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TAX-AIDE
Introduction to
Federal Income Tax
Law
Introduction to Federal
Income Tax Law
NTTC Training – 2014 1
Wayne Lippma...
TAX-AIDE
Tax Law Basics
● All income is taxable,
unless the law says it is not
● No deduction is allowed,
unless the law s...
TAX-AIDE
Tax Law Basics
NTTC Training – 2014 3
Income
Less adjustments
= Adjusted gross Income
Less deductions and exempti...
TAX-AIDE
Form 1040
● Identity, filing status and exemptions
● Income
● Adjustments
● Deductions and exemptions
● Tax and n...
TAX-AIDE
Form 1040
NTTC Training – 2014 5
TAX-AIDE
Income
NTTC Training – 2014 6
TAX-AIDE
Adjustments
NTTC Training – 2014 7
TAX-AIDE
Page 2
NTTC Training – 2014 8
Nonrefundable
TAX-AIDE
Page 2
NTTC Training – 2014 9
Nonrefundable
TAX-AIDE
Page 2 cont.
NTTC Training – 2014 10
Refundable
TAX-AIDE
Training Materials
● Pub 4491 – Training Guide
● Pub 4491W – Problems and Exercises for Practice
● Pub 4012 – Res...
TAX-AIDE
The
Text
Book
NTTC Training – 2014 12
evergreen
TAX-AIDE
Pub 4491
NTTC Training – 2014 13
Follows Form
1040 order
TAX-AIDE
Pub 4491
(cont)
NTTC Training – 2014 14
TAX-AIDE
Work-
book
NTTC Training – 2014 15
evergreen
TAX-AIDE
Pub 4491W
NTTC Training – 2014 16
TAX-AIDE
The Golden
Book
Primary
Reference
Tool
Contains
new ACA
Tab
NTTC Training – 2014 17
TAX-AIDE
Text Book
for
Affordable
Care Act
New
Resource
for 2014
NTTC Training – 2014 18
TAX-AIDE
The Test
NTTC Training – 2014 19
TAX-AIDE
The Test
Basic Test
not required
for AARP
Tax-Aide
NTTC Training – 2014 20
TAX-AIDE
Tax
Law
Details
NTTC Training – 2014 21
TAX-AIDE
Details
Line-by
Line
NTTC Training – 2014 22
3
TAX-AIDE
Introduction to Income Tax
Questions…
Comments…
NTTC Training – 2014 23
TAX-AIDE
About Wayne Lippman
https://www.facebook.com/lippman.
associates.CPAs
https://www.facebook.com/lippman.
associate...
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Introduction to tax law

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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
Income
Less adjustments
= Adjusted gross Income
Less deductions and exemptions
= Taxable Income

Published in: Business

Introduction to tax law

  1. 1. TAX-AIDE Introduction to Federal Income Tax Law Introduction to Federal Income Tax Law NTTC Training – 2014 1 Wayne Lippman Walnut Creek, CA
  2. 2. 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 NTTC Training – 2014 2
  3. 3. TAX-AIDE Tax Law Basics NTTC Training – 2014 3 Income Less adjustments = Adjusted gross Income Less deductions and exemptions = Taxable Income
  4. 4. TAX-AIDE Form 1040 ● Identity, filing status and exemptions ● Income ● Adjustments ● Deductions and exemptions ● Tax and nonrefundable credits ● Additional taxes ● Refundable credits NTTC Training – 2014 4
  5. 5. TAX-AIDE Form 1040 NTTC Training – 2014 5
  6. 6. TAX-AIDE Income NTTC Training – 2014 6
  7. 7. TAX-AIDE Adjustments NTTC Training – 2014 7
  8. 8. TAX-AIDE Page 2 NTTC Training – 2014 8 Nonrefundable
  9. 9. TAX-AIDE Page 2 NTTC Training – 2014 9 Nonrefundable
  10. 10. TAX-AIDE Page 2 cont. NTTC Training – 2014 10 Refundable
  11. 11. TAX-AIDE 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 NTTC Training – 2014 11
  12. 12. TAX-AIDE The Text Book NTTC Training – 2014 12 evergreen
  13. 13. TAX-AIDE Pub 4491 NTTC Training – 2014 13 Follows Form 1040 order
  14. 14. TAX-AIDE Pub 4491 (cont) NTTC Training – 2014 14
  15. 15. TAX-AIDE Work- book NTTC Training – 2014 15 evergreen
  16. 16. TAX-AIDE Pub 4491W NTTC Training – 2014 16
  17. 17. TAX-AIDE The Golden Book Primary Reference Tool Contains new ACA Tab NTTC Training – 2014 17
  18. 18. TAX-AIDE Text Book for Affordable Care Act New Resource for 2014 NTTC Training – 2014 18
  19. 19. TAX-AIDE The Test NTTC Training – 2014 19
  20. 20. TAX-AIDE The Test Basic Test not required for AARP Tax-Aide NTTC Training – 2014 20
  21. 21. TAX-AIDE Tax Law Details NTTC Training – 2014 21
  22. 22. TAX-AIDE Details Line-by Line NTTC Training – 2014 22 3
  23. 23. TAX-AIDE Introduction to Income Tax Questions… Comments… NTTC Training – 2014 23
  24. 24. TAX-AIDE About Wayne Lippman https://www.facebook.com/lippman. associates.CPAs https://www.facebook.com/lippman. associates.CPAs https://www.youtube.com/waynelipp man https://www.youtube.com/waynelipp man http://waynelippman.com https://twitter.com/waynelippmanhttps://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.c om

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