Using Form 1040 as a Guide to Making Financial Planning Recommendations

Course Description
Course Qualification
Presenter
FAQ

Course Description

Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns.

The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes are owed or whether the filer will receive a tax refund.

Tax credits and deductions can change the amount of tax you owe so you pay less. Credits can reduce the amount of tax you owe. Deductions can reduce the amount of your income before you calculate the tax you owe. A taxpayer can claim itemized deductions as an alternative to taking the standard deduction if this option provides greater savings.

Dividends are income earned by investing in stocks, mutual funds, or exchange-traded funds, and they are included in your tax return on Schedule B, Form 1040. Capital gains are the amount an asset increases in value between when it is purchased and when it is sold and they are included in your tax return on Schedule D, Form 1040. The U.S. tax code gives similar treatment to dividends and short-term capital gains, and qualified dividends and long-term capital gains, respectively. IRS Schedule B is a tax schedule that helps American taxpayers compute income tax due on interest and dividends earned. IRS Schedule D is a tax schedule that helps taxpayers compute income tax due on capital gains.

This CE/CPE tax webinar will help you to use Form 1040.

Overview of Form 1040 and major schedules to show financial planners how to navigate the form to reveal essential information about the client. The items of income, deductions, credits, and various tax calculations are explored in-depth on a line-by-line basis. The planners learn how the form raises questions to consider that the client does not reveal through traditional checklists and interview sheets.

The speaker Warren Bergstein in this CE/CPE course will also guide you with financial planning recommendations.

Learning Objectives

To inspect Form 1040.
To discuss the parts and schedules of Form 1040 and the flow of information.
To analyze how to navigate the form to reveal essential information about the client.
To explain on a line-by-line basis the items of income, deductions, credits, and tax calculations that give a clear understanding of how each might impact the client’s financial plan.
To investigate the way the tax rate schedules are applied to the taxable income of the taxpayer to effect appropriate tax and financial planning.
To discuss other financial planning recommendations.

Recommended For

This IRS-Approved CE course is recommended for EAs, AFSP, Tax Professionals, CTEC, and Any Professional or Staff interested in learning more about Form 1040.
This online CPE webinar is recommended for CPAs, PFS, and Any Other Professional or Practitioner who would like to learn about financial planning recommendations for individuals.

Who Should Attend?

California Registered Tax Professional
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Financial Planner
Maryland Tax Preparers
Oregon Tax Preparers
Personal Financial Specialist (PFS)
Tax Accountant (Industry)
Tax Director (Industry)
Tax Firm
Tax Managers
Tax Practitioners
Tax Preparer
Tax Pros
Young CPA

Course Qualification

Webinar Qualifies For

2 CE Credit for Annual Filing Season Program (AFSP)
2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0810)
2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00870-22-O)
2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00870-22-O)
2 CPD Credit for Personal Financial Specialist (PFS)
2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00870-22-O)
2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
2 CE Credit for Certified Wealth Strategist (CWS)
2 General Credit for Accountant/Bookkeeper (ACCT./BK)
2 CPE Credit for Certified Government Financial Manager (CGFM)
2 CPE Credit for Chartered Financial Consultant (ChFC)
2 CPE Credit for Financial Services Certified Professional (FSCP)
2 CPE Credit for Chartered Advisor in Senior Living (CASL)
2 CPE Credit for Chartered Special Needs Consultant (ChSNC)
2 CPE Credit for Retirement Income Certified Professional (RICP)
2 CPE Credit for Wealth Management Certified Professional (WMCP)

Additional details

Credits :

2
Instructional Method :

Group Internet Based

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Warren Bergstein, CPA, AEP©

Partner, Adelman Katz & Mond LLP

More than forty years of practice in tax planning, estate and trust administration and planning, personal financial planning and accounting have given Warren an extraordinarily deep understanding of personal finance. At his New York City firm, Adelman, Katz & Mond LLP, his clients, who include primarily high net worth individuals, entrepreneurs and sole proprietors, benefit from his particular expertise in tax law, its applications and implications for individuals. Warren is an adjunct professor of accounting and taxation at Long Island University, New Jersey City University, and Rutgers Business School. He has spoken at the Institute of Management Accountants, both the New York and Long Island chapters of Financial Planning Association, the New York State Society of CPAs, New York University, and Lorman Educational Services. In addition, he is an accomplished author, and has regularly contributed to publications the experts rely on, like Marshall Loeb's Money Guide, Taxation for Accountants, and The CPA Journal. Warren has been very active in professional organizations, and has frequently been elected as president, board member or committee chair. Warren is a fan of local sports teams. He also likes to read biographies and books on current events. He and his wife, Susan, live in Langhorne, PA. They have two children, Sam and Robin, and a granddaughter, Reily

About Company

Adelman Katz & Mond LLP

akmcpa.com/

We got started in business more than 40 years ago. At fi rst we were what you might expect — the people who fi lled out the tax forms and did the fi nancial statements, etc. We were — and still are — great number crunchers. Gradually, though, our clients began relying on us more and more for advice about how to protect and grow their assets, how to make their businesses run better and even how to take some of the worry out of fi nancial decision-making. So we worked hard to get even smarter about these and other fi nancial issues.

Our partners hold certifi cations in fi nancial planning, are on the faculties of universities in the New York metro area and possess a wide range of fi nancial and insurance licenses. And we work with a broad network of fi nancial specialists with every conceivable approach. We either know the answer — or we know who to ask; we can do what you need, or we can connect you with someone who can. We’re here for you.

Today, nearly 1,500 clients — small- and mediumsized businesses in all sectors, high net worth individuals and not-for-profi ts — consider Adelman Katz & Mond their most trusted business advisors. We’re proud of our record and the successes we’ve been able to generate for our clients. We might just be the partner you’re looking for to help with your fi nancial management issues. Call us for a free consultation. We’ll help you select the AKM CPA whose knowledge base and approach are right for you.

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