Please ensure Javascript is enabled for purposes of website accessibility
Tax Preparation 2021-2022 Part 3: Gross Income And Adjustments To Income Schedule 1
0( 0 REVIEWS )
1 STUDENTS
13h 38m

Learn tax preparation to understand the impact on the actual tax return of your gross income.

Read more.
Course Skill Level
Beginner
Time Estimate
13h 38m

Instructor

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI


Only want this course? Buy this course for $199 $29 and keep lifetime access. Click here

About This Course

Who this course is for:

  • Tax payers
  • Accountants
  • Business owners

What you’ll learn:

  • Adjustments to income
  • Tax deductions

Requirements:

  • No prior knowledge is required to take this course

This course will focus on taxable income, adjustments to income, and itemized deductions

We will look at each component from multiple angles, starting with a presentation discussing the topic and then looking at examples to better understand the concepts in action.

The example section will use tax forms to work problems and an accounting equation method using Excel so learners 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.

Our Promise to You
By the end of this course, you will have learned tax preparation in terms of gross income and adjustments.

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
Tax Income – Overview, PPP Loans, Foreign-Source Income, Bankruptcy Cases 00:00:00
Income Reporting Forms 00:00:00
Wages, Salaries, Tips, Etc 00:00:00
W-2 Income Tax Software 00:00:00
Interest Income 00:00:00
Interest Income Software Example 00:00:00
Dividend Income 00:00:00
Dividend Income Software Example 00:00:00
Pensions And Annuities 00:00:00
Pensions And Annuities Software Example 00:00:00
Social Security Benefits 00:00:00
Social Security Benefits Software Example 00:00:00
Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes 00:00:00
Taxable Refunds, Credits, Or Offsets Of State And Local Income Taxes Software Example 00:00:00
Alimony Received 00:00:00
Alimony Received Tax Software 00:00:00
Business Income Or Loss And Other Gains Or Losses 00:00:00
Business Income Or Loss And Other Gains Or Losses Tax Example 00:00:00
Unemployment Compensation 00:00:00
Unemployment Compensation Software Example 00:00:00
Capital Gain Or Loss 00:00:00
Capital Gain Or Loss Software Example 00:00:00
Other Income Part 1 00:00:00
Other Income Part 1 Software Example 00:00:00
Other Income Part 2 00:00:00
Other Income Part 2 Software Example 00:00:00
IRA Distributions 00:00:00
IRA Distributions Tax Software 00:00:00
Section 2 - Adjustments To Income Sch. 1
Educator Expenses 00:00:00
Educator Expenses Software Example 00:00:00
Certain Business Expenses Of Reservists 00:00:00
Certain Business Expenses Of Reservists Software Example 00:00:00
HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax 00:00:00
HSA Deduction, Moving Expenses, Deductible Part Of Self-Employment Tax Software Example 00:00:00
Self-Employed Health Insurance Deduction 00:00:00
Self-Employed Health Insurance Deduction Software Example 00:00:00
Penalty On Early Withdrawal Of Savings And Alimony Paid 00:00:00
Penalty On Early Withdrawal Of Savings And Alimony Paid Software Example 00:00:00
IRA Deduction 00:00:00
Student Loan Interest Deduction 00:00:00
Student Loan Interest Deduction Software Example 00:00:00
Archer MSA Deduction And Jury Duty Pay 00:00:00
Archer MSA Deduction And Jury Duty Pay Software Example 00:00:00
Section 3 - Itemized Deductions
Itemized Deductions Overview 00:00:00
Itemized Deductions Software Example 00:00:00
Medical And Dental Expenses Part 1 00:00:00
Medical And Dental Expenses Part 2 00:00:00
Medical And Dental Expenses Software Example 00:00:00
Taxes You Paid Part 1 00:00:00
Taxes You Paid Part 2 00:00:00
Taxes You Paid Part 3 00:00:00
Taxes You Paid Part Software Example 00:00:00
Interest You Paid Part 1 00:00:00
Interest You Paid Part 2 00:00:00
Interest You Paid Part 3 00:00:00
Interest You Paid Part 4 00:00:00
Interest You Paid Part Software Example 00:00:00
Gifts To Charity Part 1 00:00:00
Gifts To Charity Part 2 00:00:00
Gifts To Charity Part 3 00:00:00
Gifts To Charity Part 4 00:00:00
Gifts To Charity Software Example 00:00:00
Casualty And Theft Losses 00:00:00
Other Itemized Deductions 00:00:00
Other Itemized Deductions Software Example 00:00:00