Overview and Key Essentials: Form 1040 Individual Tax Return

Learning Objectives

• To describe the overview of the return
  
• To determine the filing status
• To discuss the due dates
• To identify the rules requiring W-2 documentation and 1099 reporting for various types of forms.
  
• To recognize the rules and keep your company in compliance.
• To identify that your records are correct and will stand the scrutiny of an IRS 3rd Party Documentation and Reporting audit.
• To determine tax rates on interest and dividends
  
• To recognize on what capital gains tax is paid
• To identify when someone will be exempt from capital gains tax
• To recall other information that is required to file schedule B and D
• To explore which schedule is used for claiming deductions
  
• To determine in which schedule tax credits are reported

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.

Why file Form 1099 and Form W-2? It’s the law – and the IRS is increasing enforcement in this area. Who must issue 1099? Any business – regardless of its structure (sole proprietor, corporation, etc.) that makes "reportable transactions" during the year is requires to issue 1099 to the recipient of income and to the IRS. In this CE webinar, we will review the current law and regulations regarding the filing of Forms W-2 and 1099 and the speaker will provide practical guidance in these areas that have become the subject of increasing IRS scrutiny. The requirements are always changing, and answers are seldom clear-cut. This CPE webinar will de-mystify some of the tricky areas relating to Form 1099 and Form W-2.

Major topics covered in this Online Taxes CE Webinar:

• Form 1040 US Individual Tax return
• Types of Form 1040
• What constitutes a reportable transaction?
• What are the best practices for handling our information reporting obligations?
• How can we minimize the risk of improper exemption claims by our payees and vendors?
• Major Credits for Individuals
• Family and dependent credits
• Income and savings credits
• Homeowner credits
• Health care credits
• Education credits
• Major deductions for individuals
• Work-related deductions
• Itemized deductions
• Education deductions
• Health care deductions
• Investment-related deductions
  

Overview

• Forms and Filing Requirements

  6 mins
• Considerations for MFS

  29 mins
• Wages, Salaries and Tips

  55 mins
• Income Reported on Forms 1099-R

  108 mins
• Social Security Benefits

  136 mins
• Comprehensive 1040 Preparation

  166 mins
• Sales and Exchanges

  238 mins
• What is Itemized Deductions

  268 mins
• Residential Energy Credit

  332 mins