This course will take new and administrative staff from the most basic concepts to an understanding of individual tax return preparation. Updated for impacts of the Tax Cuts and Jobs Act of 2017.
- Effects of recent legislation
- 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
- Distributions from qualified retirement plans, pensions, and annuities
- Preparation of Schedules A, B, C, D, E, and more
- Learn complicated issues of filing status and dependency exemptions
- Understand issues with reporting capital gains transactions
- Complete several tax returns; many schedules and worksheets, answers with filled-in forms are provided.
New staff, rusty or those returning to the profession, who desire to prepare individual returns