Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    1040 Exam Prep Module VII: Credits
    1040 Exam Prep Module VII: Credits
    1040 Exam Prep Module VII: Credits
    Ebook46 pages19 minutes

    1040 Exam Prep Module VII: Credits

    By Norma Wahnon

    1/5

    ()

    Read preview

    About this ebook

    The 1040 Exam Prep is a simple, practical, and affordable set of study materials that allows you to optimize your time and effort in preparing for the Registered Tax Return Preparer (RTRP) competency examination.

    Nearly all taxpayers have a professional tax return preparer in whom they trust to prepare their return. IRS statistics show that over 80% of all federal individual income tax returns for 2007/8 were prepared by paid tax return preparers or by taxpayers using some sort of consumer tax preparation software. Beginning in the Fall-2011, many of those tax return preparers who are not attorneys and/or certified public accountants, or registered agents, must take a competency examination if they want to continue preparing federal tax returns for a fee.

    The 1040 Exam Prep e-books can help candidates planning to take the RTRP Competency Examination to prepare for the exam by providing the material they need to review in several formats that meet their 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 you review quickly, grasp and retain the concepts you need to know in preparation for the RTRP 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 succeed in the exam room.
    •Allows you to review no more than what you need to know for the exam. The tax law is huge; you don’t want to over-prepare.
    Practical, simple and affordable, the 1040 Exam Prep Study Guide for Tax Preparers will require little extra effort on your part to search for and analyze complex tax laws and regulations, because we have done that for you and we have summarized what you need to know, to help you pass the exam.

    LanguageEnglish
    PublisherNorma Wahnon
    Release dateDec 17, 2011
    ISBN9781465729620
    1040 Exam Prep Module VII: Credits
    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

    Related to 1040 Exam Prep Module VII

    Related ebooks

    Children's For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Forming A Limited Company

      Feb 6, 2020

      Forming A Limited Company
      3 min read

    • Article

      How Transfer-on-Death Accounts Can Fit Into Your Estate Planning

      Mar 18, 2019

      My wife and I, like most married couples, share a bank account from which either of us can write checks and add or withdraw funds without consent from the other. If my wife outlives me, the account will be hers alone, which my Last Will can't change.

      4 min read

    • Article

      Should You Do Your Own Taxes or Hire a Professional?

      Jan 30, 2020

      For some people, tax season poses little worry, and the process occurs painlessly. Simply populate the requisite fields on your 1040 with info from your W-2, claim the standard deduction, sign on the dotted line and e-file. After that, the check is

      4 min read

    • Article

      Meet The Bookkeeper’s Friend

      Jul 1, 2020

      For many small businesses, 2020 has unquestionably challenged the resolve of the most resilient, with research accounting software provider MYOB revealing that 58% of SMEs say the Covid-19 pandemic has negatively impacted their business. But don’t be

      4 min read

    • Article

      Refund Checks for $10,200 Unemployment Tax Break Are on the Way

      Mar 31, 2021

      If you received unemployment benefits last year and filed your 2020 tax return relatively early, you may find a check in your mailbox soon (or a deposit in your bank account). The IRS has already started issuing automatic tax refunds to Americans who

      3 min read

    • Article

      Equifax Data Breach Settlement: What You Need to Know

      Jul 24, 2019

      If you're one of the roughly 147 million people whose sensitive personal information was exposed in the 2017 Equifax data breach, get ready to claim your share of the relief. The credit bureau has agreed to a settlement of up to $700 million with the

      4 min read

    • Article

      Refunds for $10,200 Unemployment Tax Break to Begin This Week

      Mar 31, 2021

      If you received unemployment benefits last year and filed your 2020 tax return relatively early, you may find a check in your mailbox soon (or a deposit in your bank account). Starting in mid-May, and extending through the summer, the IRS will automa

      3 min read

    • Article

      Pre-Election Estate Planning Moves for High-Net-Worth Families

      Aug 16, 2020

      Election Day may seem far off at the moment, but as we stride into the summer, it’s prudent to reflect on the intimate relationship between presidential politics, policy changes and your estate planning. As you may recall, prior to the 2016 president

      6 min read

    • Article

      Give Cash Now, Cut Your Estate Tax Later

      Dec 1, 2021

      Are you having trouble finding gifts those "hard to shop for" relatives? Don't waste any more time trying to find something they might want – give 'em cash! Everyone likes money, right? Plus, giving money to family or friends can also be a smart tax

      2 min read

    • Article

      HOW TO... Get Off A Blacklist

      Sep 23, 2019

      HOW TO... Get Off A Blacklist
      2 min read

    • Article

      The One Simple Move Keeping Americans From Getting Bigger Tax Refunds This Year

      Feb 14, 2019

      Take a vacation? Pay off bills? Buy a new car? If you're thinking of ways to spend this year's tax refund before filing your return ... wait! Trying to predict how much you'll get back (or pay in) this year is extremely difficult. Plus, even if your

      3 min read

    • Article

      Refunds for $10,200 Unemployment Tax Break to Begin This Month

      Mar 31, 2021

      If you received unemployment benefits last year and filed your 2020 tax return relatively early, you may find a check in your mailbox soon (or a deposit in your bank account). Starting in May, and extending through the summer, the IRS will automatica

      2 min read

    • Article

      Loan Application Basics

      Jan 11, 2022

      So, you’ve decided to take the plunge — you’re finally going to own the log or timber home you’ve been longing for. For most, this decision comes with an awareness that they’ll need financing to get the transaction underway and see it through to comp

      3 min read

    • Article

      Own a Gun? Careful: You Might Need a Gun Trust

      Feb 6, 2019

      If you're not a gun collector, you likely haven't heard the term "gun trust." Even if you are, you may not understand what a gun trust is, how it works or how it can be of use in an estate plan. A gun trust is the generic name for a revocable or irr

      4 min read

    • Article

      You Still Have Time to Save on Your Taxes

      Jan 30, 2020

      The deadline for filing your federal tax return is still weeks away, but there are plenty of reasons to start your taxes well before April 15. If you're owed a refund--and most taxpayers are--you'll get your money that much sooner. Filing early will

      10 min read

    • Article

      Withholding Taxes From Social Security

      May 16, 2018

      [Question]I'm about to sign up for Social Security. Do I need to also sign up to have taxes withheld from my benefits? [Answer]You aren't required to have taxes withheld from your Social Security benefits, but voluntary withholding can be one way to

      1 min read

    • Article

      10 Tax Breaks for the Middle Class

      Feb 19, 2019

      If you believe that tax breaks are reserved for hedge fund managers and companies with offshore subsidiaries, you're probably paying too much to the IRS. Lawmakers have enacted dozens of tax incentives targeted at middle-class families. Taking full a

      8 min read

    Related categories

    Reviews for 1040 Exam Prep Module VII

    1/5

    1 rating0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      1040 Exam Prep Module VII - Norma Wahnon

      MODULE VII

      CREDITS

      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.

      INTRODUCTION

      Credits are one of the components of the Form 1040 formula used to determine the tax due, or a refund, for a tax period. There are several types of credits that can directly reduce the tax liability. Some tax credits are refundable, others are not. In any case, the tax liability minus the tax credits will yield either a tax payable, or a tax refund.

      Following is an overview of the eligibility rules and credit limitations of most important personal tax credits. For 2011, the earned income credit, additional tax credit, adoption credit, and the health coverage credit are refundable. Refundable means that the credit can generate a refund providing all tax liabilities are covered. The most important personal tax credits are:

      – Credit for the elderly and the disabled;

      – Child and dependent care credit;

      – Earned income credit;

      – Foreign tax credit;

      – Education tax credits;

      – Credit for adoption expenses;

      – Child tax credit and additional child tax credit;

      – First–time homebuyer credit and District of Columbia first time homebuyer credit;

      – Credit for certain retirement plans contributions;

      – Prior–year AMT credit;

      – Residential energy tax credit;

      – Alternative vehicle credit;

      – Credit for excess Social Security or Railroad Retirement withholdings;

      – Mortgage interest

      Enjoying the preview?
      Page 1 of 1