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1040 Exam Prep Newsletter
August 2012
#35 
Greetings!
 

Happy Saturday!

 

   In the main essay section of today's issue, another focus points for RTRP exam preparation is to build habits that support your study time by making you productive, ready and willing to learn. We hope it helps you ponder your habits and how align with your exam preparation.

This week, 1040 Exam Prep added a new Booklet for tax preparer candidates to the RTRP exam. The Booklet is in special promotion for a few days before going to the regular price; a special bonus is included with it.

This new Booklet is the first of a series we are calling "EASIER WAY" and it covers Domain 5 of the IRS Test Specification, "Completion of the Tax Return Filing Process". Learn more about it here
And, of course, it is plenty of graphics, form's pictures, and diagrams that make it easier to grasp and recall.   tax preparers exam RTRP competency exam 
 

 

Also in this issue...
 

In the Check it Out section, we include an article from Accounting Today Newsletter where is shared the opinion of a tax educational provider regarding the IRS competency exam consequences and results.  

   

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

 

 

 

Tax Preparers Exam Preparation Best Practice 

by Norma Wahnon

 

Focus on habits, build up successful habits 

  

  

Goal-oriented habits are what will make you succeed in passing your exam. That rule applies to any other objective you set-out to attain in any area of your life. Successful people have successful habits; and success just means getting what you set-out to attain.

 

Most of the time, habits are not acquired consciously and hence, they are never questioned, whether they are supportive of our goals, or not. They continue to lead us to the same situations, time and again, because we rarely stop to question why we are acting the way we are.

 

Applying this principle to the goal of passing the RTRP exam, here are some habits that could stand on the way of attaining your goal. For example, lack of clarity about what you want (i.e. confusion or doubting what to do); habit of postponing making decisions; procrastinating on executing scheduled tasks; lacking a plan to schedule tasks for specific hours of the day (ineffective use of time); lacking a plan to maintain a high level of physical and mental energy during the entire day (i.e. taking a rest when the mind/body asks for it, not eating quality food to nourish body and mind), among others.

 

For me, it works like this. I know exactly what I want, which is to pass the RTRP exam on my first attempt. I think of a list of repetitive actions or tasks that will assure me of success in attaining that goal. I write it down. For example, I can say: upon getting up early in the morning (5am), the first thing I do is stretching and breathing exercises (30m); I drink a lot of water, sit to study for 90 minutes on scheduled topics, for each day. When I go to work, I carry my kindle or MP3 or iPod device, with my material in it, to study during any free time. I eat light food and include supplements (i.e. fish oil, omega3) that increase brain performance, I work out at the gym, have dinner, study for two hours, etc. Those are the specific set of repetitive behaviors that, if sustained for a period of time (some people say 3 or 4 weeks), they become habits.

 

What is a habit?

 

Here is Wikipedia's definition of a habit"

 

"Habits are routines of behavior that are repeated regularly and tend to occur subconsciously. Habitual behavior often goes unnoticed in persons exhibiting it, because a person does not need to engage in self-analysis when undertaking routine tasks.

 

Habituation is an extremely simple form of learning in which an organism, after a period of exposure to a stimulus, stops responding to that stimulus in varied manners. Habits are sometimes compulsory.

 

The process by which new behaviors become automatic is habit formation. Examples of habit formation are the following: If you instinctively reach for a cigarette the moment you wake up in the morning, you have a habit. Also, if you lace up your running shoes and hit the streets as soon as you get home, you've acquired a habit.

 

Old habits are hard to break and new habits are hard to form because the behavioral patterns we repeat are imprinted in our neural pathways".

 

Difference between habits and discipline

 

Habits are the end result of behaving in a certain way consistently over a long enough period of time. We are always disciplined to our current set of habits; we keep repeating our habits over and over, even compulsively.

 

So, attaining success is not about having or not having discipline, it is about habits. It is about focusing on getting an end result, until it becomes a habit. It is about keeping on doing what you said you would do long enough, keeping repeating it until you have incorporated it as a habit. Then, you are 100% disciplined to your needed habits rather than the same old habits.

 

It would be interesting to check out what Wikipedia says about the meaning of the term "discipline" and the very interesting concepts of "continent" and "virtuous" behavior. Read on!

 

"Discipline is the assertion of willpower over more base desires, and is usually understood to be synonymous with self- control. Self-discipline is to some extent a substitute for motivation, when one uses reason to determine the best course of action that opposes one's desires. Virtuous behavior is when one's motivations are aligned with one's reasoned aims: to do what one knows is best and to do it gladly. Continent behavior, on the other hand, it is when one does what one knows is best, but must do it by opposing one's motivations. Moving from continent to virtuous behavior requires training and some self-discipline."

 

Knowing that you have to study for this exam anyway, a smart move for you would be to embrace a "virtuous behavior". Study gladly, enjoying the journey!

 

My exam experience

 

Habit-building was one of my most exciting experiences during my preparation for the CPA exams. During the seven months it took me to prepare for the four exams, with an average of 40 days to prepare for each exam, I purposefully built new and healthier habits by changing some unconscious behaviors.

 

Three of those habits that I am so happy to maintain from that time make me more productive and happier.

 

One is getting up early in the morning and doing some writing. Just to test this Benjamin Francklin's quote,  "Early to bed and early to rise makes a man healthy, wealthy, and wise."  

 

The second is stop watching television (I never was more aware of the wasted time sitting in front of that square box represented and how it intoxicated my body and brain with negative propaganda). The third habit helped me become more aware of my energy level at every moment of the day. Studying requires body and mind working well together to provide focus, concentration, and willingness to learn. Having the habit of being aware of how I feel at every moment allowed me to raise my awareness of the experiences of each day. I like to call it, the habit of being present in what I am doing. If I am not feeling energetic, enthusiastic, happy, and 100% focused on what I am doing, then I start asking myself "what is going on". I check and make adjustments. Maybe it is something as simple as take a break, go for a walk, eat something or just close the eyes for few minutes to regain my energy.

 

 

 Read the entire article here 

 

   


 
Check it out!
 Featured Article: 

  

Accounting Today's Newsletter includes an interesting article presenting the opinion of Mr. McCabe, a tax education provider company CEO, regarding the IRS new requirements for tax preparers in this terms "This new requirement," he said, "will cause an exodus of tax preparers who will stop practicing rather than take the test and complete annual education. The result will be a shortage of qualified tax preparers"

 

"A high percentage of the industry's most experienced tax preparers are elderly and, rather than take the exam, many will retire," McCabe added. "In addition, tens of thousands of preparers with inadequate tax knowledge who have been enabled to prepare taxes by using tax software would fail the test without additional education, and many of these preparers will quit."  Continue reading the article..

 

 

 

Enrolled Agent or Registered Tax Return Preparer Credential?

 

 

If you are wondering about which tax practitioner credential will be best suited to your current career goals, you need to understand the credentials and the requirements that the IRS has available for tax preparers.  

 

If you have to choose between the Enrolled Agent (EA) credentials and the Registered Tax Return Preparer (RTRP) credentials, which would you choose?

 

In this issue of our Newsletter, we bring to you information about the Enrolled Agent Exams, which is one of the credentials you must obtain in order to prepare Federal Income Tax returns.

 

How can you decide which credential is right for you?

 

 Continue reading the article here

_________________________________________

 

1040 Exam  Prep and Fast Forward Academy Partnership  

 

At 1040 Exam Prep, our central topic is the RTRP credential. We offer study guides to prepare RTRP candidates for the IRS exam. You can visit the FQ&A page in our website (www.1040examprep.com) to learn more about whether you need the RTRP credential.  

 

In this issue of our Newsletter, we announce our partnership with Fast Forward Academy (FFA), the leading company in the market for EA study guides. We will be promoting and selling FFA study guides to prepare for the Enrolled Agent Exams.

 

  enrolled agent exams study guides

 

Do you have any questions about the EA exam?

 

The link that follows provides information about the three-part exams called "IRS Special Enrollment Examination (SEE)" to become an Enrolled Agent (EA), how and when to register for the exam, (the exam is offered only in specific months), detailed information regarding the exam's content, minimum passing score, sample of the type of questions included in the exam, and much, much more information. So, please,   

 

 

 


 

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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Completion of the Tax Returns Filing Process is a 30 pages Booklet containing explanations, analysis, images illustrations, and great summaries about the 9 topics included in the Domain 5 of the IRS Test Specification Outline.