About This Chapter
Income & Asset Tax for Individuals - Chapter Summary
Gain greater insight into the basics of income and asset tax for individuals using this chapter's fun lessons. Feel confident in your ability to describe the tax treatment of debt forgiveness and foreign-sourced income, define rental and gambling income and explain how passive and non-passive incomes differ. Exploring this chapter will also enable you to:
- List and describe special types of income and the taxation of them
- Define residual income, interest income and dividend income
- Share the meaning and purpose of a constructive receipt of income
- Explain the tax treatment of debt forgiveness
- Explain the reporting requirements of a 1099-MISC
- Discuss the limits and deductions of self-employment tax
- Exhibit knowledge of health insurance and HSA tax issues for self-employed individuals
- Explain additional adjustments to income for taxes
Study income and asset tax for individuals whenever and wherever your schedule permits from any location with an Internet connection. Lessons are available around-the-clock and can be viewed using any tablet, smartphone or computer. Multiple-choice quizzes and a practice exam can quickly and easily check your understanding of this chapter. Any questions you have about topics covered in the lessons can be submitted to our experts using the Dashboard.
1. What Is Residual Income? - Definition, Model & Formula
Residual income is a highly attractive way to earn money. This lesson discusses two definitions of residual income and gives many examples of how residual income is earned. Read more about the definition, models and formulas of residual income.
2. Interest Income: Types, Distinctions & Taxation
In this lesson, we will explain the types of interest income such as interest from corporate bonds, savings accounts, and municipal bonds. We will also discuss how interest income is taxed.
3. What Is a Constructive Receipt of Income?
In this lesson, we will discuss what constitutes constructive receipt of income and address issues related to the timing and distribution of business income.
4. Tax Treatment of Debt Forgiveness
In this lesson, we will discuss the tax treatment of debt forgiveness and the exclusions and exceptions that may apply under the Internal Revenue Code.
5. What is a 1099-MISC? - Definition & Reporting Requirements
As an enrolled agent, a 1099-MISC form is a type of form that you'll come across fairly regularly. In this lesson, you'll learn what it is used for and when people are supposed to report it on their income taxes.
6. Self-Employment Tax: Definition, Limits & Deductions
This article is a simple explanation of self-employment tax, who is subject to it, how it's reported, and how it's calculated. This article will also discuss tips and suggestions on managing the payment of this self-managed tax.
7. Additional Adjustments to Income for Taxes
In this lesson, learn about additional adjustments to income that can be deducted from federal income taxes in the United States. Also, see what form is needed.
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Other chapters within the Special Enrollment Examination (SEE): Exam Prep & Study Guide course
- Preliminary Work for Personal Tax Preparation
- Retirement Income Taxation
- Real & Personal Property Taxes
- Itemized Tax Deductions for Individuals
- Tax Credits for Individuals
- Preparing Individual Taxes
- Advising Individual Taxpayers
- Specialized Tax Returns for Individuals
- Tax Considerations for Business Entities
- Tax Considerations for Business Partnerships
- Tax Considerations for Corporations
- Business Income Calculations
- Business Expenses, Deductions & Credits
- Analysis of Financial Reports
- Advising Business Taxpayers
- Specialized Tax Returns for Businesses
- Practices & Procedures of IRS Enrolled Agents
- Representation Before the IRS
- Representing the Taxpayer in the Collection Process
- Representing the Taxpayer in Audits, Examinations & Appeals
- Completing the Tax Filing Process
- Special Enrollment Examination (SEE) Flashcards