Professional Education in Taxation

Professional Education in Taxation

Learn to complete the tax return by computing each line and box with the hands-on case-study data. A double-quiz in each section assures that you master each section of the tax return. Each course concludes by giving you one year’s financial data—and you complete the entire tax return.

Series information

Mastering Tax Preparation for Sole Proprietorships

406 pages [225 self-teaching + 181 self-quizzes with detailed answers]

Section 1: Introduction. How Schedule C and related forms work.

Section 2: How to provide key data. A quick primer on filing key demographic and other facts about the business.

Section 3: Gross income. Taxing income from operations. How to complete Lines 1-7. Clear examples make it easy.

Section 4: Computing COGS. Cost of goods sold for tax purposes. How to complete Part III of Schedule C.

Section 5: Business expenses. Wages, transportation, utilities, rent, etc. Related-party deduction rules.

Section 6: Car and truck expenses. Computing deductible vehicle expense. Actual cost v. standard mileage rate methods.

Section 7: T & E, meal and gift expenses. Reimbursing employee expenses. Business gifts. Recordkeeping requirements.

Section 8: Retirement and benefit plans. Keogh, SEP, employee fringe deductions. Self-employed health insurance.

Section 9: Depreciation and amortization. MACRS, ACRS, other methods. Section 179. Amortizing intangibles. Form 4562.

Section 10: Bad-debt expense. When a debt is partially v. totally worthless. Accounting method. When bad debts are recovered.

Section 11: Deducting other taxes. Maximizing real-estate, payroll, sales and other state and local tax deductions.

Section 12: Deducting interest expense. Borrowing against the proprietor's residence. Capitalization rules. Timing deductibility.

Section 13: Deducting home-office expenses. Requirements. Computing the deduction. How to prepare Form 8829.

Section 14: Computing self-employment tax (Schedule SE). Preparing Schedule SE. How to compute self-employment tax.

Section 15: Business property sales. Real v. personal property. Form 4797. Depreciation recapture. Sec. 1231 gains and losses.

Section 16: Do a comprehensive example. Apply the full course to a single large example of completing Schedule C.

Mastering Tax Preparation for S Corporations

544 pages [284 self-teaching + 260 self-quizzes with detailed answers]

 

Section 1: Overview of the 1120S. How the 1120S and related forms work.
 

Section 2: Understanding the S corporation. S corporation flow-through and the 1120S.

Section 3: Gross income. Taxing income from operations, interest, dividends and rent. How to complete Form 8825.

Section 4: Sale or exchange of capital assets. Reporting on Schedules D and K. How to handle the built-in gains tax.

Section 5: Business property sales. Sale of cars, furniture, real estate. Form 4797. Reporting Sec. 1231 gains/losses on Schedule K.

Section 6: Business expense deductions. Compensation, rent, insurance, supplies, miscellaneous, and related-party transactions.

Section 7: COGS for tax purposes. Completing Schedule A, line by line. Introduction to uniform capitalization rules.

Section 8: How to deduct T & E, meal, gift expenses. Includes reimbursed expenses v. per diem allowances, standard mileage rates, business gifts, and more. Accountable v. nonaccountable plans.

Section 9: Retirement and benefit plans. Defined benefit. Defined contribution. Fringes. 2%-or-more-shareholder-employee rules.

Section 10: Deducting interest expense. Timing deductions. Nonbusiness interest. When interest must be capitalized.

Section 11: Deducting taxes. Maximizing real estate, personal property, income, franchise, payroll, state/local tax deductions.

Section 12: Deducting bad debt expense. Partially v. totally worthless debts. Bad debt recovery. Nonbusiness bad debts.

Section 13: Depreciation/amortization. MACRS, ACRS and other methods. Sec. 179 deductions. Amortizing intangibles. Form 4562.

Section 14: Deducting charitable contributions. Cash v. property v. inventory contributions. Reporting on Schedule K.

Section 15: Preparing Schedule K. Ordinary v. separately stated income/deductions, tax credits, tax preference items.

Section 16: 1120S demographics. Key S corporation facts to report.

Section 17: Special S corporation taxes. How to handle the built-in gains tax, capital gains tax and excess net passive income tax.

Section 18: Schedules L and M-2. Reporting balance sheet data. The accumulated adjustments account (AAA) and other adjustments account (OAA). Distributions.

Section 19: Schedule M-1. Reconciling book/taxable income.

Section 20: Schedule K-1. Prorating items/loans per shareholder.

Section 21: Complete an entire 1120S, 4562 and 4797. Lets you apply the full course to a specific S corporation's financial data for 1 year.

 
Mastering Tax Preparation for C Corporations

464 pages [264 + 200 self-quizzes with detailed answers]

 

Section 1: Overview of the 1120. How the 1120 and related forms work. Key financial statement and backup data.
 

Section 2: Gross income. How income from operations, interest and other sources is reported. Special deductions.
 

Section 3: Business property sales. Taxable gains/losses on sales of personal property v. on real estate. Completing the 4797.

Section 4: Schedule D: Sale/exchange of capital assets. Ordinary v. capital gains/losses. Carryback v. carryforward losses.

Section 5: Deducting business expenses. How to deduct compensation, auto, utilities, supplies, repairs, maintenance, rent and miscellaneous expenses.

Section 6: Computing COGS for tax purposes. Completing Schedule A line by line. Introduction to uniform capitalization rules.

Section 7: Deducting T & E, meal, gift expenses. Reimbursed expenses v. per diem allowances and standard mileage rates. Gifts.

Section 8: Reporting retirement and benefit plans. Reporting defined benefit v. defined contribution plans. Reporting fringes.

Section 9: Deducting interest expense. Timing deductibility. Nondeductible interest. How to capitalize interest for capital loans.

Section 10: Deducting other taxes. Maximizing real-estate, personal property, income, payroll and sales taxes.

Section 11: Deducting bad-debt expense. When a debt is partially v. totally "worthless." When bad debts are recovered.

Section 12: Deducting charitable contributions. Cash v. noncash contributions. Deduction limits and carryforwards.

Section 13: Deducting depreciation/amortization. Handling Sec. 179. Reporting depreciation under MACRS, ACRS and other methods. Amortizing various costs and intangibles. How to prepare the 4562.

Section 14: Computing income tax (Schedule J). C corporations, PSCs, other corporations. The AMT, recapture and other taxes.

Section 15: How to prepare Schedules K, L and M-2. Line-by-line instructions with real-life examples.

Section 16: How to prepare Schedule M-1. Reconciling differences between book and taxable income.

Section 17: Your C corporation's demographic information. A quick primer on filing key facts about the corporation.

Section 18: Net operating losses (NOLs). How to report NOLs during the 2-year carryback or 20-year carryforward period.

Section 19: Complete an entire 1120, 4562 and 4797. Apply the full course using a company's financial data for 1 year.

Mastering Tax Preparation for Partnerships

558 pages [324 self-teaching + 234 self-quizzes with detailed answers]

Section 1: Overview of the 1065. How the 1065 and related forms work. Methods of accounting and required tax years.

Section 2: Introduction to partnerships. Partnerships flow-through. Schedules K and K-1 and Form 1065.

Section 3: Gross income. From operations, interest, dividends, rent. Form 8825.

Section 4: Sale/exchange of capital assets. Reporting on Schedules D and K.

Section 5: Business expense deductions. Compensation, rent, insurance and miscellaneous. Related-party transactions. Guaranteed payments to partners.

Section 6: COGS for tax purposes. Schedule A, line by line. Introduction to the uniform capitalization rules.

Section 7: How to deduct T & E, meal, gift expenses. Reimbursed expenses v. per diem allowances, standard mileage rates, gifts and more.

Section 8: Retirement and benefit plans. Fringe benefits for partners and employees. Keogh plans and SEPS.

Section 9: Deducting bad-debt expense. Partially v. totally worthless debts. Bad-debt recovery. Nonbusiness bad debts.

Section 10: Deducting taxes. Maximizing real-estate, personal property, income, franchise, payroll, state/local tax deductions.

Section 11: Deducting interest expense. Timing deductions. Nonbusiness interest. When interest must be capitalized. Allocating interest expense to partnership activities.

Section 12: Depreciation/amortization. MACRS, ACRS and other methods. Sec. 179 deductions. Amortizing intangibles. Form 4562.

Section 13: Business property sales. Reporting car, furniture and real-estate sales on Form 4797 and Sec. 1231 gains/losses on Schedule K.

Section 14: Deducting charitable contributions. Cash v. property v. inventory contributions. Reporting on Schedule K.

Section 15: Preparing Schedule K. Ordinary v. separately stated income/deductions, tax credits, tax preference items, self-employment income.

Section 16: 1065 demographics. Key partnership facts to report.

Section 17: Schedules L and M-2. Reporting balance sheet data. Analysis of partners' capital accounts.

Section 18: Schedule M-1. Reconciling book/taxable income.

Section 19: Schedule K-1. Allocating partnership liabilities to partners and allocating partnership income and loss.

Section 20: Complete an entire 1065, 4562 and 4797. You apply the full course to a partnership's financial data for 1 year.

 

Learn to complete the tax return by computing each line and box with the hands-on case-study data. A double-quiz in each section assures that you master each section of the tax return. Each course concludes by giving you one year’s financial data—and you complete the entire tax return.