USACyberWorld.com - Income Tax Course Contents

The annual tax on income that is levied by the federal government and by certain state and local governments called Income Tax. Taxes on income, both earned (salaries, wages, tips, commissions) and unearned (interest, dividends). Income taxes can be levied on both individuals (personal income taxes) and businesses (business and corporate income taxes). In addition, we cover the following topics:

Chapter 1: Filing Information

Important Changes
Important Reminders
Introduction
Individuals in General
Filing Requirements for Most Taxpayers
Marital Status, Filing Status, Age and Gross Income
Surviving Spouses, Executors, Administrators, and Legal Representatives
U.S. Citizens Living Outside the United States
Individuals with Income from U.S. Possessions
Who Should File
Determine Which Form you Should Use
Does your Return have to be on Paper?
Electronic Filing
When and where do you need to file?
Extensions of Time to File
IRS Third Party Designee
How to Prepare your Return?

Chapter 2: Filing Status

Introduction
Marital Status
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er) with Dependent Child

Chapter 3: Personal Exemptions and Dependents

Introduction
Personal Exemptions
Exemptions for Dependents
Member of Household or Relationship Test
Citizen or Resident Test
Join Return Test
Groww Income Test
Support Test
Multiple Support Agreement
Support Test for Child of Divorced or Separated Parents
Phaseout of Exemptions
Social Security Numbers for Dependents

Chapter 4: Decedents

Introduction
Personal Representative
Duties
Final Return for the Decedent
How to Report Certain Income
Exemptions, Deductions, and Credits
Tax Effect on Others
Income in Respect of the Decedent
Deductions in Respect of the Decedent
Estate Tax Deduction

Chapter 5: Tax Withholding and Estimated Tax

Introduction
Withholding
Tips
Taxable Fringe Benefits
Sick Pay
Pensions and Annuities
Gambling Winnings
Unemployment Compensation
Federal Payments
Backup Withholding
Estimated Tax
Credit for Withholding and Estimated Tax

Chapter 6: Wages, Salaries, and Other Earnings

Introduction
Employee Compensation
Miscellaneous Compensation
Fringe Benefits
Special Rules for Certain Employees
Clergy
Members of Religious Orders
Foreign Employer
Military
Volunteers
Sickness and Injury Benefits
Disability Income
Long-Term Care Insurance Contracts
Worker's Compensation
Other Sickness and Injury Benefits

Chapter 7: Tip Income

Introduction
Keeping a Daily Tip Record
Reporting Tips to Your Employer
Tip Rate Determination and Education Program
Reporting Tips on Your Tax Return
Allocated Tips

Chapter 8: Interest Income

Introduction
Taxable Interest
U.S. Savings Bonds
Education Savings Bond Program
Bonds Sold Between Interest Dates
Insurance
Original Issue Discount (OID)
State or Local Government Obligations
When and How to Report Interest Income

Chapter 9: Dividends and Other Corporate Distributions

Introduction
Oridinary Dividends
Capital Gain Distributions
Nontaxable Distributions
Return of Capital
Distributions of Stock and Stock Rights
Other Distributions
How to Report Dividend Income

Chapter 10: Rental Income and Expenses

Introduction
Rental Income
Rental Expenses
Repairs and Improvements
Other Expenses
Not Rented for Profit
Property Changed to Rental Use
Renting Part of Property
Personal Use of Dwelling Unit (Including Vacation Home)
Dwelling Unit Used as Home
Figuring Days of Personal Use
How to Divide Expenses
How to Figure Rental Income and Deductions
Depreciation
Depreciation Methods
Special Depreciation Allowance
MACRS (Modified Accelerated Cost Recovery System}
MACRS Depreciation Under GDS (General Depreciation System)
Using the Optional Tables
MACRS Depreciation Under ADS (Alternative Depreciation System)
Other Rules About Depreciable Property
Limits on Rental Losses
At-Risk Rules
Passive Activity Limits
How to Report Rental Income and Expenses
Schedule E (Form 1040)

Chapter 11: Retirement Plans, Pensions, and Annuities

Introduction
Employee Pensions and Annuities
Cost (Investment in the Contract)
Simplified Method
Survivors
How to Report
Lump-Sum Distributions
Rollovers
Special Additional Taxes
Disability Pensions
Purchased Annuities

Chapter 12: Social Security and Retirement Benefits

Introduction
Are any of Your Benefits Taxable?
How to Report Your Benefits?
Deductions Related to Your Benefits
Repayments more Than Gross Benefits

Chapter 13: Other Income

Introduction
Bartering
Canceled Debts
Exceptions
Life Insurance Proceeds
Accelerated Death Benefits
Partnership Income
S Corporation Income
Recoveries
Itemized Deduction Recoveries
Rents from Personal Property
Repayments
Royalties
Unemployment Benefits
Welfare and Other Public Assistance Benefits

Chapter 14: Basis of Property

Introduction
Cost Basis
Real Property
Adjusted Basis
Increases to Basis
Decreases to Basis
Basis Other than Cost
Property Received for Services
Taxable Exchanges
Involuntary Conversions
Nontaxable Exchanges
Like-Kind Exchanges
Property Transferred From a Spouse
Property Received as a Gift
Inherited Property
Property Changed to Business or Rental Use
Stocks and Bonds

Chapter 15: Sale of Property

Introduction
Sales and Trades
What is a Sale or Trade?
How to Figure Gain or Loss
Nontaxable Trades
Transfers Between Spouses
Related Party Transactions
Capital Gains and Losses
Capital or Ordinary Gain or Loss
Capital Assets and Noncapital Assets
Holding Period
Rollover of Gain from Publicly Traded Securities

Chapter 16: Selling Your Home

Introduction
Main Home
How to Figure Gain or Loss
Basis
Excluding the Gain
Maximum Amount of Exclusion
Reduced Maximum Exclusion
More than One Home Sold During 2-Year Period
Ownership and Use Tests
Period of Ownership and Use
Business Use or Rental of Home
Special Situations
Reporting the Gain

Chapter 17: Reporting Gains and Losses

Introduction
Schedule D
Capital Losses
Capital Gain Tax Rates
What is your Maximum Capital Gain Rate?
Comprehensive Example

Chapter 18: Individual Retirement Arrangements

Introduction
Traditional IRAs
Who can Set up a Traditional IRA?
When and How can a Traditional IRA be Set Up?
How much can be Contributed?
When can Contributions be made?
How much can I Deduct?
Nondeductible Contributions
Inherited IRAs
Can I move Retirement Plan Assets?
When can I withdraw or Use IRA Assets?
Roth IRAs
Can I Contribute to a Roth IRA?
Can I move Amounts into a Roth IRA?
Are Distributions from my Roth IRA Taxable?

Chapter 19: Moving Expenses

Introduction
Time Test
Deductible Moving Expenses
Household Goods and Personal Effects
Traver Expenses
Nondeducible Expenses
How to Report
When to Deduct Expenses

Chapter 20: Alimony

Introduction
General Rules
Instruments Executed After 1984
How to Deduct Alimony Paid
How to Report Alimony Received
Recapture Rule

Chapter 21: Standard Deduction

Introduction
Standard Deduction Amount
Standard Deduction for Dependents
Who should Itemize

Chapter 22: Limit on Itemized Deductions

Introduction
Are you Subject to the Limit?
Which Itemized Deductions are Limited?
Which Itemized Deductions are not Limited?
How do you Figure the Limit?

Chapter 23: Medical and Dental Expenses

Introduction
What is the Definition of Medical Care?
What Expenses can you Include this Year?
How much of the Expenses can you Deduct?
Whose Medical Expenses can you Include?
Decedent
What Medical Expenses are Deductible?
Meals and Lodging
Transportation
Disabled Dependent care Expenses
Impairment-Related Work Expenses (Business or Medical)
How do you Treat Reimbursements?
How do you Report the Deduction on your Tax Return?
What Tax Form do you Use?

Chapter 24: Taxes

Introduction
Tests to Deduct any Tax
Income Taxes
State and Local Income Taxes
Foreign Income Taxes
Real Estate Taxes
Real Estate-Related Items you cannot Deduct
Personal Property
Taxes and Fees you cannot Deduct
Where to Deduct

Chapter 25: Interest Expense

Introduction
Home Mortage Interest
Amount Deductible
Points
Mortgage Interest Statement
Investment Interest
Investment Property
Allocation of Interest Expense
Limit on Deduction
Items you cannot Deduct
Personal Interest
Allocation of Interest
How to Report

Chapter 26: Contributions

Introduction
Types of Qualified Organizations
Contributions you can Deduct
Contributions From Which you Benefit
Expenses Paid for Student Living with you
Out of Pocket Expenses in Giving Services
Contributions you cannot Deduct
Contributions to Individuals
Contributions to Nonqualified Organizations
Contributions From Which you Benefit
Value of Time or Services
Personal Expenses
Appraisal Fees
Contributions of Property
Determining Fair Market Value
Giving Property that has Decreased in Value
Giving Property that has Increased in Value
When to Deduct
Limits on Deductions
50% Limit
30% Limit
20% Limit
Carryovers
Records to keep
Cash Contributions
Noncash Contributions
How to Report?

Chapter 27: Nonbusiness Casualty and Theft Losses

Introduction
Casualty
Theft
Loss on Deposits
Proof of Loss
Amount of Loss
Adjusted Basis
Decrease in Fair Market Value
Insurance and Other Reimbursements
Single Casualty on Multiple Properties
Deduction Limits
$100 Rule
10% Rule
When to Report Gain or Loss
Disaster Area Loss
How to Report Gains and Losses

Chapter 28: Car and Other Business Expenses

Introduction
Travel Expenses
Tax Home
Temporary Assignment or Job
What Travel Expenses are Deductible?
Travel in the United States
Travel Outside the United States
Conventions
Entertainment Expenses
50% Limit
Gift Expenses
Transportation Expenses
Car Expenses
Recordkeeping
How to Prove Expenses
How long to keep Records and Receipts
How to Report
Reimbursements
Completing Forms 2106 and 2106 -EZ

Chapter 29: Tax Benefits for Work-Related Education

Introduction
Qualifying Work-Related Education
Education Required by Employer or by Law
Education to Maintain of Improvent Requirements
Education that Qualifies you for a New Trade or Business
What Educational Expenses are Deductible as Business Expenses?
Transportation Expenses
Travel Expenses
Expenses Relating to Tax-Exempt and Excluded Income
Employer Provided Educational Assistance
Where to Deduct Expenses
Recordkeeping

Chapter 30: Miscellaneous Deductions

Introduction
Deductions Subject to the 2% Limit
Unreimbursed Employee Expenses (Line 20)
Tax Preparation Fees (Line 21)
Other Expenses (Line 22)
Deductions not Subject to the 2% Limit
Nondeductible Expenses

Chapter 31: How to Figure Your Tax

Introduction
Alternative Minimum Tax
Tax Figured by IRS

Chapter 32: Tax on Investment Income

Introduction
Which Parent's Return to Use
Parent's Election to Report Child's Interest and Dividends
Effect of Making the Election
Figuring Child's Income
Figuring Additional Tax
Tax for Children Under Age 14
Providing Parental Information
Figuring the Child's Net Investment Income
Figuring Tentative Tax at the Parent's Tax Rate
Figuring the Child's Tax

Chapter 33: Child and Dependent Care Credit

Introduction
Tests to Claim the Credit
Qualifying Person Test
Keeping Up a Home Test
Earned Income Test
Work-Related Expense Test
Joint Return Test
Provider Identification Test
How to Figure the Credit
Earned Income Limit
Dollar Limit
Amount of Credit
How to Claim the Credit
Employment Taxes for Household Employers

Chapter 34: Credit for the Elderly or the Disabled

Introduction
Can you Take the Credit?
Qualified Individual
Income Limits
Figuring the Credit
Determine Initial Amount
Total Certain Nontaxable Pensions and Benefits
Determine Excess Adjusted Gross Income
Determine your Credit
Credit Figured for You

Chapter 35: Child Tax Credit

Introduction
Qualifying Child
Amount of Credit
Limits on the Credit
Claiming the Credit
Additional Child Tax Credit
Checking your Withholding

Chapter 36: Education Credits

Introduction
Rules that Apply to Both Credits
Can you Claim an Education Credit?
What Expenses Qualify?
Who can Claim a Dependent's Expenses?
Does the Amount of your Income Affect the Amount of your Credit?
Home Credit
Eligible Student
Amount of Credit
Lifetime Learning Credit
Amount of Credit
Choosing which Credit to Claim
How is the Credit Claimed?
When must the Credit be Repaid?

Chapter 37: Earned Income Credit

Introduction
Do you Qualify for the Credit?
Rules for Everyone
Rules if you have a Qualifying Child
Rules if you do not have a Qualifying Child
Figuring and Claiming the EIC
Advance Earned Income Credit

Chapter 38: Other Credits

Introduction
Nonrefundable Credits
Adoption Credit
Foreign Tax Credit
Mortgage Interest Credit
Retirement Savings Contributions Credit
Credit for Prior Year Minimum Tax
Credit for Electric Vehicles
Refundable Credits
Credit for Excess Social Security Tax or Railroad Retirement Tax Withheld
Credit for Tax on Undistributed Capital Gain
Health Insurance Credit

Would you like to learn Income Tax Course? We provide home tutoring service. We also provide income tax preparation service at your home or office.

Please contact us for any additional information.