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Tax Preparation 2022-2023 Part 3 - Gross Income And Adjustments To Income

Learn tax preparation on gross income and adjustments to income, and gain a better understanding of the tax concepts. Read more.

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Course Skill Level
Beginner
Time Estimate
13h 35m

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: 

  • Taxable income
  • Adjustments to income
  • File your tax return with or without tax preparation software

Requirements: 

  • 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.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today!

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

About This Course

Who this course is for:

  • Tax preparers
  • Bookkeepers
  • Accountants

What you’ll learn: 

  • Taxable income
  • Adjustments to income
  • File your tax return with or without tax preparation software

Requirements: 

  • 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.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

Get started today!

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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