1. Here are some notes that may help you in your training
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3. Week 1. Session 1-Filing Information Session 2-Exemptions
and Dependents Week 2. Session 3-Filing Basics Session 4- Employee
Compensation On-Line Module-General Filing Information ( FOUND
UNDER MY TOOLS> CATALOG>SEARCH) WEEK 3. SESSION 5- Interest
and Dividends SESSION 6-State Refunds & Alimony WEEK
4.SESSION7-Basis and Depreciation SESSION 8.-Special Considerations
for Depreciation WEEK 5. Session 9.-SELF EMPLOYMENT On-Line Module
2013 Spotlight on 1099-MISC On-LineModule Spotlight on Schedule C
WEEK 6. On-Line Module Kids Stuff Preparing Returns for Childcare
Providers On-Line Module Preparing Returns for Truckers Session 10
Capital Gains and Losses On-line Module2013 Spotlight on Schedule D
WEEK 7. Session 11-Reitrement Distribution On-Line Module Spotlight
on 1099 R Session 12- Residential Rental Property & Flow
Through Entities WEEK 8. Session 13- Government Payments and Other
Income Session 14-Adjustment to Income Session 15 MID TERM REVIEW
WEEK 9. Session 16 Standard and Itemized Deductions On-Line
Module-2013 Spotlight on Schedule A Session 17- Miscellaneous
Itemized Deductions WEEK 10. Session 18 Tax and Childcare Credits
Session 19-Education Credits Session 20. Savers Credit & Child
Tax Credit WEEK 11. Session 21- Other Taxes and Payments Session
22- Earned Income Tax Credit On-line Module-Earned Income Credit
WEEK 12.Session 23-Refund & Balance Due Session 24-Tac Return
Review and Electronic Filing On-Line Module Preparing Amended
Returns WEEK 13. Session 25- Practices, Procedures and Ethics
Session 26 Final Review On-Line Module Ethics & Due Diligence
Requirements
4. *A citizen or resident of the United States must file a
federal individual income tax return if they are required to file.
*How Do you know if they are required to file? Collecting
biographical data is the first critical step to answering the
filing question. The type of biographical date that must be
collected can be categorized into four key areas. Citizenship and
Residency Date of Birth and Age Marital Status
DependentsBiographical Data is also used when an individual is
required to file a tax return to determine how an individual should
report and calculate their tax return entries.
5. A Persons citizenship and residency are important for
determining whether and how and individual must file a tax return.
Invidividual Taxpayers basically fit into two categories Resident
or Non Resident. A non Resident is also referred to as a Alien.
There are three categories of Alien and they are; resident, Non
Resident, or dual status taxpayer. http://www.irs
.gov/pub/irspdf/p519.pdf
6. Generally an individuals age on December 31st determines how
old they are for tax purposes. There is an exception to the
determination of an individuals age. An individual may be
considered 65 on the day before their birthday only if they 65th
Birthday is on Jan 1st.ww.irs.gov/pub/irspdf/f1040
7. There are five Standard Filing categories into which
individuals can fit The categories are Most taxpayers Dependent
taxpayers Children Self-Employed Individuals Aliens If an
individual does not meet their categories filing requirements there
are situations when they still need or should file a tax return.
The two other categories that cover these situations are Others
required to file and others that should file.
8. Community Property When calculating gross income to
determine filing requirements, community property rules when all of
the following are true for the taxpayer. Married Lives in a
Community Property State Does not file a joint return withArizona,
Idaho, Californi a ,Louisiana, Nevada, New Mexico, Texas, Washingt
on, and Wisconsin are Community Property States For more
information on Community Property rules see IRS Publication 17 part
1
9. Dependents must file if their unearned or gross income meets
the corresponding threshold amounts for their marital status, age,
and blindness. Unearned , earned and gross Income only refers to
the income of the dependent individual even if their filing status
is MFJ and their spouse had income.Gross income is taxable earned
income plus taxable unearned incomeTo further determine if a tax
payer is considered blind for tax purposes refer to tax publication
17 part 5 Standard Deductions and Itemized deductions.
10. If You have further questions please contact Dona Farmer at
540-583-0845 [email protected] Or Lauren Cappello 540-589-5161
[email protected]://www.facebook.com/pages/JacksonHewitt-in-Virginia/208631722630141Lauren
Summary