introduction to federal income tax law - cotaxaide.org introduction to tax law.pdf · tax law...
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![Page 1: Introduction to Federal Income Tax Law - cotaxaide.org Introduction to Tax Law.pdf · Tax Law Basics 2 NTTC Training – TY2017 All income is taxable, unless the law says it is not](https://reader033.vdocuments.site/reader033/viewer/2022051309/5b86ce217f8b9a2e3a8db1de/html5/thumbnails/1.jpg)
Introduction to Federal Income Tax Law
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Tax Law Basics
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●All income is taxable, unless the law says it is not
●No deduction is allowed, unless the law says it is
●No credit is allowed, unless the law says it is
![Page 3: Introduction to Federal Income Tax Law - cotaxaide.org Introduction to Tax Law.pdf · Tax Law Basics 2 NTTC Training – TY2017 All income is taxable, unless the law says it is not](https://reader033.vdocuments.site/reader033/viewer/2022051309/5b86ce217f8b9a2e3a8db1de/html5/thumbnails/3.jpg)
Tax Law Basics
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Income Minus adjustments
= Adjusted gross Income
Minus deductions and exemptions
= Taxable Income
![Page 4: Introduction to Federal Income Tax Law - cotaxaide.org Introduction to Tax Law.pdf · Tax Law Basics 2 NTTC Training – TY2017 All income is taxable, unless the law says it is not](https://reader033.vdocuments.site/reader033/viewer/2022051309/5b86ce217f8b9a2e3a8db1de/html5/thumbnails/4.jpg)
Form 1040
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● Identity, filing status and exemptions
● Income
● Adjustments
● Deductions and exemptions
● Tax and nonrefundable credits
● Additional taxes
● Refundable credits and payments
![Page 5: Introduction to Federal Income Tax Law - cotaxaide.org Introduction to Tax Law.pdf · Tax Law Basics 2 NTTC Training – TY2017 All income is taxable, unless the law says it is not](https://reader033.vdocuments.site/reader033/viewer/2022051309/5b86ce217f8b9a2e3a8db1de/html5/thumbnails/5.jpg)
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Form 1040 – Basic Information
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Form 1040 – Income
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Form 1040 – Adjustments
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Form 1040 – page 2
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Nonrefundable
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Form 1040 – page 2 cont.
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Refundable
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● Pub 4491 – Text book
● NTTC Workbook – Practice Exercises
● Pub 4012 – Resource Guide
● Form 6674 – Certification Test and Retest
● TaxSlayer Practice Lab – Sections 4 & 6 of HOME page
● linklearncertification.com
● Pub 17 – Your Federal Income Tax for Individuals
Training Materials
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The Text Book
Electronic Only!! NTTC version on OneSupport
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The Workbook
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![Page 13: Introduction to Federal Income Tax Law - cotaxaide.org Introduction to Tax Law.pdf · Tax Law Basics 2 NTTC Training – TY2017 All income is taxable, unless the law says it is not](https://reader033.vdocuments.site/reader033/viewer/2022051309/5b86ce217f8b9a2e3a8db1de/html5/thumbnails/13.jpg)
NTTC Workbook – Practice Exercises
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● Contains 17 exercises
● Includes ACA questions
● Filing Status and Exemption Exercises and Quizzes
● Available on OneSupport Help Center and by ordering through Portal
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The Golden Book Primary Reference Tool Contains ‘What’s New’ Tab NTTC version on OneSupport
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https://www.linklearncertification.com/ NTTC Training – TY2017 15
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The Test
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Introduction to Income Tax
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