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Determine if a taxpayer’s filing requirement and which form to file.
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Ascertain the due date of the tax return.
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Report a valid taxpayer identification number.
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Establish the taxpayer’s marital status.
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Explain the requirements for each of the five filing statuses.
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Choose the correct and most advantageous filing status.
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Distinguish between personal and dependency exemptions.
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Determine the number of allowable personal exemptions.
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Identify and claim dependents by applying the dependency tests.
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Distinguish between a qualifying child and a qualifying relative.
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Determine which parent is eligible to claim the child as a dependent when the parents are divorced or separated.
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Identify and report the most common types of income.
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Distinguish between interest and dividends.
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Determine when Schedule B must be filed.
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Explain the tax treatment of qualified dividends.
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Determine the correct tax year to recognize taxable income, such as savings bond interest.
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Calculate the taxable amount (if any) of certain income, such as state refunds and social security benefits.
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Explain the tax treatment of distributions from traditional and Roth IRAs.
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Identify and report common adjustments to gross income.
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Determine who may claim the moving expense deduction and which expenses are deductible.
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Distinguish between deductible alimony, child support and property settlements.
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Determine the deductible amount (if any) of IRA contributions.
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Explain different education expenses that are deductible as an adjustment to income.
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Determine a taxpayer’s standard deduction.
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Decide whether or not a taxpayer should itemize deductions.
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Distinguish between deductible and nondeductible medical expenses.
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Compare the general sales tax deduction to the income tax deduction, and choose the one that is most advantageous.
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Calculate the home mortgage interest deduction.
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Explain the substantiation and reporting requirements for charitable contributions.
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Identify several unreimbursed employee business expenses that may be deducted.
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Describe scenarios where business travel and transportation expenses are deductible.
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Distinguish between miscellaneous itemized deductions subject to the 2% of AGI limit and those that are not.
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Compute tax before any credits or payments.
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Explain some of the more common nonrefundable credits.
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Figure the child and dependent care credit, and explain how dependent care benefits are taxed.
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Evaluate the education credits and choose the credit or deduction that is most advantageous.
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Identify retirement contributions that qualify for the saver’s credit.
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Determine who qualifies for the child tax credit.
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Describe the nonbusiness energy credits.
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Summarize the credit for the elderly or disabled.
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Report various types of payments on Form 1040.
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Explain some of the most common refundable credits, such as the earned income credit (EIC), the additional child tax credit, the American opportunity credit and the adoption credit.
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Describe the reporting requirements for the EIC including due diligence.
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