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

Study Level:  Basic
Delivery Method:  Online self-study
Provider of Record: WebCE
Field of Study: Taxes
Tax Year: 2018
Prerequisite: None

Course Description:

This course discusses the different types of deductions and credits that are available to taxpayers and which may be used to decrease the amount of tax that would otherwise be payable. The course begins by reviewing the various expenses a taxpayer may have incurred that can be deducted directly from his or her gross income. Next the standard and itemized deductions that can further reduce the taxpayer’s taxable income are presented. The final chapter reviews the tax payable on the taxpayer’s adjusted gross income and presents the most commonly used tax credits that may be used to reduce the amount of tax payable.

Topics include:
  • Adjustments to Gross Income
  • Standard and Itemized Deductions
  • Calculating the Tax

Learning Objectives:

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

Revised: March 2018

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