Tax Preparation and Law 2019 2020 - Income Tax
4.4 (807 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
6,666 students enrolled

Tax Preparation and Law 2019 2020 - Income Tax

Income tax preparation for tax year 2019 2020-Form 1040, supporting schedules, practice problems & tax materials
Bestseller
4.4 (807 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
6,666 students enrolled
Last updated 2/2020
English
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Current price: $119.99 Original price: $199.99 Discount: 40% off
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This course includes
  • 46 hours on-demand video
  • 15 articles
  • 199 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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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
Requirements
  • None
Description

We are in the process of updating this course. 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 year 2019 2020 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.

We will discuss a large number of recent changes to income tax law needed for the filing year end 2019. Both laws and the format of tax forms have changed a lot from prior years. We will provide a visual of those changes so learners can fully understand them.

The course will walk through the steps of filling out a tax form. The tax form 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
Course content
Expand all 431 lectures 45:47:54
+ Big Changes In The Prior Year
12 lectures 30:05
.10 Change In Form 1040
03:40
.12 Eliminate Personal & Depended Exception
02:28
.14 Increase In Standard Deduction
03:01
.16 Decrease In Federal Income Tax Brackets
03:00
.18 Child Tax Credit Increase
02:07
.20 Limit On State & Local Tax Deduction
04:10
.22 20% Pass-Through Tax Deduction
02:39
.24 New Tax Credit For Other Dependents
01:24
.26 Limitation On Home Mortgage Interest Deduction
03:44
.28 Elimination of 2% Misc. Deduction & Casualty & Theft Losses
01:42
.30 Increase Alternative Minimum Tax (AMT) Exemption
01:47
+ Tax Formula, Terms, & Introduction to Form 1040 - 2020 2019
8 lectures 01:39:07
106 Marginal & Average Tax Rates
08:15
107 Software Tax Calculations
18:17
116 Income Tax Formula
17:15
120 Software Income Tax Forms
17:51
140 Tax Law & Authority
06:21
144 Circular 230 Regulations Governing Practice Before IRS
05:53
1.2 Tax Preparation Problem 1.2 Data Entry
16:10
1.2 Tax Preparation Problem 1.2 Excel Verification Worksheet
09:05
+ Filing Status and Dependents 2020 2019
9 lectures 01:43:04
205 Filing Status Federal Income Tax
26:22
207 Tax Software Example Filing Status
07:54
210 Dependents Overview
09:15
211 Dependents Thought Process
14:34
214 Tax Software Dependents
09:07
217 Standard Deduction
07:13
220 Tax Software Standard Deduction
05:21
1.3 Tax Preparation Problem 1.3 Data Entry
14:36
1.3 Tax Preparation Problem 1.3 Excel Verification Worksheet
08:42
+ Gross Income 2020 2019
16 lectures 02:58:50
302 Income
10:06
304 Income Reporting Forms
13:56
306 Income Recognition Concepts
14:43
308 W-2 Income
15:28
309 Tax Software W-2 Income
17:08
310 Interest Income
05:32
314 Tax Software Interest Income
08:10
316 Dividend Income
15:37
318 Tax Software Dividend Income
16:16
320 Income Social Security Benefits
09:38
324 Tax Software Social Security Benefits
11:46
326 Tax Income Other Kinds Of Income
05:35
328 Tax Software Other Kinds Of Income
05:53
330 Tax Income Refund From The State & Local Governments
09:48
332 Tax Software Refund From The State & Local Governments
09:53
340 Excluded From Gross Income Fringe Benefits
09:21
+ Practice Tax Problems
2 lectures 27:20
1.4 Tax Preparation Problem 1.4 Data Entry
17:30
1.4 Tax Preparation Problem 1.4 Excel Verification Worksheet
09:50
+ Deductions for Adjusted Gross Income (AGI) - Schedule 1 Deductions
16 lectures 01:36:50
Resources To Download
00:00
405 Adjustments For Adjusted Gross Income Introduction
04:44
408 Adjustments For AGI Student Loan Interest
06:56
409 Tax Software Adjustments For AGI Student Loan Interest
06:58
411 Health Savings Account
06:55
412 Tax Software Health Savings Account
03:30
415 Adjustments For AGI Moving Expenses For Armed Forces
04:40
416 Tax Software Moving Expenses For Armed Forces
03:55
417 Adjustment For AGI Half of Self-Employment Tax
11:15
420 Tax Software Adjustment For AGI Half of Self-Employment Tax
09:19
423 Adjustment For AGI Self-Employed Health Insurance
05:18
426 Tax Software Adjustment For AGI Self-Employed Health Insurance
11:12
430 Adjustment For AGI Alimony Paid
10:29
433 Tax Software Adjustment For AGI Alimony Paid
04:17
436 Adjustment For AGI Educator Expenses
03:45
439 Tax Software Adjustment For AGI Educator Expenses
03:37
+ Itemized Deductions 2020 - 2019
14 lectures 02:39:38
Resources To Download
00:00
502 Itemized Deduction Schedule A
05:32
503 Tax Software Itemized Deduction Schedule A
13:17
505 Itemized Deduction Medical Expenses
18:31
506 Tax Software Itemized Deduction Medical Expenses
14:00
508 Itemized Deductions State & Local Taxes
16:06
510 Tax Software Itemized Deduction State & Local Taxes
14:21
512 Itemized Deduction Interest
20:38
513 Tax Software Itemized Deduction Interest
07:37
515 Itemized Deductions Gifts to Charity
15:38
516 Tax Software Itemized Deduction Gifts to Charity
09:17
518 Itemized Deductions Casualty & Theft Losses
13:14
521 Itemized Deductions Other Itemized Deductions
04:44
523 Tax Software Itemized Deduction Other Itemized Deductions
06:43
+ Self Employed Business Income Schedule C 2020 2019
13 lectures 01:46:47
605 Self Employed Schedule C Introduction
09:42
607 Tax Software Self Employed Schedule C Introduction
08:41
610 Are You Self Employed
11:29
615 Identification Numbers
05:29
617 How do I Pay Income Tax
05:32
619 Self-Employment (SE) Tax
08:21
620 Tax Software Self-Employment (SE) Tax
05:30
621 Accounting Methods
11:51
624 Inventories
05:20
627 Business Income
10:24
630 Cost of Goods Sold
06:52
634 Bad Debt Expense
06:14
637 Car and Truck Expenses
11:22