How to Prepare Your Taxes
4.8 (3 ratings)
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How to Prepare Your Taxes

Learn this key factor in your personal finances. Pay less tax and file with confidence!
New
4.8 (3 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
5 students enrolled
Created by John Crowder, EA
Last updated 8/2017
English
Current price: $10 Original price: $45 Discount: 78% off
5 hours left at this price!
30-Day Money-Back Guarantee
Includes:
  • 2.5 hours on-demand video
  • 1 Article
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • File their tax return with confidence with a greater understanding of how life events can affect their taxes.
  • This course does not cover self-employment income and deductions.
  • This course does not cover rental property income and deductions.
  • Review their return to be sure it is correct before filing by using a checklist provided in the course.
View Curriculum
Requirements
  • A very basic understanding of personal finances.
  • Previous exposure to an income tax return and related forms is helpful, but not required.
Description

After years of seeing people who prepare their own tax return make the same expensive mistakes over and over, I decided to create a course that will save you time, money, and sanity at tax time. This course is designed to thoroughly teach you the ins and outs of your federal income taxes. It is taught line-by-line so you can understand where the amounts come from and how they effect your tax situation. Whether you use Turbo Tax, Tax Slayer, or any other software, this course will be easy to follow as it teaches tax in a way that is unaffected by which software you use.There is also a checklist provided to use once you have completed your tax return to make sure you've claimed all the deductions you can before you efile your return. There are also tips and tricks to save on tax, including things you can do now for next year's tax return, throughout the course. Never file your return without this knowledge again! You cannot afford to neglect this important part of your personal finances. If you are intentional with your money, your budget, and deliberate with your financial goals, this course is for you.

Who is the target audience?
  • Anyone who prepares or wants to prepare their own U.S. income tax return.
  • Those who are deliberate and intentional about their personal finances.
  • Anyone who wants a better understanding of how their income tax works and effects their finances.
  • Those who are not confident when they file their return themselves.
  • Those you want to be sure they are not overpaying tax.
  • Those who want to save money by preparing their own return.
Compare to Other Tax Preparation Courses
Curriculum For This Course
29 Lectures
02:34:59
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Introduction
2 Lectures 03:17

General Guidelines
02:03
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The Fundamentals
2 Lectures 10:23

We will cover the various scenarios and living situations that dictate what one’s filing status should be.

Choosing the correct filing status.
05:30

You will learn the ins and outs of being able to claim someone as a dependent.

Claiming dependents.
04:53
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Reporting Income
4 Lectures 34:52

What are all these boxes for? What do the amounts mean? These questions, and many more, will be answered in this section.

All about W-2 income.
11:01

How to report interest earned and dividends earned from bank accounts and investments.

Interest & dividends.
05:18

Properly reporting capital gains and losses. How to report carryover losses and capital gain distributions and the tax advantages of each.

Capital gains & losses.
09:51

How to report Social Security income, IRA and 401K distributions, and pension income.

Retirement income.
08:42
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Adjustments to Income
1 Lecture 11:16
Reducing your AGI.
11:16
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Itemizing vs. Standard Deduction
7 Lectures 37:42

How to determine if you are taking the standard deduction or if itemizing your deductions will be more advantageous.

Preview 01:52

Which are deductible? How do I track this? How much is deductible? These questions, and more, are answered in this section.

Medical expenses.
02:55

State income tax vs. general sales tax deduction. Other taxes including property taxes are also discussed in this section and how they are deductible. 

Deductible taxes.
05:55

How to deduct for Interest paid for home mortgages and investment interest. We also discuss mortgage insurance premiums charged by your lender.

Interest paid.
07:08

What type of contributions are deductible (and which are not) as well as how to value these amounts. We also go over casualty or theft losses and how they can be deductible.

Charitable contributions and casualty losses.
06:07

In this section, we cover deductions for unreimbursed employee expenses, investment advisory fees, and other miscellaneous items that can be deducted.

Miscellaneous items.
11:01

This section recaps the overall effects and limitations to itemizing your deductions.

Preview 02:44
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Taxes and Credits.
7 Lectures 31:21

How to determine the amount of personal exemptions you can take and if you are limited by income.

Personal exemptions.
02:15

What is the Alternative Minimum Tax? Do I have to pay this? Find out more in this section.

The AMT.
03:38

We will cover the ins and outs of the health insurance premium tax credit and how it may affect you.

Excess Premium Tax Credit repayments.
02:35

How to get credit for foreign taxes paid.

Preview 02:37

Claiming expenses paid for child or other dependent care including day care, summer camp, and nanny services.

Dependent Care Credit
02:58

Claiming credit for higher education expenses. This section covers how which type of expenses can be used and how much is deductible.

Educational credits.
11:22

We cover various other credits you may qualify for such as the retirement savings credit, child tax credit, and residential energy credit.

Various credits.
05:56
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Other Taxes
1 Lecture 08:31

This section covers how to report additional taxes (penalties) on early withdrawals from retirement accounts and if they can be waived. We will also discuss the various other taxes that may apply to you and if there are exemptions to these.

Other taxes and penalties.
08:31
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Tax Payments
1 Lecture 07:30

How to report payments already made to the IRS such as withholding, carryover payments, and estimated payments.

Payments made to the IRS.
07:30
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Wrapping-up
3 Lectures 09:53

Discussion on things you need to know about receiving refunds from the IRS.

Preview 02:41

How to handle owing a balance to the IRS and what to do if you cannot pay it immediately.

Balances due
04:41

Final thoughts on filing your return and planning for next year.

Final Thoughts
02:31
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Supplemental Materials
1 Lecture 00:13
Supplemental Materials
00:13
About the Instructor
John Crowder, EA
4.8 Average rating
3 Reviews
5 Students
1 Course
Instructor of Tax

Having spent years as a tax professional working with businesses and individuals alike, I have seen people make the same types of mistakes over and over when they prepare their own taxes. It is my mission to arm people with the type of knowledge and techniques, most of which are only known by professionals in the tax industry, so they can pay the least amount of tax and handle various life events that effect their financial situation. I have a bachelor’s degree in accounting and I am an IRS Enrolled Agent. More importantly, I have a passion for teaching and sharing with others.