Tax Preparation and Law 2023, 2022, & 2021
What you'll learn
- Analyze tax laws to accurately determine income tax obligations and compliance requirements.
- Apply tax formulas and calculations to calculate taxable income with precision and optimize deductions.
- Evaluate the impact of different filing statuses on tax liabilities and identify the most advantageous option.
- Assess various components of gross income for tax purposes, ensuring comprehensive and accurate reporting.
- Apply above-the-line deductions to adjust income effectively, maximizing tax benefits.
- Calculate and optimize itemized deductions, including mortgage interest, medical expenses, and charitable contributions.
- Understand self-employment tax reporting using Schedule C and utilize the 20% small business deduction effectively.
- Calculate capital gains and losses using Schedule D, considering applicable tax rates and holding periods.
- Accurately report rental property income and expenses using Schedule E, optimizing deductions and depreciation.
- Evaluate eligibility and navigate the complexities of tax credits, such as the child tax credit, earned income credit, and education credits.
- Solve complex tax scenarios and address common tax challenges through comprehensive problem-solving exercises.
Requirements
- Familiarity with basic arithmetic operations and calculations
- Proficiency in using a computer and navigating software applications.
- Willingness to engage in self-directed learning and problem-solving.
Description
Are you looking for a comprehensive income tax preparation course? Look no further! This course is your ultimate resource, providing you with presentations, downloadable PDF files, practice problems, and comprehensive step-by-step instructions.
As an updated course, current students will have access to all the latest information and updates for the tax seasons. We greatly value the feedback and support we've received from our colleagues and learners, which has helped us enhance the course content and make it even more valuable.
Starting with the basics, this course introduces the concept of income tax and tax law, explaining how it is formatted. Through practical examples and visuals, we break down the tax system, providing you with a clear understanding of each component. You'll have the opportunity to apply the concepts through practice problems that simulate real-world scenarios.
Step by step, we'll guide you through the process of filling out a tax form, helping you understand the tax formula. We'll delve into important topics like filing status, dependents, and their impact on the tax formula. Additionally, we'll cover what is included and not included in gross income, discussing the taxation implications for each category.
You'll also learn about adjustments for adjusted gross income (above the line deductions), exploring primary deduction categories and their calculations. Itemized deductions reported on Schedule A will be thoroughly discussed, providing practical examples to enhance your understanding.
For individuals with self-employment income, we'll cover the reporting of self-employment taxes using Schedule C. We'll address self-employment tax, including social security and Medicare, as well as the eligibility criteria for the 20% deduction available to many small businesses.
Calculating capital gains using Schedule D will be demystified through practical examples, ensuring you grasp the intricacies of this topic. Furthermore, we'll guide you through reporting rental property using Schedule E, offering examples to simplify the process.
The course also covers various tax credits, such as the child tax credit, earned income credit, and education credits. You'll gain a comprehensive understanding of each credit and explore practical examples.
Join us on this comprehensive journey to become proficient in income tax preparation. Enroll now and gain the knowledge and confidence needed to handle your taxes accurately and effectively.
Note: This course is designed for United States tax filers.
Who this course is for:
- Individuals interested in pursuing a career in tax preparation or accounting.
- Small business owners who want to accurately report their income and deductions.
- Students studying accounting, finance, or related fields.
- Professionals who need to enhance their knowledge of income tax laws for their job roles.
- Individuals who want to gain confidence in preparing their own income tax returns.
- Anyone seeking to expand their financial literacy and understanding of personal finance.
Featured review
Instructor
- 4.4 Instructor Rating
- 58,297 Reviews
- 975,533 Students
- 163 Courses
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.