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Whether you re already a tax preparer or you re looking to become one, you need a firm grasp of the tax concepts on which individual taxation is based. We created the Wiley Tax Preparer as a refresher for the experienced tax preparer, and as a readable guide for the less-experienced tax preparer. This timely guide is an essential tax resource providing you with useful information on tax principles and filing requirements that a preparer must know to complete a 1040 series return and associated schedules.You ll refer to it time and again, for information about: Practices and Procedures * Penalties to be assessed by the IRS against a preparer for disregard of the rules and regulations * Furnishing a copy of a return to a taxpayer * Safeguarding taxpayer information Treatment of Income and Assets * Taxability of wages, salaries, tips, and other earnings * Reporting requirements of Social Security benefits * Determination of basis of assets Deductions and Credits * Medical and dental expenses * Types of interest and tax payments * Child and dependent care credit Other Taxes * Alternative Minimum Tax * Self-Employment Tax Preliminary Work and Collection of Taxpayer Data * Collecting a taxpayer s filing information and determining their status * Determine filing requirements, including extensions and amended returns * Personal exemptions and dependents Completion of the Filing Process * Check return for completeness and accuracy * Tax withholding, payment and refund options, and estimated tax payments * Explaining and reviewing the tax return Ethics and Circular 230 * Preparer s due diligence for accuracy of representations made to clients and the IRS * Sanctions that may be imposed under Circular 230 * Rules governing authority to practice before the IRS If you re looking for a practical guide to the principles behind Form 1040, look no further.The Wiley Tax Preparer is the most accessible guide to understanding how complex tax laws affect individual taxpayers.
