[ebook][PDF] Fundamentals of Taxation 2021 Edition, 14th Edition By Ana M. Cruz

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Cover Halftitle Title Copyright Dedication Updates to the 2021 Edition Four Primary Teaching Advantages of Fundamentals of Taxation How Does Fundamentals of Taxation Provide a Clear Path to Stu... dent Success? How Does Fundamentals of Taxation Help Students Better Understand Tax? How Does Fundamentals of Taxation Better Prepare My Students? Assurance of Accuracy Connect A Monumental Development Effort Contents Fundamentals of Taxation 2021 Chapter 1: Introduction to Taxation, the Income Tax Formula, and Form 1040 Tax Rate Structures Marginal Tax Rates and Average Tax Rates A Simple Income Tax Formula The Components of a Basic Form 1040 Calculation of Income Tax (Form 1040, Line 12a) and Health Care Tax Tax Payments (Form 1040, Lines 25d, 26, and 32) Appendix A: Tax Authority Appendix B: IRS Rules for Paid Tax Preparers Appendix C: Getting Started with TaxAct Chapter 2: Expanded Tax Formula, Form 1040, and Basic Concepts The Income Tax Formula and Form 1040 Filing Status (Form 1040, First Page) Dependents (Form 1040, Page 1) Standard Deduction (Form 1040, Line 12) Tax Due to IRS Interest and Tax Penalties Chapter 3: Gross Income: Inclusions and Exclusions When and How to Record Income Cash Method of Accounting Taxability of Components of Gross Income Items Excluded from Gross Income Appendix: Tax Accounting for Savings Bond Interest Used for Education Expenses, Below-Market Interest Loans, Gift Loans, and Original Issue Discount Debt Chapter 4: Adjustments for Adjusted Gross Income Student Loan Interest (Schedule 1 of Form 1040, Line 20) Health Savings Account Deduction (Schedule 1, Line 12) Moving Expenses for Members of the Armed Forces (Schedule 1, Line 13) Deduction for Half of Self-Employment Tax (Schedule 1, Line 14) Self-Employed Health Insurance Deduction (Schedule 1, Line 16) Penalty on Early Withdrawal of Savings (Schedule 1, Line 17) Alimony Paid (Schedule 1, Line 18a) Educator Expenses (Schedule 1, Line 10) Tuition and Fees Deduction (Schedule 1, Line 21) Chapter 5: Itemized Deductions Deductible Medical Expenses (Schedule A, Line 4) Deductible State and Local Taxes (Schedule A, Line 7) Deductible Interest (Schedule A, Line 10) Deductible Gifts to Charity (Schedule A, Line 14) Deductible Casualty and Theft Losses (Schedule A, Line 15) Other Itemized Deductions (Schedule A, Line 16) Chapter 6: Self-Employed Business Income (Line 3 of Schedule 1 and Schedule C) Income for a Schedule C Trade or Business Ordinary and Necessary Trade or Business Expenses Depreciation Transportation and Travel Business Use of the Home and Business Bad Debts Hobby Loss Rules and Education Expenses Self-Employment Tax Appendix: General Depreciation System Chapter 7: Capital Gains and Other Sales of Property (Schedule D and Form 4797) Terms and Tax Forms Classification of Assets Sales of Ordinary Assets Sales of Capital Assets Sales of Business Property Tax Issues for Special Types of Sales Chapter 8: Rental Property, Royalties, and Income from Flow-Through Entities (Line 5, Schedule 1, and Schedule E) Rental Property Rental of Vacation Homes Royalty Income Flow-Through Entities Chapter 9: Tax Credits (Form 1040, Lines 19, 20, 27 through 29, and 31, Schedule 3, Lines 1 through 13) Credit for Child and Dependent Care Expenses (Schedule 3, Line 2 [Form 2441]) Credit for the Elderly or the Disabled (Schedule 3, Line 6c [Schedule R]) Education Credits (Form 1040, Line 29 and Schedule 3, Line 3 [Form 8863]) Foreign Tax Credit (FTC) (Schedule 3, Line 1 [Form 1116]) Child Tax Credit (Form 1040, Line 19) Retirement Savings Contributions Credit (Saver’s Credit) (Schedule 3, Line 4 [Form 8880]) Adoption Credit (Schedule 3, Line 6c [Form 8839]) Earned Income Credit (EIC) (Form 1040, Line 27) Premium Tax Credit (Schedule 2, Line 2, or Schedule 3, Line 8) Appendix A: Earned Income Credit (EIC) Appendix B: Table 2 for Form 8962 Chapter 10: Payroll Taxes Tax Issues Associated with Payroll and Form 1040 Federal Income Tax Withholding, Social Security, and Medicare Taxes on Wages and Tips Reporting and Paying Payroll Taxes Self-Employment Taxes, Unemployment Taxes, Form 940, Taxes for Household Employees, and Schedule H Employer Payroll Reporting Requirements Including Forms W-2 and W-3 Supplemental Wage Payments, Backup Withholding, Form W-9, Estimated Tax Payments, and Form 1040-ES Additional Information Regarding Legislation and Payroll Appendix: Selected Information from Tables 1, 2, and 4 Chapter 11: Retirement and Other Tax-Deferred Plans and Annuities Tax-Deferred Plans and Annuities: The Basics Employer-Sponsored Retirement Plans Individual-Sponsored Retirement Plans Tax-Deferred Nonretirement Plans Distributions from Tax-Deferred Pension Plans Tax Treatment of Annuity Contracts Appendix: Life Expectancy Tables Chapter 12: Special Property Transactions Like-Kind Exchanges Involuntary Conversions Installment Sales Sale of a Personal Residence Related-Party Losses and Wash Sales Chapter 13: At-Risk/Passive Activity Loss Rules and the Individual Alternative Minimum Tax At-Risk Rules Passive Activity Losses At-Risk and PAL Rules in Conjunction Alternative Minimum Tax (AMT) Appendix: Depreciation Tables Chapter 14: Partnership Taxation Formation of a Partnership Partnership Ordinary Income or Loss Separately Stated Items Basis of the Partnership Interest Partnership Distributions Disposal or Liquidation of a Partnership Interest Chapter 15: Corporate Taxation Corporate Formation and Filing Requirements Basis Taxable Income and Tax Liability Transactions with Shareholders Schedules L, M-1, and M-3 Other Corporate Issues Subchapter S Corporations Appendix A: Amended Tax Returns (Form 1040X) Appendix B: Comprehensive Problems Appendix C: Concept Check Answers Appendix D: IRS Tax Tables Appendix E: IRS Tax Forms Appendix F: 2020 Federal Income Tax Information Index [Show More]

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