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    1040 Exam Prep: Module II - Basic Tax Concepts
    1040 Exam Prep: Module II - Basic Tax Concepts
    1040 Exam Prep: Module II - Basic Tax Concepts
    Ebook27 pages25 minutes

    1040 Exam Prep: Module II - Basic Tax Concepts

    By Norma Wahnon

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    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 12, 2011
    ISBN9781466121195
    1040 Exam Prep: Module II - Basic Tax Concepts
    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.

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      Book preview

      1040 Exam Prep - Norma Wahnon

      MODULE II

      BASIC TAX CONCEPTS

      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. FILING INFORMATION

      This section covers considerations to take into account on filing tax returns. The tax preparer should start by answering the following questions:

      - Which taxpayers are required to file a return?

      - Which forms should be used in each case?

      - When, where, and how should the return be filed?

      - How to calculate the estimated tax?

      - What records should taxpayers keep and how long should tax payers keep them?

      - How to amend a return?

      1. Filing Rules

      Requirement to file a

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