross income
• Defining Qualifying Child
• Determining filing status
• Calculating the Kiddie Tax
• Standard deduction
• Tax Rates for ordinary income, capital gains, and qualified dividend income
• Cash v. Accrual Method
• Filing deadlines and obtaining extensions

Prerequisites

None

Designed For

This course is ideal for CPAs, CFPs, EAs and other tax preparers

Objectives

After attending this presentation, you will be able to...

• Identify how the federal income tax differs from other types of federal taxes
• Determine the steps in computing a taxpayer's federal income tax liability
• Differentiate tax consequences for terms commonly used for the federal income tax, such as "adjusted gross income," "qualifying child," "tax credits," "filing status," and "kiddie tax"
• Recognize how an individual's standard deduction is determined
• Indicate differences in the tax for ordinary income, capital gains, and qualified dividend income
• Recall the difference between the cash and accrual method, and the correct period in which taxpayers must recognize income and/or deductions
• Identify deadlines for filing income tax returns and estimated taxes and how to obtain an extension of time for filing a return

Preparation

None