Filing Tax Returns Practice Exam

Filing Tax Returns Practice Exam

About Filing Tax Returns

The completion of a tax return is the paperwork that determines the amount of revenue made by a business or individual and the taxes that must be paid to the government or government entities, or, perhaps, returned to the taxpayer. One of the largest sources of revenue for the government is taxation.

Why is Filing Tax Returns important?

Tax returns provide taxpayers the option to determine their tax burden, plan out their tax payments, or ask for refunds for any taxes they have paid in excess of what is required. For an individual or corporation having a reportable income, such as wages, interest, dividends, capital gains, or other earnings, tax returns must typically be submitted annually.

Who should take the Filing Tax Returns Exam?

• Finance and Accounting managers, senior executives, executives
• Tax Preparer
• Accountant
• Tax Analyst
• Commerce students and Other Individuals

Filing Tax Returns Certification Course Outline

1. Filing basics
2. Filing status types
3. Learn who can claim personal exemptions
4. Learn who can claim dependency exemptions
5. Report income from wages, salaries, tips, and interest
6. Report business income
7. Report capital gains and losses
8. Report retirement income
9. How to report income from Social Security Benefits
10. How to make adjustments to income
11. Calculate adjusted gross income
12. Learn who should take itemized deductions
13. Claim credit for child and dependent care expenses
14. How to claim education credits
15. Claim Lifetime Learning Credit
16. Learn how to claim a Child Tax Credit
17. Claim other miscellaneous credits
18. Learn how to report Payments
19. Learn how to claim the Earned Income Credit (EIC)