1040 Workshop: Sec. 1: Individual Tax Elements (6.5 hrs)

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Course Description

1040 Workshop Sec. 1

This is Section 1 of the 1040 Workshop. The complete 4-part course is designed to make the practitioner comfortable with “high traffic” issues, enabling participants to discuss and handle individual 1040 tax essentials. The course examines and explains practical aspects of return preparation and individual planning, bridging the gap between theory and application. Significant new developments are summarized with an emphasis on tax savings ideas. Practical applications and illustrations are used to systematically explore tax deferral, reduction, and elimination opportunities accompanying return preparation. For example, the analysis of gross income is discussed together with income splitting techniques; property transactions are examined alongside like-kind exchanges and involuntary conversions. The result is an extraordinary blend of the latest developments affecting individual returns and their related planning ideas.

Section 1: Individual Tax Elements covers the following topics, and more:

* Tax rates and tables
* Filing status
* Gross income
* Dividends and distributions
* Discharge of debt income
* Exclusions from income
* Nonbusiness and personal deductions
* Education and medical expenses
* Casualty and theft losses
* Tax credits

This course is accepted by the IRS as CE credit for enrolled agents.

Course Information

Price: $63
This course is included in our Mega CPE Special and our Unlimited Tax Bundle

Course No. 9012-1
Instructional Delivery Method: QAS Self-Study
Format: Online pdf (152 pages). Printed book available.
Prerequisites: General understanding of federal income taxation
Advance Preparation:None
Level: Overview
CPE Credit: 6.5 hrs. (6 hrs. for IRS PTIN reporting)
Field of Study: Taxes: Technical
Course expiration:  You have one year from date of purchase to complete the course.
Course Revision Date: January 2024


Individual Tax Elements

Learning Objectives

  1. Identify federal revenue tax sources citing the definitive role of gross income and, determine a client’s tax liability using current rates, tables, exemptions, statutory amounts, and their withholding and/or estimated tax responsibility.
  2. Specify the various filing statuses and their filing requirements recognizing the advantages and disadvantages of each.
  3. Determine what constitutes gross income under §61 stating the tax treatment of fringe benefits, rental income, prizes, and awards, and specify how debt discharge and foreclosure can result in taxable income.
  4. Identify the mechanics of income exclusions such as education-related exclusions, insurance, and personal injury awards.
  5. Recognize income tax deductions and their use to reduce tax liability by identifying interest related to businesses. investments, qualified residences, and deductions for medical expenses, charitable contributions, casualty losses, and moving expenses.
  6. Determine distinctions among several types of tax credits for children and education identifying amounts and eligibility requirements.

Ratings and Reviews

Avg. Rating
7 Ratings
What's your experience? We'd love to know!
Thomas Courtney
Posted 4 months ago
Good Course on 1040 Tax Elements

Good Course on 1040 Tax Elements

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Barry Sims
Posted 4 months ago
Comprehensive Course

The author gives a historical background on the various individual income tax elements as well as the latest provisions. It can be a bit overwhelming but I would rather have too much information than too little.

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Benjamin Harmon
Posted 5 months ago
General Individual Tax

Easy to follow layout. Relevant questions

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Carla Ross
Posted 5 months ago
The examples help provide some clarity!

I expected to just complete my CPE, but now my interest has been renewed, and I would like to take some advance courses.

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Mike Mondiello
Posted 5 months ago

Enjoyed information

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Robin Tylim
Posted 6 months ago

It was grear

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Syamaladevi Prasad Duggirala
Posted 9 months ago
The subject matter has been presented satisfactorily

Good Presentation

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