Overview
The volume of individual tax returns requiring preparation can create an environment that leads to errors or omissions. Identify common errors practitioners make on individual tax returns for single filers.
Prerequisites
Experience with individual tax return preparation
Objectives
- Identify potential errors or omissions of information on tax returns.
- Recognize planning opportunities for your clients based upon information reported on a tax return.
- Determine the proper tax treatment for certain rental property activities.
- Determine the proper tax treatment for various start-up costs by a new business.
Highlights
Passive-activity losses
Qualified business income deduction
Home office
Schedule C activity and hobby losses
Business start-ups and deductions
Alimony
Discharge of debt
