Tax Preparation and Law 2023, 2022, 2021, 2020, 2019 & 2018
What you'll learn
- Income Tax Preparation & Law
- How to complete at tax return
- How to calculate taxes using a tax formula
- Describe what dependents are any why they are important
- Explain the concept of filing status and the impact on taxes
- List item included and not included in gross income
- Describe and list deduction for AGI or above the line deductions
- Explain and list itemized deductions and how they relate to the standard deduction
- Explain the tax calculation using a progressive tax system
- Describe credits including the child tax credit, earned income credit, and education credits
We are in the process of updating this course for 2022-2023. Current students will have access to the updates.
We are very grateful for all the feedback and support we have received for this course from colleagues and learners.
Income tax preparation and understanding for the years 2023, 2022, 2021, 2020, 2019, & 2018 including presentations, downloadable PDF files, practice problems, & and comprehensive problems with step by step instructions, answer keys, and materials.
The course will introduce the concept of income tax, tax law, and how it is formatted. We will provide practical examples at every step along the way, giving learners visuals of how the system works, and practice problems to apply the concepts.
The course will walk through the steps of filling out a tax form. The tax forms can be thought of as a kind of income statement or a tax formula. We will break down the formula into its components so that we can digest each small peace at a time.
We will discuss the concept of filing status and dependents and how they affect the tax formula.
The course will discuss what is included and not included in gross income for taxes. Items included in the gross income calculation may be subject to taxation. Items not included in gross income for taxes will not be subject to tax.
We will discuss adjustments for adjusted gross income, often called above the line deductions. The course will cover the primary above the line deductions and provide practical examples of calculations.
The course will discuss itemized deduction reported on schedule A. We will discuss the primary itemized deductions and provide practical examples of each.
We will discuss the reporting of self-employment taxes using Schedule C and the related issues including self-employment tax (social security and Medicare) and the new 20% deduction many small businesses will be eligible for.
The course will discuss the calculation of capital gains using Schedule D. We will provide practical examples of the calculation of capital gains.
We will discuss the reporting of rental property using Schedule E and provide examples of reporting rental property.
The course will discuss various credits including child tax credit, earned income credit, and education credits and provide examples of each.
The course will have comprehensive problems allowing learners to work through the process of filling out a full tax return in a step by step process. Learners can use PDF tax forms provided in the course and available at the IRS website. We also work the problem using the accounting equation and provide learners pre-formatted Excel worksheet to follow along with this process.
Who this course is for:
- Anybody who wants to learn tax law
- Anybody who wants to understand how to fill out taxes
- Tax and accounting students who want better explanation and practical examples of tax concepts using software, forms, and worksheets instead of just words
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.