Income Tax for Individuals
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This course provides a general overview of federal income tax laws for individuals. It explains who must
file, which tax forms to use, when the return is due, and other general information. It will provide guidance
on which filing status can be used and whether the income received is taxable. The course also explains
the standard deduction, the kinds of expenses that can be deducted, and the various credits that are
available to reduce the total tax due.
FOR 2023 RETURNS |
Course Info:
- Course #: 3105L
- Delivery: Self-Study
- CPE Hours: 24
- Course Level: Basic
- Prerequisites: None
- Advanced Preparation: None
- NASBA Area of Study: Taxes
- Total Pages: 589
- Questions: 120
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EA Program Approval Number: XE26W-T-00392-23-S
View more courses approved for EAs |
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Course Objectives
- To recall important tax changes to be used for 2023 tax returns
- To recognize the length of the automatic extension provided by filing Form 4868
- To recognize the various filing statuses and who is eligible to use them
- To recall the various requirements for a qualifying relative
- To identify the purpose of estimated taxes
- To recall what types of compensation are included as income for tax purposes
- To recognize what tips should be included in income for tax purposes
- To recall the proper tax treatment for various types of interest
- To identify the proper treatment of various types of dividends
- To recognize the proper treatment of rental property income and expenses for tax purposes
- To identify various requirements regarding retirement plan taxation
- To recognize key taxation thresholds related to social security income
- To identify the taxability of various types of other income
- To identify the factors to consider in calculating the basis of property
- To recognize the taxability of the sale of personal use property
- To identify the special tax rules related to selling your home
- To recall the capital gain rates for the current year
- To recall the thresholds, requirements, and additional taxes related to individual retirement
arrangements
- To recognize what is and is not alimony
- To identify education-related adjustments that can be made to income
- To identify what business-related expenses associated with travel, transportation, and
gifts are deductible
- To recall the standard deduction amounts for the current year
- To recognize the deductibility characteristics of medical and dental expenses
- To recognize what taxes you can deduct if you itemize deductions
- To recall what types of interest you can and cannot deduct
- To recall the types of charitable contributions you can deduct and the records you should
keep
- To recall the tax treatment of personal casualty and theft losses
- To identify types of other itemized deductions allowable to reduce adjusted gross income
- To identify the rules in the TCJA related to claiming a deduction for “qualified business
income”
- To recognize various alternative minimum tax adjustments and preference items
- To recall the rules related to the tax on unearned income of certain children
- To recall how to figure the child and dependent care credit
- To identify who qualifies to take the credit for the elderly or disabled
- To recall the limits of the child tax credit
- To identify the requirements for and benefits of the American opportunity credit and the
lifetime learning credit
- To recall the limit of investment income to qualify for the earned income credit
- To recognize who is eligible to claim the premium tax credit
- To identify various nonrefundable and refundable credits available for income tax purposes
Table of Contents
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professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on
the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the
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