(Advanced) 1040 Tax Preparation Mastery Training Program

This comprehensive training program is designed for tax professionals seeking an in-depth understanding of advanced 1040 tax preparation. Delve into the intricacies of tax law associated with complex individual tax returns, exploring various scenarios involving depreciation, stock and virtual currency sales, Schedule E rental property, K-1 pass-through income from partnerships or S corporations, Schedule C, foreign income, and IRA contributions.

Course Highlights

1. Depreciation Analysis:

   - Explore the nuances of depreciation methods and deductions, including MACRS and Section 179.

   - Understand how to navigate and apply bonus depreciation rules for eligible assets.

2. Stock and Virtual Currency Transactions:

   - Examine the tax implications of stock sales, including capital gains and losses.

   - Dive into the complexities of reporting virtual currency transactions and address the tax treatment of cryptocurrency gains and losses.

3. Schedule E Rental Property:

   - Learn how to handle income and expenses related to rental properties on Schedule E.

   - Explore depreciation for rental properties and understand passive activity rules.

4. K-1 Pass-Through Income:

   - Navigate the reporting of K-1 income from partnerships and S corporations.

   - Understand the various types of income and deductions passed through to individual taxpayers.

5. Schedule C Business Income:

   - Explore the intricacies of reporting business income, expenses, and deductions on Schedule C.

   - Address self-employment tax considerations and deductions for sole proprietors.

6. Foreign Income and Reporting:

   - Gain insights into reporting foreign income and foreign financial accounts.

   - Understand the rules related to the Foreign Earned Income Exclusion and foreign tax credits.

7. IRA Contributions and Distributions:

   - Explore the tax implications of traditional and Roth IRA contributions.

   - Understand distribution rules, penalties, and exceptions related to individual retirement accounts.

Throughout the program, participants will engage in hands-on learning by preparing mock tax returns for various scenarios, allowing them to apply theoretical knowledge to real-world situations.

By the end of this training, participants will possess the mastery needed to confidently navigate the complexities of advanced 1040 tax preparation and provide expert guidance to clients.

Certyible.com is an IRS Approved Continuing Education Provider, and upon successful completion and passing of the Final Assessment, participants will earn 12 CE Credits, demonstrating their proficiency in Advanced 1040 tax preparation. Enroll now and become a certified expert in 1040 Tax Prep!