2009 Income Tax Seminars - Part I Course Materials

Table of Contents / Page No.

How to Make a Revocation    63
Tax Years Affected by Revocation    64
Noncustodial Parent Must Be Notified    64
Pre-Act Dependency Requirements    65 - 66
Relationship/Member of Household Test    65
Joint Return Test    65
Citizen or Resident Test    65
Income Test    66
Support Test    66
Qualifying child of “any other taxpayer” for purposes of qualifying relative rules    66-67
Head of Household    67-68
Chile Tax Credit    68-69
Ordinary dividends    69
Qualifying dividends    69
Capital gains and losses    70
Pensions and annuities    70
Unemployment compensation    70
Social Security benefits    70-71
Worksheet to determine if Social Security benefits are taxable    71
Other income    71
Educator Expenses    72-73
Health savings accounts deduction    73-75
Moving Expenses    75
Self-employed health insurance deduction    76
Qualified long-term care limits for 2009    76
Student loan interest deduction    76-78
Tuition and fees deduction    78-79
Domestic production activities deduction    80-81
Standard deduction    81
Schedule L    81-82
Basic Standard Deductions    83
Additional Standard Deductions    83
Personal exemption    84
Housing Midwestern Displaced Individuals    84
Alternative Minimum Tax    85
Foreign Tax Credit (Form 1116)    85
Credit for Child and Dependent Care Expenses (Form 2441)    85-86
Education Credits (Attach From 8863)    87-89
Expanded Education Credits    90
Midwestern disaster area students    90
Midwestern Disaster Areas    91-92
Retirement Savings Contribution Credit (Form 8880)    92
Child Tax Credit    93
Residential Energy Efficient Property Credit (Form 5695)    93-98
Residential Energy Efficient for Property Installed Before 2017    93-96
Energy Credit Carryover    96
Energy Credits – Q & A    99-100
Household Employment Taxes (Attach Schedule H)    100-101
Making Work Pay and Government Retiree Credits (Schedule M)    101-102
Earned Income Credit    103
Nontaxable Combat Election    103
Additional Child Tax Credit (Form 8812)    104
Refundable Education Credit from Form 8863 line 16    104-106
First-Time Homebuyer Credit (Form 5405)    107
Amount You Owe    107
Bad Checks    107
Estimated Tax Penalty    108
Safe Harbor for High Income Taxpayers    108-109
New Rule for 2009 for Eligible Individuals    108-109
Where to File for Tax Professionals for 2010    109-114

FORM 1040, SCHEDULE A, ITEMIZED DEDUCTIONS    115 - 150
Medical and Dental Expenses    117-119
Capital expense worksheet    119-132
Income Taxes    132
General sales taxes    132
Real estate taxes    132-133
New motor vehicle taxes    133
Other Taxes    134-135
Disability home mortgage interest    135-136
Acquisition indebtedness    136-137
Home equity indebtedness    137-138
Deductible Points    138-139
Qualified Mortgage Insurance Premiums    139-140
Deductible Investment Interest    140-142
Gifts to Charity    142-143
Deductions for clothing and household items    143
Donor Advised Funds    144
Car Donations    144-145
Casualty and Theft Losses    145-146
Limitations on Personal Casualty Loss Deductions    146
Casualty loss in a disaster area    146
When to Report Casualty Losses    147
Job Expenses and Most Other Miscellaneous Deductions    147
Gambling losses    148-149
Total Itemized Deductions    149-151

FORM 1040, SCHEDULE B, INTEREST AND DIVIDEND INCOME    152
Excludable savings bond interest (Form 8815)     152
Ordinary dividends     152

SCHEDULE C    153-156
Schedule C     153-154
Business Audits and Recent Trends     155
Gross Profit    155
Employee Benefit Programs    155-156
Cellular Phones    156

SCHEDULE D    157-176
Schedule D    157-159
Capital Gains Rates    160
Qualified Dividends    161
Basis of Mutual Funds    161
Managed Accounts    161-163
Stock Splits    163-164
Effect of Gifts    164
Inherited Property    165-166
Future Estate Considerations    167
Nonbusiness Bad Debts    168-169
Family – Related Party Loans    170
Loan Guarantees    170-171
Wash Sale Rules    172

SCHEDULE E    177-182
Schedule E    177-178
Fair Market Rental Value Problems    179
When to report income on Schedule C    179-180
Passive activity loss deduction limitations    180
Losses from rental real estate activities    180-181
When passive is not treated as passive    181
Active participation defined    181-182
Record keeping Requirement    182

SCHEDULE K-1 – FORM 1065    183-184
Schedule K-1 – form 1065    183
Did the partner contribute property with built-in gain or loss?    184
Partnership Transfers    184
Disguised Sales    184
Contributed Property Distributed to another Partner    184

TAX PLANNING STRATEGIES    185-210
Nonqualified Annuity Lose Money!    185
Electing to Capitalize Carrying Charges    185-186
S Corporation – Health Insurance    187-188
Hiring your Child     189-191
Individual Retirement Account (IRA)    192
Required Minimum Distribution Rules    192
Traditional Deductible IRA    193
Two-Year Extension for Nontaxable IRA Transfers to Eligible Charities    194
Traditional Non-Deductible IRA    195-196
Roth IRA    197-198
Starting a Roth IRA for a Working Child    199
Roth IRA Lose Money    200
Conversion to Roth IRA    200-201
What IRA’s can be converted to Roths    201-202
Five-Year Rule for Roth Conversions    202
To Convert or Not to Convert    202
Conversion Examples    203-205
What about the Stock Market – Impact on Conversions    206
What about a client with a business loss?    206
Want to undo a Roth Conversion?    207
Roth Conversion and re-conversion rules    207
The Magic of 2010!    207-209
Summary of Conversion Considerations    210

COMPONENTS OF SELLING BUSINESS PROPERTY    211-228
Depreciation Recapture and Unrecapture    211
Recapture of net ordinary 1231 losses    211-213
Depreciation allowed or allowable    213
Recapture of depreciation under Code Sec. 1245    213
197 Property    214
Depreciation Concerns    214-215
What about depreciation overlooked    215-216
If depreciation or amortization was understated    217-218
Form 3115    219-220
Business Sale    221-224
Form 8594    225
Allocating Purchase Price    225-226
Form 8594 Example    227
Buyer purchasing expenditures    228
Seller transaction expenditures    228