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2020-11-25 01:35:37
30-Day Money-Back Guarantee

This course includes:

  • 87 hours on-demand video
  • 16 articles
  • 350 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
Business Entrepreneurship Tax Preparation

Tax Preparation and Law 2021, 2020, 2019 & 2018 - Income Tax

Income tax preparation Form 1040 and supporting schedules taught by a Certified Public Accountant (CPA)
Bestseller
Rating: 4.4 out of 54.4 (1,482 ratings)
9,792 students
Created by Robert (Bob) Steele
Last updated 1/2021
English
English [Auto]
30-Day Money-Back Guarantee

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
Curated for the Udemy for Business collection

Requirements

  • None

Description

We are in the process of updating this course for 2020 take year to be filed in 2021. 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 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

Featured review

Zhargal Dampilon
Zhargal Dampilon
34 courses
8 reviews
Rating: 5.0 out of 5a year ago
good course! I had some understanding about taxes but this course gave much more. Now I feel confident I can file taxes myself. I liked also that the instructor give the reasonable explanation behind of what makes different taxes. Those explanations helps to memorize and understand the whole area.

Course content

42 sections • 616 lectures • 86h 56m total length

  • Preview00:07
  • Preview09:01
  • Preview11:42
  • Preview05:18
  • Preview09:46
  • Preview19:24
  • Preview04:32

  • 106 Marginal & Average Tax Rates
    11:11
  • 107 Tax Software Example Marginal & Average Tax Rates
    20:52
  • 116 Income Tax Formula
    14:09
  • 120 Tax Software Example Income Tax Formula
    15:37
  • 140 Tax Law & Authority
    12:04
  • 144 Circular 230 Regulations Governing Practice Before IRS
    14:51

  • 205 Filing Status
    36:03
  • 207 Tax Software Example Filing Status
    13:34
  • 210 Dependents Overview
    12:47
  • 211 Dependents Questionnaire
    13:26
  • 214 Tax Software Example Dependents
    13:50
  • 217 Standard Deduction
    10:33
  • 220 Tax Software Example Standard Deduction
    19:00
  • 224 Penalties & Interest
    16:09

  • 302 Income
    12:12
  • 304 Income Reporting Forms
    18:20
  • 306 Income Recognition Concepts
    18:32
  • 308 W-2 Income
    17:27
  • 309 Tax Software Example W-2 Income
    22:01
  • 310 Interest Income
    08:55
  • 314 Tax Software Example Interest Income
    07:56
  • 316 Dividend Income
    16:07
  • 318 Tax Software Example Dividend Income
    13:43
  • 320 Income Social Security Benefits
    08:56
  • 324 Social Security Business
    08:36
  • 330 Refund From State Income Tax
    15:06
  • 332 Refund From State Income Tax
    13:12
  • 340 Capital Gains
    28:25
  • 342 Tax Software Example Capital Gains
    22:26
  • 380 Other Kinds Of Income
    21:25
  • 382 Tax Software Example Other Kinds Of Income
    18:42
  • 385 Excluded From Gross Income Fringe Benefits
    17:06

  • 310 Practice Problem 1 Part 1 Introduction Organizing Documents
    18:21
  • 315 Practice Problem 1 Part 2 Data Input Form W-2
    19:20
  • 320 Practice Problem 1 Part 3 Data Input Form W-2 Tax Formula – Excel Worksheet
    15:57
  • 325 Practice Problem 1 Part 4 Data Input Form 1099-DIV & Form 1099-INT
    16:48
  • 330 Practice Problem 1 Part 5 Data Input Form 1099-DIV & Form 1099-INT Tax Formu
    13:41
  • 335 Part 6 Data Input Form 1099-B Proceeds From Broker & Exchange Transactions
    13:49
  • 340 Practice Problem 1 Part 6 Data Input Form 1099-B Proceeds From Broker & Exch
    12:31
  • 345 Practice Problem 1 Part 7 Data Input State Refund, Unemployment, & Winnings
    12:31
  • 350 Practice Problem 1 Part 8 Data Input State Refund, Unemployment, & Winnings
    08:00

  • 405 Adjustments to Income
    11:38
  • 408 Adjustments to Income Student Loan Interest
    12:48
  • 409 Adjustments to Income Student Loan Interest
    11:07
  • 415 Charitable Contributions if you Take the Standard Deduction
    04:53
  • 417 Charitable Contributions if you Take the Standard Deduction
    09:34
  • 420 Adjustments to Income Half of Self-Employment Tax
    10:04
  • 422 Adjustments to Income Half of Self-Employment Tax
    16:32
  • 425 Self-Employed SEP, Simple, & qualified plans
    11:47
  • 427 Self-Employed SEP, Simple, & qualified plans
    15:30
  • 430 Adjustments to Income IRA Deduction
    21:01
  • 432 Adjustments to Income IRA Deduction
    15:12
  • 435 Adjustments to Income Self-Employed Health Insurance Deduction
    08:44
  • 437 Adjustments to Income Self-Employed Health Insurance Deduction
    08:41
  • 440 Adjustments to Income Alimony Paid
    16:27
  • 442 Adjustments to Income Alimony Paid
    09:19
  • 475 Certain Business Expenses of Reservists, Performing Artists, and Fee-Based G
    11:50
  • 477 Certain Business Expenses of Reservists, Performing Artists, and Fee-Based G
    15:20
  • 480 Other Adjustments to Income
    20:13
  • 482 Tax Software Example Other Adjustments to Income
    09:09
  • 485 Health Savings Accounts (HSA)
    16:21
  • 487 Health Savings Accounts HSA
    12:20

  • 410 Practice Problem 1 Presentation 8 Adjustments to Income Student Loan Interes
    06:18
  • 412 Practice Problem 1 Presentation 9 Adjustments to Income Student Loan Interes
    04:20
  • 415 Practice Problem 1 Presentation 10 Adjustments to Income Charitable Contribu
    06:27
  • 417 Practice Problem 1 Presentation 11 Adjustments to Income Charitable Contribu
    04:27
  • 420 Practice Problem 1 Presentation 12 Adjustments to Income IRA Deduction
    09:53
  • 422 Practice Problem 1 Presentation 13 Adjustments to Income IRA Deduction Tax F
    04:44
  • 425 Practice Problem 1 Presentation 14 Adjustments to Income Alimony Paid
    06:57
  • 427 Practice Problem 1 Presentation 15 Adjustments to Income Alimony Paid Tax Fo
    03:56
  • 430 Practice Problem 1 Presentation 16 Adjustments to Income Educator Expenses
    04:36
  • 432 Practice Problem 1 Presentation 17 Adjustments to Income Educator Expenses T
    04:41

  • 502 Itemized Deduction Schedule A Overview
    12:29
  • 547 Itemized Deduction Schedule A Overview
    18:53
  • 550 Itemized Deductions Medical & Dental Expenses
    22:29
  • 552 Itemized Deductions Medical & Dental Expenses
    21:18
  • 555 Itemized Deductions Taxes You Pay
    24:35
  • 557 Itemized Deductions Taxes You Pay
    19:30
  • 560 Itemized Deductions Interest You Paid
    20:05
  • 562 Itemized Deductions Interest You Paid
    12:03
  • 565 Itemized Deductions Gifts to Charity
    19:03
  • Year-end reminder Expanded tax benefits help individuals and businesses give to
    13:46
  • 567 Tax Software Example Itemized Deductions Gifts to Charity
    17:55
  • 575 Itemized Deductions Casualty & Theft Losses
    14:41
  • 582 Other Itemized Deductions
    12:08

  • 510 Practice Problem 1 Presentation 18 Itemized Deductions Medical & Dental Expe
    08:53
  • 515 Practice Problem 1 Presentation 19 Itemized Deductions Medical & Dental Expe
    09:28
  • 520 Practice Problem 1 Presentation 20 Itemized Deductions Taxes You Pay
    07:14
  • 522 Practice Problem 1 Presentation 21 Itemized Deductions Taxes You Pay Tax For
    06:13
  • 525 Practice Problem 1 Presentation 22 Itemized Deductions Interest you Pay
    05:36
  • 527 Practice Problem 1 Presentation 23 Itemized Deductions Interest you Pay Tax
    06:50
  • 530 Practice Problem 1 Presentation 24 Gifts to Charity
    08:36
  • 532 Practice Problem 1 Presentation 25 Gifts to Charity Tax Formula - Excel
    08:11
  • 535 Practice Problem 1 Presentation 26 Other Itemized Deductions – Gamboling Los
    06:35
  • 537 Practice Problem 1 Presentation 27 Other Itemized Deductions – Gamboling Los
    06:20

  • 605 Self Employed Schedule C Introduction
    15:41
  • 607 Self Employed Schedule C Introduction
    21:36
  • 610 Sch. C Are You Self Employed
    18:45
  • 615 Sch. C Identification Numbers
    11:24
  • 617 Sch. C Estimated Payment
    25:01
  • 619 Sch. C Self-Employment (SE) Tax
    24:51
  • 620 Self-Employment (SE) Tax
    26:34
  • 621 Sch. C Accounting Methods
    22:31
  • 624 Sch. C Inventories
    07:31
  • 625 Tax Software Example Sch. C Inventories
    13:04
  • 627 Sch. C Business Income
    08:18
  • 630 Sch. C Cost of Goods Sold
    10:13
  • 632 Business Expenses Introduction
    09:48
  • 634 Sch. C Bad Debt Expense
    09:07
  • 637 Sch C Car & Truck Expenses
    17:14
  • 640 Software Example Car & Truck Expenses
    18:10
  • 643 Sch. C Depreciation
    19:34
  • 645 Sch. C Depreciation
    20:35
  • 650 Sch. C Employees’ Pay Expenses
    16:30
  • 652 Software Example Sch. C Employees’ Pay Expenses
    13:18
  • 653 Sch. C Insurance Expense
    14:44
  • 654 Software Example Sch. C Insurance Expense
    12:04
  • 655 Sch. C Interest Expenses
    10:55
  • 660 Sch. C Legal & Professional Expenses
    06:04
  • 665 Sch. C SEP, SIMPLE, & Qualified Plans
    11:21
  • 670 Sch. C Taxes Expenses
    15:05
  • 673 Sch. C Taxes Expenses
    15:46
  • 675 Sch. C Travel & Meals
    09:23
  • 680 Sch. C Other Expense you can Deduct
    10:07
  • 685 Sch. C Business Use of Your Home
    26:42
  • 686 Sch. C Business Use of Your Home
    23:57

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 14,598 Reviews
  • 304,409 Students
  • 91 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.

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