Individual Income Tax (Update for 2023 Tax Returns) with 2024 U.S. Master Tax Guide

Exam Questions: 120
Course Level: Basic / Update
Pages: 578 | Content: 546, Supplemental: 32
NASBA Area of Study: Taxes
Not Acceptable for: N/A
Version: 5300v23

Our most POPULAR course updated for filing 2023 federal income tax returns for individuals! This course provides a general overview of federal income tax laws for individuals. It explains who must file, which tax forms to use, when the return is due, and other general information. It will provide guidance on which filing status can be used and whether the income received is taxable. The course also explains the standard deduction, the kinds of expenses that can be deducted, and the various credits that are available to reduce the total tax due. However, in addition to the 5300v23 course material, you'll receive a copy of the 2024 U.S. Master Tax Guide (shipped separately - no INTERNATIONAL shipping available) as an additional companion reference guide, allowing you to further research tax issues affecting your clients. PLEASE NOTE: The name / version of the course and exam that you will submit for CPE credit will be 5300v23: Individual Income Tax (for 2023 Returns). All course material provided. No prerequisites. Course level: Course level: Basic/Update.

EA Program Approval Number: ZX34G-T-00553-23-S

CFP Program Approval Number: 320406 for 24 CE Hrs (valid until 12/31/24)

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Course Information

Table of Contents
  • Introduction
  • Filing Information
  • Filing Status
  • Dependents
  • Estimated Tax
  • Wages, Salaries, and Other Earnings
  • Tip Income
  • Interest Income
  • Dividends and Other Corporate Distributions
  • Rental Income and Expenses
  • Retirement Plans, Pensions, and Annuities
  • Social Security and Equivalent Railroad Retirement Benefits
  • Other Income
  • Basis of Property
  • Sale of Property
  • Selling Your Home
  • Reporting Gains and Losses
  • Individual Retirement Arrangements (IRAs)
  • Alimony
  • Education-Related Adjustments
  • Other Adjustments to Income
  • Standard Deduction
  • Medical and Dental Expenses
  • Taxes
  • Interest Expense
  • Contributions
  • Nonbusiness Casualty and Theft Losses
  • Other Itemized Deductions
  • Section 199A Pass-Through Income Deduction
  • How to Figure Your Tax
  • Tax on Unearned Income of Certain Children
  • Child and Dependent Care Credit
  • Credit for the Elderly or the Disabled
  • Child Tax Credit/Credit for Other Dependents
  • Education Credits
  • Earned Income Credit
  • Premium Tax Credit
  • Other Credits
  • To recall important tax changes to be used for 2023 tax returns
  • To recognize the length of the automatic extension provided by filing Form 4868
  • To recognize the various filing statuses and who is eligible to use them
  • To recall the various requirements for a qualifying relative
  • To identify the purpose of estimated taxes
  • To recall what types of compensation are included as income for tax purposes
  • To recognize what tips should be included in income for tax purposes
  • To recall the proper tax treatment for various types of interest
  • To identify the proper treatment of various types of dividends
  • To recognize the proper treatment of rental property income and expenses for tax purposes
  • To identify various requirements regarding retirement plan taxation
  • To recognize key taxation thresholds related to social security income
  • To identify the taxability of various types of other income
  • To identify the factors to consider in calculating the basis of property
  • To recognize the taxability of the sale of personal use property
  • To identify the special tax rules related to selling your home
  • To recall the capital gain rates for the current year
  • To recall the thresholds, requirements, and additional taxes related to individual retirement arrangements
  • To recognize what is and is not alimony
  • To identify education-related adjustments that can be made to income
  • To identify what business-related expenses associated with travel, transportation, and gifts are deductible
  • To recall the standard deduction amounts for the current year
  • To recognize the deductibility characteristics of medical and dental expenses
  • To recognize what taxes you can deduct if you itemize deductions
  • To recall what types of interest you can and cannot deduct
  • To recall the types of charitable contributions you can deduct and the records you should keep
  • To recall the tax treatment of personal casualty and theft losses
  • To identify types of other itemized deductions allowable to reduce adjusted gross income
  • To identify the rules in the TCJA related to claiming a deduction for "qualified business income"
  • To recognize various alternative minimum tax adjustments and preference items
  • To recall the rules related to the tax on unearned income of certain children
  • To recall how to figure the child and dependent care credit
  • To identify who qualifies to take the credit for the elderly or disabled
  • To recall the limits of the child tax credit
  • To identify the requirements for and benefits of the American opportunity credit and the lifetime learning credit
  • To recall the limit of investment income to qualify for the earned income credit
  • To recognize who is eligible to claim the premium tax credit
  • To identify various nonrefundable and refundable credits available for income tax purposes

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.