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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

Requirements: 

  • 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.

Course Curriculum

4h 43m

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
Filing Status 00:00:00
Tax Software Example Filing Status 00:00:00
Dependents Overview 00:00:00
Dependents Questionnaire 00:00:00
Tax Software Example Dependents 00:00:00
Standard Deduction 00:00:00
Tax Software Example Standard Deduction 00:00:00
Penalties And Interest 00:00:00
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