Training is an essential part of increasing the chance of success of your tax business. We provide you with accurate and up-to-date knowledge so you can service your clients with the utmost confidence. With 1040taxbiz training is a requirement. After training, we offer year-round support to assist our clients with completing returns, researching banking issues, and answering funding questions.
Our course structure includes
1040taxbiz offers 24/7 access to on- going training year-round through our 1040 University (1040U) website. We also offer live training thru webinars. If you would like we have the ability to hold in-house classes. Below is the syllabus for the tax law training.
Individuals who are citizens or residents of the United States, or residents of Puerto Rico, and individuals who meet certain filing requirements, must file a federal income tax return. There are special rules for dependents, surviving spouses, U.S. citizens, and residents living outside the U.S., residents of Puerto Rico, and individuals with income from U.S. possessions. Filing status may sound easy, but your clients may miss out on certain credits, deductions, or exemption amounts if you do not choose the right one. This lesson will help you determine the most advantageous (and allowable) filing status for the taxpayer. Identifying and entering the correct number of exemptions is a critical component of completing the taxpayers’ return, because each allowable exemption reduces their taxable income. Identifying and entering the correct number of exemptions is a critical component of completing the taxpayer’s return. A taxpayer can claim one exemption for each qualified dependent on their return, thereby reducing their taxable income.
- Do I need to file taxes?
- How to determine if a dependent needs to file
- Determine which form to use
- Taxpayer identification numbers
- Concluding the interview and filing the return
Generally speaking, income is financial gain derived from labor (work), capital (money), or a combination of the two. The financial gain derived from labor is generally referred to as wages. Unless specifically exempt or excluded by law, all income is subject to income tax and is reported on a tax return. Gross income means all world-wide income from whatever source derived, unless specifically excluded from taxation by law. Gross income includes income realized in any form, whether in money, property, or services.
- Recognizing all Types of Income
- Adjustments to Income
Refundable tax credits are called “refundable” because they can reduce your tax liability below zero and allow you to receive a tax refund. If you qualify for are fundable credit and the amount of the credit is larger than the tax you owe, you will receive a refund for the difference. Nonrefundable credits are another great way to decrease your tax bill. A nonrefundable credit is subtracted from your income tax liability, up to the total amount you owe. But unlike a refundable tax credit, a nonrefundable credit cannot reduce your tax balance beyond zero.
- Credit for child and Dependent Care Expenses
- Education credits
- Child Tax Credit
- Retirement Savings Contributions Credit (Saver’s Credit)
- Premium Tax credit
- Residential Energy Credit
- Credit for the Elderly or the Disabled
- Other Tax Credits
These course are for a total of 10 hours for CE Credits
EIC is an earnings supplement available through the income tax system that offsets payroll taxes and supports low-and moderate-income working families whose earnings are less than the maximums allowed for EIC for their filing status. EITC is one of the nation’s largest anti-poverty programs, annually lifting 6.6 million people out of poverty; half are children. The purpose of the EIC is to reduce the tax burden and supplement the wages. Taxpayers who qualify for this credit can receive a refund even if they have no filing requirement, owe no tax, and had no income tax withheld. In 2011, over 27 million workers received nearly $62 billion in EITC.
- General Eligibility Rules
- Best Practices
The EIC course is 5 credit hours for CE credits
Most taxpayers have a choice of either taking the standard deduction based on their filing status or itemizing their deductions on Schedule A – Itemized Deductions. Taxpayers who have the choice may use the method that allows them to pay the lower tax. Itemized deductions are subtractions from a taxpayer adjusted gross income (AGI) that reduce the amount of income that is taxed. Generally, taxpayers should itemize deductions if their total allowable deductions are more than the standard deduction amount. Some of the deductions on Schedule A are limited, based on the taxpayer’s adjusted gross income (AGI).
- Schedule A itemizing Vs standard Deductions
- Schedule A items that Qualifies for itemizing
Use Schedule C (Form 1040) to report income or (loss) from a business you operated or a profession you practiced as a sole proprietor. An activity qualifies as a business if your primary purpose for engaging in the activity is for income or profit and you are involved in the activity with continuity and regularity. For example, a sporadic activity or a hobby does not qualify as a business.
- Schedule C Profit or Loss from Business
- Business Use of the Home
- Due Diligence
The Schedule C course is 3 credit hours for CE credits
Ethical behavior is taking responsibility for personal conduct. Ethical rules and regulations established by the IRS and other agencies provide the guidelines for Tax Preparers. A tax preparer often finds himself in a tricky situation. The Internal Revenue Service obviously expects a full, by-the-code accounting of all client taxes owed, while the preparer’s client is eager to exploit the slightest amount of wiggle room to his own advantage. Penalties may be imposed on a tax preparer for actions taken or not taken. Awareness of these penalties and the proper procedures can help a preparer comply with the law and avoid penalties. The result is a regularly recurring set of ethical issues for the tax professional. This course is designed to provide tax preparers with a framework that can guide preparers through potential ethical dilemmas.
Class under Ethical Rules and Regulations
1. Ethical Rules
The Ethical Rules and Regulations course is 2 credit hours for CE credits
While the IRS only request 15 credits hours, with our courses you actually receive 23 credit hours.
Beside the classes for that qualify for CE credits, we also offer classes covering the software and marketing.
If you have any question about training content or schedule please contact our Lead Trainer Debbie Manning at 317-543-5570 ext. 245.