Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
14 Cards in this Set
- Front
- Back
5 basic taxable/reporting entities
|
1. individuals
2. corporations 3. partnerships 4. estates 5. trusts |
|
Schedule A
|
Itemized deductions
|
|
Schedule B
|
Interest and dividend income
|
|
Schedule C
|
Profit or loss from business or profession
i.e. sole proprietorship |
|
Schedule D
|
Capital gains and losses
i.e. partnership |
|
Schedule E
|
Supplemental (rent and royalty) income
|
|
Schedule F
|
Farm and ranch income
|
|
Form 1041
|
Fudiciary (estates and trust) tax return
|
|
Corporation
|
Form 1120A (short form)
Form 1120 (long form) |
|
Partnership
|
Form 1065
Schedule K-1 |
|
Tax formula for individuals
|
Gross Income -
Deduction for Adjusted Gross Income = Adjusted Gross Income - Greater of Itemized Deducted or the Standard Deduction - Exemption = Taxable Income x Tax Rate = Gross Tax Liability - Credits and Prepayments = Tax Due or Refund |
|
Gross Income
|
all income, unless the tax law provides for a specific exclusion
|
|
Deductions for Adjusted Gross Income
|
1. trade or business expenses
2. certain reimbursed employee business expenses paid under an accountable plan 3. alimony payments 4. moving expenses 5. certain educator expenses 6. student loan interest 7. tuition and fee deduction 8. penalty on early withdrawal from saving 9. contributions to qualified retirement plans |
|
Itemized Deductions
|
personal items that COngress has allowed as deductions
|