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.
Presented by Allison M. McLeod, LL.M., CPA. A PLLC
Target Audience
This course is ideal for CPAs, CFPs, EAs and other tax preparers
Course 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
Subjects
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
