Self-Study

Surgent's Individual Income Tax School (SITS)

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 the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

Objectives

  • 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 a comprehensive tax return; answers with filled-in forms are provided

Highlights

  • Effects of recent legislation
  • 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 -- From Form 1040A to Form 1040
  • 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
  • Unreimbursed employee business expenses -- Form 2106
  • Depreciation
  • Rental income and expenses
  • How the Affordable Care Act affects tax returns

Additional Information

Designed For

New staff, rusty or those returning to the profession, who desire to prepare individual returns

Vendor

Surgent

Advanced Preparation

None

Prerequisite

None

Field of Study

Taxes

Course Number

17SITS-DN

Level of Knowledge

Basic

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