Book description
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.
Table of contents
- Cover
- Title Page
- Copyright
- Part 1: The Income Tax Return
-
Part 2: Income and Assets
- Chapter 4: Wages, Salaries, and Other Earnings
- Chapter 5: Interest Income
- Chapter 6: Dividends and Other Corporate Distributions
- Chapter 7: Rental Income and Expenses
- Chapter 8: Retirement Plans, Pensions, and Annuities
- Chapter 9: Social Security and Equivalent Railroad Retirement Benefits
- Chapter 10: Other Types of Income
- Chapter 11: Self-Employment Activities
- Chapter 12: Basis of Property
- Chapter 13: Sale of Property
- Chapter 14: Sale of Home
- Chapter 15: IRA and HSA Contributions
- Chapter 16: Education-Related Adjustments
- Chapter 17: Business-Related Adjustments
- Chapter 18: Alimony
-
Part 3: Deductions and Credits
- Chapter 19: Standard and Itemized Deductions
- Chapter 20: Medical and Dental Expenses
- Chapter 21: Tax Payments
- Chapter 22: Interest Payments
- Chapter 23: Charitable Contributions
- Chapter 24: Nonbusiness Casualty and Theft Losses
- Chapter 25: Miscellaneous Itemized Deductions
- Chapter 26: Employee Business Expenses
- Chapter 27: Earned Income Credit
- Chapter 28: Child and Dependent Care Credit
- Chapter 29: Child Tax Credit
- Chapter 30: Education Credits
-
Chapter 31: Other Tax Credits
- Credit for Qualified Retirement Savings Contributions (Saver's Credit)
- Adoption Credit
- Residential Energy Credits
- Foreign Tax Credit
- Alternative Motor Vehicle Credit
- Credit for the Elderly or Disabled
- Mortgage Interest Credit
- First-Time Homebuyer Credit
- Health Coverage Tax Credit
- Credit for Excess Social Security or Railroad Retirement Tax
-
Part 4: Other Taxes
- Chapter 32: Figuring the Regular Tax
- Chapter 33: The Alternative Minimum Tax
- Chapter 34: The Kiddie Tax
-
Chapter 35: Other Taxes
- Self-Employment Tax
- Additional Taxes on Qualified Retirement Plans, IRAs, and Qualified Health Plans
- Additional Tax on Qualified Health Plans (HSAs and MSAs)
- Education Credit and Adjustment Recapture
- Household Employment Taxes
- Allocated Tips
- Uncollected Social Security and Medicare Tax on Wages
- First-Time Homebuyer Credit Repayment
- Part 5: Completion of the Filing Process
- Part 6: Practices and Procedures
-
Part 7: Ethics and Circular 230
- Chapter 39: Rules Governing Authority to Practice before the IRS
-
Chapter 40: Duties and Restrictions Relating to Practice before the IRS
- Information to Be Furnished to the IRS—Section 10.20
- Knowledge of Client's Omission—Section 10.21
- Diligence as to Accuracy—Section 10.22
- Prompt Disposition of Pending Matters—Section 10.23
- Assistance from or to a Disbarred or Suspended Person—Section 10.24
- Practice by Former Government Employees—Section 10.25
- Notaries—Section 10.26
- Fees—Section 10.27
- Return of Client's Records—Section 10.28
- Conflicting Interests—Section 10.29
- Solicitation (Including Advertising)— Section 10.30
- Negotiating Checks—Section 10.31
- Practice of Law—Section 10.32
- Best Practices—Section 10.33
- Standards for Tax Returns and Other Documents—Section 10.34
- Covered Opinions—Section 10.35
- Procedures to Ensure Compliance— Section 10.36
- Requirements for Other Written Advice—Section 10.37
- Chapter 41: Sanctions for Violating Circular 230
- Answers to Review Questions
- Appendix: IRS Resources
- Index
Product information
- Title: Wiley Tax Preparer: A Guide to Form 1040
- Author(s):
- Release date: March 2013
- Publisher(s): Wiley
- ISBN: 9781118072622
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