Surgent's Individual Income Tax Fundamentals

Overview

This course will take new and administrative staff from the most basic concepts to a full understanding of individual tax return preparation -- just in time for the crunch of busy season! Updated for impacts of recent legislation to ensure you stay up to date on the latest regulations and guidance. The course builds from a strong technical foundation, to prepare simple, to moderate, to complicated individual tax returns.

Prerequisites

None

Objectives

• Prepare simple, to moderate, to complicated individual tax returns
• Learn complicated issues of filing status and dependency exemptions
• Understand issues with reporting capital gains transactions
• Complete targeted comprehensive problems related to Schedule A, Schedule C, Schedule D, Form 4797, and Alternative Minimum Tax
• Overview of passive activity rules
• Complete several tax returns; many schedules and worksheets; answers with filled-in forms are provided

Highlights

• Effects of recent legislation, including the recently enacted Inflation Reduction Act and the SECURE Act 2.0 
• The Qualified Business Income deduction  
• Filing information, filing status, personal exemptions, dependents, the standard deduction, etc. 
• Wages and salaries  
• Interest income, dividend income, mutual funds, Social Security 
• Figuring tax  
• Basic income tax preparation, Form 1040 and Schedules 1 – 3 
• Capital gains and losses  
• Medical and dental expenses, charitable contributions  
• IRA contributions and distributions  
• Distributions from qualified retirement plans, pensions, and annuities  
• Profit and loss from business or profession and self-employment tax  
• Depreciation  
• Rental income and expenses 
• Preparation of Schedules A, B, C, D, E, and Forms 4562, 4797, and more