1040 Tax Course
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Author:Mary Ann Shimko, EA
Copyright © 2010 | Field of Study: Taxes Level: Overview Recommended CPE Credit 8 hours Prerequisites: None Advanced Preparation: None Type of Delivery: Self-Study Expiration: Course expires 1 year after purchase Course Update: July 2010 Accreditation: QAS, NASBA, IRS, CTEC, OTPB Guarantee/Complaint Resolution |
Course Outline
Lesson 1 - Filing Matters
Learning Objectives 1
Who Must File a Return
Filing Requirements
Dependents
Self-Employed Persons
When To File A Return
Combat Zone
Nonresident Alien
Filing for a Decedent
Individuals Outside U.S.
Filing Status
Married Filing Jointly
Married Filing Separately
Head of Household
Keeping Up a Home
Qualifying Widow(er)
Exemptions and Dependents
Member of Household Test
Gross Income Test
Support Test
Estimated Tax Payments
When to Pay Estimated Tax
Changes in Estimated Tax
Highlights of selected tax year 2009 changes
Lesson 2 - Income Items
Learning Objectives 2
Employee Compensation
Bonuses and Awards
Unemployment and Benefits
Canceled Debts
Clergy
Interest Income
U.S. Savings Bonds
Dividends
Capital Gain Distributions
Distributions of Stock
Holding Period
Rental Income
Rental Expenses
Figuring Income and Deductions
Days of Personal Use
Limits on Rental Losses
When to Report Income
Retirement Distributions
Lesson 3 - Benefits/Deductions
Learning Objectives 3
Educational Assistance Benefit
Adoption Benefits
Social Security Benefits
Employee Fringe Benefits
Athletic Facility Benefits
De Minimis Fringe Benefits
Moving Expenses
Transportation Benefits
Working Condition Benefits
Alimony
Alimony Recapture Rule
Non-Business Bad Debts
Classroom Expense Deduction
Lesson 4 - Basis of Assets
Learning Objectives 4
Cost Basis
Real Property Basis
Constructing Assets
Basis of Land and Buildings
Adjusted Basis
Basis Other Than Cost
Basis - Like-Kind Exchanges
Related Persons
Partially Nontaxable Exchange
Allocating Basis
Property Received as a Gift
Basis of Inherited Property
Basis - Surviving Tenant
Basis - Qualified Joint Interest
Property Changed to Business
Basis of Stocks and Bonds
Basis in New and Old Stock
Other Basis
Basis of Restricted Stock
Lesson 5 - Gains and Losses
Learning Objectives 5
Gain or Loss
Property Changed to Business
Foreclosure or Repossession
Involuntary Conversions
Partially Nontaxable
Unlike Property Given Up
Related Party Sales
Treatment of Capital Gain/Loss
Net Gain or Loss
Section 1231 Property
Nonrecaptured Section 1231
Installment Sales
Selling Price Reduced
Mortgage Less Than Basis
Mortgage More Than Basis
Other Transactions
Installment Sale Repossession
Sale of Residence
Maximum Exclusion - Home
Reduced Maximum Exclusion
Ownership and Use Tests
Disability Exception
Married Persons
Business Use of Home
Lesson 6 - Itemized Deductions
Learning Objectives 6
Who Should Itemize
Medical Expenses
Premiums Paid
Capital Expenses
Taxes
Interest Expense
Special Situations
Points
Investment Interest
Charitable Contributions
Contributions of Property
Limit on Deductions
Subject to More Than One Limit
Cash Contributions
Casualty and Theft Losses
Figuring the Amount of Loss
Reimbursement for Casualty
Lesson 7 - Employee Business Expenses
Learning Objectives 7
Work-Related Expenses
Travel Expenses
Temporary Assignment
Deductible Travel Expenses
Meals
Travel in the United States
Outside the United States
Conventions
Entertainment Expenses
The 50% Limit
Exceptions to 50% Limit
Business Gift Expenses
Local Transportation Expense
Car Expenses
Reimbursements
Per Diem and Car Allowances
Nonaccountable Plans
Work-Related Education
Required Education
Education Expenses
Deductions Subject to 2% Limit
Not Subject to 2% Limit
List of Nondeductible Expenses
Lesson 8 - Taxes and Credits
Learning Objectives 8
Child and Dependent Care Credit
Child of Divorced Parents
Employer Dependent Care Benefits
Child Tax Credit
Credit for the Elderly or Disabled
Figuring Credit for the Elderly
Earned Income Credit
American Opportunity Credit
Education Credits
Hope Credit
Lifetime Learning Credit
Education Savings Bonds
Coverdell ESAs
Student Loans
Tuition and Fees Deduction
Alternative Minimum Tax
Prior Year Minimum Tax
Household Employment Taxes
Kiddie Tax
Homebuyer Tax Credit
Course Objectives
Lesson - 1COURSE INTRODUCTION AND LEARNING OBJECTIVES
After completing LESSON ONE, the student will be able to:
- Identify an appropriate filing status
- Identify eligible dependents and exemptions
- Identify the benefits and misconceptions of filing for an automatic extension
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON TWO, the student will be able to:
- Calculate taxable interest income
- Figure the excludable portion of unemployment compensation
- Identify how nontaxable distributions and short-term capital losses affect an investment basis
- Identify to which type of entity passive activity rules apply
- Identify reportable rental income
- Calculate adjustments to gross income Due to the broad scope of issues that are pertinent to determining the taxable amount of distributions from the various qualified and nonqualified retirement plans, the last topic in this lesson, Retirement Distributions, will provide a cursory summary of what constitutes taxable plan distributions.
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON THREE, the student will be able to:
- Calculate taxable adoption benefits
- Calculate taxable Social Security benefits
- Identify employee fringe benefits that are not exempt for greater than 2% Sub-S-Corporation employee shareholders
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON FOUR, the student will be able to:
- Calculate asset basis in both cash transactions and an exchange for services
- Identify the basis for inherited property
- Identify the basis for property received as a gift
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON FIVE, the student will be able to:
- Identify how to treat a gain or loss from an involuntary conversion
- Calculate a gain on depreciated property
- Calculate a gain on a personal residence
- Calculate a gain or loss on mutual fund shares
- Identify how to report a short-term capital loss
- Calculate a gross profit percentage on an installment basis sale
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON SIX, the student will be able to:
- Calculate deductible interest
- Identify capital improvements that are deductible as medical expenses
- Calculate medical deductions before limitations
- Identify the AGI limit for tax year 2009 on certain itemized deductions
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON SEVEN, the student will be able to:
- Identify deductible employee transportation expenses
- Identify criteria that establishes a taxpayer’s "tax home" related to employee travel and meal expenses
- Identify how reimbursed employee business expenses are reported in a nonaccountable plan
- Identify the deductible percentage for business meal expenses subject to the “hours of service” exception
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material:
After completing LESSON EIGHT, the student will be able to:
- Classify the most common tax credits as refundable or nonrefundable
- Identify the amount of the 2009 Alternative Minimum Tax income exclusion for married taxpayers filing jointly
- Calculate child care expenses eligible for the Child and Dependent Care Tax Credit
- Identify the form and calculation used to determine the Additional Child Tax Credit
- Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.
How to get a "quick-study" overview of the course material: