STANDARD COMPETENCIES:

 

 I.      Determine when it is necessary or advantageous to file a tax return.  (I)

 II.     Identify the requirements for the most advantageous filing status.  (II)

 III.    Maximize the number of personal exemptions and dependency exemptions allowed under current tax law.  (III)

 IV.     Correctly determine the amount of income to include or exclude from gross income for the following items:  wages, interest income, dividends, self-employment income, state tax refunds, pension income, alimony, child support, unemployment compensation, social security benefits, distributions from an IRA, life insurance proceeds and inheritances.  (IV)

 V.      Correctly determine and categorize different types of capital gains and losses into the various tax rates provided for under current law.  (V)

 VI.     Identify and compute the following deductions from gross income to determine adjusted gross income:  IRA deduction, student loan interest, moving expenses, self-employed health insurance, self-employment tax and alimony.  (VI)

 VII.    Identify allowable itemized deductions for the following areas:  medical and dental, taxes, interest, charitable contributions, and miscellaneous deductions.  (VII)

 VIII.   Identify refundable and non-refundable tax credits.  (VIII)

 IX.     Determine the eligibility requirements and calculate the amount for the following credits:  child tax credit, child and dependent care expenses, education credits, adoption credit and earned income credit.

 TOPICAL OUTLINE:

 

 I.      Filing Requirements

 II.     Filing Status

 III.    Exemptions and Dependents

 IV.     Gross Income inclusions and exclusions

 V.      Capital Gains and Losses

 VI.     Adjustments To Gross Income

 VII.    Itemized Deductions

 VIII.   Tax Credits