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1040 Exam Prep Newsletter
July 2012
#31
Greetings!

Dear Norma,

 

Happy Saturday!

 

Congratulations to our readers who sent e-mails sharing the news that they passed the RTRP exam! 

 

In the main essay section of today's issue, I begin a series of article entitled "8 Focus Points for RTRP Exam Preparation" that will be posted in our weekly blog and will also be brought to you in future issues of this Newsletter.

 
 

 

Also in this issue...
 

In the Check it Out section, capital gains and losses topics are analyzed in a brief article. Other resources that can help you succeed in your goal of becoming a registered tax return preparer and in your overall career, are also provided.  

    

I hope you enjoy this issue of 1040 Exam Prep Newsletter. Please, share it with your friends!  

     

Have a wonderful and productive weekend. Until next Saturday.

 

Norma Wahnon

 

 

 

Eight Focus Points for RTRP Exam Preparation- Part I  

by Norma Wahnon

   

 Focus on "today's" lesson and forget about the rest of your study materials until you get to them

 

Simplify, so You Can Control your "DASH"   

 

One of the best ways to simplify the preparation for an extensive exam, such as the RTRP, and the huge amount of material required to prepare for it, is by assigning small portions of the material to specific fractions of study time, and stick to a schedule. Focus on  just what you plan to study, each day, and forget the material you already covered, or have yet to cover.....   (read more...)  

      

Create a Scheduled Study Plan - SSP for your RTRP exam

 

Next step, after sub-dividing or partitioning your study material into smaller subtopics, is to assign a specific time of the day to study each partition, in your scheduled study plan. Assigning a time slot to a specific topic will vary from person to person, depending on the level of familiarity with the topic...... (read more...) 

 

Plan your work and work you plan

  

You can say "I don't want to go through all that work of planning"   

  

I can relate to the fact that planning is an extra task. And because it is not always perceived as a MUST, everyone easily skips the planning step for an activity or project.   

  

Have you ever heard this thought, " ...life is easy when you live it the hard way.. and hard if you try to live it the easy way"?..... (read more ...)  

 

RTRP exam Preparation

 

A wonderful approach for an effective action plan for your preparation is to ponder this question:  

     

"If you are in your exam day and looking back to your preparation weeks, what had to have happened during your preparation stage to make you feel confident about passing the exam on your first attempt?"

 

Your answer should be something like one of these (you can add your own):.... (read more ...)  

  

My Exam Experiences

 

From my entire experience as a CPA exam candidate, the only moment I felt the weight of the whole process and the challenge ahead of me was when I received the big box of materials I bought to prepare myself for the exam. I opened the box and began to take out those encyclopedic size books one at a time, and my first thought was "it will take me years to review all these books". I was so scared that I put the books back in the box and left them there for a few days, until I made up my mind.

 

Early one morning I got up determined to find a way to make it work.....  (read more...) 

 

 

 

Focus on passing the exam and forget about failing it

 

 

RTRP Exam Takers Mind Set

 

We are often reminded that what separates success from failure is just the mind set. Question is, what is the success mind-set for passing an exam?... (read more)  

    

Clarity and Planning Approach   

 

Clarity is powerful. Being informed about every aspect of the exam-taking process will give you clarity on what you can expect and avoid surprises you are unprepared for. Fear of the unknown can add nervousness to the natural anxiety of taking an exam.   

Clarity is powerful and it comes from being properly informed. For starters, to get clarity you should read the IRS Candidate Information Bulletin and learn more about its content. (read more)  

 

Planning is also powerful. It gives you a sense of control over your journey, and it allows you to always know what to do "today" to move your preparation forward. You become more productive; perform better; and attain better results, when you have a plan. But nothing substitutes "doing it". A plan, by itself, is worthless without commitment and action.  

 

Manage your Fears

   

If you are afraid of failing the IRS competency exam, work on your fears. The first step is to isolate your fears by being aware of them.

   

For exam takers, most of the time, fears result from lack of knowledge or perception. Take action by preparing properly and you will feel confident on the exam day. Action is the cure to any fear. (read more...)  

 

 

Successful Exam Mental Attitude

 

If you review most or the entire content of the exam outline, don't go to the testing room to "try" to pass the exam. Go there to PASS the exam! A positive mental attitude makes all the difference in the world once you are inside the testing room!  (read more....) 

 

Measuring Exam results

 

There is no such thing as a relative perspective of success and failure when it comes to exam taking! In other words, success for one person may not be the same thing for another. Here, if you pass the exam, you succeeded; if you didn't, you failed. It's as simple as that!  (read more....) 

 

 

My Exam Experience  

 

When I was preparing for the four tests of the Uniform CPA exam, I participated in forums with other people also preparing for the same exam. I was astonished at how easily people embrace the possibility of failing the exam, from the start. It was not unusual to hear them say "I flailed FAR again; I will continue giving it a try". I imagine that people going to "try" to pass an exam or just "learn" during the exam, will never apply a hundred percent of their energy to succeed in the testing room. (read more ...)   

    

Read the entire article here

 

   

Check it out!
A brief but great introduction to the topic on capital gains and losses with the changes on Schedule C to Form 8949.Read more here

If you are not a subscriber to the IRS e-News for Tax Professionals, here you have the link to it. Consider subscribing, now!
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"Time is money. So don't spend your time searching everywhere for tax information. You'll find what you need right in your inbox when you subscribe to e-News for Tax Professionals. It's one of the best ways for the tax professional community to get the latest national and local IRS news" (from IRS website)
 

Take a look a the "IRS Return Preparer Office 

 

in LinkedIn for some sample test questions posted there to be answered.  

 

Remember that the IRS Tax Forum offers up to 18 hours of continuing education. Learn more here    

 

1040 Exam Prep is a series of study guides for tax preparers to review in preparation for the Registered Tax Return Preparer Exam. The study materials are presented in downloadable e-books, slide presentations and mind-maps, in printable PDF format, and audio-recordings in MP3 format.

Visit www.1040examprep.com  to learn more about our products
 
Sincerely,
 

Norma Wahnon
1040 Exam Prep
 
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