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.
