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.

Find this course for your license

License or Certification

Regulator

Objectives

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

Tax Year: 2023-2024

Designed For:

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

WebCE® is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For more information regarding WebCE administrative policies such as refunds, cancellations and concerns, please contact Support Services at 877-488-9308.

Course Information

Adding additional credit may change exam requirements.

Advanced Preparation:

None

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