Course curriculum

    1. 3005 Income Reporting Forms, Concepts, & Overview

    2. 3010 Taxable Income Overview

    3. 3080 Income Line 1 Including W-2 Wages & Tip Income

    4. 3100 W-2 Income Example

    5. 3120 Interest Income

    6. 3140 Interest Income Example

    7. 3160 Dividend Income

    8. 3180 Dividend Income Example

    9. 3200 IRA Distributions

    10. 3205 IRA Distributions Example

    11. 3240 Pensions & Annuities

    12. 3244 Pensions & Annuities Example

    13. 3260 Social Security Benefits

    14. 3262 Social Security Benefits Example

    15. 3282 Taxable Refunds, Credits, or Offsets of State and Local Income Taxes Example

    16. 3320 Business Income or Loss & Other Gains or (Losses)

    17. 3280 Taxable Refunds, Credits, or Offsets of State and Local Income Taxes

    18. 3300 Alimony Received2717138.autosave

    19. 3302 Alimony Received Example

    20. 3322 Business Income or Loss & Other Gains or (Losses) Exampledb45ca.autosave

    21. 3340 Unemployment Compensation

    22. 3342 Unemployment Compensation Example

    23. 3356 Other Income Part 2 Example

    24. 3350 Other Income Part 1

    25. 3352 Other Income Part 1 Example

    26. 3354 Other Income Part 2

    27. 3360 Capital Gain or (Loss)

    28. 3362 Capital Gain or (Loss) Example

    1. 4010 Educator Expenses

    2. 4012 Educator Expenses Example

    3. 4030 Certain Business Expenses of Reservists, Performing Artists, and . . .

    4. 4032 Certain Business Expenses of Reservists, Performing Artists, Example

    5. 4050 Moving Expenses, Deductible Part of Self-Employment Tax, & Self-Employed SEP. . .2d38a9.autosave

    6. 4052 HSA, Moving Expenses, Deductible Part of Self-Employment Tax, &. . .

    7. 4070 Self-Employed Health Insurance Deduction

    8. 4072 Self-Employed Health Insurance Example

    9. 4090 Penalty on Early Withdrawal of Savings and Alimony Paid

    10. 4092 Penalty on Early Withdrawal of Savings and Alimony Paid Example

    11. 4100 IRA Deduction

    12. 4105 IRA Deduction Questioner

    13. 4107 IRA Deduction Example

    14. 4120 Student Loan Interest Deduction

    15. 4122 Student Loan Interest Deduction Expense

    16. 4140 Archer MSA Deduction

    17. 4150 Jury Duty Pay

    18. 4155 Jury Duty Pay Example

About this course

  • $40.00
  • 46 lessons
  • 12.5 hours of video content

Description

This course will focus on taxable income, adjustments to income, & 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.