Your Income Tax Description

YOUR INCOME TAX

Description...

Prerequisite - None

Program Level - Basic

Advance Preparation - None

Instructional Delivery Method - This course includes a minimum of 5 review questions with correct and incorrect responses and 5 exam questions for each cpe hour. For the best results we recommend the following steps to complete this course:

(1) Complete the reading assignments. We recommend you read and study all of the required materials prior to beginning the review or final exam.

(2) Complete the related review questions. Each review question offers interactive feedback for all questions. We recommend that you view all feedback, correct and incorrect, to each question. These responses focus on key areas related to the questions and will assist in preparing for the exam.

(3) Complete the exam. Review any incorrect answers.

Recommended CPE Credit - 20 hours. These hours are based on pilot testing results and a 100 minute study hour.

Course Registration Requirements - CPAs should check the Sponsor Information page to determine if this course is available in their state of registration. Not suitable for EAs at the time.

Lesson and Objectives	Reading Assignment
1. Filing Status	Chapter 1
The learning objectives for this lesson are to gain an understanding of: • Various filing status basics • Tax rates based on filing status
2. Taxable Wages, Salary, and Other Compensation	Chapter 2
The learning objectives for this lesson are to gain an understanding of: • Salary and wage incom • Benefits • Insurance • Stock as compensation
3. Fringe Benefits	Chapter 3
The learning objectives for this lesson are to gain an understanding of: • Health care • Education assistance • Flexible spending arrangements
4. Dividend and Interest Income	Chapter 4
The learning objectives for this lesson are to gain an understanding of: • Reporting dividends and mutual-fund distributions • Bonds
5. Reporting Property Sales	Chapter 5
The learning objectives for this lesson are to gain an understanding of: • Capital gains, losses, and carryyovers • Holding periods • Cost basis • Installment sales • Bad debts
6. Tax-Free Exchanges of Property	Chapter 6
The learning objectives for this lesson are to gain an understanding of: • Like-kind exchanges • Related parties • Joint-ownership interests
7. Retirement and Annuity Income	Chapter 7
The learning objectives for this lesson are to gain an understanding of: • Lump sum distributions and payments • Rollovers • 401(k) plans • Annuity issues
8. IRAs	Chapter 8
The learning objectives for this lesson are to gain an understanding of: • Traditional and Roth IRAs • Rollovers and transfers • SEPs and SIMPLE IRAs
9. Income from Rents and Royalties	Chapter 9
The learning objectives for this lesson are to gain an understanding of: • Rental deductions • Depreciation • Royalties, patents, and copyrights • Oil and gas income
10. Loss Restrictions	Chapter 10
The learning objectives for this lesson are to gain an understanding of: • Rental activies • Determining passive or nnpassive income and loss • Partnership rules • At-risk limits • Carryover of disallowed losses
11. Other Income	Chapter 11
The learning objectives for this lesson are to gain an understanding of: • Prizes and awards • Gifts and inheritances • How partners report partnership profit and loss • Insurance
12. Deductions Allowed in Figuring AGI	Chapter 12
The learning objectives for this lesson are to gain an understanding of: • Figurig AGI • Claiming deductions from AGI • The distance test • Moving expenses • Qualified retirement plans • Health savings accounts
13. Claiming the Standardized Deducion or Itemized Deductions	Chapter 13
The learning objectives for this lesson are to gain an understanding of: • When to Itemize • Dependents
14. Charitable Contribution Deductions	Chapter 14
The learning objectives for this lesson are to gain an understanding of: • Deductible and nondeductible contributions • Property • Life Insurance • Business inventory • Five-year caryover for excess contributions
15. Itemized Deduction for Interest Expenses	Chapter 15
The learning objectives for this lesson are to gain an understanding of: • Home mortgage interest • Home equity loans • Home construction loans • Points • Prepaid interest
16. Deducting for Taxes	Chapter 16
The learning objectives for this lesson are to gain an understanding of: • Deductible and nondeductible taxes • State and local income taxes • Real estate taxes • Allocating taxes when you buy or sell realty
17. Medical and Dental Expense Deduction	Chapter 17
The learning objectives for this lesson are to gain an understanding of: • Allowable medical care costs • Reimbursements • Expenses of your spouse and dependents • Nursing homes
18. Casualty and Theft Losses and Involuntary Conversions	Chapter 18
The learning objectives for this lesson are to gain an understanding of: • Casualty and disaster losses • Theft losses • Involuntary conversions • Replacement property
19. Deductig Job Costs and Other Miscellaneous Expenses	Chapter 19
The learning objectives for this lesson are to gain an understanding of: • 2% AGI floor • Dues and subscriptions • Computer and cellular phones • Calculators, copiers, fax machines, and typewriters • Legal costs
20. Travel and Entertainment Expense Deductions	Chapter 20
The learning objectives for this lesson are to gain an understanding of: • Commuting expenses • IRS meal allowance • Business trip deductions • 50% deduction limit
21. Personal Exemptions	Chapter 21
The learning objectives for this lesson are to gain an understanding of: • Your spouse, children, and relatives • Meeting the support test • Citizen and resident tests • Phaseout of personal exemptions
22. Figuring Your Regular Income Tax Liability	Chapter 22
The learning objectives for this lesson are to gain an understanding of: • Taxable and regular income tax liability • Using the tax table • Tax calculation if you have net capital gains or qualified dividends • Tax credits
23. Alternative Minimum Tax (AMT)	Chapter 23
The learning objectives for this lesson are to gain an understanding of: • Computing AMT • Adjustments for AMT • Net operating losses • Avoiding AMT
24. Computing the "Kiddie Tax" for Children Under Age 18	Chapter 24
The learning objectives for this lesson are to gain an understanding of: • Filing your child's return • Children under age 18 subject to the "kiddie tax." • Computing "kiddie tax" on child's return
25. Personal Tax Credits Reduce Your Tax Liability	Chapter 25
The learning objectives for this lesson are to gain an understanding of: • Child tax credits • Dependent care credit • Earned income credit • Other credits
26. Tax withholdings	Chapter 26
The learning objectives for this lesson are to gain an understanding of: • Income tax withholdings • Withholding the right amount • Tips • FICA Withhoding
27. Estimated Tax Payments	Chapter 27
The learning objectives for this lesson are to gain an understanding of: • Planning estimated tax payments • Important dates • Estimates by husband and wife • Adjusting your payments during the year
28. Tax Planning Overview	Chapter 28
The learning objectives for this lesson are to gain an understanding of: • Tax-saving opportunities • When to defer income and accelerate deductions • Earning thresholds
29. Tax Savings for Residence	Chapter 29
The learning objectives for this lesson are to gain an understanding of: • Avoiding tax on sale of principal residence • Home sales by married persons • Figuring gain or loss • Personal and business use of a home
30. Tax Savings for Investors in Securities	Chapter 30
The learning objectives for this lesson are to gain an understanding of: • Planning year-end securities transactions • Stocks and bonds • Series EE and E bonds • Traders, dealers, and investors
31. Tax Saving for Investors in Real Estate	Chapter 31
The learning objectives for this lesson are to gain an understanding of: • Investing in real estate ventures • Timeing your real property sales • Special tax credits for real estate investments • Foreclusures, repossessions, and voluntary conveyances to creditors
32. Tax Pointers for Investors in Mutual Funds	Chapter 32
The learning objectives for this lesson are to gain an understanding of: • Investing in mutual funds • Timing your investment • Fund expenses • How to report mutual fund distributions
33. Educational Tax Benefits	Chapter 33
The learning objectives for this lesson are to gain an understanding of: • Scholarships and grants • Qualifed tuition programs • The Hope Credit and Lifetime Learning Credit • Tuition and fees deduction
34. Special Tax Rules for Senior Citizens	Chapter 34
The learning objectives for this lesson are to gain an understanding of: • Social Security benifits subject to tax • How tax on Social Security reduces your earnings • Claiming the credit for the elderly or disabled • Tax effects of moving to a continuing care facility
35. Members of the Armed Forces	Chapter 35
The learning objectives for this lesson are to gain an understanding of: • Taxable Armed Forces pay and benefits • Deductions • Tax deadlines • Tax information for reservists
36. How to Treat Foreign Earned Income	Chapter 36
The learning objectives for this lesson are to gain an understanding of: • Claiming the foreign earned income exclusion • What is foreign earned income • Tax treaties with foreign countries • Foreign tax credit
37. Planning Alimony and Marital Settlements	Chapter 37
The learning objectives for this lesson are to gain an understanding of: • Alimony agreements • Acceptable payments • Payment periods • Legal fees of marital settlements
38. Household Employment Taxes ("Nanny Tax")	Chapter 38
The learning objectives for this lesson are to gain an understanding of: • Who is a household employee? • Social Security and Medicare taxes for household employees • Federal unemployment taxes for household employees
39. Gift and Estate Tax Planning	Chapter 39
The learning objectives for this lesson are to gain an understanding of: • Gift tax basics • Gift tax credit • The estate tax
40. Income or Loss From Your Business or Profession	Chapter 40
The learning objectives for this lesson are to gain an understanding of: • Reporting self-employed income • Accounting methods • Home office deductions • Net operating loss
41. Retirement Plans for Self-Employed	Chapter 41
The learning objectives for this lesson are to gain an understanding of: • Keogh Plans • SEPs • SIMPLE IRAs
42. Claiming Depreciation Deductions	Chapter 42
The learning objectives for this lesson are to gain an understanding of: • What property may be deducted • MACRS • Listed property • Goodwill and other intangibles
43. Deducting Car and Truck Expenses	Chapter 43
The learning objectives for this lesson are to gain an understanding of: • Standard mileage rate • Expense allocations • Depreciation • Leased business vehicles
44. Sales of Business Property	Chapter 44
The learning objectives for this lesson are to gain an understanding of: • Depreciation • Gifts and inheritances of depreciable property • Sale of a proprietorship • Corporate liquidation
45. Figuring Self-Employment	Chapter 45
The learning objectives for this lesson are to gain an understanding of: • What is self-employment income? • Why partners pay self-employment tax • How wages affect self-employment tax
46. Filing Your Return	Chapter 46
The learning objectives for this lesson are to gain an understanding of: • Keeping tax records • Applying for an extension • Getting your refund • Interest ontax underpayment
47. Filing Refund Claims, and Amended Returns	Chapter 47
The learning objectives for this lesson are to gain an understanding of: • Who should file a refund claim • Joingt refund claims • Interest paid on refund claims • Amended retuns
48. If the IRS Examines Your Return	Chapter 48
The learning objectives for this lesson are to gain an understanding of: • Odds of being audited • Audit overview • Offer in compromise • Recovering costs of a tax dispute