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