Wiley Tax Preparer A Guide to Form 1040

Author: The Tax Institute at H&R Block
Publisher: John Wiley & Sons
ISBN: 9781118072622
Published In: March 2013
Format: Paperback , 576 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

Out of stock

Description
Contents

Details

Whether you’re already a tax preparer or you’re looking to become one, you need a firm grasp of the tax concepts on which individual taxation is based. We created the Wiley Tax Preparer as a refresher for the experienced tax preparer, and as a readable guide for the less-experienced tax preparer.

This timely guide is an essential tax resource providing you with useful information on tax principles and filing requirements that a preparer must know to complete a 1040 series return and associated schedules. You’ll refer to it time and again, for information about:

Practices and Procedures

Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations
Furnishing a copy of a return to a taxpayer
Safeguarding taxpayer information

Treatment of Income and Assets

Taxability of wages, salaries, tips, and other earnings
Reporting requirements of Social Security benefits
Determination of basis of assets

Deductions and Credits

Medical and dental expenses
Types of interest and tax payments
Child and dependent care credit

Other Taxes

Alternative Minimum Tax
Self-Employment Tax

Preliminary Work and Collection of Taxpayer Data

Collecting a taxpayer’s filing information and determining their status
Determine filing requirements, including extensions and amended returns
Personal exemptions and dependents

Completion of the Filing Process

Check return for completeness and accuracy
Tax withholding, payment and refund options, and estimated tax payments
Explaining and reviewing the tax return

Ethics and Circular 230

Preparer’s due diligence for accuracy of representations made to clients and the IRS
Sanctions that may be imposed under Circular 230
Rules governing authority to practice before the IRS

If you’re looking for a practical guide to the principles behind Form 1040, look no further. The Wiley Tax Preparer is the most accessible guide to understanding how complex tax laws affect individual taxpayers.

Part 1 The Income Tax Return 1

Chapter 1 Filing Information 3

Chapter 2 Filing Status 13

Chapter 3 Personal and Dependency Exemptions 25

Part 2 Income and Assets 41

Chapter 4 Wages, Salaries, and Other Earnings 43

Chapter 5 Interest Income 57

Chapter 6 Dividends and Other Corporate Distributions 69

Chapter 7 Rental Income and Expenses 77

Chapter 8 Retirement Plans, Pensions, and Annuities 93

Chapter 9 Social Security and Equivalent Railroad Retirement Beneﬁts 109

Chapter 10 Other Types of Income 119