Course curriculum

  • 01

    Gross Income 2021-2022

    • 3010 Tax Income – Overview, PPP Loans, Foreign-Source Income, Bankruptcy Cases

    • 3040 Income Reporting Forms

    • 3080 Wages, Salaries, Tips, Etc

    • 3100 W-2 Income Tax Software

    • 3120 Interest Income

    • 3140 Interest Income

    • 3160 Dividend Income

    • 3180 Dividend Income

    • 3240 Pensions and Annuities

    • 3244 Pensions and Annuities

    • 3260 Social Security Benefits

    • 3262 Social Security Benefits Software Example

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

    • 3282 Taxable Refunds, Credits, or Offsets of State and Local Income Taxes

    • 3300 Alimony Received

    • 3302 Alimony Received Tax Software

    • 3320 Business Income or Loss and Other Gains or (Losses)590fc.autosave

    • 3322 Business Income or Loss and Other Gains or Losses Tax Software

    • 3340 Unemployment Compensation

    • 3342 Unemployment Compensation Software

    • 3360 Capital Gain or (Loss)

    • 3362 Capital Gain or (Loss) Software

    • 3380 Other Income Part 1

    • 3382 Other Income Part 1 Software.tscproj

    • 3390 Other Income Part 2

    • 3392 Other Income Part 2

    • 3205 IRA Distributions Tax Software (1)

    • 3200 IRA Distributions

  • 02

    Adjustments to Income Sch. 1

    • 4010 Educator Expenses

    • 4012 Educator Expenses Software

    • 4030 Certain Business Expenses of Reservists

    • 4050 HSA Deduction, Moving Expenses, Deductible Part of Self-Employment Tax

    • 4052 HSA Deduction, Moving Expenses, Deductible Part of Self-Employment Tax. . .

    • 4070 Self-Employed Health Insurance Deduction

    • 4072 Self-Employed Health Insurance Deduction

    • 4090 Penalty on Early Withdrawal of Savings and Alimony Paid

    • 4092 Penalty on Early Withdrawal of Savings and Alimony Paid Software

    • 4100 IRA Deduction

    • 4120 Student Loan Interest Deduction

    • 4122 Student Loan Interest Deduction

    • 4140 Archer MSA Deduction and Jury Duty Pay

    • 4142 Archer MSA Deduction and Jury Duty Pay Software
  • 03

    Itemized Deductions

    • 5010 Itemized Deductions Overview

    • 5012 Itemized Deductions Overview Software

    • 5030 Medical and Dental Expenses Part 1

    • 5035 Medical and Dental Expenses Part 2

    • 5042 Medical and Dental Expenses Software

    • 5044 Taxes You Paid

    • 5045 Taxes You Paid Part 2

    • 5050 Taxes You Paid Part 3

    • 5052 Taxes You Paid Software

    • 5070 Interest You Paid Part 1

    • 5075 Interest You Paid Part 2

    • 5080 Interest You Paid Part 3

    • 5085 Interest You Paid Part 4

    • 5092 Interest You Paid Software

    • 5140 Gifts to Charity Part 1

    • 5145 Gifts to Charity Part 2

    • 5150 Gifts to Charity Part 3

    • 5155 Gifts to Charity Part 4

    • 5162 Gifts to Charity Software

    • 5200 Casualty and Theft Losses

    • 5240 Other Itemized Deductions

    • 5242 Other Itemized Deductions Software

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.