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Preparing U.S. Personal Tax Returns - Introductory Course
COURSE HOUSEKEEPING & ADMINISTRATION - Ian DiNovo, CPA CGA
Canadian Tax Academy - Introduction to US Tax Knowledge and introducing Mark Fehrman (1:59)
COURSE NOTES - Certificates - Refunds - Questions - Administration (6:25)
Studying US tax with Canadian Tax Academy - Course Pipeline (5:50)
Advice and guidance on studying US personal tax and how this course fits in (5:24)
INTRODUCTION TO US PERSONAL TAX COURSE - MARK FEHRMAN CPA
Welcome to Preparing U.S. Tax Returns - Introductory course - Mark Fehrman, CPA (4:20)
A tour of my office and to my office is set up for efficiency - How I work and tools I use (3:55)
Learning Plan & Methodology for Teaching US Tax - Canadian Tax Academy learning plan (2:21)
My approach in this course and the best way to learn US personal ax (5:32)
How to contact me and ask questions - Asking the right questions and what I cannot answer (2:56)
Common questions on tax software and what you need (5:09)
A note on State taxes, local taxes and other tax forms (5:34)
Designations you can get, PTINS and EINS, Acceptance Agent (8:10)
MODULE 1 - THE U.S. TAX SYSTEM
Introduction to the module and critical concepts (1:26)
Best practice - Qualify before you quantify (2:25)
Overview and brief history of US taxation (7:01)
Walk through a 1040 and the outline of the tax return (8:43)
Who must file a tax return? (12:09)
Who should file a tax return - Reasons to file a US tax return (4:11)
Filing Status - Understanding Single, Joint and other filing status (7:44)
Deadlines for filing personal tax returns (3:38)
Filing penalties and interest for late filed returns (5:26)
Instalment payments and when they should be made (3:34)
E-filing of personal tax returns and the e-file system (4:21)
The marginal tax rate system in personal tax (5:23)
Tax deductions vs. tax credits (2:47)
Internal Revenue Service - IRS Online Services (4:10)
In-depth overview of an example tax return (16:40)
MODULE 2 - SCHEDULES, FORMS & TAX INFORMATION SLIPS
Introduction to tax forms and information slips (1:29)
Brief review of US form 1040 (1:11)
Instruction Booklets provided by IRS - Further study (3:22)
Schedule 1 - Additional Income & Adjustments to Income (5:17)
Schedule 3 - Additional payments and credits (3:18)
Schedule A - Itemized deductions (5:11)
Schedule B - Interest & Ordinary Income (4:17)
Schedule C - Profit or Loss from Business (3:24)
Schedule D - Capital Gains and Losses - includes Home Sale Worksheet (2:19)
Schedule E - Rental and Royalty Income (4:28)
Form 8948 - Preparer Explanation for Not Filing Electronically (1:53)
Form 1116 - Foreign Tax Credit (3:36)
Form 2555 - Foreign Earned Income (12:33)
Form 6251 - Minimum Tax (1:33)
Education Tuition and Fees Summary (2:14)
Instalment payments (2:53)
W-2 - Wage & Tax Statement (7:50)
1099-R - Distributions from Pensions (5:00)
1099- Pension early retirement (3:00)
Social Security Slip (3:26)
K-1 - Partnership Income (4:03)
1099-B - Proceeds from Stock Sales (6:23)
1099-Div - Dividend Income from Investments (5:41)
1099-Int - Interest Income from Investments (2:06)
W-2 G - Gambling Income slips and reporting (3:19)
1099-Misc Royalty - Income from Royalties (2:44)
1099-Commission - Non Employment Commissions (NEC) Income (2:03)
1099-S Property Sale and brief overview of rules on principal residence (2:19)
Alimony Reporting and Worksheet - No Slip (1:37)
T4 - Canadian statement of wages - Statement of Renumeration paid (2:57)
OAS/CPP - Canadian social security/pension plans (3:10)
T4RIF/T4RSP/NR4 - Canadian distributions/income from retirement accounts (2:37)
1099-HSA - Distributions from a HSA and MSA (3:06)
MODULE 3 - ITEMIZED DEDUCTIONS
Overview of module on itemized deductions - Overview of module (2:07)
Itemized vs. Standard Deduction (3:31)
Medical and Dental Expenses (6:38)
State and Local Taxes/Sales Tax (6:32)
All other Taxes eligible for deduction (4:37)
Impact of the Tax Cuts & Jobs Act (TCJA) on State & Local Taxes (SALT) (2:21)
Home Mortgage Interest Deduction (5:27)
Mortgage Insurance Deduction (2:21)
Donations (6:01)
Casualty and Theft Losses (2:02)
Gambling Losses (3:21)
Why you may want to enter itemized - State Taxes (State only use) (2:01)
MODULE 4 - OTHER DEDUCTIONS
Introduction to Other Deductions - What this unit covers (0:54)
401K Employer retirement pensions plans (3:28)
Above the line deductions : Donations (1:31)
Health Savings Accounts - HSA Contributions & Form 8889 (3:51)
Educator Expense - Schedule 1 and related educator expense worksheet (3:02)
Student Loan Interest (4:27)
IRA Contributions/ Self Employed IRA (5:45)
Alimony deduction and importance of the Agreement date - Schedule 1: Part 2 (3:22)
Write in adjustment - Jury duty that is repaid to employer (1:38)
Certain Business Deductions available to qualified employees (4:55)
Self-employed Taxes - Contributions to the social security system (1:40)
Self-employed Health Insurance (1:51)
MODULE 5 - TAX CREDITS
Introduction to tax credits (2:03)
Child tax credits (8:19)
Child and Dependent Care Credit (8:02)
Earned Income Tax Credit (2:23)
Adoption tax credit (4:17)
Recovery rebate credit - Recovery rebate tax worksheet (3:41)
Savers Credit (2:09)
Foreign Tax credit (10:40)
Excess Social Security and RRTA tax withheld (2:01)
Plug in Electric Vehicle Credit (4:50)
Premium Tax Credit (4:15)
American Opportunity and Lifetime Learning (4:34)
MODULE 6 - INVESTMENT INCOME & DEDUCTIONS
Overview of what we'll be covering in the investment income module (1:27)
Introduction to dividends and their taxation (2:07)
Tax rates for qualified dividends (1:48)
Completing Schedule B for dividend income (1:57)
Introduction to capital gains and losses (1:45)
Tax rates on Gains (2:34)
Overview of calculating gains on stocks (4:17)
Overview of calculating capital gains and losses on property (3:33)
Stock options and traps from W-2 (4:11)
Reporting capital gains on schedule B and D from investment sales (2:28)
Overview of Capital Losses (3:17)
Deducting carrying charges from your investment income / investment interest (4:12)
Sale of your Home and Form 4952 (3:33)
Reporting the Sale of your home (4:15)
MODULE 7 - INTRODUCTION TO FOREIGN BANK ACCOUNT REPORTING
Introduction to Foreign Bank Account Reporting (1:11)
Foreign Bank account reporting and its history (7:29)
Overview of FBAR - Schedule B, Interest and penalties, due date (13:05)
How to prepare the FBAR form - Interest and penalties, due date (13:11)
Overview of form 8938 - Additional form for reporting foreign assets (4:23)
How to prepare 8938 form (4:48)
The arguments on the 3520 form, PFICS etc (3:19)
MODULE 8 - RENTAL INCOME
Introduction to rental income and expenses (1:51)
Rental income basics and types of rental income (1:48)
Masters Rule - Specific rule for people renting out a portion of their home (1:14)
Rental income or business income - Is it rental income or are you running a business? (2:52)
Reporting Rental Income (2:32)
The accrual and cash methods of reporting income (4:58)
Rental expenses and what cannot be deducted (3:10)
Interest on mortgages, loans and lines of credit (3:10)
Rental income losses (Limited losses vs. deductible on the tax return) (3:51)
Common expenses for rental properties - Direct expenses (4:38)
Capital expense vs. repairs and maintenance (3:49)
The rules for deducting motor vehicle expenses for rental income (4:05)
Renting out a portion of your home (3:03)
Renting a Vacation Property (5:39)
Introduction to Depreciation (11:55)
Accelerated Depreciation (0:45)
Filling out the Asset Addition Schedules on Schedule E (7:02)
Depreciation and losses (1:33)
Example of a capital gain on sale and disclosure on asset Schedule with recapture (3:47)
Example of a capital gain on sale and disclosure on asset Schedule with Loss (3:02)
Claiming the QBI - Qualified Business Income deduction (3:58)
MODULE 9 - BUSINESS INCOME
Introduction to business income (2:26)
Overview of Business Entities - The forms of business organization including corporations (3:11)
The Schedule C Statement of business activities (3:33)
Business income reporting issues (4:40)
Be aware of the pitfalls and dangers of large or consistent losses (3:57)
Putting yourself in the mind of an accountant - Are the expenses reasonable? (3:38)
Beginning our look at expenses and my approach (1:00)
Common Expenses for business income statements (3:49)
Meals and entertainment (3:25)
Claiming a bad debt expense (2:38)
Insurance expense (3:11)
Interest expense (3:19)
Rent expense for leased premises and other equipment (3:10)
Expenses for properties that are owned by the business (1:04)
Salaries and wages expense and deductible components (4:01)
Qualified Business Income (QBI) Deduction (3:29)
Claiming Vehicle Expenses (5:09)
Claiming Home Office Expenses (5:22)
Introduction to Depreciation (11:16)
Example of entering new asset dispositions (2:44)
Accelerated Depreciation and example claiming it (6:12)
Example of Selling Business Assets with Gain (2:18)
Example of Selling Business Assets with Loss (1:51)
The cost of goods sold section and providing useful information (4:22)
Social Security Plan - SSA - premiums for the self employed (3:47)
1099 reporting requirements (2:44)
CONCLUSION
Conclusion to the course and next steps in your journey (3:48)
Deducting carrying charges from your investment income / investment interest
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