Course curriculum

  • 02

    Big Changes In The Prior Year

    • 10 Change In Form 1040

    • 12 Eliminate Personal & Depended Exception

    • 14 Increase In Standard Deduction

    • 16 Decrease In Federal Income Tax Brackets

    • 18 Child Tax Credit Increase

    • 20 Limit On State & Local Tax Deduction

    • 22 20% Pass-Through Tax Deduction

    • 24 New Tax Credit For Other Dependents

    • 26 Limitation On Home Mortgage Interest Deduction

    • 28 Elimination of 2% Misc. Deduction & Casualty & Theft Losses

    • 30 Increase Alternative Minimum Tax (AMT) Exemption

  • 03

    Tax Formula, Terms, & Introduction to Form 1040 - 2020 2019

    • 106 Marginal & Average Tax Rates

    • 107 Software Tax Calculations

    • 116 Income Tax Formula

    • 120 Software Income Tax Forms

    • 140 Tax Law & Authority

    • 144 Circular 230 Regulations Governing Practice Before IRS

    • 1.2 Tax Preparation Problem 1.2 Data Entry

    • 1.2 Tax Preparation Problem 1.2 Excel Verification Worksheet

  • 04

    Filing Status and Dependents 2020 2019

    • 205 Filing Status Federal Income Tax

    • 207 Tax Software Example Filing Status

    • 210 Dependents Overview

    • 211 Dependents Thought Process

    • 214 Tax Software Dependents

    • 217 Standard Deduction

    • 220 Tax Software Standard Deduction

    • 1.3 Tax Preparation Problem 1.3 Data Entry

    • 1.3 Tax Preparation Problem 1.3 Excel Verification Worksheet

  • 05

    Gross Income 2020 2019

    • 302 Income

    • 304 Income Reporting Forms

    • 306 Income Recognition Concepts

    • 308 W-2 Income

    • 309 Tax Software W-2 Income

    • 310 Interest Income

    • 314 Tax Software Interest Income

    • 316 Dividend Income

    • 318 Tax Software Dividend Income

    • 320 Income Social Security Benefits

    • 324 Tax Software Social Security Benefits

    • 326 Tax Income Other Kinds Of Income

    • 328 Tax Software Other Kinds Of Income

    • 330 Tax Income Refund From The State & Local Governments

    • 332 Tax Software Refund From The State & Local Governments

    • 340 Excluded From Gross Income Fringe Benefits

  • 06

    Practice Tax Problems

    • 1.4 Tax Preparation Problem 1.4 Data Entry

    • 1.4 Tax Preparation Problem 1.4 Excel Verification Worksheet

  • 07

    Deductions for Adjusted Gross Income (AGI) - Schedule 1 Deductions

    • 405 Adjustments For Adjusted Gross Income Introduction

    • 408 Adjustments For AGI Student Loan Interest

    • 409 Tax Software Adjustments For AGI Student Loan Interest

    • 411 Health Savings Account

    • 412 Tax Software Health Savings Account

    • 415 Adjustments For AGI Moving Expenses For Armed Forces

    • 416 Tax Software Moving Expenses For Armed Forces

    • 417 Adjustment For AGI Half of Self-Employment Tax

    • 420 Tax Software Adjustment For AGI Half of Self-Employment Tax

    • 423 Adjustment For AGI Self-Employed Health Insurance

    • 426 Tax Software Adjustment For AGI Self-Employed Health Insurance

    • 430 Adjustment For AGI Alimony Paid

    • 433 Tax Software Adjustment For AGI Alimony Paid

    • 436 Adjustment For AGI Educator Expenses

    • 439 Tax Software Adjustment For AGI Educator Expenses

  • 08

    Itemized Deductions 2020 - 2019

    • 502 Itemized Deduction Schedule A

    • 503 Tax Software Itemized Deduction Schedule A

    • 505 Itemized Deduction Medical Expenses

    • 506 Tax Software Itemized Deduction Medical Expenses

    • 508 Itemized Deductions State & Local Taxes

    • 510 Tax Software Itemized Deduction State & Local Taxes

    • 512 Itemized Deduction Interest

    • 513 Tax Software Itemized Deduction Interest

    • 515 Itemized Deductions Gifts to Charity

    • 516 Tax Software Itemized Deduction Gifts to Charity

    • 518 Itemized Deductions Casualty & Theft Losses

    • 521 Itemized Deductions Other Itemized Deductions

    • 523 Tax Software Itemized Deduction Other Itemized Deductions

  • 09

    Self Employed Business Income Schedule C 2020 2019

    • 605 Self Employed Schedule C Introduction

    • 607 Tax Software Self Employed Schedule C Introduction

    • 610 Are You Self Employed

    • 615 Identification Numbers

    • 617 How do I Pay Income Tax

    • 619 Self-Employment (SE) Tax

    • 620 Tax Software Self-Employment (SE) Tax

    • 621 Accounting Methods

    • 624 Inventories

    • 627 Business Income

    • 630 Cost of Goods Sold

    • 634 Bad Debt Expense

    • 637 Car and Truck Expenses

Description

Income tax preparation and understanding for the year 2019 2020 including presentations, downloadable PDF files, practice problems, & and comprehensive problems with step by step instructions, answer keys, and materials.

The course will introduce the concept of income tax, tax law, and how it is formatted. We will provide practical examples at every step along the way, giving learners visuals of how the system works, and practice problems to apply the concepts.

We will discuss a large number of recent changes to income tax law needed for the filing year end 2019. Both laws and the format of tax forms have changed a lot from prior years. We will provide a visual of those changes so learners can fully understand them.

The course will walk through the steps of filling out a tax form. The tax form can be thought of as a kind of income statement or a tax formula. We will break down the formula into its components so that we can digest each small peace at a time.

We will discuss the concept of filing status and dependents and how they affect the tax formula.

The course will discuss what is included and not included in gross income for taxes. Items included in the gross income calculation may be subject to taxation. Items not included in gross income for taxes will not be subject to tax.

We will discuss adjustments for adjusted gross income, often called above the line deductions. The course will cover the primary above the line deductions and provide practical examples of calculations.

The course will discuss itemized deduction reported on schedule A. We will discuss the primary itemized deductions and provide practical examples of each.

We will discuss the reporting of self-employment taxes using Schedule C and the related issues including self-employment tax (social security and Medicare) and the new 20% deduction many small businesses will be eligible for.

The course will discuss the calculation of capital gains using Schedule D. We will provide practical examples of the calculation of capital gains.

We will discuss the reporting of rental property using Schedule E and provide examples of reporting rental property.

The course will discuss various credits including child tax credit, earned income credit, and education credits and provide examples of each.


The course will have comprehensive problems allowing learners to work through the process of filling out a full tax return in a step by step process. Learners can use PDF tax forms provided in the course and available at the IRS website. We also work the problem using the accounting equation and provide learners pre-formatted Excel worksheet to follow along with this process.

Robert (Bob) Steele CPA CGMA CPI MStax

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele’s teaching philosophy is to make content applicable, understandable, and accessible.

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge.