1040 Preparation and Planning 1: Fundamentals (2022)

Author: Barbara Weltman, Sidney Kess

This on-demand course introduces the fundamentals of federal income tax and gives an overview of the general income tax structure. It also includes some basic tax accounting essentials: tax year and accounting method. It discusses taxpayer classification, the purpose of the income tax return and forms, who must file a return, recordkeeping requirements and more.

Publication Date: October 2021

Topics Covered

• Basic Federal Income Tax Structure
• Classification of Taxpayers
• Purpose of the Income Tax Return and Income
• Estimated Tax
• Purpose of the Income Tax Return and Income Tax Forms - Payments on Account
• Income Tax Forms
• Major Schedules
• IRS Forms
• Who Must File a Return?
• Single Dependents
• Getting Started on Preparing a Return - Recordkeeping Techniques, Assembling Information, and Forms and Schedules
• Gross Income
• Fundamental Tax Rules
• Exclusions
• Common Examples of Exclusions
• Deductions from Income
• Deductions from Adjusted Gross Income
• Standard Deductions
• Tax Liability
• Tax Credits
• Tax Payments
• Paying Taxes
• Tax Refunds
• Pointers on Filing the Return
• Tax Accounting - Accounting Periods and Methods
• Cash Basis
• Change in Accounting Methods

Learning Objectives

• Describe the basic federal income tax structure
• Identify who is required to file a return
• Describe the basic parts of the income tax return
• Describe payment options for taxes owed
• Discuss the concepts of tax year and accounting method

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None