Introduction to tax law
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Tax Law Basics All income is taxable, unless the law says it is not No deduction is allowed, unless the law says it is No credit is allowed, unless the law says it is Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income
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Introduction to tax law
- 1. TAX-AIDE Introduction to Federal Income Tax Law Introduction to Federal Income Tax Law NTTC Training – 2014 1 Wayne Lippman Walnut Creek, CA
- 2. TAX-AIDE Tax Law Basics ● All income is taxable, unless the law says it is not ● No deduction is allowed, unless the law says it is ● No credit is allowed, unless the law says it is NTTC Training – 2014 2
- 3. TAX-AIDE Tax Law Basics NTTC Training – 2014 3 Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income
- 4. TAX-AIDE Form 1040 ● Identity, filing status and exemptions ● Income ● Adjustments ● Deductions and exemptions ● Tax and nonrefundable credits ● Additional taxes ● Refundable credits NTTC Training – 2014 4
- 5. TAX-AIDE Form 1040 NTTC Training – 2014 5
- 6. TAX-AIDE Income NTTC Training – 2014 6
- 7. TAX-AIDE Adjustments NTTC Training – 2014 7
- 8. TAX-AIDE Page 2 NTTC Training – 2014 8 Nonrefundable
- 9. TAX-AIDE Page 2 NTTC Training – 2014 9 Nonrefundable
- 10. TAX-AIDE Page 2 cont. NTTC Training – 2014 10 Refundable
- 11. TAX-AIDE Training Materials ● Pub 4491 – Training Guide ● Pub 4491W – Problems and Exercises for Practice ● Pub 4012 – Resource Guide ● Pub 5157 – VITA/TCE Affordable Care Act ● Form 6674 – Certification Test and Retest ● Pub 17 – Your Federal Income Tax for Individuals NTTC Training – 2014 11
- 12. TAX-AIDE The Text Book NTTC Training – 2014 12 evergreen
- 13. TAX-AIDE Pub 4491 NTTC Training – 2014 13 Follows Form 1040 order
- 14. TAX-AIDE Pub 4491 (cont) NTTC Training – 2014 14
- 15. TAX-AIDE Work- book NTTC Training – 2014 15 evergreen
- 16. TAX-AIDE Pub 4491W NTTC Training – 2014 16
- 17. TAX-AIDE The Golden Book Primary Reference Tool Contains new ACA Tab NTTC Training – 2014 17
- 18. TAX-AIDE Text Book for Affordable Care Act New Resource for 2014 NTTC Training – 2014 18
- 19. TAX-AIDE The Test NTTC Training – 2014 19
- 20. TAX-AIDE The Test Basic Test not required for AARP Tax-Aide NTTC Training – 2014 20
- 21. TAX-AIDE Tax Law Details NTTC Training – 2014 21
- 22. TAX-AIDE Details Line-by Line NTTC Training – 2014 22 3
- 23. TAX-AIDE Introduction to Income Tax Questions… Comments… NTTC Training – 2014 23
- 24. TAX-AIDE About Wayne Lippman https://www.facebook.com/lippman. associates.CPAs https://www.facebook.com/lippman. associates.CPAs https://www.youtube.com/waynelipp man https://www.youtube.com/waynelipp man http://waynelippman.com https://twitter.com/waynelippmanhttps://twitter.com/waynelippman Wayne Lippman has forty years of experience in public accounting including twenty years with Price Waterhouse, where he served as a tax partner in the San Francisco and Oakland offices. He was previously Managing Tax Partner of the Walnut Creek office of Price Waterhouse. http://Waynelippman.wordpress.c om
Notas del editor
- Select one status as shown on this form 1040.
- Lines 61 and 69 are new this year as a result of ACA. If the taxpayer and all dependent have Minimum Essential Coverage (MEC), the box on line 61 is checked. A Shared Responsibility Payment (SRP) is entered on line 61. A refundable net premium tax credit as determined from Form 8962 is entered on line 69.
- Note that Pub 5157 Affordable Care Act has been added