Wiley Tax Preparer A Guide to Form 1040

by Unknown

• ISBN13: 9781118072622
• ISBN10: 1118072626
• Edition: 2nd
• Format: Paperback
• Copyright: 2013-03-25
• Publisher: Wiley

Summary

The most effective system available to prepare for the new Tax Return Preparer Competency Exam If you are a professional tax return preparer but not an attorney, Certified Public Accountant, or Enrolled Agent, you are now required to pass a competency test known as the Registered Tax Return Preparer (RTRP) exam administered by the IRS. The exam covers all of the basic tax laws and filing requirements that a return preparer needs to know to complete a 1040 series return and its associated forms and schedules. Your career as a preparer depends on passing the exam, and the Wiley Registered Tax Return Preparer Exam Review has been designed with this in mind. It is the perfect guide to help you pass. This study guide, complete with review questions, examples and explanations, and test-taking tips, will provide you with a solid foundation to pass the RTRP exam. Provides comprehensive coverage of essential topics including treatment of income and assets, deductions and credits, preliminary work and collection of taxpayer data, completion of the filing process, ethics and circular 230, and much more Helps you zero in on areas that need work, organize your study program, and concentrate your efforts Trial access to PasstheTaxExam.com included with this guide Over a million Americans make money preparing taxes every year, and you can become one of them by passing the RTRP exam. Let the Wiley Registered Tax Return Preparer Exam Review be your guide.

Author Biography

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

Table of Contents

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