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    1040 Exam Prep Module VI: Standard and Itemized Deductions
    1040 Exam Prep Module VI: Standard and Itemized Deductions
    1040 Exam Prep Module VI: Standard and Itemized Deductions
    Ebook31 pages34 minutes

    1040 Exam Prep Module VI: Standard and Itemized Deductions

    By Norma Wahnon

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    About this ebook

    The 1040 Exam Prep set of study guides is designed to effectively help tax return preparers in their review for the Registered Tax Return Preparer (RTPR) competency examination.
    Beginning in the Fall-2011, many of the tax return preparers who are not attorneys and/or certified public accountants, or registered agent must take a competency examination if they want to continue preparing federal tax returns for a fee. It takes time to prepare for any certification exam and usually the preparation process is expensive. Having the right material, the right plan and the right attitude is crucial to pass the exams. It will spare the candidates from going from failure to failure and spending a lot of money.

    The 1040 Exam Prep e-book series can help candidates planning to take the RTRP Competency Examination prepare for the exam by providing the material needed to review, in several formats that meet candidates’ unique preferences and convenience.

    The 1040 Exam Prep is a comprehensive, effective and practical set of study materials that include e-Books, slide presentations, mind-maps, and mp3 recordings, designed to help RTRP exam candidates review quickly, grasp and retain the concepts they need to know in preparation for the competency exam.

    The 1040 Exam Prep material:
    •Empowers the exam candidates in their review with bite-size manuals and visual aids.
    •Builds a strong knowledge foundation, confidence, and stamina to help the candidate succeed in the exam room.
    •Allows exam candidates to review no more than what they need to know for the exam. The tax law is huge; candidates don’t want to over-prepare.

    Practical, simple and affordable, the 1040 Exam Prep Study Guides for Tax Preparers will require little extra effort on the candidates’ part to search for and analyze complex tax laws and regulations, because we have done that for them and we have summarized what they need to know, to help them pass their exam.

    LanguageEnglish
    PublisherNorma Wahnon
    Release dateDec 17, 2011
    ISBN9781466018495
    1040 Exam Prep Module VI: Standard and Itemized Deductions
    Author

    Norma Wahnon

    Author Norma Wahnon integrated her accounting and taxation background and experience to produce the "1040 Exam Prep" e-Book Series to help tax return preparers pass the Registered Tax Return Preparer competency examination. Wahnon was raised in Argentina and after graduating with an Accounting degree from National University of Misiones, in 1989, and running her accounting practice for 10 years she moved to the Canary Islands, Spain for one year to complete a MBA program. In November 2010 she successfully completed all sections of the Uniform Certified Public Accountant Exams in few months of preparation. After working in the tax return industry during several years, currently, she owns TaxBiz Solution, a accounting and tax practice located in Silver Spring, MD USA.

    Read more from Norma Wahnon

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      Book preview

      1040 Exam Prep Module VI - Norma Wahnon

      MODULE VI

      STANDARD AND ITEMIZED DEDUCTIONS

      By Norma Wahnon

      Copyright 2012 Norma Wahnon

      Smashwords Edition

      Smashwords License Statement

      This e–book is licensed for your personal enjoyment only; it may not be resold or given away to other people. If you would like to share this book or its contents with another person or persons, please purchase an additional copy for each recipient. If you are reading this e–book and did not purchase it, or it was not purchased for your use only, then please return to SmashWords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      A. STANDARD DEDUCTIONS

      Taxpayers can opt for the method of deduction that lowers their tax liability. Taxpayers can opt for the standard deduction or they can choose to itemize deductions.

      The standard deduction is a dollar amount that depends on the taxpayer’s filing status. It is actualized periodically, by law. The standard deduction reduces the amount of a taxpayer’s taxable income and taxpayers can opt for it when it is higher than the total allowed itemized deductions, such as medical expenses, charitable contributions, and some taxes reported in Form 1040A. The standard deduction is higher for taxpayers who are:

      – Age 65 or older; or

      – Blind; or

      – For 2011, had a net disaster loss from a disaster that occurred in 2008 or 2009 but the

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