About This Course
Who this course is for:
- Finance professionals
- Business owners
- Accounting professionals
- Tax preparers
What you’ll learn:
- Understand how to think about income taxes in the form of an income tax equation
- Understand what dependents are, how one qualifies as a dependent, and the impact of dependents on the tax equation
- No prior knowledge is required to take this course
This course will provide an overview of income tax preparation.
We will approach income tax preparation from three angles – using an income tax formula, using tax forms, and entering data into tax software.
Tax software is not necessary for this course, but we will discuss using tax software because it is a critical part of practice in a tax firm and tax software helps us run scenarios quickly. We will be using Lacerte tax software, owned by Intuit, the owners of QuickBooks. Intuit often offers free 30-day trial periods of their software. Although not required, having access to tax software can be a good tool to practice with.
Learners will understand how to think about income taxes in the form of an income tax equation, an equation being the fastest way to visualize the process, increasing our ability to understand the impact of changes in a tax scenario.
The course will also outline the main tax forms, showing how the tax formula is represented in the tax forms.
We will also discuss filing status and the impact it has on the income tax equation, showing examples in tax forms and using tax software.
Learners will understand what dependents are, how one qualifies as a dependent, and the impact of dependents on the tax equation.
Our Promise to You
By the end of this course, you will have learned income tax preparation.
30 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 and learn more about Form 1040 and income tax preparation.
|Section 1 - Tax Year Introduction|
|Why And How To Learn Tax Law||00:00:00|
|Method Of Learning Tax Law||00:00:00|
|Lacerte Tax Software||00:00:00|
|Free Tax Tools||00:00:00|
|Tax Types Or Categories||00:00:00|
|Why Can The Government Tax Me||00:00:00|
|Section 2 - Tax Formula, Terms, And Introduction To Form 1040|
|Marginal And Average Tax Rates||00:00:00|
|Tax Software Example Marginal And Average Tax Rates||00:00:00|
|Income Tax Formula||00:00:00|
|Tax Software Example Income Tax Formula||00:00:00|
|Tax Law And Authority||00:00:00|
|Circular 230 Regulations Governing Practice Before IRS||00:00:00|
|Section 3 - Filing Status And Dependents|
|Tax Software Example Filing Status||00:00:00|
|Tax Software Example Dependents||00:00:00|
|Tax Software Example Standard Deduction||00:00:00|
|Penalties And Interest||00:00:00|