This video is targeted towards tax professionals. We dive deeply into Form 1040; however, it is broken out into sections and review checkpoints which should make it understandable to even the newest of tax preparers.
Filing Requirements can be found in IRS Publication 4012 - pages 35-38
00:00 Intro & Agenda
03:52 Filing Requirements & Deadlines
17:10 Review Checkpoint 1
20:45 Form 1040 Overview & Section 1 (Personal Information)
27:35 Review Checkpoint 2
29:00 Form 1040 Section 2 (Income)
40:44 Review Checkpoint 3
42:18 Form 1040 Section 3 (Deductions)
50:46 Review Checkpoint 4
52:14 Form 1040 Section 4 (Taxes & Credits)
1:06:46 Review Checkpoint 5
1:08:38 Form 1040 Section 5 (Payments)
1:14:48 Review Checkpoint 6
1:16:50 Form 1040 Section 6 (Refund/Tax Owed)
1:17:08 Summary of Form 1040
1:19:03 Common Examples & Forms
1:23:36 Review Checkpoint 7
1:25:22 Example Return & Final Thoughts
Being a proficient tax professional can be broken down into 3 areas:
1. Tax Knowledge:
At the heart of tax preparation lies the Form 1040. This document is not just a form; it's the summary and backbone of every individual tax return. We will explore a unique deep dive into the Form 1040, understanding how every schedule, form, and worksheet connects and relates back to it. This foundational knowledge is crucial, and we'll dissect it in ways that will give you an edge over the competition.
2. Data and Information Mastery:
Beyond knowing the forms, understanding the data that feeds into these documents is vital. In this presentation, we’ll discuss the most common types of information you'll encounter. More importantly, we'll look at how this data 'flows' or 'ties in' to the Form 1040, creating a seamless narrative in your client's tax story. This insight is invaluable for ensuring accuracy and completeness in your tax filings.
3. Software Application:
While we won’t delve into specific software applications today due to the variety of tools available, we'll focus on the principles that guide how you should input this information. Understanding the data and its connection to Form 1040 allows you to adapt to any software system with ease.
