CCH Learning Center

Description:
The purpose of this series of courses is to bring the tax preparer "up-to-speed" in the most efficient way possible for the tax preparation season. It offers quick answers and hands-on help for tax return preparation that has become increasingly complex by several recently passed tax Acts.

This seventh course in the series looks at a variety of special tax computations. First, it examines the alternative minimum tax (AMT), which is designed to tax certain items (tax preferences) that would normally escape being taxed. This information can be helpful to taxpayers, for determining whether they will be subject to AMT and what steps they can take to minimize or avoid this liability.

Next, the course reviews the self-employment tax, which allows self-employed individuals to participate in the Social Security program. Also reviewed are which Individuals are subject to the self-employment tax and Schedule SE.

Finally the course goes over the kiddie tax, including which part of a child's net investment income may be subject to the kiddie tax, and how much of a child's Investment income is taxed at the parents' rate. Form 8615, used to figure the kiddie tax is reviewed, as are the conditions when parents may elect to report the child's income on the their return.