Fundamentals of Tax 2004 and Taxact 2003 Package

Fundamentals of Tax 2004 and Taxact 2003 Package

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For courses in Income Tax Procedures/Forms-Based Taxation.

This unique text uses a forms-based approach to take beginning students from the teaching of theoretical tax rules to the practical application of tax law, and helps them experience and grasp the main issues involved in the complex tax preparation environment.

The book's "hands-on" approach provides a discussion of the tax law and authority, identifies common source documents used in tax return preparation, illustrates proper reporting of income/expense items, and presents complete examples of the proper reporting through the critical use of tax software.
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Product details

  • Mixed media product
  • 213.4 x 271.8 x 20.3mm | 1,043.27g
  • Pearson
  • United States
  • English
  • 0131096516
  • 9780131096516

Table of contents

1. Introduction to Taxation, the Income Tax Formula, and Form 1040EZ.

Introduction. Tax Rate Structures. Brief/Compressed Income Tax Formula. Form 1040EZ-Introduction, Explanations, Return Preparation. Tax Authority (appendix). How to use the TaxAct Software (appendix). Tax Tables for 1040EZ (appendix).

2. Basic Tax Returns.

Introduction to 1040A and 1040. Expanded Income Tax Formula. Dependents. Personal Exemptions. Standard Deduction. Filing Status. Penalties for Failure to File and Underpayment. Software Completed Example of Form 1040A and 1040. Tax Tables for 1040A/1040 (appendix).

3. Gross Income and Exclusions.

Detailed discussion of types of income on 1040A/1040. Wages, Cash Basis, When to Record. Interest Income (Form 1099-INT & Schedule B). Dividends (Form 1099-DIV & Schedule B). State & Local Refunds. Alimony. Social Security Benefits. Other Income. Non-taxable Income. Non-standard Interest Income (OID, etc.) (appendix). More-complex Software Completed Example of Form 1040A and Form 1040.

4. For AGI Deductions.

Educator Expenses. Student Loan Interest. Medical Savings Accounts. Moving Expenses. Self-employed Health Insurance. Self-employment Taxes. Early Withdrawal Penalty on Savings. Alimony.

5. Itemized Deductions-Schedule A.

Medical Expenses. Taxes. Mortgage Interest. Gifts to Charity. Casualty & Theft Losses. Miscellaneous Itemized Deductions. Limitations on Itemized Deductions. Software Completed Example of Schedule A.

6. Self-Employed Business Income-Schedule C.

Depreciation (Form 4562). Trade or Business Expenses. Business Use of Your Home (Form 8829). Business Bad Debts & Casualty Losses. Self-employment Tax (Schedule SE). Software Completed Example of Form 1040 with a Schedule C.

7. Sale of Property-Schedule D and Form 4797.

Sale of Personal/Investment Property-Capital Gain & Losses (Schedule D). Sale of a Personal Residence. Sale of Business Property-Form 4797. Software Completed Example of Form 4797. Software Completed Example of Form 1040 with a Schedule D.

8. Rental Property and Flow-Through Entities (Schedule E).

Rental Income and Rental Expenses. Depreciation on Rental Property. Software Completed Example of Schedule E. Rental of Vacation Homes. Reporting Royalty Income. Reporting Income/Losses from Flow-Through Entities. Software Completed Example of Form 1040 with Schedule E.

9. Tax Credits.

Earned Income Tax Credit. Child and Dependent Care Credit (Form 2441). Elderly or Disabled Credit (Schedule R). Child Tax Credit. Education Credits (Form 8863). Adoption Credit (Form 8839).

10. Reporting Income and Payroll Taxes.

Withholding (Form W-4 and Form W-2 with Transmittals). Social Security and Medicare (FICA). Form 941. FUTA. Nanny Tax (Schedule H).

11. Retirement Plans and Contributions (IRAs, MSAs, etc.).

12. Special Tax Transactions.

Like-Kind Exchanges. Involuntary Conversions. Installment Sales. Related Party Transaction. Wash Sales.

13. At-Risk Rules/Passive Activity Losses and Individual Alternative.

Minimum Tax. At-Risk Rules and How They Limit Loss Deductions (Form 6198). Passive Activity Losses (Form 8582). $25,000 Offset For Rental Passive Activity Losses. Individual Alternative Minimum Tax (Form 6251).

14. Partnership Taxations-Form 1065 and Schedule K-1.

Formation of Partnerships. Ordinary Income Versus Separately Stated Items. Partnership Distributions. Software Completed Example of Form 1065 and Schedule K-1.

15. Corporate Income Tax-Form 1120.

Formation of a Corporation. Corporation Tax Formula. Corporation Tax Tables. Corporate Taxable Income and Expenses. Book Income/Taxable Income Reconciliation (Schedule M-1). S Corporation Taxation-Form 1120S and Schedule K-1. Eligible Corporations. Shareholder Limitations. Ordinary Income Versus Separately Stated Items. Possible S Corporation Taxes.
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