ABOUT THIS COURSE:
This Tax Preparation Course is designed to give you the knowledge, tools, and skills needed to fulfill the IRS requirements. This course will give you a basic understanding of tax law and practice, and discuss the rules and regulations needed to prepare a Federal Individual Income & Small Business Tax Return for the general public. This course will be a challenge and will require hard work on the student’s part! Upon completion of this course, all students should have the necessary skill sets and confidence to prepare a variety of individual and small business tax returns, be able to answer taxpayers questions, research tax issues, laws, & publications.
Course Curriculum:
COURSE INTRODUCTION
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MODULE 1.1 - STARTING UP YOUR TAX BUSINESS FROM SCRATCH
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- Starting Up Your Tax Business (7:06)
- Choosing Your Business Name (5:32)
- Choosing Your Business Structure (18:27)
- Choosing Your Business Address (10:34)
- Create Your Business Email & Website (1:18)
- Registering Your Business (2:30)
- Obtain Your Federal & State Tax ID / EIN # (3:28)
- Open Your Business Bank Account (7:09)
MODULE 1.2 - BECOMING A REGISTERED TAX PREPARER WITH THE IRS
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- Completing a Tax Course (8:20)
- The Role of a Tax Professional
- The Benefits of Becoming a Tax Professional
- How to Become a Tax Preparer
- Obtain Your PTIN (Preparer Tax ID Number) (4:01)
- Due Diligence Training Module (IRS website) (2:15)
- AFSP & CE (Continuing Education) Courses (3:33)
- Module 1 - Important Resources
- Module 1.2 - Practice Quiz
MODULE 2 - CUSTOMER SERVICE & ETHICAL OBLIGATIONS OF A PREPARER
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- Customer Service in the Tax industry (8:23)
- Circular 230 - Professional Responsibility and Ethical Obligations of a Tax Preparer (3:25)
- Who Can Practice Before the IRS? (11:41)
- Due Diligence & Record Keeping (13:56)
- Understanding Tax Laws & Regulations
- Important Tax Dates & Deadlines (3:06)
- Module 2 - Important Resources
- Module 2 - Practice Quiz
MODULE 3 - INTRODUCTION TO TAX PREPARATION
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MODULE 4 - INDIVIDUAL TAX RETURNS (THE 1040 FORM)
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MODULE 5 - TYPES OF INCOME & COMMON TAX FORMS
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MODULE 6 -Navigating Tax Forms & Schedules
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- The 1040 - Form
- Schedule A (Medical & Dental, Taxes, Federally Declared Disasters)
- Tax and Interest Deductions on Schedule A
- Schedule A - Casualty and Theft Losses for Federally Declared Disasters
- Schedule B - Form
- Schedule D - Capital Gains and Losses
- Schedule E (Rental Property Income, Royalties)
- Schedule H – Household Employment Taxes
- Forms & Schedules Quiz
- Interest Income - Schedule B Overview
- Dividend Income - Schedule B Overview
- Schedule D - Form
MODULE 7- What is EITC , ACTC & AOTC?
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MODULE 8 - SMALL BUSINESS TAX RETURNS (THE SCHEDULE C)
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- Self-Employment Taxes
- Overview of Small Business Tax Returns (Schedule C) (38:28)
- Beneficial Ownership Information Reporting for Small Businesses (11:03)
- Schedule C – Business Information Section
- Schedule C - Income Section (Part I)
- Schedule C – Expenses Section
- Schedule C Quiz
- Module 8 - Important Resources
- Module 8 - Practice Quiz
MODULE 9 - TAX LAW CHANGES & IMPORTANT OFFICE ESSENTIALS
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MODULE 10 - MARKETING YOUR TAX BUSINESS
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MODULE 11 - TAX SOFWARE TRAINING - TAX SLAYER
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PRACTICE RETURNS (1-5)
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PRACTICE RETURNS (6-10)
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PRACTICE RETURNS (11-15)
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PRACTICE RETURNS (16-20)
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COURSE WRAP-UP
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***BONUS LESSONS***
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Recordings
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