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Income Tax Fundamentals 2004

by: Whittenburg, Gerald E.; Altus-Buller, Martha

Income Tax Fundamentals 2004

by: Whittenburg, Gerald E.; Altus-Buller, Martha

ISBN 13:
9780324188516
ISBN 10:
032418851X
Format: Paperback
Copyright: 12/04/2003
Publisher: South-Western College/West
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Summary

A concise, practical guide to personal federal income tax form preparation, Whittenburg and Altus-Buller's text/workbook format presents material in easy-to-digest sections with self-checks, on-line quizzes,multiple examples and review problems. Perfect for a hands-on approach to taxes!

Preface

As We Go to Press

How to Use This Text

xii

The Individual Income Tax Return

History and Objectives of the Tax System

(1)

Reporting and Taxable Entities

(3)

The Tax Formula for Individuals

(3)

Who Must File and Where to File

(3)

Filing Status and Tax Computation

(5)

Personal and Dependency Exemptions

(5)

The Standard Deduction

(1)

Limitation on Total Itemized Deductions

(2)

Gains and Losses

(2)

Tax and the Internet

(1)

Electronic Filing (e-Filing)

(1)

Questions and Problems

Gross Income and Exclusions

The Nature of Gross Income

(3)

Interest and Dividend Income

(2)

Alimony

(4)

Prizes and Awards

(1)

Annuities

(3)

Life Insurance

(2)

Gifts and Inheritances

(1)

Scholarships

(1)

Accident and Health Insurance

(1)

Meals and Lodging

(1)

Municipal Bond Interest

(1)

Social Security Benefits

(2)

Unemployment Compensation

(1)

Employee Fringe Benefits

(3)

Questions and Problems

Business Expenses and Retirement Plans

Rental Income and Expenses

(3)

Passive Loss Limitations

(3)

Bad Debts

(4)

Inventories

(1)

Net Operating Losses

(2)

Individual Retirement Accounts

(4)

Keogh (H.R. 10) Plans

(1)

Qualified Retirement Plans Including Section 401(k) Plans

(4)

Rollovers

(1)

Simple Plans

(3)

Questions and Problems

Self-Employed and Employee Expenses

Classification of Deductions

(1)

Travel Expenses

(3)

Transportation

(3)

Office in the Home

(4)

Entertainment

(1)

Educational Expenses

(2)

Dues, Subscriptions, and Publications

(1)

Special Clothing and Uniforms

(1)

Business Gifts

(1)

Schedule C

(2)

Questions and Problems

Itemized Deductions and Other Incentives

Medical Expenses

(4)

Taxes

(3)

Interest

(3)

Contributions

(4)

Casualty and Theft Losses

(2)

Miscellaneous Deductions

(4)

Moving Expenses

(1)

Hobby Losses

(3)

Educational Incentives

(4)

Questions and Problems

Credits and Special Taxes

Tax Credit for the Elderly and Disabled

(1)

Child Tax Credit

(3)

Earned Income Credit

(3)

Child and Dependent Care Credit

(1)

Education Tax Credits

(4)

Foreign Tax Credit

(1)

Work Credits

(1)

Disabled Access Credit

(2)

Adoption Expenses

(2)

The Individual Alternative Minimum Tax (AMT)

(5)

Unearned Income of Minor Children

(4)

Community Property

(4)

Questions and Problems

Accounting Periods and Methods and Depreciation

Accounting Periods

(3)

Accounting Methods

(2)

Depreciation

(1)

Modified Accelerated Cost Recovery System (MACRS)

(6)

Election to Expense

(4)

Listed Property

(1)

Limitation on Depreciation of Luxury Automobiles

(3)

Intangibles

(1)

Related Parties (§267)

(2)

Questions and Problems

Capital Gains and Losses

What Is a Capital Asset?

(1)

Holding Period

(1)

Calculation of Gain or Loss

(3)

Net Capital Gains

(4)

Net Capital Losses

(1)

Section 1231 Gains and Losses

(1)

Depreciation Recapture

(6)

Capital Gains and Casualty Gains and Losses

(3)

Installment Sales

(4)

Like-Kind Exchanges

(1)

Involuntary Conversions

(1)

Sale of a Personal Residence

(2)

Questions and Problems

Withholding, Estimated Payments, and Payroll Taxes

Withholding Methods

(7)

Estimated Payments

(1)

The FICA Tax

(2)

Federal Tax Deposit System

(1)

Employer Reporting Requirements

(5)

Self-Employment Tax

(1)

The FUTA Tax

(2)

The Nanny Tax

(9)

Questions and Problems

Partnership Taxation

Nature of Partnership Taxation

(1)

Partnership Formation

(2)

Partnership Income Reporting

(1)

Current Distributions and Guaranteed Payments

(1)

Tax Years

(7)

Transactions between Partners and the Partnership

(1)

The At-Risk Rule

(1)

Limited Liability Companies

(2)

Questions and Problems

The Corporate Income Tax

Corporate Tax Rates

(1)

Corporate Capital Gains and Losses

(1)

Special Deductions and Limitations

(2)

Schedule M-1

(1)

Filing Requirements and Estimated Tax

(2)

S Corporations

(4)

Corporate Formation

(8)

Corporate Accumulations

(1)

The Corporate Alternative Minimum Tax

(2)

Questions and Problems

Tax Administration and Tax Planning

The Internal Revenue Service

(3)

The Audit Process

(1)

Interest and Penalties

(6)

Statute of Limitations

(1)

Preparers, Proof, and Privilege

(2)

The Taxpayer Bill of Rights

(1)

Tax Planning

(6)

Questions and Problems

Appendices

Appendix A Tax Rate Schedules and Tax Tables

(1)

Appendix B Earned Income Credit Table

(1)

Appendix C Withholding Tables

(1)

Appendix D Additional Comprehensive Tax Return Problems

(1)

Glossary of Tax Terms

(1)

Solutions to Self-Study Problems

(1)

Index

Rent More, Save More! Use code: KBRENTAL

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Income Tax Fundamentals 2004

Income Tax Fundamentals 2004

9780324188516

032418851X

Summary

Table of Contents

Supplemental Materials

Write a Review

Rent More, Save More! Use code: KBRENTAL

5% off 1 book, 7% off 2 books, 10% off 3+ books

Income Tax Fundamentals 2004

Income Tax Fundamentals 2004

9780324188516

032418851X

Summary

Table of Contents

Supplemental Materials

Write a Review

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