Individual Income Tax

In just a few weeks, you can learn the fundamentals of tax preparation. Taught online or in a classroom setting, these courses are facilitated by Enrolled Agents and experienced tax professionals. Students learn fundamental tax law and how to prepare IRS Form 1040 including Schedules A, B, C, D, E, and SE. Other forms will be covered when required by topic.

Course material will focus on typical tax situations and key exceptions. Graduates will be prepared to prepare their own return, and\or learn basics to help communications with their accountant. Difficult and sometimes illogical tax rules and regulations are presented in a straight forward manner and in "plain English." The classroom offering is recommended for those who intend to prepare tax returns professionally.

Unlike other tax courses state and local tax information is not omitted. State and local tax law is integrated into the classroom offering.

Basic 1 Topics:

• Introduction to taxation
• Filing Information & Requirements
• Exemptions & Dependents
• Filing Status & Standard Deduction
• Wages, Tips, & Tax: Rates
• Nonrefundable Credits
  • Child Tax Credit
  • Child and Dependent Care Credit
  • Education Credits
  • Retirement Savings Contributions Credit
• Refundable Credits:
  • Earned Income Tax Credit
  • Additional Child Tax Credit
  • Excess Social Security taxes paid
• Basic Itemized Deductions:
  • Medical Expenses
  • Taxes and Taxable State Refund
  • Mortgage Interest
  • Charitable Contributions
  • Gambling Expenses

Basic 2 Topics:

• Interest, Dividends, Capital Gain Distributions, & Social Security
• Employee Business Expenses
  • Travel Expenses
  • Transportation Expenses
  • Reimbursement Plans
  • Gifts
  • Meals & Entertainment
• Pension distributions
• Individual Retirement Arrangements (IRA)
• Other income & Adjustments to Income
• Simple Small Business (Schedule C):
  • Income & Expenses
  • Cost of Goods Sold
  • Standard Mileage for Vehicles
  • SE Tax
• Estimated tax payments
• Extensions

Basic 3 Topics:

• Basis of Property
• Sale of Capital Assets
• Capital Gains & Losses
• Depreciation
  • Section 179
  • Listed Property
• Rental Property (Schedule E)
• Home Office
• Misc Topics
  • Amended (1040X) returns
  • Installment Agreements
  • Injured Spouse
  • Innocent Spouse