Preparing Returns with Multiple Income Sources

Course Description:

This illustrative course is designed to provide a more tangible experience to understanding tax preparation. The course content will identify possible sources of taxable income, examine self-employment income and the necessity to make estimated payments, and generally explains the initial steps taken at the beginning of the return process.

Learning Objectives:

• Determine all sources of taxable and non-taxable income (e.g., wages, interest, business, sale of property, dividends, rental income, income from flow-through entities, alimony, government payments, and pension distributions).
• Self-employment income and expenses (e.g., Schedule C Profit or Loss from Business and Form 1099-MISC Miscellaneous Income, cash).
• Other income (e.g., alimony, barter income, hobby income, non taxable combat pay, state income tax refund from prior years, prizes).
• Sale of non-business assets (gains or losses).
• Self-employment tax (e.g., Schedule SE Self-Employment Tax).
• Understand payment options (e.g., check, direct debit, EFTPS, credit card, installment agreement-Form 9465).

Duration: 100 minutes
Who Should Attend: All tax practitioners advising individual clients
Course Level: Basic - story-based
Prerequisite: None
Advance Preparation: None
Delivery Method: Self Study - Internet Based
IRS CE: UBWMF-T-00303-24-S
CTEC: 6209-CE-0214
NASBA: 116347
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

Last Modified: 04/27/2021