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The Form 1040: Individual Tax Return - Key Essentials

  • Price

    $30

  • Total Credits

    4 CPE

    5.0

The Form 1040: Individual Tax Return - Key Essentials

Overview

IRS Form 1040 is the basic federal income tax form that almost every taxpayer in the U.S. must use. There are two main exceptions: non-resident aliens use Form 1040-NR and seniors have the option to file Form 1040-SR, which is nearly identical but has language tailored to taxpayers aged 65 and older. Certain individuals also don’t need to file a tax return, such as some single filers whose earned income is less than the standard deduction.

Constant changes to the tax code make Form 1040 preparation an ongoing adventure. This virtual CPE conference will give you the confidence to:

  • Prepare tax forms, schedules and worksheets using the most recent forms available
  • Gain a working knowledge of tax law
  • Understand recent developments affecting individual tax returns

This virtual CE event provides a comprehensive understanding of Form 1040 complexities with regard to income items. It is essential for the tax practitioner who wants to update their knowledge of individual income taxation!

Canceled

Continuing Education Credits

The sessions of the conference qualifies for

  • 4 CE Credit for all AFSP
  • 4 CPE Credit of Taxes for CPA (US)
  • 4 CE Credit for all EA
  • 4 CE Credit for all Oregon Tax Preparer
  • 4 CE Credit for all CTEC
  • 4 CE Credit for all Maryland Tax Preparer

Speakers

Megan Angle

Megan Angle

Partner , Porte Brown

Megan Angle is a Partner with Porte Brown’s not-for-profit and audit & review services teams in the Elk Grove Village office. She has more than twelve years of experience providing tax consulting, accounting, and audit services for individuals, nonprofit organizations, and closely held businesses. She co-leads Porte Brown’s Not-for-Profit team and is also an integral leader of Porte Brown’s Audit Services team. Since the pandemic hit, Angle has been heavily involved with assisting clients with the ins and outs of the Paycheck Protection Program (PPP) and related COVID-19 business stimulus programs. Megan is the Chair of the Illinois CPA Society’s Not for Profit Committee, Board President for the Tri-Town YMCA and is a board member with her local chamber of commerce among other involvements. Prior to joining Porte Brown, Angle had 4 years of industry experience working for a Not-for-Profit organization while completing her college education. As such, she brings a unique perspective to her work.  Megan lives in the Chicagoland suburbs with her husband and two children.
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Session Details

Megan Angle
Megan Angle

Date

Jan 1st, 1970

Time

12:00 AM – 12:00 AM
2 Credits

Reporting of Interest, Dividends, and Stock Sales

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

Major Topics covered in this CPE session:

  • Who must file Schedule B?
  • Who must file schedule D?
  • What are the special considerations for filing schedule B?
  • What are the special considerations for filing schedule D?

Learning Objectives

  • To determine tax rates on interest and dividends
  • To determine on what capital gains tax is paid
  • To determine when someone will be exempt from capital gains tax
  • To determine other information that is required to file schedule B and D
  • 2 CE credit of for all AFSP
  • 2 CPE credit of Taxes for all CPA (US)
  • 2 CE credit of for all EA ( Course No. GEHNZ-T-00677-21-O )
  • 2 CE credit of for all Oregon Tax Preparer ( Course No. GEHNZ-T-00677-21-O )
  • 2 CE credit of for all CTEC ( Course No. 6273-CE-0639 )
  • 2 CE credit of for all Maryland Tax Preparer ( Course No. GEHNZ-T-00677-21-O )

Subject Area:

Taxes

Course Level:

Basic

Instuctional Method:

Group Internet Based

Pre-requisites:

Advance Preparation:

Megan Angle
Megan Angle

Date

Jan 1st, 1970

Time

12:00 AM – 12:00 AM
2 Credits

Reporting of Deductions and Credits

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

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

Learning Objectives

  • To determine which schedule is used for claiming deductions
  • To determine in which schedule tax credits are reported
  • 2 CE credit of for all AFSP
  • 2 CPE credit of Taxes for all CPA (US)
  • 2 CE credit of for all EA ( Course No. GEHNZ-T-00681-21-O )
  • 2 CE credit of for all Oregon Tax Preparer ( Course No. GEHNZ-T-00681-21-O )
  • 2 CE credit of for all CTEC ( Course No. 6273-CE-0643 )
  • 2 CE credit of for all Maryland Tax Preparer ( Course No. GEHNZ-T-00681-21-O )

Subject Area:

Taxes

Course Level:

Basic

Instuctional Method:

Group Internet Based

Pre-requisites:

Advance Preparation:

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Frequently Asked Questions

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The Specific Takeaways and the purpose of this event is mentioned in the ‘Overview’ and ‘Session Details’. Additionally, by attending a Live Virtual Event you can experience the interactivity equivalent to an in-person conference without having to leave your screens or risk your lives especially post pandemic situations. Nevertheless, bulk CPE/CE is an icing on the cake.

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