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This course is specifically for Enrolled Agents that need to report to the IRS. 1040 Module 1 – Individual Tax Benefits We have taken our large 1040 Workshop and broken it down into 4 seperate courses for your convenience. Please note this learning module is a section of the 1040 Workshop. You can only receive credit for each individual learning module or the 1040 Workshop in its entirety. You may not double the credits as they are the same course.
Learning Objectives
After reading Chapter 1, participants will be able to:
1. Identify federal revenue tax sources noting the definitive role of gross income and, determine a client’s tax liability using current rates, tables, and statutory amounts, and their withholding and/or estimated tax responsibility.
2. Specify the various filing statuses and their filing requirements noting the advantages and disadvantages of each.
3. Determine what constitutes gross income under §61 noting the tax treatment of compensation, fringe benefits, rental income, Social Security benefits, alimony, prizes and awards, identify dividend and distribution types and their tax differences, and specify how debt discharge can result in taxable income.
4. Identify the mechanics of income exclusions such as education-related exclusions, gift and inheritance exclusions, insurance, personal injury awards, interest on state and local obligations, and the foreign earned income exclusion.
5. Recognize income tax deductions and their use to reduce tax liability by:
a. Identifying personal, spousal and dependency exemptions and reporting requirements including pre-2005 dependency rules;
b. Specifying the deductibility of §163 interest categories, §162 educational expenses, §217 moving expenses, §165 casualty & theft losses, and §164 taxes noting their proper reporting and substantiation;
c. Determining variables that impact the deductibility of charitable contributions, and identifying qualified organizations, permissible contributions contribution limitations, their tax treatment, and substantiation requirements;
d. Identifying the deductibility of medical care expenses including medical insurance, meals and lodging, transportation, home improvements and lifetime care payments noting the impact of Medicare;
e. Specifying deductions that are subject to the 2% of AGI limitation, deductions not subject to the 2% limit, and nondeductible expenses. 6. Determine distinctions among several types of tax credits identifying the eligibility requirements and noting the cited changes created by recent tax legislation to individual tax returns.
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