Your Income Tax

Lesson and Objectives

Reading
Assignment

1. Filing Status

Chapter 1

The learning objectives for this lesson are to gain an understanding of:

•  Various filing status basics

•  Tax rates based on filing status

2. Taxable Wages, Salary, and Other Compensation

Chapter 2

The learning objectives for this lesson are to gain an understanding of:

•  Salary and wage incom

•  Benefits

•  Insurance

•  Stock as compensation

3. Fringe Benefits

Chapter 3

The learning objectives for this lesson are to gain an understanding of:

•  Health care

•  Education assistance

•  Flexible spending arrangements

4. Dividend and Interest Income

Chapter 4

The learning objectives for this lesson are to gain an understanding of:

•  Reporting dividends and mutual-fund distributions

•  Bonds

5. Reporting Property Sales

Chapter 5

The learning objectives for this lesson are to gain an understanding of:

•  Capital gains, losses, and carryyovers

•  Holding periods

•  Cost basis

•  Installment sales

•  Bad debts

6. Tax-Free Exchanges of Property

Chapter 6

The learning objectives for this lesson are to gain an understanding of:

•  Like-kind exchanges

•  Related parties

•  Joint-ownership interests

7. Retirement and Annuity Income

Chapter 7

The learning objectives for this lesson are to gain an understanding of:

•  Lump sum distributions and payments

•  Rollovers

•  401(k) plans

•  Annuity issues

8. IRAs

Chapter 8

The learning objectives for this lesson are to gain an understanding of:

•  Traditional and Roth IRAs

•  Rollovers and transfers

•  SEPs and SIMPLE IRAs

9. Income from Rents and Royalties

Chapter 9

The learning objectives for this lesson are to gain an understanding of:

•  Rental deductions

•  Depreciation

•  Royalties, patents, and copyrights

•  Oil and gas income

10. Loss Restrictions

Chapter 10

The learning objectives for this lesson are to gain an understanding of:

•  Rental activies

•  Determining passive or nnpassive income and loss

•  Partnership rules

•  At-risk limits

•  Carryover of disallowed losses

11. Other Income

Chapter 11

The learning objectives for this lesson are to gain an understanding of:

•  Prizes and awards

•  Gifts and inheritances

•  How partners report partnership profit and loss

•  Insurance

12. Deductions Allowed in Figuring AGI

Chapter 12

The learning objectives for this lesson are to gain an understanding of:

•  Figurig AGI

•  Claiming deductions from AGI

•  The distance test

•  Moving expenses

•  Qualified retirement plans

•  Health savings accounts

13. Claiming the Standardized Deducion or Itemized Deductions

Chapter 13

The learning objectives for this lesson are to gain an understanding of:

•  When to Itemize

•  Dependents

14. Charitable Contribution Deductions

Chapter 14

The learning objectives for this lesson are to gain an understanding of:

•  Deductible and nondeductible contributions

•  Property

•  Life Insurance

•  Business inventory

•  Five-year caryover for excess contributions

15. Itemized Deduction for Interest Expenses

Chapter 15

The learning objectives for this lesson are to gain an understanding of:

•  Home mortgage interest

•  Home equity loans

•  Home construction loans

•  Points

•  Prepaid interest

16. Deducting for Taxes

Chapter 16

The learning objectives for this lesson are to gain an understanding of:

•  Deductible and nondeductible taxes

•  State and local income taxes

•  Real estate taxes

•  Allocating taxes when you buy or sell realty

17. Medical and Dental Expense Deduction

Chapter 17

The learning objectives for this lesson are to gain an understanding of:

•  Allowable medical care costs

•  Reimbursements

•  Expenses of your spouse and dependents

•  Nursing homes

18. Casualty and Theft Losses and Involuntary Conversions

Chapter 18

The learning objectives for this lesson are to gain an understanding of:

•  Casualty and disaster losses

•  Theft losses

•  Involuntary conversions

•  Replacement property

19. Deductig Job Costs and Other Miscellaneous Expenses

Chapter 19

The learning objectives for this lesson are to gain an understanding of:

•  2% AGI floor

•  Dues and subscriptions

•  Computer and cellular phones

•  Calculators, copiers, fax machines, and typewriters

•  Legal costs

20. Travel and Entertainment Expense Deductions

Chapter 20

The learning objectives for this lesson are to gain an understanding of:

•  Commuting expenses

•  IRS meal allowance

•  Business trip deductions

•  50% deduction limit

21. Personal Exemptions

Chapter 21

The learning objectives for this lesson are to gain an understanding of:

•  Your spouse, children, and relatives

•  Meeting the support test

•  Citizen and resident tests

•  Phaseout of personal exemptions

22. Figuring Your Regular Income Tax Liability

Chapter 22

The learning objectives for this lesson are to gain an understanding of:

•  Taxable and regular income tax liability

•  Using the tax table

•  Tax calculation if you have net capital gains or qualified dividends

•  Tax credits

23. Alternative Minimum Tax (AMT)

Chapter 23

The learning objectives for this lesson are to gain an understanding of:

•  Computing AMT

•  Adjustments for AMT

•  Net operating losses

•  Avoiding AMT

24. Computing the "Kiddie Tax" for Children Under Age 18

Chapter 24

The learning objectives for this lesson are to gain an understanding of:

•  Filing your child's return

•  Children under age 18 subject to the "kiddie tax."

•  Computing "kiddie tax" on child's return

25. Personal Tax Credits Reduce Your Tax Liability

Chapter 25

The learning objectives for this lesson are to gain an understanding of:

•  Child tax credits

•  Dependent care credit

•  Earned income credit

•  Other credits

26. Tax withholdings

Chapter 26

The learning objectives for this lesson are to gain an understanding of:

•  Income tax withholdings

•  Withholding the right amount

•  Tips

•  FICA Withhoding

27. Estimated Tax Payments

Chapter 27

The learning objectives for this lesson are to gain an understanding of:

•  Planning estimated tax payments

•  Important dates

•  Estimates by husband and wife

•  Adjusting your payments during the year

28. Tax Planning Overview

Chapter 28

The learning objectives for this lesson are to gain an understanding of:

•  Tax-saving opportunities

•  When to defer income and accelerate deductions

•  Earning thresholds

29. Tax Savings for Residence

Chapter 29

The learning objectives for this lesson are to gain an understanding of:

•  Avoiding tax on sale of principal residence

•  Home sales by married persons

•  Figuring gain or loss

•  Personal and business use of a home

30. Tax Savings for Investors in Securities

Chapter 30

The learning objectives for this lesson are to gain an understanding of:

•  Planning year-end securities transactions

•  Stocks and bonds

•  Series EE and E bonds

•  Traders, dealers, and investors

31. Tax Saving for Investors in Real Estate

Chapter 31

The learning objectives for this lesson are to gain an understanding of:

•  Investing in real estate ventures

•  Timeing your real property sales

•  Special tax credits for real estate investments

•  Foreclusures, repossessions, and voluntary conveyances to creditors

32. Tax Pointers for Investors in Mutual Funds

Chapter 32

The learning objectives for this lesson are to gain an understanding of:

•  Investing in mutual funds

•  Timing your investment

•  Fund expenses

•  How to report mutual fund distributions

33. Educational Tax Benefits

Chapter 33

The learning objectives for this lesson are to gain an understanding of:

•  Scholarships and grants

•  Qualifed tuition programs

•  The Hope Credit and Lifetime Learning Credit

•  Tuition and fees deduction

34. Special Tax Rules for Senior Citizens

Chapter 34

The learning objectives for this lesson are to gain an understanding of:

•  Social Security benifits subject to tax

•  How tax on Social Security reduces your earnings

•  Claiming the credit for the elderly or disabled

•  Tax effects of moving to a continuing care facility

35. Members of the Armed Forces

Chapter 35

The learning objectives for this lesson are to gain an understanding of:

•  Taxable Armed Forces pay and benefits

•  Deductions

•  Tax deadlines

•  Tax information for reservists

36. How to Treat Foreign Earned Income

Chapter 36

The learning objectives for this lesson are to gain an understanding of:

•  Claiming the foreign earned income exclusion

•  What is foreign earned income

•  Tax treaties with foreign countries

•  Foreign tax credit

37. Planning Alimony and Marital Settlements

Chapter 37

The learning objectives for this lesson are to gain an understanding of:

•  Alimony agreements

•  Acceptable payments

•  Payment periods

•  Legal fees of marital settlements

38. Household Employment Taxes ("Nanny Tax")

Chapter 38

The learning objectives for this lesson are to gain an understanding of:

•  Who is a household employee?

•  Social Security and Medicare taxes for household employees

•  Federal unemployment taxes for household employees

39. Gift and Estate Tax Planning

Chapter 39

The learning objectives for this lesson are to gain an understanding of:

•  Gift tax basics

•  Gift tax credit

•  The estate tax

40. Income or Loss From Your Business or Profession

Chapter 40

The learning objectives for this lesson are to gain an understanding of:

•  Reporting self-employed income

•  Accounting methods

•  Home office deductions

•  Net operating loss

41. Retirement Plans for Self-Employed

Chapter 41

The learning objectives for this lesson are to gain an understanding of:

•  Keogh Plans

•  SEPs

•  SIMPLE IRAs

42. Claiming Depreciation Deductions

Chapter 42

The learning objectives for this lesson are to gain an understanding of:

•  What property may be deducted

•  MACRS

•  Listed property

•  Goodwill and other intangibles

43. Deducting Car and Truck Expenses

Chapter 43

The learning objectives for this lesson are to gain an understanding of:

•  Standard mileage rate

•  Expense allocations

•  Depreciation

•  Leased business vehicles

44. Sales of Business Property

Chapter 44

The learning objectives for this lesson are to gain an understanding of:

•  Depreciation

•  Gifts and inheritances of depreciable property

•  Sale of a proprietorship

•  Corporate liquidation

45. Figuring Self-Employment

Chapter 45

The learning objectives for this lesson are to gain an understanding of:

•  What is self-employment income?

•  Why partners pay self-employment tax

•  How wages affect self-employment tax

46. Filing Your Return

Chapter 46

The learning objectives for this lesson are to gain an understanding of:

•  Keeping tax records

•  Applying for an extension

•  Getting your refund

•  Interest ontax underpayment

47. Filing Refund Claims, and Amended Returns

Chapter 47

The learning objectives for this lesson are to gain an understanding of:

•  Who should file a refund claim

•  Joingt refund claims

•  Interest paid on refund claims

•  Amended retuns

48. If the IRS Examines Your Return

Chapter 48

The learning objectives for this lesson are to gain an understanding of:

•  Odds of being audited

•  Audit overview

•  Offer in compromise

•  Recovering costs of a tax dispute