Ch 1: Preliminary Work for Personal Tax Preparation

About This Chapter

If you're having a hard time understanding the preliminary work involved in personal tax preparation, take a look at this informative chapter. Our short lessons are written by professional instructors and designed to help you study for a test or complete a challenging assignment.

Preliminary Work for Personal Tax Preparation - Chapter Summary

This engaging chapter covers topics related to the preliminary work of personal tax preparation, including how to file a federal and state income tax return. In these lessons, you'll review the biographical information required to prepare taxes and how to use the previous year's returns for tax prep. Additional lesson topics include comparing taxable and nontaxable income and the different types of taxability of personal earnings. This chapter is designed to:

  • Detail tax liability and deductions related to income tax
  • Outline the different types of tax exemptions and adjustments
  • Explain what tax credits are
  • Discuss the tax implications of foreign-sourced investment income
  • Give an example of a refundable tax credit
  • Identify special forms and requirements involved with filing personal tax returns
  • Describe how you report income in special circumstances
  • Explain how ACA requirements impact personal taxes

Feel free to work at your own pace as you review our collection of professionally-designed lessons and quizzes.These learning tools are accessible on your mobile device or computer, so you can study at your convenience. To ensure you're understanding the material, take the short quiz that accompanies each lesson. Our instructors are happy to answer any questions you might have along the way.

7 Lessons in Chapter 1: Preliminary Work for Personal Tax Preparation
Test your knowledge with a 30-question chapter practice test
How to File a Federal Income Tax Return

1. How to File a Federal Income Tax Return

At the end of each year, all of us who work in the United States have to file a federal income tax return. Read this lesson to learn what you need to do to file a federal income tax return.

How to File a State Income Tax Return

2. How to File a State Income Tax Return

Employee wages are usually subject to two types of withholding: federal income tax and state income tax. In this lesson, we'll review the proper documents and forms needed to file a state tax return.

Biographical Information Required for Tax Preparation

3. Biographical Information Required for Tax Preparation

In this lesson, you will learn what kinds of personal biographical information you need to have before you can file a tax return. This information will determine just how much taxes you owe and how much of a deduction you can take.

Income Tax: Tax Liability & Deductions

4. Income Tax: Tax Liability & Deductions

In this lesson, we'll discuss allowable deductions that reduce taxable income. You'll learn about each deduction and its limitations. We'll also explore how to calculate tax liability after subtracting deductions.

What Are Tax Credits? - Definition & Types

5. What Are Tax Credits? - Definition & Types

By claiming the tax credits that you qualify for on your tax return, you can get a reduction in the amount of taxes you owe. Read this lesson to learn about some of the tax credits available to you.

Refundable Tax Credits: Definition & Examples

6. Refundable Tax Credits: Definition & Examples

Refundable tax credits are an important consideration for taxpayers to be aware of when filing a tax return. In this lesson, we will look at what a refundable tax credit is, along with a couple of common examples that taxpayers can qualify for.

The Impact of ACA Requirements on Personal Taxes

7. The Impact of ACA Requirements on Personal Taxes

The Affordable Care Act is major health insurance legislation that has had a grand impact on the lives of many. In this lesson, we discuss the impact of the ACA on the personal tax return.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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