1. Understand the importance of professional responsibility in tax preparation.
2. Explain the phrase “practice before the IRS”
3. Identify the characteristics of a tax return preparer.
4. Differentiate between an enrolled and an unenrolled tax preparer.

By the end of this lesson, you will be able to:

1. Identify the various parts of Form 1040.
2. Recognize items from each section.
3. Understand the importance of asking questions to
   determine the best tax situation for the client.
4. Learn sample questions for each section to build
   interviewing skills.

By the end of this lesson, you will be able to:

1. Filing Statuses.
2. Claiming Dependents.
3. Deductions.
4. Optimizing Tax Returns.
5. Compliance with IRS Regulations.

1. Explain “worldwide income”.
2. Understand where to report wages and other compensation.
3. Differentiate earned vs. unearned income.
4. Identify where income is reported.

1. Understand how an adjustment to income can decrease the taxpayer’s AGI.
2. Explain the differences between tuition and fees deduction and education credits.
3. Define who qualifies for a student loan deduction.

1. Complete Form 1040, Schedule 2.
2. Explain when a taxpayer must repay the Premium Tax Credit.
3. Understand the taxability of excess Social Security.
4. dentify when a taxpayer must pay an additional tax on IRAs.
5. Clarify when to use Schedule H.

1. Explain how a nonrefundable credit affects the tax liability.
2. Name the refundable credits.
3. Recite the Earned Income Credit (EIC) qualifications.
4. Identify who qualifies for the additional child tax credit.
5. Know the rules for the refundable portion of the American opportunity credit (AOC).
6. Recognize when a dependent qualifies for the Other Dependent Credit (ODC)

1. Explain 7.5% floor deductions.
2. Identify 2% floor deductions.
3. Understand ordinary and necessary expenses reported on Form 2106.

1. Identify differences between accounting periods and methods.
2. Understand the difference of independent contractor versus employee.
3. Recognize start-up costs.

By the end of this lesson, you will be able to:

1. Understanding Schedule E.
2. Reporting Rental Income.
3. Reporting Rental Expenses.
4. Depreciation
5. Passive Activity Loss Rules.
6. Record-Keeping and Documentation.
7. Compliance with IRS Regulations.

1. Basic federal farm income
2. When a taxpayer should file Schedule F
3. The benefits of good record keeping
4. Treatment of farm assets.

1. Describe when property cannot be depreciated.
2. Recognize when depreciation begins and ends.
3. Identify which method of depreciation to use for the property.

1. Explain the holding periods for different types of property.
2. Understand the difference between short-term and longterm capital gains.
3. Identify capital assets.
4. Determine basis before selling an asset.
5. Know when the primary residence is excluded from capital gain.

1. Understand the different e-filing options.
2. Know which forms to use when the taxpayer opts out.
3. Identify which forms cannot be e-Filed.

1. Understand when an amendment must be filed.
2. Realize when to use Form 4868.
3. Identify when the installment agreement should be used.