Learn tax preparation on gross income and adjustments to income, and gain a better understanding of the tax concepts.
Read more.Instructor
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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About This Course
Who this course is for:
- Tax preparers
- Bookkeepers
- Accountants
What you’ll learn:Â
- Taxable income
- Adjustments to income
- File your tax return with or without tax preparation software
Requirements:Â
- No prior knowledge is required to take this course
This Tax Preparation Gross Income And Adjustments To Income Course will focus on taxable income, adjustments to income, and itemized deductions.
We will look at each component from various angles, starting with a lecture discussing the topic and then looking at examples to better understand the concepts.
We will use tax forms to work problems and an accounting equation method using Excel so students will understand the impact on the actual tax return and visualize the concepts using a tax formula.
Determining what income is is essential given that we have an income tax. For taxes, of course, everything is flipped upside down, income being bad, expenses or deductions being good. We often receive documentation that can help us report income, such as W-2 Forms and Form 1099s, but sometimes we may not get any documentation and still be required to report income.
Different types of income may also be taxed at different rates. Practice problems demonstrating different forms of income and the impact on the tax return will help learners better understand the concepts practically.
Adjustments to income can be thought of as a type of deduction, but deductions are separate from the standard deduction and itemized deductions. We will look at the main adjustments to income and provide examples to show how they are reported on the tax return.
Itemized deductions may be taken if they are greater than the standard deduction. We will look at each itemized deduction category, provide examples, and show how they can impact the tax return.
Learn the complete series, and other accounting and finance courses, visit my profile to know more!
Our Promise to You
By the end of this course, you will have learned tax preparation and adjustments to gross income.
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Course Curriculum
| Section 1 - Gross Income | |||
| 3005 Income Reporting Forms, Concepts, And Overview | 00:00:00 | ||
| 3010 Taxable Income Overview | 00:00:00 | ||
| 3080 Income Line 1 Including W-2 Wages And Tip Income | 00:00:00 | ||
| 3100 W-2 Income Example | 00:00:00 | ||
| 3120 Interest Income | 00:00:00 | ||
| 3140 Interest Income Example | 00:00:00 | ||
| 3160 Dividend Income | 00:00:00 | ||
| 3180 Dividend Income Example | 00:00:00 | ||
| 3200 IRA Distributions | 00:00:00 | ||
| 3205 IRA Distributions Example | 00:00:00 | ||
| 3240 Pensions And Annuities | 00:00:00 | ||
| 3244 Pensions And Annuities Example | 00:00:00 | ||
| 3260 Social Security Benefits | 00:00:00 | ||
| 3262 Social Security Benefits Example | 00:00:00 | ||
| 3280 Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes | 00:00:00 | ||
| 3282 Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes Example | 00:00:00 | ||
| 3300 Alimony Received | 00:00:00 | ||
| 3302 Alimony Received Example | 00:00:00 | ||
| 3320 Business Income Or Loss And Other Gains (Or Losses) | 00:00:00 | ||
| 3322 Business Income Or Loss And Other Gains (Or Losses) Example | 00:00:00 | ||
| 3340 Unemployment Compensation | 00:00:00 | ||
| 3342 Unemployment Compensation Example | 00:00:00 | ||
| 3350 Other Income Part 1 | 00:00:00 | ||
| 3352 Other Income Part 1 Example | 00:00:00 | ||
| 3356 Other Income Part 2 | 00:00:00 | ||
| 3354 Other Income Part 2 Example | 00:00:00 | ||
| 3360 Capital Gain (Or Loss) | 00:00:00 | ||
| 3362 Capital Gain (Or Loss) Example | 00:00:00 | ||
| Section 2 - Adjustments To Income | |||
| 4010 Educator Expenses | 00:00:00 | ||
| 4012 Educator Expenses Example | 00:00:00 | ||
| 4030 Certain Business Expenses Of Reservists, Performing Artists, Etc. | 00:00:00 | ||
| 4032 Certain Business Expenses Of Reservists, Performing Artists Example | 00:00:00 | ||
| 4050 Moving Expenses, Deductible Part Of Self-Employment Tax, And Self-Employed | 00:00:00 | ||
| 4052 HSA, Moving Expenses, Deductible Part Of Self-Employment Tax | 00:00:00 | ||
| 4070 Self-Employed Health Insurance Deduction | 00:00:00 | ||
| 4072 Self-Employed Health Insurance Example | 00:00:00 | ||
| 4090 Penalty On Early Withdrawal Of Savings And Alimony Paid | 00:00:00 | ||
| 4092 Penalty on Early Withdrawal of Savings and Alimony Paid Example | 00:00:00 | ||
| 4100 IRA Deduction | 00:00:00 | ||
| 4105 IRA Deduction Questioner | 00:00:00 | ||
| 4107 IRA Deduction Example | 00:00:00 | ||
| 4120 Student Loan Interest Deduction | 00:00:00 | ||
| 4122 Student Loan Interest Deduction Expense | 00:00:00 | ||
| 4140 Archer MSA Deduction | 00:00:00 | ||
| 4150 Jury Duty Pay | 00:00:00 | ||
| 4155 Jury Duty Pay Example | 00:00:00 | ||
| 5200 Itemized Deductions – Casualty And Theft Losses | 00:00:00 | ||
| 5205 Itemized Deductions – Casualty And Theft Losses Expenses | 00:00:00 | ||
| 5240 Itemized Deductions – Other Itemized Deductions | 00:00:00 | ||
| 5242 Other Itemized Deductions Example | 00:00:00 | ||
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