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 Bene ts 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