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.
We will cover the various scenarios and living situations that dictate what one’s filing status should be.
You will learn the ins and outs of being able to claim someone as a dependent.
What are all these boxes for? What do the amounts mean? These questions, and many more, will be answered in this section.
How to report interest earned and dividends earned from bank accounts and investments.
Properly reporting capital gains and losses. How to report carryover losses and capital gain distributions and the tax advantages of each.
How to report Social Security income, IRA and 401K distributions, and pension income.
How to determine if you are taking the standard deduction or if itemizing your deductions will be more advantageous.
Which are deductible? How do I track this? How much is deductible? These questions, and more, are answered in this section.
State income tax vs. general sales tax deduction. Other taxes including property taxes are also discussed in this section and how they are deductible.
How to deduct for Interest paid for home mortgages and investment interest. We also discuss mortgage insurance premiums charged by your lender.
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.
In this section, we cover deductions for unreimbursed employee expenses, investment advisory fees, and other miscellaneous items that can be deducted.
How to determine the amount of personal exemptions you can take and if you are limited by income.
What is the Alternative Minimum Tax? Do I have to pay this? Find out more in this section.
We will cover the ins and outs of the health insurance premium tax credit and how it may affect you.
Claiming expenses paid for child or other dependent care including day care, summer camp, and nanny services.
Claiming credit for higher education expenses. This section covers how which type of expenses can be used and how much is deductible.
We cover various other credits you may qualify for such as the retirement savings credit, child tax credit, and residential energy credit.
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.
How to report payments already made to the IRS such as withholding, carryover payments, and estimated payments.
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.