1040 Preparation and Planning Guide (1040 Preparation & Planning Guide)

CCH's 1040 Preparation and Planning Guide is the premier professional guide to preparing individual income tax returns. Written by noted tax experts, commentators and educators, Sidney Kess and Barbara Weltman, 1040 Preparation and Planning Guide's approach is concise and practical. These skilled authors provide precise guidance on all the essentials of individual tax return preparation. Practitioners can go into the tax season knowing they are prepared for the rigors of 1040 preparation--feeling confident that they know what's new and that they have a good grasp of the fundamentals. Legislative and regulatory changes affecting returns, recent IRS rulings and significant court decisions are all reflected and highlighted in place throughout the text in a logical and understandable manner. As an added bonus, an audio CD, which updates preparers on the new tax law highlights for the year is also included. Changes affecting key areas like tax rates and refunds, IRAs, education tax incentives, treatment of dividends, adoption expenses, child care credit, and dozens of other "bread and butter" areas are also highlighted and explained throughout the text. New complicated provisions are presented in more detail, so preparers can readily see and understand them in the context of the 1040 form itself. The authors also include special notice of important new changes for 2006 that need to be considered in setting new tax planning strategies with clients. 1040 Preparation and Planning Guide's presentation is superior--it flows logically, line-by-line through the return itself; hits all the high points; and uses simple, straightforward and easy-to-understand language. It's format and organization is easy to use and easy to read, with large type and forms reproduced in place throughout the chapters. Many of the forms and schedules included are filled-in, so users can see how real-world tax scenarios flow through onto the forms themselves. 1040 Preparation and Planning Guide's distinctive features include: - Emphasis on return preparation principles - "Practice Pointers" throughout highlight special opportunities - "Pitfalls" note critical preparer problem areas to avoid - "Review Questions and Answers" in each chapter reinforce readers' understanding of material presented and improve retention - "Chapter Highlights" sections point out relevant changes and new developments - "Illustrative Examples" demonstrate important points and principles