This two-day session is taught using a Hands-On methodology. Using a comprehensive case study (actual W-2s, 1099s, 1098s, K-1s, etc.), the participant will walk through the preparation of the Form 1040 and related tax schedules. Each participant will receive a comprehensive individual income tax reference manual that includes numerous practice aids, real world examples, new Federal income tax forms and schedules, and Pat Garverick’s Quick Reference Chart.
.Topics include:
- Comprehensive review of individual income tax laws, with emphasis on new legislative changes (e.g., the One Big Beautiful Bill) and the status of expiring or extended provisions.
- Dissecting the Form W-2, 1099-NEC, 1099-K and Schedule K-1
- Form 8995 – Qualified Business Income (QBI) deduction
- Schedule A – allowable itemized deductions and phase-out rules
- Schedule B – interest and dividend income
- Schedule C and F – trade or business income and deductions
- Form 4562 – depreciation and amortization including §179
- Schedule D – sale of capital assets and personal residences
- Form 4797 – sale of trade or business property including the ordinary income recapture rules under §1245 and §1250
- Schedule E – rentals, passive activities and flow through entities
- Other gross income items including alimony, state and local refunds, IRA and pension distributions, unemployment compensation and social security benefits
- Adjustments to gross income including IRAs, SEPs, student loan interest and Form 7206 (i.e., self-employed health insurance deduction)
- Calculate regular tax liability (Schedule D), alternative minimum tax (AMT) (Form 6251) and self-employment tax (Schedule SE)
- Overview of selected income tax credits (e.g., child tax credit, child and dependent care expense credit and the education credits)
