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Video instructions and help with filling out and completing Why Form 8815 Deductions

Instructions and Help about Why Form 8815 Deductions

Oh and welcome to this session. This is Professor Farhad and the session will look at adduction from and for AGI. AGI stands for adjusted gross income. We will also look at standard deduction. So, we're going to be looking at a concept and a very important term called standard deductions. This lecture will apply to any income tax course if you're studying for the CPA regulation and this applies to the new tax law as well. Also, if you are studying to be an enrolled agent, before we start, I would like to remind you that I would like to connect with my viewers, which is you. I'm very active on LinkedIn. I do have a LinkedIn account. Please connect with me on LinkedIn. If you're a Facebook user, like my Facebook page or you could connect with me personally. Obviously, you want to subscribe to my YouTube channel so this way you can see all my lectures and stay up to date. This is where I house all my lectures. I do have a Twitter account and obviously, you can go to my website where things are organized by chapter. So the first thing we're going to look at today is income. How do we define income? And we're going to have a whole, actually two chapters about this topic. Two chapters which we're going to have maybe 10 to 15 different lectures. But when we say income, it includes all taxpayer income, both taxable and non-taxable. Think about income from a tax perspective as gross receipts from a business. Okay, it does not include though any return of capital. Now return of capital and AC return of capital. I say Roc return of capital assets that when you make an investment and someone is giving you back...