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Wiley Tax Preparer

Wiley Tax Preparer A Guide to Form 1040

  • Author:
  • 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
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  • 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

    Chapter 11 Self-Employment Activities 133

    Chapter 12 Basis of Property 153

    Chapter 13 Sale of Property 163

    Chapter 14 Sale of Home 181

    Chapter 15 IRA and HSA Contributions 191

    Chapter 16 Education-Related Adjustments 201

    Chapter 17 Business-Related Adjustments 209

    Chapter 18 Alimony 221

    Part 3 Deductions and Credits 229

    Chapter 19 Standard and Itemized Deductions 231

    Chapter 20 Medical and Dental Expenses 237

    Chapter 21 Tax Payments 247

    Chapter 22 Interest Payments 255

    Chapter 23 Charitable Contributions 267

    Chapter 24 Nonbusiness Casualty and Theft Losses 281

    Chapter 25 Miscellaneous Itemized Deductions 293

    Chapter 26 Employee Business Expenses 303

    Chapter 27 Earned Income Credit 321

    Chapter 28 Child and Dependent Care Credit 339

    Chapter 29 Child Tax Credit 347

    Chapter 30 Education Credits 353

    Chapter 31 Other Tax Credits 361

    Part 4 Other Taxes 375

    Chapter 32 Figuring the Regular Tax 377

    Chapter 33 The Alternative Minimum Tax 387

    Chapter 34 The Kiddie Tax 397

    Chapter 35 Other Taxes 407

    Part 5 Completion of the Filing Process 421

    Chapter 36 Tax Payments and Refund Options 423

    Chapter 37 Completing and Filing the Return 437

    Part 6 Practices and Procedures 447

    Chapter 38 Preparer Responsibilities and Penalties 449

    Part 7 Ethics and Circular 230 461

    Chapter 39 Rules Governing Authority to Practice before the IRS 463

    Chapter 40 Duties and Restrictions Relating to Practice before the IRS 471

    Chapter 41 Sanctions for Violating Circular 230 485

    Index

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