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14 Cards in this Set

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  • 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