Course 1

Reasons for a Taxpayer to File a Return, Even When Not Required 2

There are additional reasons a taxpayer must file a tax return, such as they owe special taxes, are subject to recapture of certain credits, or received advance payments of the premium tax credit.

• Lecture1.1
  Chapter 1 – Who Should File a Return? 01 hour 20 min
• Quiz1.1
  Review – Question 1 1 question

Filing Requirement for Most Taxpayers 2

Filing requirements are based on the standard deduction amount for the taxpayer. The filing status determines the standard deduction.

• Lecture2.1
  Chapter 1 – Filing Requirements for Most Taxpayers 30 min
• Quiz2.1
  Review Question 2 1 question

Dependent Filing Requirements 3

If a parent (or someone else) can claim the person as a dependent, and any of the situations listed in Charts 1-1 and 1-2 apply to them, they must file a return.

• Lecture3.1
  Chapter 1 – Chart 1-1 30 min
• Lecture3.2
  Chapter 1 – Dependent Filing Requirements 30 min
• Quiz3.1
  Review Question 3 1 question

Tax Cuts and Jobs Act 2017 1

It is important to note the evolution of taxes and the importance of paying taxes. However, on December 22, 2017, President Donald Trump signed into law a new bill that would forever change the dynamics of taxes.

• Lecture4.1
  Chapter 1 – Tax Cuts and Jobs Act of 2017 30 min

Which Schedule(s) Should Be Used? 2

For the 2019 tax filing season, taxpayers would notice a significant difference with the Form 1040. The TCJA not only changed the dynamics of taxes, but it changed the design of the form all taxpayers were used to seeing.

• Lecture5.1
  Chapter 1 – Which Schedule(s) Should Be Used? 30 min
• Quiz5.1
  Review Questions – 4-6 3 questions

Understanding Form 1040SR 1

To use the new form, filers, including both spouses, must be at least age 65 though they don't have to be retired.

• Lecture6.1
  Chapter 1 – Understanding Form 1040SR 30 min

Filing the Tax Return and Making Payments 2

The fiscal year (a year ending on the last day of any month except December, or a 52-53-week tax year) individual taxpayers file 3½ months after the end of the fiscal year. If the due date falls on a Saturday, Sunday, or a legal holiday, the due date extends to the next regular business day.

• Lecture7.1
  Chapter 1 – Filing the Tax Return and Making Payments 30 min
• Quiz7.1
  Review Question 7 1 question

Accounting Periods and Methods 2

Most taxpayers use the calendar year accounting period for their individual income tax returns. A taxpayer must choose the accounting period he intends to use when they file their first income tax return. The accounting period cannot be longer than 12 months.

• Lecture8.1
  Chapter 1 – Accounting Periods and Methods 30 min
• Quiz8.1
  Review Question 8 1 question

Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) 2

The SSN must be listed on the tax return and must be correct.

• Lecture9.1
  Chapter 1 – Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) 40 min
• Quiz9.1
  Review Question 9 1 question

Filing Status 2

Determining the filing status is the first step when preparing a taxpayer’s return. It is also the most important.

• Lecture10.1
  Chapter 1 – Filing Status
• Quiz10.1
  Review Questions 10-14 5 questions

Resident and Nonresident Aliens 2

To determine the residency status of an individual, the preparer must first determine if the individual is a U.S. citizen.

• Lecture11.1
  Chapter 1 – Resident and Nonresident Aliens 31 min
• Quiz11.1
  Review Question 15 1 question

The Path Act 1

The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), was enacted on December 18, 2015.

• Lecture12.1
  Chapter 1 – Chapter 1 – The Path Act 30 min

Understanding the W2 2

All employers engaged in a trade or business and who pay wages, including noncash payments, of $600 or more per year for services performed by an employee must file a Form W-2 even if they didn’t withhold any taxes.

• Lecture13.1
  Chapter 1 – Understand the W2 40 min
• Quiz13.1
  Review Question 16 1 question

Paid Preparer Requirements 1

Anyone paid to prepare a return must sign it in the space provided. A paid preparer can sign the return manually or use a rubber stamp, mechanical device, or computer software program.

• Lecture14.1
  Chapter 1 – Paid Preparer Requirements 30 min

Get Started Preparing a Return 2

Tax preparation doesn’t require someone to be a math major, but basic math comprehension is necessary

• Lecture15.1
  Chapter 1 – Get Started Preparing a Return 40 min
• Quiz15.1
  Review Question 17 1 question

Chapter 1 - Study Questions 1

• Quiz16.1
  Chapter 1 – Study Questions 16 questionsFinal