Introduction to Federal Income Tax Law Introduction to Federal Income Tax Law NTTC Training – 2014 1 Wayne Lippman Walnut Creek, CA
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TAX-AIDE
Introduction to Federal Income Tax Law
Introduction to Federal Income Tax Law
NTTC Training – 2014 1
Wayne LippmanWalnut Creek, CA
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
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TAX-AIDE
Tax Law Basics
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IncomeLess adjustments
= Adjusted gross IncomeLess deductions and exemptions
= Taxable Income
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Form 1040
● Identity, filing status and exemptions● Income● Adjustments● Deductions and exemptions● Tax and nonrefundable credits● Additional taxes● Refundable credits
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Form 1040
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Income
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Adjustments
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Page 2
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Nonrefundable
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Page 2
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Nonrefundable
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Page 2 cont.
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Refundable
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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
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The Text Book
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evergreen
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Pub 4491
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Follows Form 1040 order
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Pub 4491(cont)
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Work-book
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evergreen
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Pub 4491W
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The Golden Book
Primary ReferenceTool
Contains new ACA Tab
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Text Book for Affordable Care Act
New Resource for 2014
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The Test
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The Test
Basic Test not required for AARP Tax-Aide
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Tax Law Details
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DetailsLine-byLine
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3
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Introduction to Income Tax
Questions…
Comments…
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About Wayne Lippman
https://www.facebook.com/lippman.associates.CPAs
https://www.youtube.com/waynelippman
http://waynelippman.com
https://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.com
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