Form 1040 Part 4: Adjustments, Deductions, Tax, and Credits

Overview

Understanding tax terminology is crucial for accurate tax preparation. Clients rely on tax preparers to navigate complex language and ensure accurate returns. This course covers deductions and credits for individual taxpayers, starting with deductible expenses, followed by standard and itemized deductions, and concluding with tax credits that reduce payable tax.

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License or Certification 

 

Regulator 

 

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Objectives

  • identify expenses incurred by an individual taxpayer that may be deducted from gross income and correctly calculate the amount of the available deduction
  • correctly determine the itemized deductions available to a given individual taxpayer and determine whether the standard deduction is more advantageous
  • correctly calculate the common tax credits available to an individual taxpayer to offset the tax otherwise payable on the taxpayer's adjusted gross income

Tax Year: 2023

Designed For:

Newer tax professionals and those looking for a basic review of form 1040 tax issues


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Course Information

Adding additional credit may change exam requirements.

Advanced Preparation: None