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More About This Title Wiley Tax Preparer: A Guide to Form 1040
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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.
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The Tax Institute at H&R Block is the company's independent research division, providing expert tax assistance and interpretation of tax law. The Tax Institute combines H&R Block's world-class training experience with the knowledge of the company's credentialed tax experts to create a unique resource based on extensive resources from nearly 60 years in business, 550 million tax returns prepared, and more than 100,000 tax professionals trained each year. For more information, visit www.hrblock.com/ why-hr-block/the-tax-institute.html
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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
