Description
The form 1040 is the U.S. Individual Income Tax Return. Individuals may be entitled a myriad of deductions and credits that can reduce their taxable income and/or generate refunds. Each deduction or credit comes with its own set of rules which must be applied correctly to avoid issues and some of those rules keep changing. Learning about the law that controls the items reported and claimed on the form will bring a greater understanding to your tax practice and allow you to identify errors more easily.
In this webinar, we will walk through the form 1040 with the goal of understanding the “law behind the lines,” including the impacts of recent legislation and the future possibilities for the form 1040.
In this four-hour webinar, we will cover:
- Types of income, including unusual or unexpected income items
- Filing status and its impact on other areas of the return
- Reporting self-employment or 1099 income on a Schedule C
- Schedule C deductions
- Adjustments to income
- Above-the-line deductions, including the qualified business income deduction
- Itemized deductions, such as charitable contributions, medical expenses, and more
- Credits for family and dependents, health care, education, and more
- Rates used for various taxes
- Impacts of recent legislation
- Items that can raise red flags with IRS
- The documents that support income, deductions, and credits
- The future of Form 1040
Session Prerequisites and preparation: None
Recommended CPE credit – 4.0
Recommended field of study – Tax
Session learning level: Basic to intermediate
Delivery method: Group Internet Base
This program has been approved for 4 CPE credits under NASBA.
