Course DescriptionGet the skills needed to prepare tax returns for most Form 1040 individual, non-business taxpayers and small business taxpayers (self-employed/Schedule C) and learn how to research tax issues. This online course is CTEC and OBTP-approved.
- Chapter 1: General Material
- Chapter 2: Standard Deduction and Exemptions
- Chapter 3: Income
- Chapter 4: Interest and Dividend Income
- Chapter 5: Earned Income Credit
- Chapter 6: Tax Credits — Child Care and Others
- Chapter 7: Retirement Income and Other Types of Income
- Chapter 8: Adjustments to Income
- Chapter 9: Itemized Deductions
- Chapter 10: Electronic Filing
- Chapter 11: Employee Business Expense and Miscellaneous Itemized Deductions
- Chapter 12: Education Tax Benefits
- Chapter 13: Capital Gains and Losses
- Chapter 14: Depreciation and Disposition of Business Property
- Chapter 15: Self-Employment Income
- Chapter 16: Rental Property
- Chapter 17: Farm Income
- Chapter 18: Alternative Minimum Tax, Less Common Credits and Penalties
- Chapter 19: Payments, Extensions and Amended Returns
- Chapter 20: Ethics and Responsibilities of Tax Professionals
Upon completion, participants will be able to:
- Identify which filing status a taxpayer should use.
- Understand how to calculate the standard deduction.
- Identify various types of income such as employee compensation, fringe benefits, tips, alimony and other income.
- Understand how to report dividend income and nontaxable distributions.
- Define of earned income for Earned Income Credit.
- Describe the qualification requirements for various tax credits (Child Tax Credit, Child Care Credit, Credit for the Elderly and Disabled, the Additional Child Tax Credit and Education Credits).
- Understand requirements for Form 2441.
- Identify Form 8863, Education Credits.
- Recognize retirement income, including income from pensions, annuities, Social Security and equivalent retirement benefits.
- Read Forms 1099-R and SSA-1099.
- Understand various adjustments to income, including Individual Retirement Arrangements (IRAs—Traditional and Roth) and SIMPLE IRAs.
- Determine whether standard or itemized deductions are most advantageous for the taxpayer.
- Describe how to report casualties and thefts and how to complete Form 4684.
- Describe the various methods for receiving a refund through electronic filing.
- Differentiate between the Standard Mileage Rate and the Actual Auto Expense methods of tracking auto expenses.
- Identify who can claim Education Tax Credits.
- Define the terminology unique to Capital Gains and Losses.
- Identify the capital gains tax rates.
- Classify different types of property eligible for depreciation.
- Differentiate between an independent contractor and statutory employee.
- Compile and report rental income.
- Emphasize the becoming an RTRP and maintaining a PTIN.
- Determine which taxpayers are affected by Alternative Minimum Tax.
- Describe how to file an amended return.
- Identify the requirements to practice before the IRS.
Participants will have six months to complete this course.
Internet Connectivity Requirements:
- Cable and DSL internet connections are recommended.
- Minimum Pentium 400 Mhz CPU or G3 Macintosh. 1 GHz or greater CPU recommended.
- 256MB RAM minimum. 1 GB RAM recommended.
- 800x600 video resolution minimum. 1025x768 recommended.
- Speakers/headphones to listen to Dialogue steaming audio sessions.
- A microphone to speak in Dialogue streaming audio sessions.
Operating System Requirements:
- Windows Vista, 7, 8, 8.1, 9, 10
- Mac OSX 10 or higher.
- OpenSUSE Linux 9.2 or higher.
Web Browser Requirements:
- Google Chrome is recommended.
- Firefox 13.x or greater.
- Internet Explorer 6.x or greater.
- Safari 3.2.2 or greater.
- Adobe Flash Player 6 or greater.
- Oracle Java 7 or greater.
- Adobe Reader 7 or greater.
Web Browser Settings:
- Accept cookies.
- Disable pop-up blocker.