Overview
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General information
11 mins
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Married filing separately status
16 mins
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Wages and salaries
28 mins
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Retirement plans & Social securities
42 mins
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Standard deduction
69 mins
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Head of household
90 mins
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 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.
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