H&R BLOCK INCOME TAX COURSE EXAM |GUARANTEED |ACCURATE ANSWERS
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Course
H&R Block Income Tax Course
Institution
H&R Block Income Tax Course
Due Diligence - ACCURATE ANSWERS Requirements that tax professionals must follow when preparing income tax returns.
Estimated Tax - ACCURATE ANSWERS The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits.
Estimated T...
H&R BLOCK INCOME TAX COURSE
EXAM |GUARANTEED |ACCURATE
ANSWERS
Due Diligence - ACCURATE ANSWERS✔✔ Requirements that tax
professionals must follow when preparing income tax returns.
Estimated Tax - ACCURATE ANSWERS✔✔ The amount of tax a
taxpayer expects to owe for the year after subtracting expected amounts
withheld and certain refundable credits.
Estimated Tax Voucher - ACCURATE ANSWERS✔✔ A statement by
an individual of (1) the amount of income tax he estimates he will incur
during the current taxable year on income that is not subject to
withholding, (2) the excess amount over that withheld on income which
is subject to withholding, and (3) his estimated self-employment tax.
Exemption from Withholding - ACCURATE ANSWERS✔✔ Status
claimed on Form W-4 directing the employer not to withhold federal
income taxes from the employee.
Underpayment Penalty - ACCURATE ANSWERS✔✔ If a taxpayer did
not pay enough tax on a timely basis during the year, he may be required
to pay an underpayment penalty.
,Two Ways to Pay as You Go - ACCURATE ANSWERS✔✔
Withholding and Estimated Tax Payments
Form W-4 - ACCURATE ANSWERS✔✔ Employee's Withholding
Allowance Certificate
Form 4868 - ACCURATE ANSWERS✔✔ Application for Automatic
Extension of Time To File U.S. Individual Income Tax Return
Amended Return - ACCURATE ANSWERS✔✔ A tax return filed on
Form 1040X after the original return has been filed.
Closed Year - ACCURATE ANSWERS✔✔ A tax year for which the
statute of limitations has expired.
Open Year - ACCURATE ANSWERS✔✔ A taxable year for which the
statute of limitations has not yet expired.
Failure-to-File Penalty - ACCURATE ANSWERS✔✔ Generally 5% for
each month or part of a month the return is late, but not more than 25%
of the tax not paid.
Failure to File - ACCURATE ANSWERS✔✔ Taxpayer fails to file the
return by the due date, and there is a balance due.
,Form 1040X - ACCURATE ANSWERS✔✔ Amended U.S. Individual
Income Tax Return
When can an amended return be filed? - ACCURATE ANSWERS✔✔
Within three years of the date the original return was filed, or within two
years of the date the tax was paid, whichever is later.
Can the 1040X be e-filed? - ACCURATE ANSWERS✔✔ No.
Portfolio Income and Losses - ACCURATE ANSWERS✔✔ Those from
such sources as dividends, interest, capital gains and losses, and
royalties.
Schedule E - ACCURATE ANSWERS✔✔ Supplemental Income and
Loss
Royalty - ACCURATE ANSWERS✔✔ Payments received for the right
to extract natural resources from the taxpayer's property or to use a
taxpayer's literary, musical, or artistic creation.
Annuity - ACCURATE ANSWERS✔✔ A series of payments under a
contract made at regular intervals over a period of more than one year.
Beneficiary - ACCURATE ANSWERS✔✔ The owner or recipient of
funds in an account, such as an IRA, or from an insurance policy or will.
, Contribution - ACCURATE ANSWERS✔✔ When a person puts money
into a retirement plan.
Defined Benefit Plan - ACCURATE ANSWERS✔✔ An employee
benefit plan that provides determinable benefits not based on employer
profits.
Defined Contribution Plan - ACCURATE ANSWERS✔✔ An employee
benefit plan that provides a separate account for each person covered
and pays benefits based on account earnings.
Disability Pension - ACCURATE ANSWERS✔✔ A taxable pension
from an employer-funded disability plan or a disability provision of a
retirement plan.
Distribution - ACCURATE ANSWERS✔✔ When a person takes or
receives money from a retirement plan.
Pension - ACCURATE ANSWERS✔✔ Generally a series of definitely
determinable payments made to a taxpayer after retirement from work.
Rollover - ACCURATE ANSWERS✔✔ A qualified transfer of funds
from one tax-favored account to another, usually of the same type.
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