Tax Preparer: A Guide to Form 1040 (Wiley Registered Tax Return Preparer Exam Review)

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.